JUST IN: SPACEX'S IPO PROSPECTUS COULD HIT AS SOON AS NEXT WEEK. The roadshow is slated for June 8, per CNBC. This would be the largest IPO in history, by a wide margin: The timeline: - SpaceX confidentially filed in April - Prospectus could be publicly disclosed as soon as next week - Roadshow officially kicks off June 8 - SEC rule requires the filing be disclosed at least 15 calendar days before the roadshow - SpaceX advisers aiming for a slightly earlier flip to give investors time to digest The deal size: - Targeting a listing of $70B to $75B, per Bloomberg - That is more than 2x the size of Saudi Aramco's 2019 record ($25.6B) - Largest IPO of all time, by a wide margin The valuation context: - SpaceX merged with xAI in February - That deal valued the combined entity at $1.25 TRILLION - Brookfield $BN disclosed today it has already purchased $2B of SpaceX shares at the current pre-IPO mark The distribution play: - Because this much stock has never been sold in an IPO before, SpaceX's advisers are scouting brokers in the UK, Japan, and Canada - Targeting longer-term retail holders outside the U.S. The setup for the broader AI IPO pipeline: - Cerebras $CBRS closed +68% on its debut today at a $95B market cap - OpenAI and Anthropic are both pursuing offerings as soon as this year - Both could exceed $1T in valuation if they price The market backdrop: - Wall Street has been thirsting for IPOs after a years-long drought - Cerebras was the proof point that institutional demand is back - SpaceX is the megacap test

JUST IN: CEREBRAS $CBRS CLOSED ITS NASDAQ DEBUT UP 68% AT $311.07. MARKET CAP: ~$95 BILLION. The $5.55B IPO is the largest U.S. tech offering since Uber in 2019. The full Day 1 breakdown: Today's trading: - IPO price: $185 - Opened: $350 - Intraday high: $386 - Closed: $311.07 (+68%) - Drifted lower into the close after the open pop - 30M shares offered, $5.55B raised (could reach $6.38B if underwriters exercise the full option on 4.5M additional shares) The financial backdrop: - 2024 revenue: $510M (+76% YoY) - 2024 net income: $88M (swung from a $481.6M loss the prior year) - Cerebras is now profitable The G42 concentration story has evolved: - 2023: G42 was 85% of revenue - 2024: G42 fell to 24% of revenue - BUT Mohamed bin Zayed University of AI (MBZUAI) accounted for 62% of 2024 revenue - Combined UAE entities are still ~86% of revenue - "There's some whales out there, there's some really big customers," CEO Andrew Feldman told CNBC The cap table: - CEO Andrew Feldman: ~5% voting power, ~$2B stake at the IPO price - Fidelity: ~11% - Benchmark: ~9% - OpenAI and Amazon both hold warrants to purchase Cerebras stock The competitive setup: - NVIDIA $NVDA paid $20B for assets from Groq in December (Cerebras' closest architectural rival) - Cerebras has shifted from selling hardware systems toward cloud services, putting it in direct competition with Google $GOOGL, Microsoft $MSFT, Oracle $ORCL, and CoreWeave $CRWV - OpenAI cloud deal worth $20B+ runs through 2028 - AWS deployment via Amazon Bedrock launched March 2026

JUST IN: BROOKFIELD $BN JUST BOUGHT $2 BILLION WORTH OF SPACEX SHARES AHEAD OF THE IPO. This is one of the largest disclosed pre-IPO bets of 2026. If SpaceX hits its raise target, this would be the biggest IPO in history. The SpaceX position breakdown: - ~$1B owned directly by Brookfield - Remainder owned by Brookfield affiliates - All acquired at the current pre-IPO mark The SpaceX IPO setup, per WSJ: - SpaceX has confidentially filed IPO paperwork with the SEC - Potential listing as early as July 2026 - Targeting a raise of $40B to $80B Brookfield's broader AI portfolio: - ~$500M committed to Figure (humanoid robotics) - Investment in Hark Labs (next-generation AI platform, funded Q2 2026) - Investment in Deployment Co. (AI deployment joint venture with OpenAI) - $450M+ committed to Pinegrove Capital (secondary and structured tech/VC capital) - Total capital in these new business strategies: $6.3B as of March The dry powder behind the bet: - Q1 deployable capital: ~$188B - Uncalled private fund commitments: $114B - Q1 distributable earnings: $1.55B vs $1.44B FactSet est 🟢 - Q1 revenue: $18.58B, +3.5% YoY

CEREBRAS $CBRS IS ABOUT TO GO PUBLIC ... HERE IS A DEEP DIVE ON WHAT THEY ACTUALLY DO Most people have no idea what this company actually does. Here is the plain-English version: THE BIG IDEA Every AI model you have ever used (ChatGPT, Claude, Gemini, Llama) is trained on chips. The dominant company is NVIDIA $NVDA, which sells lots of small chips that get wired together into clusters by the thousands. Cerebras went the opposite direction. They build ONE giant chip the size of a dinner plate. Not exaggerating. Their flagship "Wafer-Scale Engine" (WSE-3) is 46,225 square millimeters of silicon. A normal AI chip is smaller than a postage stamp. THE NUMBERS On that one giant chip: - 4 trillion transistors (a top-end NVIDIA GPU has roughly 80 billion) - 900,000 AI cores - 44 GB of on-chip memory - 125 petaflops of compute power - Built on TSMC's 5nm process WHY THAT MATTERS When you wire thousands of small chips together, the wires become the bottleneck. Data has to travel between chips constantly. That eats time, power, and money. Cerebras keeps everything on one piece of silicon. No cables between chips. No slow networking. Just one giant brain. The pitch: faster training, faster inference, fewer engineers needed to manage cluster bottlenecks. WHAT THEY SELL Three ways to use Cerebras: - Buy the system outright (the "CS-3" is the box that holds the chip) - Rent compute via Cerebras Cloud - Dedicated capacity contracts for big customers They have 6 new AI inference data centers coming online across North America and Europe. WHO ACTUALLY USES IT The customer list is the validation: - OpenAI: $20B+ committed over three years - Meta $META: powers the Llama API for developers - Perplexity: runs its Sonar search model on Cerebras - Mistral: the French AI lab runs Le Chat on Cerebras - Mayo Clinic: trains genomic AI models on Cerebras infrastructure - GSK $GSK: trains biological language models - Argonne National Lab: has used Cerebras hardware since 2019 - AWS: hosts Cerebras chips inside Amazon data centers, accessed through Bedrock - US Department of Energy: signed an MOU for the Genesis Mission THE TRADE-OFF Cerebras is small compared to NVIDIA. 2025 revenue: $510M. 2025 operating loss: $146M. Concentration is the risk most coverage will not flag: - G42 (the UAE conglomerate) was 85% of 2024 revenue per Reuters - G42 plus MBZUAI (the Abu Dhabi AI university) were 86% of 2025 revenue per FT - The OpenAI deal is the big bet to diversify away from that concentration THE STORY IN ONE LINE NVIDIA bet that the future of AI is millions of small chips working together. Cerebras bet on one giant chip doing the work in one place. The market just decided their bet is worth nearly twice what they priced it at.

NEW IPO DAY Watch out for Cerebras $CBRS going public today through an IPO on the Nasdaq Cerebras priced the IPO at $185 per share above its original range of between $150-$160 You should expect the stock to begin trading sometime during the middle of the day Throughout the morning you will see a bunch of indicated opening prices for the stock as they look to build the book You will see headlines saying "Cerebras is currently inidicated to open trading today between $___ - $___ per share" When you see that price range being in $5 increments ... it means we still have a little time Once the range starts to get smaller than $5 That means you're less than 30 minutes away Merry IPO day to all who celebrate

ARM AND SOFTBANK JUST TRIED TO BUY AI CHIPMAKER CEREBRAS BEFORE THE IPO Cerebras turned them down. The full picture, per Bloomberg: The approach: • Arm Holdings $ARM and majority owner SoftBank made a preliminary acquisition approach weeks before the IPO • Cerebras rebuffed the offer • Representatives for all three companies declined to comment The IPO is happening anyway: • Cerebras expected to price today at $185 per share, above the marketed $150-$160 range • 30 million shares in the offering • Order book was 20x+ oversubscribed • On track to be the biggest IPO of the year so far, rivaling Arm's own record semiconductor IPO in 2023 Why the strategic interest: • SoftBank has been increasing its chipmaking exposure (acquired Ampere Computing for $6.5B late last year) • Arm is pivoting from licensing-only to offering its own chip lineup for the first time • Arm shares are roughly +100% YTD on AI data center optimism Why Cerebras held out: • Founder and CEO Andrew Feldman is positioning the company as a direct NVIDIA $NVDA challenger • Technology: giant chips made from a single disk of silicon (vs typical small chips from one wafer) • OpenAI is a customer and released a model trained on Cerebras chips earlier this year

JUST IN: AI CHIPMAKER CEREBRAS JUST PRICED ITS IPO AT $185 PER SHARE, ABOVE THE $150-$160 MARKETED RANGE The order book was oversubscribed 20+ times. The full picture, per Bloomberg: The deal: - IPO price: $185 (above the $150-$160 range, which had already been raised Monday) - 30 million shares offered (also revised higher Monday) - Total raised: ~$5.55 billion - Order book: 20x+ oversubscribed - Cerebras asked institutional investors to specify the max price they'd pay, to gauge true demand The company: - AI chipmaker positioning to challenge NVIDIA $NVDA - Amazon $AMZN said this year it plans to use Cerebras chips alongside its Trainium processors - OpenAI released its first model running on Cerebras chips in February - OpenAI holds 33.4 million warrants for Cerebras shares, with some vesting tied to compute delivery dates and Cerebras' market cap exceeding $40 billion The M&A backdrop: - Arm Holdings $ARM and majority owner SoftBank made an approach to acquire Cerebras weeks before the expected IPO

JUST IN: GEOTHERMAL ENERGY COMPANY FERVO $FRVO JUST POPPED 37% ON ITS IPO DEBUT 🇺🇸 The order book was oversubscribed 15 times. The full picture, per Bloomberg: The deal: - IPO price: $27 (above the marketed $25-26 range, which had already been raised) - Open price: $36 (+33%) - Total raised: $1.89 billion (upsized) - Order book: ~15x oversubscribed - Bookrunners: JPMorgan, Bank of America, RBC, and Barclays The valuation: - Market cap: $10.2 billion at the open - 2025 revenue: $138,000 - 2025 net loss: -$70.5 million - Contracted PPA backlog: $7.2 billion (potential) The business: - Houston-based developer of enhanced geothermal energy - Uses horizontal drilling and multi-stage hydraulic fracturing (applies fracking techniques to geothermal) - First commercial station expected to deliver power by the end of 2026 - Cape Station project in Beaver County, Utah: 500 MW capacity, one of the world's largest geothermal projects - First startup to commercialize an enhanced geothermal system The backers and customers: - Backers include Bill Gates' Breakthrough Energy Ventures and Devon Energy $DVN - Power purchase agreements with Southern California Edison, Alphabet's Google $GOOGL, and Shell $SHEL - Alphabet participated in a $462 million round in December CEO Tim Latimer to Bloomberg: "There's just a laser focus of investors right now on what are we going to do to solve the power demand imbalance we're seeing in the country right now."

JUST IN: TURKEY-BASED INSIDER ONE JUST ACQUIRED AI MARKETING UNICORN BLUECORE AHEAD OF A PLANNED 2028 U.S. IPO The deal retains Bluecore's unicorn status, meaning a valuation of more than $1 billion. The full picture, per Bloomberg: The deal: - Mix of cash and equity (size undisclosed) - Bluecore valued at $1B+ in the transaction - Insider One absorbs 150 Bluecore staff, including co-founder Fayez Mohamood - 50 other Bluecore employees being cut The strategic context: - Insider One uses AI to help brands personalize marketing and engagement - The deal expands the company's U.S. client base ahead of a planned U.S. IPO targeted for early 2028 - Bluecore serves 400+ brands, including Wayfair $W, The Gap $GAP, and CVS Health $CVS The company: - 2,000+ customers, 1,500 employees - Co-founder and CEO: Hande Cilingir - Last raise: $500M in 2024, led by General Atlantic - In March 2026, partnered with the OpenAI Foundation to use LLMs for customer data analysis - In talks for multiple further deals, mainly in the U.S. "The next acquisition may come from an area where we don't exist at the moment," Cilingir said.

JUST IN: RIVIAN SPINOFF MIND ROBOTICS JUST RAISED $400 MILLION, TWO MONTHS AFTER RAISING $500 MILLION The new round brings the total raised to over $1 billion in under a year and values the company at $3 billion+. The full picture, per WSJ: The new round: - $400M led by Kleiner Perkins - Additional investors include the venture arms of Volkswagen and Salesforce - Volkswagen is Rivian's partner on a software joint venture Capital raised to date: - $115M from Eclipse (2025 seed) - $500M (two months ago) - $400M (this round) - Total: $1B+ The company: - Originally known internally as "Project Synapse" - Builds industrial robotics with "human-like skills" for factory automation - Chairman: Rivian $RIVN CEO RJ Scaringe Scaringe told TechCrunch in March he created Mind Robotics because he felt other startups were not fully equipped to automate industrial work. He also spun out a separate micromobility company called Also, which has raised $300M+ to date.

JUST IN: ANDURIL INDUSTRIES JUST RAISED $5 BILLION, DOUBLING ITS VALUATION TO $61 BILLION Per Reuters, the round was led by Thrive Capital and Andreessen Horowitz. Here's how fast this company is moving: June 2025 valuation: $30.5B Today's valuation: $61B That's a 2x in under a year. Revenue more than doubled to $2.2B in 2025. Workforce nearly doubled alongside it. Anduril was originally seeking $4B. They closed $5B instead.

JUST IN: ANTHROPIC IS IN TALKS TO RAISE $30 BILLION AT A VALUATION OF $900+ BILLION The round could close as soon as the end of this month, per Bloomberg. The full picture: The deal: - At least $30 billion in fresh financing - Valuation: $900+ billion pre-money - Round expected to close as soon as end of May - Deal not finalized, no term sheet signed - Existing backers have been in discussions about participating Recent financings: - Google committed $10B at a $350B valuation, with plans for up to $30B more if performance targets are hit. - Amazon committed $5B at a $350B valuation, with plans for $20B more over time. For context: - February 2026: Anthropic valued at $350B - OpenAI most recently valued at $852B in March - Anthropic is considering an IPO as soon as October, per Bloomberg Anthropic was founded in 2021 by a group of former OpenAI employees. Its products include the Claude AI assistant.

HERE ARE THE 10 BEST-PERFORMING U.S. IPOS OF 2026 SO FAR: 🥇 Veradermics $MANE: +511% (Feb 4) 🥈 SOLV Energy $MWH: +82% (Feb 11) 🥉 Avalyn Pharma $AVLN: +68% (Apr 30) 4. Forgent Power Solutions $FPS: +52% (Feb 5) 5. SpyGlass Pharma $SGP: +51% (Feb 6) 6. Madison Air Solutions $MAIR: +48% (Apr 16) 7. Rare Earths Americas $REA: +45% (May 6) 8. Alamar Biosciences $ALMR: +44% (Apr 17) 9. Kailera Therapeutics $KLRA: +43% (Apr 17) 10. Ethos Technologies $LIFE: +40% (Jan 29) Two themes dominate: biotech (5 of 10) and power/infrastructure (4 of 10).

JUST IN: SAM ALTMAN'S BUSINESS DEALINGS ARE UNDER FEDERAL SCRUTINY AHEAD OF OPENAI'S IPO The House Oversight Committee launched a probe. Six GOP state AGs are asking the SEC to review. The specific deals in the spotlight: - Helion: Altman is a personal investor in the nuclear fusion firm. OpenAI was reportedly asked to back Helion, per WSJ. Altman recused himself from recent discussions. - Stoke Space: Altman invested through his family office. Last summer he reportedly asked the rocket-maker about partnering with OpenAI to build data centers in space. The scrutiny: - House Oversight Committee Chairman James Comer sent a letter Friday requesting a briefing on potential conflicts of interest. - Six state AGs (Florida, Montana, Nebraska, Iowa, West Virginia, Louisiana) wrote to SEC Chairman Paul Atkins, asking for review ahead of the IPO. - The AGs flagged that Altman "has no direct equity in OpenAI," so "his personal financial interests have only limited alignment with OpenAI's financial performance." The IPO backdrop: - OpenAI is valued at roughly $850 billion in the private market. - The IPO is expected to be one of the largest ever. - The company is expected to quickly enter major indexes and ETFs post-listing. OpenAI board chairman Bret Taylor testified Monday that Altman had been "forthright" and "proactive and transparent" about his outside involvements.