Cerebras Rises $185 as AI Chipmaker's IPO Surpasses Estimates

Cerebras, a Sunnyvale-based company that develops giant AI chips and supercomputers, has completed its initial public offering (IPO) at a price of $185 per share. This valuation is above the company's earlier guidance of $115 to $125 per share.

The IPO was oversubscribed by more than 20 times, with investors placing orders for over 600 million shares. Cerebras sold 30 million shares in total, raising an estimated $5.6 billion. This makes it the biggest IPO so far this year.

Cerebras' technology is designed to train and run artificial intelligence models much faster than traditional GPUs. The company has already signed deals with major customers such as Meta, AWS, and IBM. In fact, Cerebras recently partnered with OpenAI to integrate its technology into OpenAI's compute systems.