US companies are overvaluing themselves to raise capital and the Trump administration is turning a blind eye. It’s unprecedented and possibly the biggest fraud since 2008. The latest company Cerebras $CBRS was probably the most exciting IPO but it’s become extremely risky. Underwriters aggressively pumped the price range from $115-$125 up to $150-$160 this week, and in the last 24 hours, it’s been bumped to $185. Even at the previous $160/share, the valuation hit ~$49b. At $185, it’s closer to $56b. With 2025 revenue at $510m??? That’s a 110x+ p/s. For context, wildly profitable Nvidia trades closer to 25x. $238m net profit in 2025 but it’s an accounting mirage driven by a $360m one-time, non-cash gain. Strip that away and core ops were on a $76M+ loss last year. 86% of the company’s revenue came from just two entities based in the United Arab Emirates (G42 and MBZUAI) lol ofc no one likes uae now. Then the OpenAI deal is basically circular finance, and if OpenAI chooses not to buy stock, it’ll collapse. This type of IPO would probably never be allowed in any other country.