Venture capital firm Eclipse has realized a $2.5 billion return from its investment in Cerebras, following the company's public market debut at $185 per share. Eclipse initially invested in Cerebras during its $6.5 million Series A round in 2016 and increased its total commitment to $147 million. This investment reflects Eclipse's strategic focus on "physical world" technologies, such as chips, robotics, energy, and defense, over pure software ventures. Eclipse partner Susan highlighted the shift in investment trends, noting that AI advancements are reshaping the valuation of software companies, while sectors requiring manufacturing and infrastructure remain robust. Eclipse's portfolio companies in robotics, energy, and defense raised nearly $15 billion last year, with $4.5 billion secured in the first quarter of 2026 alone. This growth is supported by technological advancements, capital availability, and U.S. government policies.