Cerebras Systems priced 30 million shares at $185, raised $5.55 billion, opened up 89% and printed a $95 billion debut. Six weeks later the stock trades near $214. This is the forensic read of who built the deal, who got paid, who is exposed, and the things the wire copy left out. Full teardown loading.
IPO
Cerebras: The Deal Beneath the Debut
How a non cash accounting gain, an Abu Dhabi customer base and an OpenAI handshake produced the largest US tech IPO since Uber, and what the tape said next.
RELATED TEARDOWNS
IPO
SpaceX: The IPO That Made Its Own Rules
A founder-control arrangement public investors are asked to accept, and two very different businesses inside one issuer: launch as a capacity-constrained utility with visible margins, Starlink as the growth asset a public multiple would actually be underwriting.
United States · TBDRead
IPO
ADNOC Logistics & Services IPO Teardown
Cornerstone allocations, greenshoe mechanics, and the dual-class governance question.
United Arab Emirates · $1.8BRead
M&A
How the PIF Structured the Largest LBO in History
The largest leveraged buyout ever recorded is, on the capital structure, two thirds equity. How PIF wrote $36bn, why one bank carried $20bn alone, and what the syndication revealed about the price.
United States · $55BRead
Disclaimer — For educational and informational purposes only. Nothing herein constitutes investment advice or a recommendation to buy or sell any security.
