Wayne Liang(@wliang ):T minus ~30 minutes until $CBRS goes live at $185/share on Nasdaq. Quick recap on how things progressed: > $115-$125 range filed May 4 > Bumped to $150-$160 on May 11 > Priced at $185 the night of May 13 > Trading at nearly 2x on Perps $56B+ valuation. $5.55B raised. Officially one of the largest US IPOs ever and the biggest tech IPO of the year. > $25B+ backlog vs $56B valuation - still a strong backlog to MC ratio for an AI infrastructure company at IPO > $510M 2025 revenue with 47% net margin (76% YoY growth) > OpenAI 750MW multi-year deal, $AMZN AWS deal already signed, $META as a customer > 20x oversubscribed at the original range, IPO priced well above the revised range > Customer concentration risk (G42 was 24% of revenue last year) When the largest AI hardware IPO of the year prices 48% above its original range with $5.55B raised… the market is telling us where we should stack our investments. Validates the entire AI infrastructure thesis. Validates the “alternative to $NVDA” thesis. Most importantly, this reaffirms institutional capital is still flooding into this supercycle at scale. And no, you don't need to invest in $CBRS directly... We've pointed out many proxy plays. And every single asymmetric opportunity we've highlighted recently will benefit from capital & demand flowing into the ecosystem.

2026.05.14 13:00

T minus ~30 minutes until $CBRS goes live at $185/share on Nasdaq. Quick recap on how things progressed: > $115-$125 range filed May 4 > Bumped to $150-$160 on May 11 > Priced at $185 the night of May 13 > Trading at nearly 2x on Perps $56B+ valuation. $5.55B raised. Officially one of the largest US IPOs ever and the biggest tech IPO of the year. > $25B+ backlog vs $56B valuation - still a strong backlog to MC ratio for an AI infrastructure company at IPO > $510M 2025 revenue with 47% net margin (76% YoY growth) > OpenAI 750MW multi-year deal, $AMZN AWS deal already signed, $META as a customer > 20x oversubscribed at the original range, IPO priced well above the revised range > Customer concentration risk (G42 was 24% of revenue last year) When the largest AI hardware IPO of the year prices 48% above its original range with $5.55B raised… the market is telling us where we should stack our investments. Validates the entire AI infrastructure thesis. Validates the “alternative to $NVDA” thesis. Most importantly, this reaffirms institutional capital is still flooding into this supercycle at scale. And no, you don't need to invest in $CBRS directly... We've pointed out many proxy plays. And every single asymmetric opportunity we've highlighted recently will benefit from capital & demand flowing into the ecosystem.

Wayne Liang@wliang

2026.05.10 00:11

$CBRS (Cerebras) IPOs on Thursday at ~$26B, raising up to $3.5B. Largest IPO of the year so far (in the US). $CBRS builds wafer-scale AI chips, an alternative architecture to GPU based approaches. Customer base includes OpenAI ($20B deal), $AMZN, and $META. Now this is pretty interesting... $25B in contracted backlog vs ~$26B IPO. That's nearly a 1:1 backlog to market cap... much better than $CRWV's ratio at the time. Or $10B of demand for a $3.5B raise... Validates the entire AI chip and inference market once again. More money flowing into competitive architectures means more confidence in the thesis. New capital flowing into the same supercycle... and if you've been following my posts, you can guess what benefits directly from the $CBRS IPO.

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