Cerebras Systems raised $5.5 billion in its IPO, pricing shares at a hefty $185 each, more than doubling to $385 on day one.

The company, known for its giant chip designed specifically for AI, managed to secure the largest tech IPO of 2026 despite initial hurdles with investor concerns and regulatory reviews.

Co-founder CEO Andrew Feldman saw his stake worth nearly $1.9 billion at the IPO price, while co-founder and CTO Sean Lie’s stake was valued at about $1 billion.

A year ago, this day seemed impossible for Cerebras. After shelving its initial public offering plans in 2024 due to Abu Dhabi’s Group 42 investment, the company resurfaced with doubled revenue and a massive profit swing in April 2026.

Cerebras now stands as a major supplier of chips for inference, serving notable clients including OpenAI, G42, Mohamed bin Zayed University of Artificial Intelligence, and Amazon Web Services.