Cerebras Systems priced its IPO with a valuation range that was taken up two times and priced at $1.85 per share.
The IPO Comeback: Why Tech Giants Are Finally Going Public | All-In Liquidity IPO Panel
Cerebras is running OpenAI workloads 15 to 18 times faster than standard GPUs, proving that staying off the standard GPU architecture path pays off.
Jun 6, 2026
32:29
Difficulty: Intermediate
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All-In with Chamath, Jason, Sacks & Friedberg
The IPO Comeback: Why Tech Giants Are Finally Going Public | All-In Liquidity IPO Panel
Cerebras is running OpenAI workloads 15 to 18 times faster than standard GPUs, proving that staying off the standard GPU architecture path pays off.
Jun 6, 2026
32:29
Difficulty: Intermediate
Played
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This episode
Cast
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The annual global conference where Jason McCabe Calacanis moderated panels.
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WAfer-scale AI hardware pioneer founded and led by Andrew Feldman.
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Semiconductor giant whose GPUs are widely used for AI training.
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Earth observation satellite operator founded and led by Will Marshall.
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Multinational technology giant partnering on space TPU tests.
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Space transport giant driving down satellite launch costs per kilogram.
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Silicon Valley capital firm led by Brad Gerstner.
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The premier marketplace where Cerebras and other tech giants are debuting.
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The prominent AI research lab utilizing Cerebras wafer chips.
This episode
Claims & Sources
2 / 12 cited (17%)
Factual claims made this episode, and whether a source was named.
Cerebras Systems stock opened at $320 a share and was trading around $230 a share with a market capitalization of approximately $5.06 trillion dollars at the time of the recording.
Planet Labs stock rose from $5 per share to $50 per share in the twelve months preceding the panel, representing a 10x market movement.
Planet Labs operates the largest earth-imaging satellite fleet, consisting of approximately 200 satellites imaging the entire Earth daily.
Security applications account for roughly 60% of Planet Labs' current revenue.
Rocket launch costs have decreased approximately four to five times over the preceding ten years.
Earth observation and the associated AI layer represent a market opportunity of $75 billion to $100 billion.
A Google and Planet Labs study concluded that space-based data centers become cheaper than terrestrial data centers when launch costs drop to $200-$300 per kilogram.
Satellite launch costs are just over $1,000 per kilogram at the time of the recording, down approximately ten times over the last decade.
A space-based solar panel on a sun-synchronous dawn-dusk orbit can collect five times more energy than a terrestrial solar panel.
Cerebras Systems chips deliver 15 to 18 times faster performance than standard GPUs when utilized by OpenAI.
Planet Labs originally went public via a SPAC in the year 2021 at a $2 billion valuation.
TL;DR
This panel from the All-In Liquidity Summit explores the rapid shifting of tech giants back into public markets. Cerebras Systems CEO Andrew Feldman and Planet Labs CEO Will Marshall join hosts Chamath Palihapitiya, Jason Calacanis, and David Sacks to break down the operational realities of going public [1] — Andrew Feldman "Going public involves massive administrative overhead with negligible direct impact on core operations. High-fives and celebration are grea…" 03:04 , the massive opportunities in specialized AI silicon [2] — Andrew Feldman "15x to 18x Faster than GPUs: By resolving critical memory bottlenecks, Cerebras achieves massive speed gains on production-grade machine le…" 23:56 , and the upcoming merger of space-based data networks and machine learning [3] — Will Marshall "By leveraging sun-synchronous orbits, space-based data centers can access five times more solar energy than terrestrial systems without nee…" 15:16 . The single most useful takeaway is that to achieve true breakthrough performance in AI hardware, companies must build dedicated, non-GPU architectures that resolve memory bottlenecks rather than copycat designs [4] — Andrew Feldman "Our view as computer architects is if you want to be 20 times better than somebody, right, your architecture can't look like them. It can't…" 22:53 .
#Initial Public Offerings
#Artificial Intelligence
#Space Exploration
#Semiconductors
#Venture Capital
#IPO
#AI
#Silicon
#Satellites
#Space
#Computing
#DataCenters
#Sparsity
#Liquidity
#Wafer
#Cerebras
#PlanetLabs
#Altimeter
#NYSE
2 minute taster
The Coming Era of Space-Based Data Centers
By leveraging sun-synchronous orbits, space-based data centers can access five times more solar energy than terrestrial systems without needing batteries. With launch costs dropping toward $200 per kilogram, orbital compute is becoming financially viable.
15x to 18x Faster than GPUs
By resolving critical memory bottlenecks, Cerebras achieves massive speed gains on production-grade machine learning models.
Look closer
CEOs Andrew Feldman (Cerebras) and Will Marshall (Planet Labs) join the Besties to discuss going public, timelines for datacenters in space, AI's impact on the silicon market, and founder perspectives on liquidity on the road to going public.
Chapter list
- tour de force
- An elevated term describing a powerful, sweeping, or artistic presentation; used by Andrew Feldman to mock Jason's rapid-fire celebrity name-dropping.
- CFIUS
- Committee on Foreign Investment in the United States, an interagency committee authorized to review foreign investments in domestic businesses for national security risks.
- SPAC
- An alternative public offering vehicle where a shell company acquires a private operating business to take it public.
- domain-specific architectures
- Specialized computer chips custom-built to handle highly specific mathematical workloads, rather than general-purpose processors.
- time-bounded
- A mathematical or technical trajectory where progress is measured in processing time limits rather than transistor counts.
- sun-synchronous orbit
- A specialized satellite orbit where the satellite passes over any given point of the planet's surface at the same local mean solar time.
- dribble lockup
- A novel structured transition mechanism where lockup shares are gradually released to the public market based on stock performance triggers.
