Cerebras (NASDAQ: CBRS), a producer of AI chips, went public at $185 per share on May 14. Its stock opened at $350, but now trades at about $205, which is still 11% above its IPO price. Cerebras builds massive AI processors on a single silicon wafer, generating revenue by selling its wafer-scale processors and CS-3 systems and providing cloud-based access. It recently secured a multi-year $20 billion deal with OpenAI to deploy 750 megawatts of its wafer-scale inference systems and is integrating its CS-3 systems into Amazon Web Services. Cerebras' core revenue surged 76% to $510 million in 2025, and it expects that figure to rise 68%-70% to $855-$865 million in 2026. It has a backlog of $25 billion. With a market cap of $46.4 billion, Cerebras trades at 54 times this year's sales and at six times its projected revenue of $7.32 billion in 2028, which would represent a 143% three-year CAGR from 2025. Analysts expect its adjusted EBITDA to turn positive in 2027 and 2028.