Cerebras just had the biggest US tech IPO since Snowflake. SpaceX, OpenAI, and Anthropic are next.

"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 cloud infrastructure rather than silicon. Cerebras is the first dedicated AI chip company to list since the generative AI boom began, and its opening-day performance suggests that public market demand for AI exposure is at least as aggressive as the private market has been pricing it."

"But the Cerebras IPO also exposed a problem for the rest of the IPO pipeline. As Sam Lessin, a partner at Slow Ventures, told CNBC: " It's very hard to care about anything other than the $3 trillion potential IPOs that, in theory, are going to happen in the next year. " He was referring to SpaceX, OpenAI, and Anthropic, which are each valued near or above $1 trillion on the private market and are all in some stage of IPO preparation."

Cerebras Systems closed its first Nasdaq trading day at $311.07, up 68% from its $185 IPO price, valuing the company at roughly $95 billion. The IPO raised $5.55 billion, the largest US tech IPO since Snowflake’s 2020 debut. The company’s dinner-plate-sized Wafer Scale Engine 3 chip was highlighted during the Nasdaq bell-ringing ceremony. The performance made the co-founders billionaires by the close. The strong debut indicates investor appetite for pure-play AI hardware, a category largely unavailable to public market investors. It also suggests the IPO pipeline may struggle as attention concentrates on much larger, private-market AI and space companies preparing for potential listings.

Read at TNW | Investors-Funding