Cerebras Systems raised $5.55 billion in its IPO.

A new AI play has coming to town. Traders expect big things. Cerebras Systems started trading on the Nasdaq this afternoon under the ticker symbol "CBRS," and the stock finished well above its offer price but off intraday highs. Shares of the AI chipmaker, which priced its upsized IPO offering at $185, opened at $350, rose above $385 and then closed near $311. The company raised $5.55 billion after it expanded its offering by 2 million shares and boosted its guided price range by 30% earlier this week. At the end of its first trading day, the company's market valuation was at around $68 billion. "We're in the early innings of a fundamental transformation, and AI is at the heart of that," Cerebras CEO Andrew Feldman said Thursday morning on CNBC. The company moved to go public because it had "reached a stage" of maturity and felt it "was the right way to fund [the company's] growth," he said. That it's both an AI stock and a chipmaker—two categories of stocks that have been surging lately—appealed to investors. Ahead of Cerebras' debut, prediction market bettors were already betting that its first day of trading would produce outsize returns. (Track Investopedia's full coverage of today's trading here.) Polymarket bettors at one point expected Cerebras' market capitalization to rise even higher by the end of the day. The most popular bet in the afternoon reflected a more than 35% likelihood of it ending at $100 billion or more. At a market capitalization of $100 billion, and based on the 220 million shares outstanding Cerebras will have assuming banks take their over-allotments of shares in full, prediction market bettors put Cerebras' closing price at roughly $455. The stock closed roughly 68% higher than the IPO price, a big first-day pop to say the least. The median first-day return for IPOs between 1980 and 2025 was 7%, according to IPO expert and University of Florida business professor Jay Ritter, while the proceeds-weighted average, which accounts for the size of the raises, was 20%. This article has been updated since it was first published to incorporate comment from Feldman and to mark the close of trading.

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