Eclipse Ventures' $2.5B Win with Cerebras Signals a New Era for Physical Tech Investment

Eclipse Ventures Hits a Milestone with Cerebras Systems

Eclipse Ventures, co-founded by Lior Susan in 2015, has achieved a ground-breaking milestone with a reported return of $2.5 billion following its investment in Cerebras Systems. This impressive profit comes after a total investment of $147 million in the semiconductor company, which recently went public, delivering an astonishing 17-fold return at an IPO price of $185 per share.

The Vision Behind the Investment

When Eclipse Ventures was established, its focus on digitizing the physical world was seen as unconventional in the technology sector, which was predominantly drawn to enterprise software and SaaS models. "In the initial years, it felt quite isolating," Lior Susan shared during a recent event in San Francisco.

However, over the past decade, the narrative has shifted dramatically. With 85% of global GDP linked to the physical world, Susan believes that investments in companies that operate beyond software alone are not just viable, but essential for future growth.

Recognizing the Value of Physical Tech

The recent surge in interest from investors reflects a growing recognition of the value of technologies that interact with the physical world. For instance, shares from advanced semiconductor companies such as TSMC and Micron recently reached record highs, highlighting renewed investor confidence.

As the tech landscape evolves, elite founders are increasingly inclined to create startups that blend hardware and software, moving away from traditional software dominance. "The real moat in software is disappearing; anyone can create similar software solutions now," Susan noted.

A Surge in Investment Across Sectors

Eclipse's portfolio has also benefitted from this renewed enthusiasm for physical-world tech. Companies within Eclipse’s portfolio, which spans sectors such as robotics, energy, and defense, collectively raised approximately $15 billion from investors last year. Notably, this momentum shows no sign of slowing, with nearly $4.5 billion raised in early 2026 alone.

Major funding rounds this year have included $1.2 billion for Wayve and substantial investments for other ventures, emphasizing the vibrancy and potential of companies focusing on physical technology solutions.

Looking Ahead: Five Forces at Play

The investment excitement from both public and private sectors seems to be fostered by five critical forces: technology, ample capital, strong customer demand, available talent, and government support. Susan pointed out that this confluence of factors hasn’t been seen since the eras of industrial titans like Henry Ford and Andrew Carnegie.

"This alignment presents an unprecedented opportunity for builders like us; it is indeed the perfect time to innovate," Susan concluded, reflecting a sentiment that prioritizes the digitization of physical industries to drive forward economic growth and technological advancements.