CBRS IPO: Nvidia challenger lists on Nasdaq

Trade CBRS perps in USDC/USDT ahead of US market open

Cerebras Systems (CBRS) officially listed on Nasdaq on May 15. The IPO price was $185. The stock opened at $350. Premarket, it briefly touched $400.

With FOMO surrounding AI running at full capacity, here's what CBRS actually is and how to get exposure.

What is CBRS?

CBRS is an AI compute unicorn with real technology and top-tier order flow behind it. Three things define its story:

1. Deep OpenAI partnership: This is CBRS's most durable moat. The two companies have signed a long-term agreement valued at $10-20 billion, giving CBRS high earnings visibility.

2. Strong financials: 2025 revenue is projected at $510 million (up 76% year-on-year). GAAP net income: $87.9 million. Remaining performance obligations: $2.46 billion.

3. Room to run: At the $400 premarket high, CBRS's market cap was approximately $86 billion – roughly 1.51% of Nvidia's $5.7 trillion. The market is betting on CBRS as an early-stage Nvidia analog.

One more factor: the IPO has a total share count of 213 million, but only 30 million shares (about 14%) are in initial circulation, with a 6-month lockup on the rest. A small float plus high demand is what drove the gap-up on listing.

How to trade it

There are two very different ways to get CBRS exposure right now. The IPO made the efficiency gap between onchain derivatives and traditional brokerages impossible to ignore.

Method 1: Onchain (Bitget Wallet / trade.xyz)

How to access:

  • Connect your Bitget Wallet and tap the CBRS banner on the home screen to trade the perps directly.

  • Alternatively, search for the CBRSUSDC contract pair in the Bitget Wallet market page.

Advantages:

  • Early entry: While US retail investors were still waiting for Nasdaq to open, onchain traders had already built positions in the $250-300 range.

  • 24/7 trading: Trade.xyz's CBRS perps clocked nearly $100 million in hourly volume before Nasdaq opened, with the price already at $380.

Method 2: Traditional US broker (Nasdaq spot)

  • How to access: Open a US brokerage account and search for ticker CBRS on Nasdaq.

  • Limitations: Despite listing on the evening of May 15, most retail investors weren't able to trade until after 1am – missing the most significant price movement entirely. Nasdaq's new-issue auction mechanism locked retail out of the first and most profitable window.

What this IPO is actually about

The CBRS IPO was a stress test for financial infrastructure. Onchain trading platforms moved faster than Nasdaq, priced CBRS earlier, and gave retail traders access that traditional brokers didn't. When decentralized platforms start outpacing stock exchanges on IPO pricing, the case for capital migration becomes harder to ignore.