According to the Financial Times, Cerebras Systems priced its IPO at $185 per share on Wednesday night, aiming to raise $5.5 billion, valuing the artificial intelligence chip maker at $40 billion.
The company, a maker of chips designed for workload-driven tools like Claude Code and ChatGPT, was valued at $8.1 billion just eight months ago, according to the Financial Times.
This rapid growth highlights how quickly investor capital is flowing into AI, a trend that has become a significant headwind for digital assets as attention turns to AI-related stocks.
The mania has made U.S. stocks the undisputed venture capital destination in recent months. Intel (INTC) is up 218% year to date. Shares of Advanced Micro Devices ( AMD ) and Micron Technologies ( MU ) more than doubled. The Philadelphia Semiconductor Index rose 66%, while the benchmark S&P 500 rose 8%.
Bitcoin Meanwhile, Bitcoin fell 9%, falling below $80,000, and the number of Google searches for “buy Bitcoin” hit a 12-month low, according to prediction market Kalshi. The CoinDesk 20 index (CD20) fell 19%.
The bad news for cryptocurrency prices is likely to continue for months, as the IPOs of SpaceX and OpenAI are on the verge of becoming the largest listings in stock market history.
The Financial Times described Cerebras as “an early test of Wall Street’s interest in new artificial intelligence listings ahead of expected debuts from OpenAI and SpaceX.”
Each of these factors will exert a gravitational pull on venture capital, which may draw funds deeper into the AI equity complex and away from digital assets.