Cerebras Systems (CS) IPO Raises $5.55 Billion, Market Cap Over $100B

AI Summary

Cerebras Systems (CS) had a successful Nasdaq debut, opening at $350 after selling 30 million shares at $185, achieving a valuation of over $100 billion. The IPO raised $5.55 billion, making it the largest for a U.S. tech company since Uber in 2019. The stock peaked above $385 before settling around $310, bringing the market cap to approximately $95 billion. Cerebras reported a 76% increase in revenue to $510 million and net income of $88 million, a significant improvement from a loss of $481.6 million previously.