Eclipse turned $147M into a $2.5B Cerebras stake, a 17x return, CEO Lior Susan reveals
Sethwinterroth · x · 2026-09-25
Eclipse Ventures co-founder and CEO Lior Susan gave a rare interview detailing how the firm turned a $147M investment into a Cerebras stake now worth about $2.5B — roughly 17x at the $185 IPO price.
Key points:
- Raised $1.3B in April across Fund VI and Early Growth III; $12.5B AUM, 90 portfolio companies, 30 built in-house via its "Venture Equity" model
- Portfolio companies signed $40B–$50B in commercial deals last year and raised $15.9B in 2026 alone
- Susan frames Eclipse as "operators with capital," prioritizing free cash flow over gross margin and betting on a $100T physical-world opportunity
- Co-founder Pierre Lamond previously worked with Gordon Moore at Fairchild Semiconductor
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