Artificial intelligence chipmaker Cerebras Systems announced Monday it has filed for its prospectus for an initial public offering with the U.S. Securities and Exchange Commission (SEC).
The IPO is led by the two investment banks Citigroup and Barclays along with UBS Investment Bank, Wells Fargo Securities, Mizuho and TD Cowen acting as book-running managers, according to the statement by Cerebras.
Touting the world’s largest and fastest AI chip, Cerebras competes with Nvidia, a top player in the AI computing space, known for its graphic processing units (GPUs) which train and run AI models.
Valued at $4 billion in its 2021 funding round, Cerebras intends to trade its Class A stock under the ticker symbol “CBRS” on the Nasdaq Global Market.
According to the SEC filing, Cerebras had a net loss of $66.6 million in the first half of 2024 on $136.4 million in sales. The previous first half of the year reflected a similar trend, a net loss of $77.8 million and $8.7 million in sales. In 2023, Cerebras reported a net loss of $127.2 million on revenue of $78.7 million.
The reports also revealed that 83% of its total annual revenue came from Abu Dhabi’s G42, an AI tech giant, backed by the Emirati sovereign wealth fund Mubadala.
Founded in 2015 and headquartered in Sunnyvale, California, Cerebras co-founder and CEO Andrew Feldman said “AI is the most important technology trajectory of our generation, bar none,” in an interview earlier this year.
Cerebras has offices around the world including the U.S., Canada, and India. In 2022, Cerebras opened its office in Bangalore, India, headed by industry veteran and ex-Intel tech lead Lakshmi Ramachandran.
When asked about the Indian market, Feldman said “India is one of the most exciting markets in the world but it does not have enough supercomputers for the talent it has.”
In wanting to learn how the IPO will affect its Indian counterpart, the American Bazaar sent an interview request. However, the firm responded that it is in “a quiet period” and would not participate at this time.