Shortly after 1800 GMT, Cerebras stood at US$307.35, up around 66% on the Nasdaq exchange after earlier more than doubling its US$185 opening price.

The strong market debut underscores demand for equities tied to the artificial intelligence investment boom. The company raised US$5.55 billion in an initial public offering, the largest so far in 2026.

Cerebras had twice raised its target price for the listing on the Nasdaq electronic exchange.

Cerebras specialises in giant processors, also known as wafer-scale systems. They are viewed as suitable for the development and use of AI models.

After three years of sustained growth following the release of OpenAI’s ChatGPT, the AI infrastructure market has exploded this year.

In January, OpenAI committed to acquiring a massive quantity of Cerebras processors, a contract valued at over US$10 billion.

As part of this agreement, Cerebras granted OpenAI warrants – derivative products that can be converted into shares under certain conditions. If all the conditions are met, OpenAI could control more than 10% of Cerebras’s capital.