Cerebras Systems began trading on Nasdaq at a price well above its IPO price on its first day of listing. Shares surged 68 percent, pushing its market value past $100 billion, or about 150 trillion won.

On May 14 local time, CNBC reported that Cerebras started trading at $350, above its IPO price of $185.

Cerebras raised $5.55 billion by selling 30 million shares in its IPO the previous day. It is the largest U.S. tech-company IPO since Uber listed in 2019. The proceeds would rise to $6.38 billion if underwriters exercise an option to buy an additional 4.5 million shares.

The listing is seen as aligning with a trend in which the artificial intelligence boom is spreading across the broader semiconductor sector. Over the past few months, major semiconductor stocks such as Intel, AMD and Micron have risen sharply, and the VanEck Semiconductor ETF is up 58 percent so far this year. Analysts say expectations for Cerebras have grown as the spread of AI agents lifts demand not only for Nvidia graphics processing units but also for traditional central processing units.

Cerebras is the largest IPO among pure AI companies to enter Wall Street. It also drew attention as a large listing at a time when there have been 31 tech-company IPOs this year, down sharply from 121 four years ago.

Its performance is also cited as a reason for the strong debut. Cerebras' revenue last year rose 76 percent from a year earlier to $510 million. Net profit was $88 million, turning positive from a net loss of $481.6 million a year earlier.

Customer concentration is still cited as a burden. Cerebras filed listing documents in September 2024 but withdrew the listing process about a year later after coming under intensive review due to heavy reliance on G42, an AI company in the United Arab Emirates. In a prospectus it resubmitted in April, it said 24 percent of last year's revenue came from G42. That is down from 85 percent in 2024, but Mohamed bin Zayed University of Artificial Intelligence in the United Arab Emirates accounted for 62 percent of last year's revenue.

Cerebras has recently been shifting its focus from a business centered on hardware sales to cloud services based on its own chips. In January it signed a cloud deal of at least $20 billion with OpenAI running through 2028, and in March Amazon Web Services said it would adopt Cerebras chips in its data centers. Amazon and OpenAI also hold warrants to buy Cerebras shares.

Its biggest competitor in hardware is Nvidia. Cerebras claims its architecture has an advantage over Nvidia GPUs in speed and price competitiveness. The IPO was led by Morgan Stanley, Citigroup, Barclays and UBS.