03:33 PM EDT, 05/14/2026 (MT Newswires) -- Cerebras Systems (CBRS) soared in its public market debut on Thursday after the artificial intelligence chipmaker priced its initial public offering at well above the top end of the projected range.

The company set an IPO price of $185 per share for 30 million shares, higher than its prior upgraded range of $150 to $160, Cerebras said late Wednesday. It granted the underwriters an option to buy a maximum of 4.5 million additional shares.

The IPO could yield up to $6.38 billion, MT Newswires' calculations showed, assuming that underwriters exercise their over-allotment option in full.

The stock opened trading on the Nasdaq at $350 on Thursday. Cerebras' share price was most recently up 75% at $324, giving it a market capitalization of more than $70 billion, Yahoo Finance data showed.

The offering is anticipated to close on Friday.

Cerebras, which competes with companies including Nvidia ( NVDA ) and Advanced Micro Devices ( AMD ) in the hardware category, reported 2025 net income of $1.38 per share on revenue of $510 million. That compares with a loss of $9.90 per share and revenue of $290.3 million in 2024.

It also competes with cloud service providers such as Amazon ( AMZN ) Web Services and Microsoft's ( MSFT ) Azure.

Last month, the company said it had raised $2.85 billion in capital over a period of eight months, including a new credit facility for up to $850 million. Cerebras in October 2025 dropped plans to go public.

Earlier this year, Cerebras agreed to deploy 750 megawatts of its wafer-scale systems for OpenAI's customers. The deal was valued at more than $20 billion.

Price: 315.43, Change: +130.43, Percent Change: +70.50