Startup CEOs often tout public market plans, but public S-1 filings signal an IPO is imminent, unlike confidential regulatory submissions. Venture-backed startups have filed a wave of public S-1s in recent weeks, covering semiconductors, nuclear power, geothermal energy, biotech, and space and defense tech. Cerebras Systems leads the recent cohort of filers.

Cerebras Systems filed publicly last week for an offering expected to raise around $2 billion. The Silicon Valley AI inference chip designer withdrew IPO plans last fall, and now seeks a $35 billion valuation. Crunchbase data confirms this would be the largest initial share offering of a U.S. semiconductor company to date.

Nuclear power startup X-energy set a share price range this week, targeting a $7.5 billion valuation to raise over $800 million. Geothermal firm Fervo Energy filed for a Nasdaq offering estimated to bring in $250 million. Biotech debuts include Kailera Therapeutics, which raised $718 million, and Alamar Biosciences, valued at $1.6 billion.

SpaceX confidentially filed for an IPO weeks ago, with reports pegging its target valuation at $1.75 trillion for a possible June debut. Smaller defense firm HawkEye 360 filed for a NYSE offering amid high investor appetite for the sector. Enterprise software remains absent from the pipeline, hit by AI disruption concerns.