The tech world is buzzing again, and this time, it’s all about AI hardware. Cerebras Systems just made a splash with a blockbuster IPO that raised $5.55 billion. That’s the largest US tech debut since Snowflake in 2020. The company’s shares opened at $350, nearly double their $185 initial price, and soared during the first day, pushing its valuation above $100 billion.

Cerebras is not your average chipmaker. Founded in 2015, it has built massive AI processors known as Wafer Scale Engines. Unlike traditional chips, these are built on entire silicon wafers, allowing for enormous scale and speed—perfect for high-demand AI tasks. Their chips are a direct challenge to GPU giants like NVIDIA, aiming to revolutionize AI inference and training.

This IPO is more than just a company going public. It signals a massive shift in investor appetite for AI infrastructure. Demand for AI chips has skyrocketed, driven by the explosive growth of generative AI models and large language models. The company’s offering was oversubscribed by more than 20 times, reflecting a deep hunger from institutional investors eager to get a piece of the AI hardware boom.

The Wave of Big Tech IPOs on the Horizon

While Cerebras is celebrating its debut, the biggest news may still be coming. SpaceX, OpenAI, and Anthropic are all gearing up for major public listings. SpaceX, now valued at over $1.25 trillion after merging with Elon Musk’s xAI venture, is eyeing a potential valuation of around $1.75 trillion. They’re reportedly planning to raise between $50 billion and $75 billion in what could be the largest IPO ever, surpassing Saudi Aramco’s record in 2019.

OpenAI, the powerhouse behind ChatGPT, is also preparing for a public offering, possibly as soon as late 2026. Valued at nearly $852 billion after a recent $122 billion funding round, it’s aiming to build trust with investors and navigate ongoing legal and strategic challenges. Anthropic, another big player in AI, is eyeing an IPO as early as October, with valuations approaching $900 billion. Its revenue surged from $9 billion to $30 billion in just a few months, fueled by enterprise adoption of its Claude model.

What This Means for the Market

All of this comes after a tough few years for tech IPOs. Last year saw only 31 tech companies go public, down sharply from 121 four years earlier. Yet, the private market remains vibrant, with valuations soaring. Companies like Databricks, Discord, and Canva are still waiting in the wings, but the focus has shifted heavily towards AI companies. Investors see AI as the next big thing—and they’re willing to pay for it.

The recent IPO of Cerebras, with its explosive debut, is seen as a sign that the market is ready for more. It shows a clear appetite for companies that play a crucial role in AI’s infrastructure. As large players like SpaceX and OpenAI prepare to go public, the coming months could reshape the landscape of tech investing. Expect a wave of new listings that could dwarf anything seen in recent years, as AI’s influence continues to grow across industries.