Cerebras Systems Inc., the AI-chip manufacturer co-founded by Andrew Feldman, debuted on Nasdaq with soaring shares, marking the year’s largest initial public offering and achieving a market valuation of approximately $67 billion. This successful debut immediately propelled CEO Feldman’s stake to $3.2 billion, according to the Bloomberg Billionaires Index, representing his first valuation of his fortune. Co-founder Sean Lie's holdings were concurrently valued at $1.6 billion.

Cerebras distinguishes itself in the competitive AI hardware landscape, currently dominated by Nvidia, by developing a significantly larger chip designed for superior performance, especially in inference tasks—the process of running AI models. Feldman noted the “extraordinary demand” for speed in AI utility, positioning Cerebras to capitalize on this need.

Feldman, a serial entrepreneur with previous successes including Riverstone Networks and SeaMicro (acquired by AMD), saw Cerebras' fortunes significantly accelerate following the launch of OpenAI’s ChatGPT. The company secured a major deal with OpenAI in February for over 750 megawatts of computing power through 2028, valued around $20 billion.

Despite a past guilty plea in 2007 related to accounting controls at Riverstone Networks, Feldman’s latest venture has cemented his status, with Cerebras' stock rising about 68% on its opening day in New York.