Where Cerebras' monster debut puts it among tech's biggest IPOs

Cerebras Systems narrowly missed joining Facebook-parent Meta and Alibaba as one of the few companies to have ended its first day trading on Wall Street with a market cap of over $100 billion.

The semiconductor company's shares were 68% higher at the closing bell on Thursday, giving it a market cap of about $95 billion.

During Alibaba's IPO in 2014, the Chinese tech giant had a market cap of over $231 billion at the close of its first day of trading, eclipsing Facebook's market valuation of roughly $104 billion at the end of its first day when it went public in 2012.

Alibaba generated $5.5 billion in revenue in the year before its IPO, and Facebook had sales of $3.7 billion.

Cerebras is substantially smaller, having reported $510 million in revenue in 2025. However, in January, the company signed a multiyear deal with OpenAI worth over $20 billion, and in March started a partnership with Amazon Web Services.

Although Coinbase reached a market cap of $100 billion when it went public in 2021, that figure dropped to 85.8 billion on a fully diluted basis at the closing bell.

Coinbase's revenue in the year before its IPO was $1.28 billion, but in the quarter just before its offering, the company said revenue surged ninefold from a year earlier to $1.8 billion, as traders flocked to cryptocurrencies.

Cerebas' big IPO potentially paves the way for more blockbuster market debuts this year from companies like SpaceX, OpenAI and Anthropic.