Cerebras has just completed the largest tech IPO in the US since Snowflake. Next in line are SpaceX, OpenAI, and Anthropic.

      Cerebras secured $5.55 billion at a $95 billion valuation during its debut. SpaceX, OpenAI, and Anthropic, valued collectively at $3 trillion, are also potential IPO candidates this year. Cerebras Systems concluded its first day on the Nasdaq at $311.07, marking a 68% increase from its initial offering price of $185, and establishing a market capitalization of around $95 billion. The offering raised $5.55 billion, making it the largest tech IPO in the U.S. since Snowflake's $3.8 billion debut in 2020. CEO Andrew Feldman rang the opening bell at the Nasdaq MarketSite while holding the company's massive Wafer Scale Engine 3 chip. By the end of the day, co-founders Feldman and hardware chief Sean Lie became billionaires.

      This debut highlights investor interest in dedicated AI hardware, a sector that has largely been unavailable to public market investors. CoreWeave, which went public in March 2025 at a valuation exceeding $58 billion, was the closest previous instance, but it focuses on cloud infrastructure rather than silicon. Cerebras is the first AI chip company to list since the rise of generative AI, and its strong opening-day performance indicates that public market demand for AI investments is as strong as private market valuations.

      However, the Cerebras IPO has also highlighted challenges for other companies in the IPO pipeline. Sam Lessin, a partner at Slow Ventures, mentioned to CNBC that it’s challenging to focus on anything besides the $3 trillion potential IPOs anticipated in the near year, specifically referring to SpaceX, OpenAI, and Anthropic, each valued near or above $1 trillion and currently preparing for IPOs.

      SpaceX, which merged with Elon Musk's AI venture xAI in February at a valuation of $1.25 trillion, is expected to release its IPO prospectus soon. The Wall Street Journal reported that the company is aiming for a $1.75 trillion valuation and plans to raise between $50 billion and $75 billion, potentially making it the largest IPO ever, eclipsing Saudi Aramco's $29.4 billion in 2019. SpaceX is forming an underwriting syndicate of at least 21 banks, with a global promotional tour anticipated to begin in early June, aiming for a listing date around June 12.

      OpenAI plans to go public in Q4 2026 with a target valuation of roughly $852 billion following a $122 billion funding round in March. CFO Sarah Friar referred to the IPO as a “moment to build trust,” although she noted the company is not ready for the public market yet. Complications arise from an ongoing legal dispute with Musk, product strategy revisions, and a CRO publicly claiming that Anthropic overstated its revenue by $8 billion.

      Anthropic has drawn investor interest at an estimated valuation of around $800 billion, more than doubling its previous $380 billion valuation following a $30 billion funding round just two months prior. The company is in discussions with Goldman Sachs, JPMorgan, and Morgan Stanley about a possible October listing. Its annual revenue skyrocketed from $9 billion at the end of 2025 to $30 billion by early April 2026, largely due to enterprise adoption of Claude Code.

      The combined fundraising needs of these three companies are projected to exceed $150 billion, raising concerns about market liquidity. Institutional investors will need to allocate unprecedented capital for IPOs. Rick Heitzmann, a partner at venture firm FirstMark, suggested that Cerebras serves as a positive signal for the market, encouraging others to follow suit. Yet, the potential influx of these three large IPOs might overshadow other candidates.

      The IPO drought before this moment was substantial, with only 31 tech IPOs in 2025, down from 121 four years before. Total U.S. venture-backed exit value more than doubled last year to $217.1 billion, but this remains below one-third of the 2021 peak of $790.7 billion. Many companies in the pre-IPO pipeline, such as Databricks at $134 billion, Discord, and Canva, were established before ChatGPT and are now faced with the reality that AI is the sole narrative garnering institutional interest.

      Cerebras has gained directly from this trend, with revenue jumping from $24.6 million in 2022 to $510 million in 2025, shifting from a $481.6 million net loss to a net income of $88 million. A transformative $20 billion multi-year contract with OpenAI for inference computing signed in January helped address previously stalled IPO attempts due to customer concentration issues. Prior to working with OpenAI, Cerebras relied heavily on G42, the Abu Dhabi AI conglomerate, which represented 85% of its revenue in 2024 and led to a CFIUS review requiring changes to G42’s stake.

      Early venture investors are enjoying significant returns, with Benchmark,