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

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 , meantime, has lost 9% and is languishing below $80,000, with Google searches for "buy bitcoin" at a 12-month low, according to prediction market Kalshi. The CoinDesk 20 Index (CD20) has dropped 19%.

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.