Even at the IPO price of $185, the company entered its first day of trading at a fully diluted valuation of $56.4 billion (meaning, accounting for all shares). Co-founder CEO Andrew Feldman’s stake at $185/share was worth nearly $1.9 billion, while co-founder and CTO Sean Lie’s stake weighed in at about $1 billion.

And obviously, if the above $300 price holds, the company and founders are worth far more than that.

A year ago, it looked like this day would never happen for Cerebras. The Nvidia competitor, which designed its giant chip from scratch, purpose-built for AI, had first filed to go public in 2024. But concerns about a large investment from Abu Dhabi-based Group 42 mired the IPO in an endless review from the Committee on Foreign Investment in the United States (CFIUS). Investors were also cool about its financials: Group 42 accounted for almost all of Cerebras’ revenue. So those IPO plans were shelved.

IPO ambitions reappeared in earnest in April when the company was able to report about double the revenue: $510 million in 2025 (up 76% year-over-year), and from a handful of customers. It also reported a massive swing to a profit — to $237.8 million in net income — compared to losing nearly half a billion the year before.