IPO

The AI industry just crossed a Rubicon. OpenAI — the company that kicked off the generative AI revolution with ChatGPT — has confidentially filed an S-1 with the SEC. One week after Anthropic filed its own IPO paperwork. With SpaceX also preparing a debut at $1.75 trillion. Combined IPO pipeline: $3.6 trillion. We haven’t seen anything like this since the dot-com era. Arguably, we’ve never seen it at all. From Nonprofit Lab to $852 Billion OpenAI’s trajectory borders on absurd. Founded as a nonprofit in 2015, it released ChatGPT in late 2022 and changed everything. Converted to for-profit. Amassed hundreds of millions of users. Closed a $122 billion funding round in March 2026 — the largest in Silicon Valley history — at roughly $852 billion. ...

The AI chip wars just got their first real plot twist in years. On Wednesday, Cerebras Systems — the company that builds processors the size of dinner plates — didn’t just go public. It detonated onto the Nasdaq. Shares priced at $185, opened at $350, peaked near $386, and settled at $311. That’s a 68% first-day pop, a $95 billion valuation, and the biggest U.S. tech IPO since Uber went public in 2019. ...

The biggest AI IPO of 2026 prices tomorrow — and it’s not OpenAI or Anthropic. It’s a company that builds chips the size of dinner plates. Cerebras Systems debuts on Nasdaq May 14 under ticker CBRS, targeting $150–$160 per share, $4.8 billion in gross proceeds, and a fully diluted valuation approaching $48.8 billion. The book is reportedly 20x oversubscribed. For a company with fewer than 800 employees valued at $8 billion just seven months ago, this isn’t a listing. It’s a coronation. ...

The AI chip market just got a lot more interesting. Cerebras Systems — the company that builds AI chips the size of dinner plates — filed updated paperwork raising its IPO price range to $150–$160 per share. That’s up from an already ambitious $115–$125 range set just last week, putting the company on track to raise up to $4.8 billion in what’s shaping up to be the biggest IPO of 2026. ...

A company founded five years ago by researchers who thought AI safety deserved more attention is now worth more than Switzerland’s GDP. Anthropic is closing a $50 billion funding round at roughly $900 billion. If that lands, the Claude maker officially leapfrogs OpenAI — the very company its founders left behind — to become the most valuable AI startup on Earth. Welcome to 2026, where turning away billion-dollar checks is a flex. ...

AI chipmaker Cerebras Systems just filed to go public on Nasdaq under ticker “CBRS.” The headline numbers look incredible: $510 million in revenue, a swing from a $485 million net loss to $87.9 million in net income, and $24.6 billion in remaining performance obligations. But buried in the S-1 is a financial arrangement so tangled it deserves far more scrutiny than it’s getting. OpenAI isn’t just Cerebras’s biggest customer. It’s also an investor, a lender, and the single reason this IPO is happening at all. ...

There’s something deeply uncomfortable about the timing. OpenAI is barreling toward what could be the most anticipated tech IPO in a decade — a valuation north of $1 trillion, 900 million weekly users, the kind of numbers that make Wall Street salivate. And right in the middle of that momentum, Florida’s attorney general just dropped a bomb. On April 9th, Florida AG James Uthmeier announced a formal investigation into OpenAI and ChatGPT, citing concerns about child safety, national security, and the chatbot’s alleged role in a mass shooting at Florida State University. Subpoenas are coming. The stakes couldn’t be higher. ...

A company that didn’t exist a decade ago is now worth more than JPMorgan Chase, Visa, or Samsung. And it’s not even public yet. OpenAI just closed $122 billion in a single funding round, locked in an $852 billion valuation, and casually dropped that it’s pulling in $2 billion per month in revenue. If you needed proof that the AI era’s economic engine is real — not just vibes and venture capital fairy dust — this is it. ...

When OpenAI launched Sora to the public in late 2025, it felt like the future had arrived. Type a prompt, get a cinematic video. Disney signed a $1 billion partnership to let users create videos with Marvel and Star Wars characters. The hype machine was running full throttle. Six months later, Sora is dead. And its demise tells us more about the real economics of AI than any earnings call ever could. ...

When Masayoshi Son makes a bet, he doesn’t do it quietly. The SoftBank founder swings for the fences — sometimes spectacularly (early Alibaba), sometimes painfully (WeWork). His latest move might be the most audacious yet: a $40 billion unsecured bridge loan, announced March 27, primarily to fund SoftBank’s massive stake in OpenAI. Forty billion dollars. Unsecured. Twelve-month repayment window. This isn’t corporate financing. It’s a signal flare. The Loan SoftBank secured the loan through JPMorgan Chase, Goldman Sachs, and four major Japanese banks — Mizuho, SMBC, and MUFG among them. No specific assets pledged as collateral. Matures March 2027. ...