Cerebras Systems, a leading AI chip company, saw its stock surge nearly 90% on its Nasdaq debut, closing at $311 after opening at $350. The IPO, priced at $185, raised $5.55 billion, marking the largest U.S. tech IPO since Uber in 2019. Demand for Cerebras shares exceeded supply by 20 times, prompting underwriters to raise the pricing range twice. Crypto traders had already engaged in speculative trading of Cerebras through Pre-IPO perpetual contracts on Hyperliquid, achieving a record trading volume of $127 million. These contracts, which do not represent actual shares, allow traders to bet on stock price movements before an IPO. Arthur Hayes, co-founder of BitMEX, estimated the opening price at $277 based on on-chain quotes, but the actual opening was 26% higher. Hyperliquid's Pre-IPO contracts are gaining traction as a leading indicator for U.S. IPOs, offering a unique market niche by allowing non-U.S. users to engage in U.S. stock trading via on-chain perpetual contracts. This development highlights a growing trend of on-chain contract pricing influencing traditional finance markets.