Cerebras prices its IPO above range, raising $5.55 billion on AI chip frenzy |
Cerebras prices its IPO above range, raising $5.55 billion on AI chip frenzy
The AI chipmaker sold 30 million shares above its already-elevated marketed range, drawing orders for more than 20 times available supply
Cerebras Systems priced its initial public offering at $185 per share on Wednesday, raising $5.55 billion after demand from investors piled into AI chip stocks pushed the deal well above its already-elevated price range.
The Sunnyvale, California-based company sold 30 million Class A shares in the offering, the company said. Underwriters have a 30-day option to purchase up to an additional 4.5 million shares. The stock is expected to begin trading on the Nasdaq $NDAQ Global Select Market on Thursday under the ticker symbol CBRS.
Demand for the offering ran to more than 20 times the shares on offer, according to........