Behind Cerebras's $95 billion listing market cap, "Trump's eldest son's fund" participated in both funding rounds

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Cerebras Systems listed on Nasdaq (CBRS) on May 14 at $185 per share, raising $5.55 billion to become the largest U.S. tech IPO since Uber in 2019, with shares surging 108% to $386 during intraday trading. 1789 Capital, a firm involving Donald Trump Jr., participated in two rounds of funding. (Previous coverage: "Nvidia's strongest challenger" Cerebras officially goes public! IPO raises $5.5 billion) (Background: Trump: China "chooses not to buy" Nvidia H200, shifts to full-scale self-developed AI chips) With a monthly valuation of $23 billion, the market cap exceeded $95 billion on its first day of trading three months later, as Cerebras Systems brought its "AI chip challenger" story to the big screen on Nasdaq. On its listing day, May 14, the company—known for its wafer-scale giant AI chips—priced at $185 per share. The stock jumped to $350 at the opening, hit a high of $386 (a 108% increase from the IPO price) during the session, and closed at $311.07, a single-day gain of 68.2%. The core weapon of Cerebras is the WSE-3 (Wafer-Scale Engine 3), a "wafer-scale" chip built using TSMC's 5nm process. With an area of 46,225 mm², it effectively turns an entire 300mm wafer into a single processor: 4 trillion transistors, 900,000 AI compute cores, and 44GB of on-chip SRAM. These specifications are 19 times, approximately 90 times, and far beyond the bandwidth of traditional GPUs, respectively, compared to the NVIDIA B200. In terms of positioning, Cerebras does not compete with Nvidia in the training market, focusing instead on AI inference, targeting real-time responses for large language models and high-concurrency inference scenarios. This bet secured a major order: OpenAI signed a $20 billion inference contract, providing 750MW of compute capacity over three years, with an option to expand to 2GW. Meta and AWS are also on the client list. However, the structure of its 2025 revenue of $510 million (up 76% year-over-year) is a risk area repeatedly flagged by analysts: 62% comes from the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) and 24% from G42, both of which were confirmed as related parties in the S-1. A total of 86% of revenue comes from two orders within the same geographic circle, meaning contract stability depends not on technology, but on geopolitics. The funding history of Cerebras is almost a wall of fame for the tech capital circle: Benchmark led a $27 million Series A in 2016; Sequoia and Altimeter joined subsequently. In 2021, Series F brought in Alpha Wave and the Abu Dhabi Growth Fund (ADG), raising $250 million. The turning point came in the September 2025 Series G: $1.1 billion was led by Fidelity, with a new name on the list: "1789 Capital," a venture capital fund co-founded by Donald Trump Jr. after his father's 2024 election victory. Shortly after entering, the Department of Defense awarded Cerebras a $45 million defense contract in April 2025. Democratic Senators Elizabeth Warren and Richard Blumenthal immediately issued a letter of inquiry, pointing out that "the Trump family is profiting from the national budget" and noting that 1789 Capital portfolio companies have cumulatively secured over $70 million in government contracts. What is the difference between Cerebras AI chips and NVIDIA GPUs? Cerebras WSE-3 uses an entire 300mm wafer to build a single chip, possessing 4 trillion transistors and 900,000 AI cores, which are 19 times and 90 times those of the NVIDIA B200, respectively, focusing on AI inference rather than training. How did Donald Trump Jr.'s 1789 Capital participate in the Cerebras investment? 1789 Capital invested in Cerebras during the September 2025 Series G round. After entering, the Department of Defense awarded Cerebras a $45 million contract, sparking concerns from Democratic Senators Warren and Blumenthal regarding potential conflicts of interest.

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Published:2026-05-16 08:34:49

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