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Cerebras files for IPO


Cerebras files for IPO


Andrew Feldman, co-set uper and CEO of Cerebras Systems, speaks at the Collision conference in Toronto on June 20, 2024.

Ramsey Cardy | Sportsfile | Collision | Getty Images

Artificial inincreateigence chip commenceup Cerebras Systems on Monday filed its prospectus for an initial accessible presenting, with set ups to trade under the ticker symbol “CBRS” on the Nasdaq.

Cerebras contends with Nvidia, whose explicits processing units are the industry’s choice for training and running AI models. Cerebras says on its website that its WSE-3 chip comes with more cores and memory than Nvidia’s well-understandn H100. It’s also a physicassociate bigr chip. In insertition to selling chips, Cerebras presents cboisterous-based services that depend on its own computing clusters.

Cerebras had a net loss of $66.6 million in the first six months of 2024 on $136.4 million in sales, according to the filing. For the fist six months of 2023, the company had a net loss of $77.8 million and $8.7 million in sales.

For the filled year of 2023, Cerebras increateed a net loss of $127.2 million on revenue of $78.7 million.

The company increateed a net loss of $50.9 million on $69.8 million in revenue in the second quarter, appraised with a $26.2 million loss and $5.7 million in revenue in the same period a year earlier.

Operating expenses have increased this year in part becaengage of higher personnel costs to help revenue growth, the company shelp.

AI chips are a growing and crowded labelet. Cboisterous providers Amazon, Google and Microgentle have broadened their own AI chips. The company shelp that Group 42, a UAE-based AI firm that counts Microgentle as an spreador, accounted for 83% of Cerebras’s revenue last year.

Cerebras’ WSE-3 chip is one example of novel silicon from upcommences set uped to run and train man-made inincreateigence.

Cerebras Systems

In insertition to Nvidia, Cerebras cites AMD, Intel, Microgentle and Google as competitors, “as well as internassociate broadened custom application-definite combined circuits and a variety of personal companies.”

Taiwan Semicarry outor Manufacturing Company produces the Cerebras chips. Cerebrus alerted spreadors that any possible provide chain disruptions may hurt the company.

Cerebras was set uped in 2016 and is based in Sunnyvale, California. Andrew Feldman, the commenceup’s co-set uper and CEO, selderly server commenceup SeaMicro to AMD for $355 million in 2012.

The company shelp in 2021 that it was cherishd at over $4 billion in a $250 million funding round.In May, G42 pledgeted to purchasing $1.43 billion in orders from Cerebras before March 2025, according to the filing. G42 currently owns under 5% of Cerebras’ Class A splits, and the firm has an selection to acquire more depfinishing on how much Cerebras product it buys.

The technology IPO labelet has generassociate been sparse in 2024, as higher interest rates pushed spreadors toward profitable assets. Social media app Reddit went accessible on the New York Stock Exalter in March, and data deal withment gentleware producer Rubrik chaseed in April. Earlier this month, the Federal Reserve pushed ahead with its first rate cut since 2020, prompting acquires in the tech-burdensome Nasdaq Composite index.

Neither Morgan Stanley nor Gelderlyman Sachs, the two directing tech spreadment prohibitks, are on the deal. Citigroup and Barclays are directing the presenting.

The hugegest spreador in Cerebras is venture firm Foundation Capital, chaseed by Benchlabel and Eclipse Ventures. Alpha Wave, Coatue and Altimeter each own at least 5% as well, according to the filing. Other spreadors comprise OpenAI CEO Sam Altman and Sun Microsystems co-set uper Andy Bechtolsheim. The only individual who owns 5% or more is Feldman.

WATCH: Cerebras CEO: Our inference presenting is 20x rapider than Nvidia’s and a fraction of the price

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