Eclipse Ventures sees $2.5B return from Cerebras IPO as physical-world thesis gains traction
Original: For Eclipse, the $2.5B Cerebras win is just the start of realizing its physical-world thesis
Why This Matters
Demonstrates growing investor appetite for physical-world tech beyond pure software
Eclipse Ventures generated a $2.5 billion return from semiconductor company Cerebras Systems' IPO this week, achieving a 17-fold return on its $147 million total investment. The firm's physical-world investment thesis is gaining validation.
Eclipse Ventures founder Lior Susan says the $2.5 billion return from Cerebras Systems' IPO validates the firm's decade-long bet on physical-world technologies. Eclipse's initial $6.5 million Series A investment in 2016 led to a total $147 million investment generating 17-fold returns at the $185 IPO price. Susan argues that with 85% of global GDP tied to the physical world, hardware-software companies offer better moats than pure software, which can now be easily replicated with AI coding tools. Eclipse portfolio companies raised $15 billion last year and $4.5 billion in Q1 2026 alone, compared to under $4 billion in the firm's first eight years. Major recent deals include $1.2 billion for Wayve, $650 million for True Anomaly, $270 million for Bedrock Robotics, and $200 million for Oxide Computer, with Eclipse as Series A investor for all four.