The investment landscape of 2026 is being shaped by a forceful return to the fundamental values of industrial might and technological sovereignty. In a recent appearance on Bloomberg Tech, Paul Abrahimzadeh, Partner at 1789 Capital, provided a deep dive into how iconic companies like SpaceX and Cerebras Systems are positioning themselves for their next major leaps into the public markets. The discussion transcended mere financial metrics, touching upon a broader geopolitical and economic shift that 1789 Capital identifies as 'patriotic capitalism.'

SpaceX: The Crown Jewel of the Space Economy

SpaceX is no longer just a rocket company; it is the backbone of Western space infrastructure. According to Abrahimzadeh, the anticipation for a SpaceX initial public offering (IPO) remains the most discussed topic in Wall Street circles. With its valuation reaching unprecedented heights, Elon Musk’s strategy appears focused on the full maturation of Starlink before making any move toward the public markets.

Starlink, the company’s satellite internet service, has evolved into a robust cash-generation machine. As its profitability stabilizes, the question is no longer if it will go public, but when. Abrahimzadeh noted that SpaceX operates with a horizon that extends far beyond quarterly earnings, allowing it to invest in massive projects like Starship without the immediate pressure of public shareholders. However, the need for liquidity from early investors and the ambition for further capital expansion make the 2026-2027 window a critical period for the company's financial evolution.

"SpaceX represents more than just technology; it represents a nation's ability to project power beyond the atmosphere. That strategic premium is exactly what institutional investors are looking for today."

Cerebras Systems: Challenging the Nvidia Hegemony

While Nvidia continues to dominate the GPU landscape, Cerebras Systems has carved out a unique path with its Wafer-Scale Engine (WSE). Abrahimzadeh highlighted that Cerebras is well-positioned for an IPO, as the demand for specialized AI hardware continues to outstrip global supply. Cerebras’ approach—building an entire chip from a single silicon wafer—offers speed and efficiency advantages that are critical for training the next generation of Large Language Models (LLMs).

1789 Capital views Cerebras as a textbook example of the need for diversification in the semiconductor supply chain. In a world where access to compute power is synonymous with national security, having viable alternatives to Nvidia’s monopoly is a strategic imperative. A Cerebras IPO will serve as a litmus test for whether the market is ready to back architectures that challenge the status quo, especially those tied to sovereign wealth funds and strategic alliances in the Middle East and Asia.

Patriotic Capitalism and the New Investment Doctrine

One of the most compelling aspects of Abrahimzadeh’s analysis was the underlying philosophy of 1789 Capital. The firm focuses on investments that align with American interests, de-globalization, and re-industrialization. This model directly influences how they evaluate potential IPOs. It is no longer enough for a company to demonstrate high growth; it must also be strategically 'sound' and contribute to national resilience.

  • Supply Chain Autonomy: Prioritizing technologies that reduce reliance on foreign adversaries.
  • Defense Tech Integration: The accelerating convergence between Silicon Valley innovation and Department of Defense requirements.
  • Energy Infrastructure: Supporting the power needs of the massive data centers driving the AI revolution.

Abrahimzadeh emphasized that while the IPO climate in 2026 is significantly improved compared to the stagnation of previous years, investors have become far more discerning. The 'era of free money' is over, and the focus has shifted toward companies with tangible assets, robust margins, and a clear role in the emerging geopolitical status quo. SpaceX and Cerebras stand as beacons of this new direction, blending cutting-edge innovation with profound national strategic importance.