AI Chipmaker Cerebras Surges 108% in Trading Debut

AI chipmaker Cerebras Systems surged 108.1% in trading debut.

Cerebras Systems priced its U.S. initial public offering at $185 per share on Wednesday, above the top end of its indicated price range, the company said.

The IPO ​raised $5.55 billion for Cerebras, based on 30 million shares sold. It implies a valuation ​on Cerebras on a fully diluted basis of $56.43 billion, making it the ⁠largest stock market debut so far this year.

Founded in 2015, Cerebras makes specialized chips for ​running advanced AI models, competing in a market dominated by Nvidia. Demand ​for Cerebras' ⁠processors has surged as AI labs shift from training models to deploying them.

Revenue at Sunnyvale, California-based Cerebras rose to $510 million in the year ended December 31, from $290.3 million a year earlier, according ⁠to a ​filing with the SEC.