Cerebras just had the biggest US tech IPO since Snowflake. SpaceX, OpenAI, and Anthropic are next.
TL;DR
Cerebras raised $5.55bn at a $95bn debut. SpaceX, OpenAI, and Anthropic, worth $3 trillion combined, could IPO this year.
Cerebras Systems closed its first day on the Nasdaq at $311.07, up 68% from its $185 IPO price, giving the wafer-scale chip company a market capitalisation of approximately $95 billion. The offering raised $5.55 billion, making it the largest US tech IPO since Snowflake’s $3.8 billion debut in 2020. CEO Andrew Feldman rang the bell at the Nasdaq MarketSite holding the company’s dinner-plate-sized Wafer Scale Engine 3 chip. By the close, the two co-founders, Feldman and hardware chief Sean Lie, were billionaires.
The debut is a validation of investor appetite for pure-play AI hardware, a category that has been almost entirely inaccessible to public market investors. CoreWeave, which went public in March 2025 and is now valued at over $58 billion, was the closest prior data point, but it sells...
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