Cerebras IPO soars 108% on day one; $56B market cap, $5.5B raise opens 2026 season

Cerebras Systems debuts on Nasdaq May 14, surging from $185 IPO price to $385 on opening, closing +68%. Market cap reaches $56B; raises $5.5 billion. Benchmark reaps 12x return of $3.2 billion. On heels of OpenAI compute contract and $510M 2025 revenue run-rate, chip startup becomes prime beneficiary of Nvidia share losses sinking from 90% to 68%.