Altimeter adds new $2B stake in Cerebras, trims Meta holding by 31%

Brad Gerstner has been making moves, and the latest 13F filing from Altimeter Capital Management makes the direction unmistakably clear: bet bigger on the compute layer, trim the social layer. The firm added a new position in Cerebras Systems worth approximately $2 billion and simultaneously cut its Meta Platforms stake by roughly 31%, shedding around 20,000 shares in early 2026. The filing also reveals fresh exposure to SpaceX and four newly added semiconductor companies. Altimeter’s long game on Cerebras finally cashes out Altimeter’s relationship with Cerebras is not a new story. The firm first backed the AI chip company during its Series D round back in 2018, making it one of the earlier institutional believers in the company’s vision of building chips purpose-built for large-scale AI workloads. That conviction compounded over the years. When Cerebras raised $250 million in its Series G round in September 2025, Altimeter was again in the room, participating in a round that valued the company at $8.1 billion. Then came the IPO. Cerebras went public in May 2026, and the company reached an estimated valuation of approximately $100 billion at launch. Earlier attempts to list had be...