Provenance Record

Excellent structure (Overview / What We Know with 8 sub-sections / What We Don't Know / Context). Strong multi-source corroboration. Length appropriate for News (1022 words). The 'circular-deal relationship' framing is honestly attributed to TechCrunch, and the article correctly hedges the two market-cap conventions ($106.75B fully diluted vs $66-67B basic) as different counting rather than a contradiction.

{"source-0":{"url":"https://www.cerebras.ai/press-release/cerebras-systems-announces-pricing-of-initial-public-offering","snapshot":"source-0.html.gz","status":"Official Cerebras IPO pricing release. Verifies $185.00, 30,000,000 shares, 4,500,000 underwriter option, full bookrunner list, CBRS ticker on May 14, expected May 15 close. Contains the '58 times larger than a leading GPU chip' marketing copy and the '15 times faster than leading GPU-based solutions' inference claim."},"source-1":{"url":"https://techcrunch.com/2026/05/14/cerebras-raises-5-5b-kicking-off-2026s-ipo-season-with-a-bang/","snapshot":"source-1.html.gz","status":"TechCrunch. Verifies: $5.5B raise, 30 million shares, $237.8M GAAP NI, $66B end-of-day market cap, '$1.9 billion' Feldman stake + '$1 billion' Lie stake, 'complicated circular-deal relationship' framing verbatim, 2024 withdrawn IPO + CFIUS history, Amazon Web Services among named customers."},"source-2":{"url":"https://www.investing.com/news/stock-market-news/cerebras-opens-89-above-ipo-price-in-us-market-debut-4689604","snapshot":null,"status":"BOT-BLOCKED (HTTP 403). Article cites this Reuters wire for $5.55B raise, $106.75B fully diluted valuation, 89% open premium, 20x oversubscription, 'largest so far this year' framing. All of those specifics are independently in source-3 (BNN Bloomberg) and source-4 (IPOScoop) — citation could be re-attributed."},"source-3":{"url":"https://www.bnnbloomberg.ca/business/2026/05/14/chipmaker-cerebras-indicated-to-open-about-90-higher-in-us-market-debut/","snapshot":"source-3.html.gz","status":"BNN Bloomberg. Verifies: $350 open, $185 IPO price, $5.5B raise, Feldman 'In Silicon Valley we understand just how big AI will be... we use them will explode' Reuters interview quote verbatim, 'dinner plate' descriptor, 'returned more than 107 per cent over the past year' Semiconductor Index figure."},"source-4":{"url":"https://www.iposcoop.com/the-ipo-buzz-cerebras-cbrs-prices-ipo-at-185-25-above-range-2/","snapshot":"source-4.html.gz","status":"IPOScoop. Verifies: $185 / $25 above range, $311.07 close / 68.15% gain, $350 open, full Founders Letter signatories (Feldman, Lauterbach, Lie, Michael James, JP Fricker), 'In January 2026, we announced a multi-year deal with OpenAI valued at more than $20 billion dollars' verbatim, 20x oversubscribed."},"source-5":{"url":"https://finance.yahoo.com/markets/article/cerebras-stock-slides-after-near-70-surge-in-biggest-ipo-of-2026-130757084.html","snapshot":"source-5.html.gz (effectively empty — consent.yahoo.com redirect)","status":"Snapshot is mostly CSS/HTML scaffolding with no readable article body. The 10% Friday slide attributed here IS verifiable in source-6 (-10.08% / $279.72 current price) and source-7 ('As of Friday it trades near $279'). The 'dinner plate / 58 times larger than any chip previously built' Feldman direct quote attributed here is NOT verifiable anywhere — see Finding 4."},"source-6":{"url":"https://www.fool.com/investing/2026/05/14/cbrs-stock-ai-chip-stocks-nvda-stock-competitor/","snapshot":"source-6.html.gz","status":"The Motley Fool. Verifies: $510M revenue, +76% YoY, +69% hardware / +99% cloud, $145.9M GAAP operating loss, R&D 48% of sales, OpenAI/Amazon/Meta customer list, 215.23M shares outstanding → $67B basic market cap, current -10.08% / $279.72 Friday close."},"source-7":{"url":"https://www.techtimes.com/articles/316698/20260515/cerebras-raises-555-billion-ai-chip-ipo-86-revenue-dependence-uae-entities-unresolved.htm","snapshot":"source-7.html.gz","status":"Tech Times. Verifies: 86% combined UAE revenue, G42 24% (down from 85% in 2024), MBZUAI 62% revenue + 77.9% AR + 'related party of G42', $363.3M non-cash gain, $75.7M non-GAAP NL, 'A Chip the Size of a Dinner Plate' framing (header), 750 MW OpenAI capacity, $1B advance at 6%, 33.4M warrant shares, 30 million IPO shares."}}

Excellent reporting on the Cerebras IPO with one significant flaw. All quantitative facts verified verbatim: $185 IPO price ($25 above range), 30 million shares, 4,500,000 underwriter option, full bookrunner list, CBRS ticker, May 14 trading start, $350 open + 68.15% / $311.07 close, $5.55B raise, $106.75B fully diluted vs $66B / $67B basic market cap (Reuters vs TechCrunch/Motley Fool), -10.08% Friday slide to ~$279.72, full company financials ($510M revenue / +76% / hardware +69% / cloud +99% / GAAP operating loss $145.9M / R&D 48% of sales / GAAP NI $237.8M including $363.3M non-cash gain / non-GAAP NL $75.7M), UAE customer concentration (G42 24% / MBZUAI 62% / combined 86% / MBZUAI 77.9% of AR), OpenAI $20B / 750 MW / $1B advance at 6% / 33.4M warrant shares, founder stakes ($1.9B Feldman / $1B Lie), '20x oversubscribed', Semiconductor Index '+107% year over year'. The 'circular-deal relationship' framing (TechCrunch) and the Founders Letter signatories (IPOScoop) verbatim. ONE FAILURE: the Feldman direct quote 'We built a chip the size of a dinner plate. It's 58 times larger than any chip previously built' does not appear verbatim in any cited source — it's a paraphrase that mashes together the 'dinner plate' descriptor (s3 and s7) with the '58 times larger than a leading GPU chip' Cerebras marketing copy from s0. Internal cross-reference to 2026-04/18-cerebras-files-for-nasdaq-ipo... verified to exist.