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Cerebras IPO Surge Overshadows Broader Tech Pipeline as Mega-Caps Loom

Cerebras Systems' public debut this week has reinvigorated interest in technology IPOs. Yet the company's 70% first-day pop may prove a distraction from the real story: three trillion-dollar companies preparing to enter the market. The AI chipmaker's valuation reached $95 billion, making it the largest U.S. tech IPO since Uber in 2019. Investors are fixating on SpaceX, OpenAI and Anthropic, which collectively represent roughly $3 trillion in expected offerings. SpaceX plans to file its prospectus within days following its merger with xAI. OpenAI and Anthropic target debuts later this year. Industry observers note the challenge facing other companies in the IPO pipeline, as the combined size of these three offerings will substantially dwarf competing opportunities.