Cerebras surges 89% in Nasdaq debut as AI chip IPO values company above $100 billion

Cerebras Systems jumped 89% in its Nasdaq debut on May 14, 2026, signaling continued investor demand for AI infrastructure stocks. The AI chipmaker priced its IPO at $185 a share, raising $5.55 billion in one of the largest U.S. listings of 2026. Shares opened at $350, giving Cerebras a fully diluted valuation of $106.75 billion. The rally comes as technology companies spend hundreds of billions of dollars expanding AI data centers and computing platforms. The Dow Jones U.S. Semiconductors Index has risen more than 107% over the past year, compared with about 26% for the S&P 500. Cerebras sells wafer-scale AI processors designed as an alternative to Nvidia-style GPU clusters. Renaissance Capital analyst Nicholas Smith said the IPO price appeared reasonable based on 2028 revenue and EBITDA estimates, but the post-debut price implies a higher long-term valuation. More than 85% of Cerebras’ 2024 revenue came from UAE AI firm G42, though recent deals with Amazon Web Services and OpenAI have supported investor confidence.