Asset Intelligence / Hyperliquid Context
CBRS
Archive-backed market intelligence for CBRS: every HIPERWIRE mover article tied to this asset, plus a client-refreshed live market panel.
CBRS tracks the value of 1 share of Class A common stock in Cerebras Systems Inc. Cerebras develops AI chips, supercomputing systems, and cloud infrastructure designed to power large-scale artificial intelligence workloads.
Live Structure
Market Status
Loading current market structure…
- Builderxyz
- Categorystock
- Tracked Marketxyz:CBRS
- Latest TweetOpen
No other live markets from this builder in the current screener.
No same-category alternatives are live in the current screener snapshot.
Archive Summary
Latest Archived Thesis
Cerebras Slips Below Wall Street's Lowest Target as the Coverage Pop Fades
Cerebras is down 6.73% over 24 hours to $231 with no fresh headline behind it — just a thin post-IPO float handing back the pop it got from this week's wave of bullish analyst initiations. The slide drops CBRS below even Wall Street's lowest target, Morgan Stanley's $250, while the structural overhang stays heavy: a backlog dominated by a single customer in OpenAI, a triple-digit sales multiple, and an unusual lockup that frees tens of millions of shares around the company's first earnings print. That report lands June 23, the first datapoint since the IPO that isn't just coverage rotation.
Archive
All CBRS Mover Articles
Cerebras Slips Below Wall Street's Lowest Target as the Coverage Pop Fades
Cerebras is down 6.73% over 24 hours to $231 with no fresh headline behind it — just a thin post-IPO float handing back the pop it got from this week's wave of bullish analyst initiations. The slide drops CBRS below even Wall Street's lowest target, Morgan Stanley's $250, while the structural overhang stays heavy: a backlog dominated by a single customer in OpenAI, a triple-digit sales multiple, and an unusual lockup that frees tens of millions of shares around the company's first earnings print. That report lands June 23, the first datapoint since the IPO that isn't just coverage rotation.
Cerebras Reclaims the Quiet-Period Pop It Just Handed Back
CBRS is back to $246.50, up 13.30% over 22 hours and recovering almost all of the fade it printed a day earlier. There is no fresh catalyst behind it — just a thin post-IPO float chopping around the band of price targets nine brokerages stamped on the stock when the quiet period expired last week. The move puts it back at the low end of a $250 to $340 Street range, with its first earnings report as a public company still eight days out. Until June 23, every tick here is positioning, not new information.
Cerebras Hands Back Its Quiet-Period Buy-Wall Pop
Nine Wall Street brokerages broke Cerebras's post-IPO quiet period on Monday with a synchronized wall of Buy ratings, and the stock ran roughly 18% to the high-$230s on the news. A day later that pop is unwinding: CBRS is down 11.16% over seven hours to $219.50, sliding back below even the lowest Street price target. The initiations were the most telegraphed catalyst on the post-IPO calendar, so once they printed, a thin float had nothing fresh to trade. This is a sell-the-news fade, not a change in the fundamentals.
Cerebras Bounces Off Oversold Lows With No New Catalyst Driving It
CBRS is up 12.46% over 24 hours to $236.60 on Hyperliquid, but there's no fresh catalyst behind the move — it's the post-IPO float still digesting last week's wave of Buy-rated analyst initiations. Cerebras is one of the most volatile names on the tape right now, swinging double digits daily after bouncing off a $196.73 52-week low set days earlier. The stock still trades roughly 23% lower year-to-date and well below the Street's ~$284 average price target, leaving a wide range for a thin float to whip through.
Cerebras Pushes Toward $250 as the Inference Re-Rating Reclaims Its IPO Fade
Cerebras' post-IPO quiet period expired on June 8 and nine Wall Street brokerages initiated coverage the same morning, every one of them Buy or better, with targets running from $250 to $340. The perp has pushed 26% over the session to $246.20, nearly closing the gap to the lowest target on the board and erasing most of the fade that followed its May IPO. Underneath the analyst wave sits the real bull case: a $20 billion-plus OpenAI compute deal and an AWS deployment term sheet that both bet Cerebras owns the shift from AI training to inference.
Nine Brokerages Open Cerebras at Buy as the Quiet Period Lifts
Nine major brokerages opened coverage on Cerebras at the equivalent of a Buy on Monday, the moment the post-IPO quiet period expired, and the synthetic CBRS perp ripped 16.28% to $227 on the wave. Price targets ran from Morgan Stanley's $250 to Citi's $340, with most of the desk clustered at $300, against a stock that had drifted near $200 after its May debut faded. The bull case rests on Cerebras' OpenAI and AWS inference deals; the bear case is a triple-digit earnings multiple that already prices much of that in. The initiation bounce reclaims ground the post-IPO fade took, but it has not yet challenged the day-one highs.
CBRS Breaks Below $285 as the Cerebras IPO Fade Deepens Into Friday's Close
The xyz:CBRS perp is at $281.50, down 15.46% over 21 hours as the Cerebras post-IPO fade has now eaten the $300 and $290 handles in a single session. Thursday's $311.07 cash close is buried, the day-one $386.34 high sits roughly 27% above current, and the analyst pile-on around the 125x trailing sales multiple is keeping the bid out of the book. The pre-IPO basis trade is closed — xyz:CBRS is a clean synthetic of NASDAQ:CBRS now, and the cash tape's slow leak is the whole story.
CBRS Holds Below $295 as the Cerebras Post-IPO Reset Grinds Through Friday
The xyz:CBRS perp is at $294.70, down 11.62% over 19 hours as Friday's post-IPO fade refuses to find a bid. Thursday's $311.07 close is fully retraced, the day-one high of $386.34 sits more than 23% above current, and the analyst pile-on around valuation and the wafer-scale story keeps the tape one-directional. With the pre-IPO basis trade closed, xyz:CBRS is now a clean synthetic of NASDAQ:CBRS, and the cash tape has been a slow leak all session.
CBRS Slips Below $300 as Day-Two Fade Hits the Cerebras IPO Story
The xyz:CBRS perp is at $296.20, down 17.39% over 22 hours as the post-IPO euphoria unwinds and analysts get vocal on the wafer-scale story. Cerebras opened day two on a soft tape and traded into the high $290s as profit-taking compounded with a fresh round of S-1 skepticism — Davidson calling the chip business niche-y, the Street rereading the 86% FY2025 revenue concentration in two UAE counterparties, and the $24.6B backlog now leaning hard on a single OpenAI ramp. The perp is closing its post-IPO premium and now trades as a straight synthetic of NASDAQ:CBRS.
CBRS Perp Reclaims $325 as Cerebras Holds the Bid After Its Nasdaq Debut
The xyz:CBRS perp is at $324.80, up 14.84% over 17 hours as the contract converges with the new public tape on Cerebras Systems. Cerebras closed its Nasdaq debut at $311.07 against a $185 IPO price, then ticked to $322.80 in after-hours trade, pulling the perp back to a thin premium. The weeks-long pre-IPO basis is closed and the contract now trades as a straight synthetic of NASDAQ:CBRS.
CBRS Perp Holds $322 as Cerebras Debut Fade Finds a Floor
The xyz:CBRS perp is at $322.60, down 16.24% over the last four hours but off the session lows near $310. Cerebras Systems opened at $350 on its Nasdaq debut against a $185 IPO price, printed above $385 in the first minutes, then unwound through the afternoon as IPO allocations got flipped. The perp tracked the cash tape down step for step and is now stabilizing as the bid steps back in around the $315 to $325 zone.
CBRS Perp Fades to $315 as Cerebras Debut Blow-Off Unwinds
The xyz:CBRS perp is trading at $315.80, down 18% over the last four hours as the post-open euphoria from Cerebras Systems' Nasdaq debut fully unwinds. Cash CBRS opened at $350 against a $185 IPO price, printed above $385 in the first minutes, and has drifted into the low $310s through the afternoon. The perp is tracking the public tape down print-for-print, with the implied market cap falling from north of $115 billion at the high to roughly $95 billion now. There is no negative headline; this is the open being the peak.
CBRS Perp Converges With Cerebras' Nasdaq Debut Tape Near $327
The xyz:CBRS perp is trading at $327.10, up 15.16% over the last six hours and now within a dollar of NASDAQ:CBRS as the day-one basis fully compresses. Cerebras priced its IPO at $185 last night and the stock opened at $350 on Nasdaq this morning, printed above $385 in the first minutes, and has since drifted into the high $320s. 24-hour perp volume on this market is $226.7 million and the contract is no longer trading a private-market premium.
CBRS Perp Slips Below the $350 Nasdaq Open After $387 Blow-Off
The xyz:CBRS perp is at $336.60, up 19.47% over the last five hours but now trading below the $350 level where Cerebras Systems opened on Nasdaq this morning. The market spent the first half of the day running 70% above Hiive's $220.90 secondary close, printed a $387 high once Wall Street had a public mark, then unwound the entire premium and kept going. 24-hour perp volume on this contract is $206.63 million.
CBRS Perp Eases to $360 as Day-One Basis Finally Compresses
The xyz:CBRS perp has cooled to $360.90 after running 27.61% over five hours and tagging an intraday high near $387 in the prior hour. Cerebras opened on Nasdaq at $350 and traded above $370 in early going, finally pulling cash up to where the perp had spent the morning trading at a 70% premium versus Hiive's $220.90 secondary mark. The basis is compressing in real time on day one, with 24-hour perp volume on this market now $194.76 million.
CBRS Perp Pushes Back to $378 as Cerebras' Day-One Bid Refuses to Compress
The xyz:CBRS perp has run another 33.73% over five hours to $378.20, working back toward this afternoon's $387 debut high. At $378.20 the contract is implying roughly $115 billion of equity value, about 2.04x the $56.43 billion fully diluted valuation Cerebras locked in last night when underwriters priced the IPO at $185 a share. Day one of Nasdaq trading has yet to give the basis a single window to compress, and 24-hour perp volume on this market now sits at $167.28 million.
CBRS Perp Grinds Back to $358 as the Cerebras Debut Bid Refuses to Quit
The xyz:CBRS perp has run another 26.63% over five hours to $357.90, working its way back toward this afternoon's $387 debut high after a shallow fade in between. At $357.90 the contract is implying roughly $109 billion of equity value, about 1.93x the $56.43 billion fully diluted valuation Cerebras locked in last night when underwriters priced the IPO at $185 a share. Day one of Nasdaq trading has yet to give the basis a single window to compress, and 24-hour perp volume on this market has thickened to $156.43 million.
CBRS Perp Rebids to $338 After Cerebras Debut-Day Fade
The xyz:CBRS perp has run another 19.59% over three hours to $338.20, reclaiming most of the ground lost after the contract faded from $387.20 mid-afternoon. At $338 the basis is still implying roughly $103 billion of equity value — about 1.83x the $56.43 billion fully diluted valuation Cerebras printed last night when underwriters priced the IPO at $185 a share. The 24-hour perp book has thickened to $115.28 million on day one of Nasdaq trading, refusing to compress toward the IPO mark even as the cash tape works out a fair-value level.
CBRS Perp Doubles the $185 IPO Price on Cerebras Debut Day
The xyz:CBRS perp has run another 30.40% over three hours to $370.40, holding more than 2x the $185 price at which Cerebras priced its IPO last night. After tagging $387.20 earlier this afternoon, the contract has settled into a $370 area that implies roughly $113 billion of equity value — about twice the $56.43 billion fully diluted valuation underwriters printed and well above the $221 secondary mark Hiive was quoting into the bell. The 24-hour perp book has thickened to $105.66 million as the basis keeps pricing Cerebras as a $100 billion-plus AI infrastructure name on day one.
CBRS Perp Extends to $387 as Cerebras Debut Pop Deepens
The xyz:CBRS perp has ripped another 36.33% over three hours to $387.20, extending the pop on Cerebras' Nasdaq debut after the company priced its IPO at $185 last night. At this level the perp implies roughly $118 billion of equity value, more than double the $56.43 billion fully diluted valuation underwriters printed Wednesday and a clean break above the $350 area where our morning coverage caught it. The basis is now chasing a live spot tape that has shrugged off every pre-IPO anchor — including the Polymarket day-one closing market-cap clusters and the Hiive secondary print.
CBRS Perp Rips to $350 as Cerebras Opens on Nasdaq
The xyz:CBRS perp ran 24.50% over two hours to $350.70 as Cerebras Systems opened for trading on the Nasdaq, hours after the company priced its IPO at $185 a share. The basis flipped overnight: yesterday the perp was fading 7.60% into the open, today it is chasing a live spot tape that has cleared every prediction-market cluster. At $350.70 the contract implies roughly $107 billion of equity value — nearly double the $56.4 billion fully diluted valuation underwriters printed Wednesday night.
Cerebras Prices IPO at $185, CBRS Perp Converges Ahead of Nasdaq Debut
Cerebras priced its $5.55 billion IPO at $185 a share on the evening of May 13, above the already-revised $150 to $160 marketed range and well clear of the $115 to $125 the company originally filed. The xyz:CBRS perp faded 7.60% over the next 22 hours to $290.50, but the contract still trades roughly 57% above the deal price with CBRS set to open on Nasdaq today. The book was reportedly 20x oversubscribed at a $56.4 billion fully diluted valuation, so the perp is no longer arguing about whether the IPO is hot — it is arguing about how big the first-day pop should be.
CBRS Gives Back Most of the Bounce With Cerebras IPO Eight Days From Pricing
The CBRS pre-IPO perp slid 14.60% over 16 hours to $228, giving back most of yesterday's recovery off the post-filing $205 print. The fade keeps grinding the basis lower ahead of Cerebras's expected May 13 IPO pricing, after the company filed a $115 to $125 range well below the $40 billion target Bloomberg flagged the prior week. Even at $228 the contract still trades roughly 82% above the top of the deal range and 26% above Hiive's $181.19 secondary mark, with the IPO clock down to eight days.
Cerebras Files $115–$125 IPO Range, CBRS Perp Cracks 32%
Cerebras filed its S-1 amendment on May 4 with an IPO price range of $115 to $125 per share — a $3.5 billion raise at a $26.6 billion valuation at the top end, well below the $40 billion Bloomberg reported the company was targeting just three days earlier. The xyz:CBRS perp, which had been pricing in the rumored ceiling, is down 32.62% over 14 hours to $205.50 as the contract reprices into a real, banker-set range. Even after the slide, the perp still trades roughly 64% above the top of the IPO range, 81% above Forge's $113.50 secondary mark, and 11% above Hiive's $184.87. The IPO is expected to price on May 13, putting a hard nine-session clock on the basis.
CBRS Pre-IPO Perp Fades to $277 as Basis Tightens Into Roadshow Week
The trade.xyz HIP-3 perp on Cerebras Systems is down 11.94% over the last 16 hours to $277.90, giving back most of the pump that tagged the contract above $315 on Saturday after Bloomberg reported the IPO is now targeting up to $4 billion at a $40 billion valuation. There is no fresh headline behind the fade. Cerebras has not filed an S-1 amendment, the formal roadshow has not kicked off, and Forge's $113.50 secondary mark has not budged, leaving basis compression as the cleanest read on the move. Even after the slide the perp still prints at roughly 2.45x Forge and 1.5x Hiive's $184.87 mark, with a hard clock running into the mid-May pricing window.
CBRS Pre-IPO Perp Hits $298 as Cerebras Targets $40B IPO
CBRS, the trade.xyz HIP-3 pre-IPO perpetual on Cerebras Systems, marked $298.10 on a 22.53% move after Bloomberg reported on May 1 that the AI chipmaker is now targeting up to $4 billion in its IPO at roughly a $40 billion valuation — nearly double its February Series H mark. Banks have already taken more than $10 billion in indications of interest, and the roadshow is set to begin as soon as Monday with pricing aimed for mid-May. The perp is trading at roughly 2.6x Forge's $113.50 secondary and 1.6x Hiive's $184.87 mark, and the basis is on a clock that runs out the moment Cerebras opens on Nasdaq.
How to Trade CBRS (Cerebras) on Hyperliquid
CBRS is the Hyperliquid HIP-3 pre-IPO perpetual for Cerebras Systems, the wafer-scale AI chipmaker that filed its Nasdaq S-1 on April 17 targeting a mid-May debut at a $22 to $25 billion valuation. The market is deployed by trade.xyz, settles in cash, and carries no equity rights or IPO allocation — it is a price-discovery contract, not a share. Today's mark prints at a steep premium to Forge and Hiive secondary clears, and the convergence event is on a clock measured in weeks.
CBRS Pre-IPO Perp Tags $262 on Launch Day as Volume Spikes
The xyz:CBRS pre-IPO perpetual launched today on Hyperliquid via tradexyz, and the mark printed 38.35% higher to $262.90 within nine hours on $1.9M of 24-hour volume — roughly 180x the volume this market was running on just a few hours earlier. The price now sits at a 1.6x to 2.3x premium to where Forge and Hiive last cleared the underlying secondary, with Cerebras targeting a mid-May Nasdaq debut at a $22-25B valuation. The clock on convergence is short: if Cerebras lists by May 30, the perp settles to the public price; if not, it settles July 30 against a TWAP from launch.
CBRS Pre-IPO Perp Rips 15% on Thin Book as Cerebras IPO Window Opens
The xyz:CBRS perpetual on Hyperliquid jumped 15.45% in four hours to $219.30, printing on just $10,648 of 24-hour volume. Cerebras Systems filed its S-1 on April 17 and is targeting a mid-May Nasdaq listing at a $22-25B valuation, putting this perp roughly two weeks away from a real pricing anchor. Until then, the mark is drifting on positioning rather than fundamentals, and the spread to private secondary quotes has gotten extreme.
Background reading selected from this asset's symbol, builder context, and archived catalyst coverage.