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(Bloomberg) — Ambiq Micro Inc. shares surged as much as 102% in early trading, a day after the maker of ultra-low power semiconductors for AI applications raised $96 million in an upsized initial public offering.
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Shares of the Austin-based company traded at $42 each on Wednesday as of 1:27 p.m. in New York, versus an IPO price of $24 apiece. The stock was halted twice for volatility. Ambiq’s offering of 4 million shares was marketed in a range of $22 to $25 each.
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The trading gives Ambiq a market value of $741 million, based on the outstanding shares listed in its filings. Including stock options, warrants and restricted stock units, Ambiq has a diluted value closer to $810 million.
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The Arm Holdings Plc-backed company’s technology supports on-device and real-time AI, and promises to deliver as much as five times lower energy consumption versus traditional chips, the filings show. The chips are used in personal devices like fitness trackers, and industrial applications such as crop monitoring.
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Ambiq reported a net loss of $8.3 million on revenue of $15.7 million in the three months ended March 31, compared with a loss of $9.8 million on $15.2 million revenue in the same period in 2024, the filings show.
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Chip designer Arm, Kleiner Perkins, Singaporean state-backed investor EDB Investments Pte, VentureTech Alliance and Conductive Ventures are among Ambiq’s investors, according to the filings.
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Bank of America Corp. and UBS Group AG led the offering. The company’s shares trade on the New York Stock Exchange under the symbol AMBQ.
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