Cerebras raises $5.5B, then stock pops 108%, in the first huge tech IPO of 2026

Cerebras 融资 55 亿美元，股价随后飙升 108%，成为 2026 年首个大型科技 IPO

Cerebras Systems raised $5.5 billion in its IPO on Thursday, pricing shares at $185 Wednesday evening, way higher than its range ($115 to $125, later raised to $150 to $160), even as it increased the size of the offering to 30 million shares. Cerebras Systems 周四通过首次公开募股 (IPO) 筹集了 55 亿美元。公司在周三晚间将发行价定为 185 美元，远高于此前设定的价格区间（最初为 115 至 125 美元，后上调至 150 至 160 美元），即便公司还将发行规模扩大到了 3000 万股。

It then opened to public trading at $385, more than double (up 108%), as retail investors bid up the price to grab them. The stock cooled only slightly soon after. It is currently trading heavily midday at above $330. 随后，该股以 385 美元的价格开盘，涨幅超过一倍（上涨 108%），散户投资者纷纷竞价抢购。此后股价仅略有回落，目前午盘交易活跃，股价维持在 330 美元以上。

Even at the IPO price of $185, the company entered its first day of trading at a fully diluted valuation of $56.4 billion (meaning, accounting for all shares). Co-founder CEO Andrew Feldman’s stake at $185/share is worth nearly $1.9 billion, while co-founder and CTO Sean Lie’s stake weighs in at about $1 billion. And obviously, if the above $300 price holds, the company and founders will end the day worth far more than that. 即使按 185 美元的 IPO 发行价计算，该公司首个交易日的完全摊薄估值也达到了 564 亿美元（即计入所有股份）。联合创始人兼首席执行官 Andrew Feldman 持有的股份按每股 185 美元计算价值近 19 亿美元，而联合创始人兼首席技术官 Sean Lie 持有的股份价值约为 10 亿美元。显然，如果 300 美元以上的股价能够维持，公司和创始人的身价在收盘时将远不止于此。

A year ago, it looked like this day would never happen for Cerebras. The Nvidia competitor, which designed its giant chip from scratch, purpose-built for AI, had first filed to go public in 2024. But concerns about a large investment from Abu Dhabi-based Group 42 mired the IPO in an endless review from the Committee on Foreign Investment in the United States (CFIUS). Investors were also cool about its financials: Group 42 accounted for almost all of Cerebras’ revenue. So those IPO plans were shelved. 一年前，Cerebras 似乎永远无法迎来这一天。作为英伟达的竞争对手，该公司从零开始设计了专为人工智能打造的巨型芯片，并于 2024 年首次提交了上市申请。但由于对阿布扎比 Group 42 公司大额投资的担忧，其 IPO 陷入了美国外国投资委员会 (CFIUS) 无休止的审查中。投资者对其财务状况也持冷淡态度：Group 42 贡献了 Cerebras 几乎所有的收入。因此，当时的 IPO 计划被迫搁置。

IPO ambitions reappeared in earnest in April when the company was able to report about double the revenue: $510 million in 2025 (up 76% year-over-year), and from a handful of customers. It also reported a massive swing to a profit — to $237.8 million in net income — compared to losing nearly half a billion the year before. Investors began salivating. 今年 4 月，随着公司营收翻倍，其 IPO 雄心再次燃起：2025 年营收达到 5.1 亿美元（同比增长 76%），且客户群有所增加。公司还报告称实现了巨大的盈利扭转，净利润达到 2.378 亿美元，而前一年则亏损近 5 亿美元。投资者开始垂涎欲滴。

Cerebras has now come out as a major contender for supplying chips for inference — the ongoing compute processing required for models to answer prompts — and counts OpenAI (in a complicated circular-deal relationship), G42, Saudi’s Mohamed bin Zayed University of Artificial Intelligence, and Amazon Web Services as customers. Cerebras 现已成为推理芯片供应领域的主要竞争者——推理是指模型回答提示词所需的持续计算处理过程。其客户包括 OpenAI（双方存在复杂的循环交易关系）、G42、沙特穆罕默德·本·扎耶德人工智能大学以及亚马逊云科技 (AWS)。