Eclipse Ventures is celebrating a $2.5 billion return from its early investment in Cerebras Systems after the semiconductor company went public this week. Lior Susan, the founder of Eclipse, started the firm in 2015 with a focus on digitizing the physical world, a strategy that was initially unpopular in Silicon Valley.
Early Challenges and Big Wins
“It was the era of enterprise software and SaaS, and it felt fairly lonely the first couple of years,” Susan shared during a recent StrictlyVC event in San Francisco. Eclipse's $6.5 million Series A investment in Cerebras in 2016 led to a total investment of $147 million, resulting in a 17-fold return at the IPO price of $185 per share.
Susan believes this success is just the start of realizing rewards from investing in companies tied to the physical world, noting that 85% of global GDP is connected to it. The public and founders now recognize the value of tech that combines hardware and software, seen in the recent highs of TSMC and Micron shares.
Rising Interest in Physical-World Tech
“I think people understand that the real moat in software is gone. You can vibe code pretty much whatever you want,” Susan said, explaining why manufacturing requires more than code. He highlighted the need for machines, silicon, clean rooms, and other resources.
Eclipse's portfolio companies in sectors like robotics, energy, and defense raised nearly $15 billion last year, with $4.5 billion in Q1 2026 alone. This enthusiasm marks a stark contrast to Eclipse’s early years, when its portfolio companies raised less than $4 billion over eight years.
Massive Late-Stage Deals
Recent follow-on rounds highlight Eclipse's successful track record, including $1.2 billion for Wayve, $650 million for True Anomaly, $270 million for Bedrock Robotics, and $200 million for Oxide Computer. Eclipse was the Series A investor for all four.
While AI plays a significant role in the interest in physical-world tech, Susan points to other factors like capital, customer demand, talent, and policy. He notes that the U.S. government is encouraging sectors like robotics, semiconductors, space, and mining through favorable regulations and subsidies.
A Unique Moment in U.S. History
“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.”
Source: https://techcrunch.com/2026/05/17/for-eclipse-the-2-5b-cerebras-win-is-just-the-start-of-realizing-its-physical-world-thesis/
