Cerebras, OpenAI, SpaceX: The IPO pipeline that could drain crypto

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Cerebras, OpenAI, SpaceX: The IPO pipeline that could drain crypto Cerebras Systems’ $5.5 billion IPO and soaring semiconductor stocks underscore how investor attention has shifted from bitcoin to artificial intelligence in 2026. What to know: - Cerebras is set to debut on Thursday at a roughly $40 billion valuation, up from $8.1 billion just eight months ago - The increase highlights Wall Street’s accelerating appetite for AI infrastructure companies ahead of expected OpenAI and SpaceX listings. - Crypto markets are struggling, with bitcoin down 12% this year and retail interest fading as capital rotates into semiconductor and AI-related stocks. Cerebras Systems priced its IPO at $185 per share on Wednesday evening, 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 powering tools like Claude Code and ChatGPT, was valued at $8.1 billion just eight months ago, the Financial Times said. The rapid increase highlights just how fast investor capital is flowing into artificial intelligence, a trend that has become a significant headwind for digital assets as attention shifts toward AI-related equities. The frenzy has made U.S. equities the undisputed destination for risk capital in recent months. Intel (INTC) is up 218% year to date. Advanced Micro Devices (AMD) and Micron Technologies (MU) have more than doubled. The Philadelphia Semiconductor Index is up 66% while the benchmark S&P 500 has gained 8%. Bitcoin The bearish news for crypto prices could continue for many more months as SpaceX and OpenAI IPOs are waiting in the wings as potentially the largest listings 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 anticipated debuts of OpenAI and SpaceX." Each of those acts as a gravitational pull on risk capital, which could draw money deeper into the AI equity complex and away from digital assets. More For You Crypto markets weakened as inflation fears hit risk assets, triggering long liquidations, negative derivatives flows and renewed pressure on altcoins. What to know: - Bitcoin held below $80,000 after Wednesday's stronger-than-expected U.S. producer price inflation data sparked a risk-off move and wiped out leveraged bullish bets. - Crypto derivatives markets showed signs of stress, with liquidations surging to nearly $400 million and ether open interest hitting a record high. - Altcoins slid sharply, with memecoins leading...

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