TLDRs
- Eclipse’s Cerebras investment generates a $2.5B return from IPO milestone exit.
- Venture firm’s physical-world tech thesis gains strong validation through hardware bets.
- Robotics, chips, and defense startups attract billions in late-stage funding rounds.
- AI, capital, and policy alignment accelerate shift toward industrial tech investment.
Eclipse Ventures is celebrating one of its most significant wins to date after its early investment in Cerebras Systems translated into a $2.5 billion windfall following the chipmaker’s public market debut.
The exit marks a defining moment for the venture firm’s long-standing bet that the future of technology would extend far beyond software into the physical world.
Cerebras’ IPO valuation of $185 per share triggered a 17x return on Eclipse’s total $147 million investment, which was built gradually from its initial $6.5 million Series A entry in 2016. The outcome now stands as one of the clearest validations of Eclipse’s thesis: that industries tied to manufacturing, infrastructure, and hardware would become central to the next wave of tech value creation.
From SaaS Skepticism to Hardware Surge
When Eclipse Ventures was founded in 2015 by Lior Susan, the firm’s focus on “digitizing the physical world” was far from mainstream in Silicon Valley. At the time, venture capital was heavily concentrated in SaaS and enterprise software, leaving hardware and industrial innovation largely overlooked.
That sentiment has shifted dramatically over the past decade. Today, semiconductor leaders such as TSMC and Micron are hitting record highs, and investor appetite for deep-tech startups is accelerating. According to Susan, the shift reflects a broader realization that software alone no longer guarantees durable competitive advantage.
He argues that modern AI tools and “vibe coding” systems have lowered barriers to software creation, weakening traditional software moats and increasing the value of industries where physical constraints still dominate. In his view, fabrication, robotics, and industrial manufacturing remain protected by real-world complexity that software alone cannot replicate.
Billions Flow Into Deep Tech Startups
Eclipse’s broader portfolio underscores this momentum. The firm reports that its companies across robotics, energy, defense, and infrastructure collectively raised nearly $15 billion from outside investors last year alone. In the first quarter of 2026, that figure already reached $4.5 billion, signaling sustained acceleration in late-stage funding activity.
Several standout funding rounds highlight the trend. Autonomous driving startup Wayve secured $1.2 billion, defense technology firm True Anomaly raised $650 million, robotics company Bedrock Robotics brought in $270 million, and infrastructure-focused Oxide Computer added $200 million in fresh capital. Notably, Eclipse served as the Series A investor in all four companies, reinforcing its early positioning in physical-world technologies.
This level of follow-on investment marks a dramatic shift from the firm’s early years, when its entire portfolio collectively raised less than $4 billion over an eight-year span. The contrast reflects both growing investor confidence and expanding demand for industrial-scale innovation.
AI, Capital, and Policy Alignment
While artificial intelligence is a major catalyst behind the surge in physical-tech investment, Eclipse argues that the trend is driven by a broader convergence of forces. Capital availability, workforce migration, customer demand, and government policy are all aligning to support the growth of hardware-heavy industries.
Susan points to increased U.S. government support through subsidies and favorable regulation as a key accelerant, alongside rising institutional interest in semiconductors, robotics, space systems, and advanced manufacturing. He believes these combined forces represent a rare historical alignment between technology innovation and industrial policy.
“This is the first time I believe in America ever, from Henry Ford and Carnegie, those five forces are aligned,” Susan said. “For builders like us, this is the best time to build those companies.”
As Cerebras’ blockbuster IPO demonstrates, Eclipse’s early conviction in physical-world technology is no longer a niche bet, it is rapidly becoming one of the most lucrative themes in venture capital.
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