Cerebras Systems Inc. signage during the company's initial public offering (IPO) at the Nasdaq MarketSite in New York, US, on Thursday, May 14, 2026.

Michael Nagle | Bloomberg | Getty Images

Cerebras Systems ' shares were volatile in early trading Friday after the company completed the largest IPO by a U.S. tech firm in years.

The semiconductor firm initially sold shares at $185 as it started trading on the New York-based Nasdaq stock exchange, before closing at $331.07 per share. Cerebras' stock soared 68% by the closing bell, giving it a market cap of about $95 billion.

The firm sold 30 million shares on Thursday, raising $5.55 billion , which is the largest IPO for a tech firm since Uber's debut in 2019.

Cerebras initially rose around 6% in premarket trading Friday, before paring gains to last trade down 2.6%.

Cerebras is an AI hardware company that sells extremely large computer chips and AI systems designed to train and run AI models faster than traditional GPUs.…