Cerebras trades stable above $300 post-IPO; ~$170B fully-diluted

Cerebras (CBRS) has traded in a stable $310-$340 range since its May 14 IPO, with daily volumes settling into the 5-8 million share range. Fully diluted market cap is approximately $170 billion at $320.

The trading stability is notable — most hot-IPO tech stocks experience meaningful volatility in the first 30 days. Cerebras is essentially trading flat, suggesting price discovery happened in the IPO book rather than after the open.

Underwriters reportedly maintained a tight allocation to long-only mutual funds, which would explain the low retail-driven volatility. The next test is the 90-day lockup expiry and the first full quarter of post-IPO disclosures.

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