Cerebras files for IPO as it challenges Nvidia in AI chipmaking
CEREBRAS Systems, a startup that looks to challenge Nvidia in artificial intelligence (AI) computing, has filed for an initial public offering (IPO).
In a filing with the US Securities and Exchange Commission on Monday (Sep 30), Cerebras disclosed details of its finances and operations ahead of an IPO, after filing confidentially in August.
The Sunnyvale, California-based firm recorded a net loss of US$66.6 million on US$136.4 million in revenue for the six months ended Jun 30, compared with the US$77.8 million net loss on US$8.7 million in revenue in the year-earlier period, the filing shows.
Cerebras and the selling shareholders will not disclose proposed terms for the share sale, including the company’s valuation in a listing, until a later filing. A listing could raise as much as US$1 billion at a US$7 billion to US$8 billion value, Bloomberg News has reported.
CS-3, Cerebras’ flagship system, is optimised to handle AI computing workloads and can be clustered together to power AI supercomputers, according to the company’s website. Founder and chief executive officer Andrew Feldman said his company’s chips and the computing systems equipped with them will upend the AI computing industry. The tens of billions of US dollars poured into running AI models and generating responses have so far benefited Nvidia’s graphics processing units, or GPUs, the most.
Cerebras products are used by corporations, research institutions and governments to develop proprietary models and train open-source models, the filing shows.
The company raised US$250 million in a series F financing round in 2021, valuing it at more than US$4 billion, according to a statement at the time. The round was led by Alpha Wave Ventures, Abu Dhabi Growth Fund and G42. Cerebras’ investors include Altimeter Capital, Benchmark Capital and Coatue Management, the statement showed.
The offering is being led by Citigroup and Barclays. The company plans for its shares to trade on the Nasdaq Global Market under the symbol CBRS. BLOOMBERG
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