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.
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.
