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Andrew Feldman, co-founder and chief executive officer of Cerebras Systems Inc., center left, during the company's initial public offering (IPO) at the Nasdaq MarketSite in New York, US, on Thursday, May 14, 2026.
(Michael Nagle/Getty Images)

Cerebras delivers monster IPO pop as traders clamor for fresh AI investment opportunities

The biggest IPO of the year so far is a prelude to the AI deluge.

Luke Kawa

This looks like one helluva IPO pop:

Cerebras Systems increased the expected price (and size) of its long-awaited initial public offering from a range of $115 to $125 at the start of the week all the way to $185, raising $5.5 billion.

But it opened at a whopping $350 in its Nasdaq debut, giving the company a market cap of at least $75 billion — and more than that on a fully diluted basis.

“Pretty good day, huh?” CEO Andrew Feldman said in an interview on Bloomberg TV, after being told the stock was indicated to open at $350.

The IPO was more than 25x oversubscribed, per Feldman. With investor appetite like this, it’s little wonder that SpaceX, OpenAI, and Anthropic are champing at the bit to join Cerebras in making this leap.

Cerebras, an AI chip designer, counts OpenAI and Amazon among its customers. Its offerings aim to provide more of a one-stop shop for AI compute rather than a highly specialized key ingredient in the data center stew. That is, its wafers are physically much larger than GPUs, which can unlock more efficiencies in moving around information.

“There’s just an extraordinary demand right now for fast inference,” added Feldman. “We’re the fastest, not by a little big, but by more than an order of magnitude — we’re 15x faster than the next nearest competitor.”

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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