Cerebras' blockbuster IPO boosts hype for SpaceX and OpenAI, but crowds out smaller players
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- Cerebras raised its market cap to about $95 billion after its shares surged ~70 % on its U.S. debut, making it the year's largest IPO and the biggest tech offering since Uber’s 2019 listing.
- SpaceX, OpenAI, and Anthropic are all gearing up for IPOs, with SpaceX expected to file a prospectus as soon as next week and the other two targeting later this year, dwarfing any other pre‑IPO valuations.
- National Venture Capital Association reported that 2023 venture‑backed exit value fell to less than one‑third of its 2021 peak, and tech IPOs this year have been almost nonexistent.
- Lise Buyer of Class V Group notes that late‑stage startups are in “pragmatic preparation” and that the market needs more data points before it can be declared open.
- Jai Das of Sapphire Ventures frames the AI boom as a “haves and have‑nots” scenario, where AI‑centric companies dominate attention and funding, crowding out older, non‑AI‑focused firms.
Why it matters: Cerebras’ $95B valuation and 70% debut surge gives investors a rare pure‑play AI chip exposure, while smaller AI startups lose visibility as the market concentrates on trillion‑dollar IPOs like SpaceX, OpenAI, and Anthropic.
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