Cerebras Systems Inc., an artificial intelligence chipmaker, has priced its initial public offering at $185 per share. This final price comes in well above the company's expected range of between $150 and $160 per share.
The company raised $5.55 billion through an upsized offering of 30 million shares. The IPO, considered the biggest tech offering in years, saw significant demand, with orders exceeding the number of available shares by more than 20 times.
Backed by OpenAI’s Sam Altman, Cerebras is leveraging the surging demand for semiconductors. Following this offering, investors are now gearing up for potentially even larger artificial intelligence deals later this year.