The year’s largest IPO is trading right now. Cerebras priced above its marketed range last night and opened on Nasdaq this morning in the biggest US listing in nearly five years. The order book closed massively oversubscribed. Today Wall Street decides whether it’ll pay the same premium for a new chip name as it has for Nvidia, Broadcom, AMD, and the rest of the trade that’s defined this cycle — with SpaceX, OpenAI, and Anthropic all watching from the IPO pipeline behind it.
This week, we go inside the trade with four voices:
Bob Komin, CFO of Cerebras, on the company’s first day as a public stock — what the deal tells us about public market appetite for AI infrastructure, and what comes next for the company OpenAI just handed warrants worth up to 10%.
Ram Parameswaran of Octahedron Capital, on whether the trade actually works at this level, the comps that matter, and what could break the thesis.
Rodrigo Liang, CEO and co-founder of SambaNova, the direct competitor, on what a successful Cerebras IPO means for the entire custom AI silicon category — and the companies still on the outside looking in.
Carmen Li, CEO of Silicon Data, on the launch of the first-ever compute futures market with CME Group — and what it means when GPU capacity becomes a financialized commodity like oil.
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The year’s largest IPO — Cerebras joins the hottest trade in AI — 5/14/2026
