Cerebras Slides 37% Post-IPO Amid Wider IPO Wave of 2025

A Rocky Debut for Cerebras

Cerebras Systems, the AI chipmaker that spent years positioning itself as a challenger to Nvidia, has had a bumpy start as a public company. Shares of CBRS have fallen roughly 37% since its initial public offering, with analysts pointing to a combination of stretched valuation expectations, looming lockup expirations, and unresolved questions about the durability of its revenue base 1. While the company's long-term technology story remains compelling to some observers, the market's early verdict suggests investors want more concrete evidence before rewarding the stock with a premium multiple 1.

Part of a Broader IPO Resurgence

Cerebras's turbulence arrives amid a broader wave of high-profile listings testing investor appetite across very different sectors. Fast-fashion giant Shein has moved forward with a Hong Kong listing, pricing near the midpoint of its marketed range to raise about $1.7 billion at a valuation near $26.5 billion, according to sources close to the deal 2. Separate reporting pegged the fundraising target as high as $13.86 billion Hong Kong dollars (about $1.77 billion), with the company's valuation now representing only a fraction of the roughly $66 billion it commanded in a 2022 funding round — a sharp reminder of how private valuations can compress once companies face public markets 4.

In the health-tech space, wearable ring maker Oura is reportedly preparing a September IPO. Early chatter suggested a valuation surprise north of $16 billion 3, while more detailed reporting indicates the company is aiming to raise up to $3 billion at a valuation exceeding $16 billion, with AI-driven coaching features and international expansion cited as key growth drivers that could reshape the fitness-tracking sector 5.

Defense and Aerospace Add to the Mix

The IPO pipeline extends into defense and aerospace as well. Trive Capital-backed Lyntris is targeting a valuation of up to $2.53 billion in a U.S. listing, becoming the latest company to capitalize on strong investor demand for defense-sector offerings 7. At the far end of the scale, coverage of SpaceX describes an eventual public offering valued at $1.77 trillion — reportedly the largest IPO in history — with the company preparing to report its first quarterly earnings as a public entity, underscoring just how enormous investor appetite has become for category-defining technology bets 6.

Why It Matters

Taken together, these listings illustrate a market segmenting sharply by conviction: some, like Shein, are being priced at valuations well below prior private marks, reflecting caution; others, like Oura and SpaceX, are commanding aggressive multiples on the promise of AI integration and technological dominance. Cerebras sits somewhere in between — a company with real technical credibility whose stock performance shows that public investors are demanding proof, not just promise, before valuations catch up to ambition. For prospective IPO candidates watching from the sidelines, the lesson is that even strong narratives face a skeptical repricing once shares begin trading freely.