Cerebras stock falls 10% after massive IPO debut
Cerebras Systems opened at $350, nearly double its IPO price, before pulling back. The company raised $6.38 billion in gross proceeds.
The AI chipmaker’s flagship Wafer-Scale Engine 3 is the largest commercialized AI processor in the world. It delivers AI inference up to 15 times faster than GPU-based solutions.
Cerebras was valued at roughly 130 times trailing revenue at peak pricing. The company’s shares closed on day one at $311, a 68% first-day gain, before falling to $279.72 by Friday’s close.