Wafer-scale chip designer Cerebras Systems raised $5.55 billion from the sale of 30 million shares, resulting in the largest IPO for a US tech company since 2019.

The company, which had initially priced its shares at $185 – a figure that was already above the expected range – opened at $350 a share. The price then rose to $386, before eventually closing at $311 on May 14, giving it a market cap of about $95 billion.

At the time of writing, the company is trading at just under $308 a share.

Cerebras filed to go public on April 18, 2026, having reported $87.9m in net income on $510m in revenue during 2025. Revenue was up 76 percent from 2024, with the company reporting a $485m net loss at the time.

As of December 31, Cerebras has $24.6 billion in remaining performance obligations, with an expectation to recognize 15 percent of that in 2026 and 2027. This includes a $10 billion deal with OpenAI. The generative AI company will use some 750 megawatts of computing power delivered through 2028.

The April regulatory filing also disclosed that OpenAI could buy an additional 1.25 gigawatts through 2030 and that the generative AI company loaned Cerebras $1 billion with a six percent annual interest rate to build data center infrastructure and provide cloud services.