Eclipse's Lior Susan on $12.5B AUM and the Bet on Physical Industries

Eclipse's bet that physical industries (85% of world GDP) outperform SaaS metrics is now validated by Cerebras's IPO and $15.9B in 2026 portfolio raises.

• $12.5B AUM firm: Eclipse closed $1.3B in April 2026 (Fund VI + Early Growth III), its largest raise; portfolio companies raised $15.9B in 2026 alone, including $1.2B for Wayve and $650M for True Anomaly.
• Cerebras validates the thesis: Eclipse's 2016 Series A returned roughly $2.5B at Cerebras's $185 IPO price on ~$147M invested, alongside a SpaceX win.

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