Cerebras Systems priced its IPO at $185 a share on Wednesday night, targeting a $5.5 billion raise and valuing the AI chipmaker at $40 billion, according to the Financial Times.
The company, a maker of chips purpose-built for the workloads that power tools like Claude Code and ChatGPT, was valued at $8.1 billion just eight months ago, the Financial Times said.
The rapid rise highlights how quickly investor capital is flowing into artificial intelligence, a trend that has become a significant headwind for digital assets as attention shifts toward AI-related stocks.
The frenzy has made US stocks the undisputed destination for venture capital in recent months. Intel (INTC) is up 218% year-to-date. Advanced Micro Devices (AMD) and Micron Technologies (MU) more than doubled. The Philadelphia Semiconductor Index is up 66%, while the benchmark S&P 500 is up 8%.
Bitcoin meanwhile, has lost 9% and is languishing below $80,000, with Google searches for “buy bitcoin” at a 12-month low, according to market forecaster Kalshi. The CoinDesk 20 Index (CD20) is down 19%.
The bearish news for crypto prices may continue for many more months as SpaceX and OpenAI IPOs loom in the wings as potentially the biggest IPOs in stock market history.
The Financial Times described Cerebras as “an early test of Wall Street’s appetite for new AI listings ahead of the expected debuts of OpenAI and SpaceX.”
Each of these acts as a gravitational pull on venture capital that can pull money deeper into the AI equity complex and away from digital assets.
