Overview
- Cerebras shares, which jumped 68% on Thursday’s Nasdaq debut, fell about 10% on Friday after closing day one at $311.07 from an IPO price of $185.
- Cerebras sold 34,500,000 Class A shares at $185, raising about $6.38 billion including the underwriters’ option in the year’s largest IPO.
- At Thursday’s close the fully diluted value topped $66 billion and briefly crossed $100 billion intraday, leaving the stock near 200 times last year’s $510 million in sales compared with roughly 27 times for Nvidia.
- Roughly $20 billion of a reported $24.6 billion backlog is tied to a single OpenAI cloud deal that includes exclusivity terms and an option to exit if deliveries slip.
- The company promotes its WSE‑3 wafer‑scale chip for fast inference, the stage where models answer user prompts, with up to 15x speed claims and partnerships with OpenAI and AWS, yet analysts question manufacturing scale and flexibility.