Nvidia competitor Cerebras files for U.S. IPO
Artificial intelligence startup Cerebras Systems has filed for an initial public offering (IPO) in the U.S., seeking to list its Class A common stock on the Nasdaq under the symbol "CBRS." The company, which designs processors for AI, reported significant revenue growth, with $7.7M in 2023 and $2.6M in 2022, marking a 220% increase. Despite losses of $6.6M and $8.6M in the first half of 2024 and 2023, respectively, Cerebras aims to capitalize on the growing demand for AI semiconductors, competing with Nvidia.
Artificial intelligence startup Cerebras Systems filed for an initial public offering in the U.S. on Monday.
Terms or size of the offering has not yet been disclosed. The Sunnyvale, California-based firm has applied to list its Class A common stock on the Nasdaq Global Market under the symbol “CBRS.”
Citigroup Global Markets and Barclays Capital are acting as joint book-running managers for the offering.
Cerebras is one of several startups looking to capitalize on surging demand for semiconductors that power AI, in a market which is currently dominated by tech giant Nvidia (NASDAQ:NVDA).
The company, which designs processors for AI training and inference, claims to have solved a decades-long problem in the computer industry’s history, i.e. developing chips as big as full silicon wafers.
In late August, Cerebras introduced an AI inference solution which it says is 20x faster than Nvidia (NVDA) GPU-based hyperscale clouds.
The company, in its IPO filing, said it has experienced rapid growth, with revenue of $78.7M and $24.6M for the years ended 2023 and 2022, respectively, representing year-over-year growth of 220%. During the six months ended June 30, 2024 and 2023, it generated $136.4M and $8.7M in revenue, respectively.
It lost $66.6M and $77.8M in the six months ended June 30, 2024 and 2023, respectively.
Cerebras raised $250M in a series F financing round in 2021, valuing it at more than $4B.