Cerebras Systems' shares surged nearly 70% on their first day of trading Thursday, marking the largest U.S. tech IPO since Uber's 2019 debut — but the spotlight is already shifting toward SpaceX, OpenAI, and Anthropic, leaving much of the rest of the IPO pipeline in the shadows.

Cerebras Systems closed its Nasdaq debut with a market cap just below $100 billion before falling 10% on Friday, prompting warnings from Jim Cramer that a looming SpaceX IPO — potentially valued between $1.75 trillion and $2 trillion — could fuel dangerous speculative excess across the broader market.

SpaceX is preparing to disclose its IPO prospectus as early as next week, with a roadshow targeting June 8, as the company moves toward what is expected to be the largest share offering in history following its $1.25 trillion merger with xAI.

Cerebras Systems opened at $350 per share on its Nasdaq debut Thursday, raising $5.55 billion in the largest U.S. tech IPO since Uber's 2019 listing and briefly topping a $100 billion market capitalization.

Cerebras Systems priced its IPO at $185 per share on Wednesday, above its revised expected range, raising $5.55 billion and valuing the AI chip maker at $56.4 billion on a fully diluted basis.