AI chipmaker Cerebras Systems raised $5.55 billion in the year's largest initial public offering. The company priced shares at $185, exceeding its initial target range. Investor demand reportedly surpassed available shares by more than 20 times.
The stock trades on the Nasdaq under the ticker CBRS. Shares surged 68% during the first day of trading. The stock closed at a price of $311.07.
The Nvidia competitor reached a market capitalization of approximately $67 billion. This debut highlights intense market appetite for the artificial intelligence sector.