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Cerebras Systems began trading on the Nasdaq today under the ticker symbol CBRS, completing the largest U.S. initial public offering of the year and what some market observers are calling the largest AI IPO of all time.
The company priced its shares at $185 each, well above its marketed range of $150 to $160, which itself had been raised from an initial band of $115 to $125, reflecting extraordinary investor demand that exceeded available shares by more than 20 times. The offering of 30 million Class A shares raised $5.55 billion in gross proceeds, with underwriters holding a 30-day option to purchase an additional 4.5 million shares that could lift total proceeds to approximately $6.38 billion.
