Cerebras just had the biggest US tech IPO since Uber

Wall Street welcomed its biggest AI hardware listing in years on Thursday, as Cerebras Systems debuted on the Nasdaq with a $66 billion valuation and a 68% first-day rally - capping a bookbuild that was twenty times oversubscribed.

Yet a closer look at the prospectus reveals the chipmaker's much-celebrated bottom line owes more to accounting mechanics than to commercial momentum, with a $363 million non-cash gain transforming what would have been a $146 million operating loss into a reported $238 million profit.

Beyond the numbers, customer concentration, OpenAI dependencies, and a stretched valuation leave the bull case resting on August earnings.