Cerebras Shares Close 11.3% Below IPO Price Months After Debut

Cerebras Systems’ Class A shares closed at $164.17 Friday, Oct. 9, ending 11.3% below the company’s $185 IPO price several months after a sharp Nasdaq debut.

The stock opened Friday at $169.99, reached a session high of $170.11 and fell as low as $162.48. Trading volume totaled 7,058,722 shares.

Cerebras priced its initial public offering at $185 per share on May 13 and began trading on Nasdaq under the ticker CBRS the following day. The stock opened at $350, climbed to $386.34 and finished its first session at $311.07.

The company initially offered 30 million Class A shares. Underwriters later exercised an option to purchase an additional 4.5 million shares, bringing the completed offering to 34.5 million shares and producing $6.4 billion in gross proceeds before fees and expenses.

The decline places the stock below its offering level after an unusually strong debut and underscores the volatility of AI-related public offerings. The move extends a slide covered in Cerebras’ earlier post-IPO decline.

Cerebras develops AI processors and systems, including its Wafer-Scale Engine 3, an AI processor built across an entire wafer. The chip is 58 times larger than a leading graphics processing unit and can deliver inference up to 15 times faster in certain benchmarks.