Back to the Big Leagues: Cerebras and Planet Labs on Why the IPO Window Just Reopened
Key takeaways from All-In Podcast IPO panel with Cerebras Systems founder & CEO Andrew FeldmanDealroom has a profile for this one. Try Dealroom → and Planet Labs co-founder & CEO Will MarshallDealroom has a profile for this one. Try Dealroom →, moderated by Brad Gerstner (June 2026):
- 2026 shaping up as a record IPO year: The panel framed Cerebras as the AI IPO of the year so far, with both companies cast as among the most consequential newly public names — a signal the long-frozen listing window has reopened.
- Cerebras's blockbuster debut: Feldman recounted pricing the IPO at $185 after the range was lifted twice, with the stock subsequently trading around $320 — the payoff for a contrarian, wafer-scale bet many once doubted.
- Wafer-scale versus the GPU: Feldman contrasted Cerebras's giant single-die architecture with Nvidia's approach, arguing Cerebras is "the fastest, bar none" on inference and that the incumbent's lead on that axis is, in his words, "approximately zero."
- Planet Labs is indexing the Earth: Marshall described Planet as doing for the planet what Google did for the internet — making it searchable — via a constellation of imaging satellites feeding a move into "planetary intelligence."
- A $100bn Earth-observation market: Marshall sized the opportunity at roughly $100 billion in Earth observation alone, as launch costs fall toward $1,000 per kilogram and head lower still.
- Venture-style returns in public markets: Gerstner held up Planet Labs as proof that a 10x can play out on the public markets — companies going public earlier, at $10 billion rather than $50 billion, and compounding from there.
- The discipline of being public: Both founders embraced the scrutiny of "playing in the big leagues," arguing public-market accountability is a feature, not a bug, for durable companies.
- The long grind to escape velocity: Marshall reflected that the last 10% of building the business proved "a decade's worth of work," a reminder of how hard deep-tech scaling really is.
Source: All-In Podcast — Liquidity IPO Panel, June 2026.