Benchmark, Eclipse Reap Billions in Returns From Cerebras IPO

Three of the first venture capital investors in Cerebras Systems Inc. are set to earn billions of dollars from their early bets on the chipmaker following its Wall Street debut on Thursday.

Benchmark will own roughly 8.1% of the outstanding shares in Cerebras after the initial public offering, according to a securities filing. At the $185-per-share IPO price for Cerebras, that stake was worth about $3.2 billion. That marks a 12-fold return for Benchmark, which invested a total of $268 million in Cerebras across multiple funding rounds, according to the firm.

Eclipse and Foundation Capital co-led the first funding round in Cerebras alongside Benchmark, when the startup was only ...