Trump Jr.'s 1789 Capital hits a $23 billion valuation, dominating both Silicon Valley and Wall Street. This IPO pushes the capital concentration of AI infrastructure even higher—$67 billion market cap is just the beginning.

Cerebras Systems listed on the Nasdaq on May 16, raising approximately $5.55 billion and reaching 108% intraday growth; the company’s first-day market value was about $67 billion. The firm’s wafer-scale giant AI chips are seen as a potential rival to Nvidia and have already secured computing-power orders from OpenAI and others. 1789 Capital (with Donald Trump Jr. involved) participated in pre-IPO financing, with a valuation of about $23 billion, and its shareholder base spans Silicon Valley and Wall Street. Analysts say this IPO further intensifies the concentration of capital in AI infrastructure, drawing market attention.