Where Cerebras’ monster debut puts in among tech’s biggest IPOs

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.

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.

WATCH: Cerebras IPO is a huge success and plays into chipmaker strength.