Cerebras, OpenAI, SpaceX: The IPO pipeline that could drain crypto
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- Cerebras Systems priced its IPO at $185 per share, raising $5.5 billion and valuing the AI chipmaker at $40 billion, up from $8.1 billion eight months earlier.
- Wall Street has redirected capital to AI and semiconductor equities, with Intel up 218% YTD, AMD and Micron more than doubled, the Philadelphia Semiconductor Index up 66%, and the S&P 500 up 8% YTD.
- Bitcoin fell 12% YTD and is trading below $80,000 after a risk‑off move triggered by stronger‑than‑expected US producer‑price data, while crypto derivatives liquidations approached $400 million.
- OpenAI is slated for an upcoming IPO that is potentially the largest in market history, with SpaceX also preparing a similarly massive listing, intensifying competition for risk capital away from crypto.
- Crypto derivatives markets showed stress, with ether open interest hitting a record high and altcoins, especially memecoins, sliding sharply.
Why it matters: AI chipmakers like Cerebras win $5.5 billion of fresh capital and a $40 billion valuation, while Bitcoin investors lose as the crypto market slides 12% YTD and $400 million in liquidations stress derivatives, shifting risk appetite to equities.
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