JUST IN: CEREBRAS $CBRS CLOSED ITS NASDAQ DEBUT UP 68% AT $311.07. MARKET CAP: ~$95 BILLION. The $5.55B IPO is the largest U.S. tech offering since Uber in 2019. The full Day 1 breakdown: Today's trading: - IPO price: $185 - Opened: $350 - Intraday high: $386 - Closed: $311.07 (+68%) - Drifted lower into the close after the open pop - 30M shares offered, $5.55B raised (could reach $6.38B if underwriters exercise the full option on 4.5M additional shares) The financial backdrop: - 2024 revenue: $510M (+76% YoY) - 2024 net income: $88M (swung from a $481.6M loss the prior year) - Cerebras is now profitable The G42 concentration story has evolved: - 2023: G42 was 85% of revenue - 2024: G42 fell to 24% of revenue - BUT Mohamed bin Zayed University of AI (MBZUAI) accounted for 62% of 2024 revenue - Combined UAE entities are still ~86% of revenue - "There's some whales out there, there's some really big customers," CEO Andrew Feldman told CNBC The cap table: - CEO Andrew Feldman: ~5% voting power, ~$2B stake at the IPO price - Fidelity: ~11% - Benchmark: ~9% - OpenAI and Amazon both hold warrants to purchase Cerebras stock The competitive setup: - NVIDIA $NVDA paid $20B for assets from Groq in December (Cerebras' closest architectural rival) - Cerebras has shifted from selling hardware systems toward cloud services, putting it in direct competition with Google $GOOGL, Microsoft $MSFT, Oracle $ORCL, and CoreWeave $CRWV - OpenAI cloud deal worth $20B+ runs through 2028 - AWS deployment via Amazon Bedrock launched March 2026