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The IPO Buzz: Nvidia Rival Cerebras (CRBX Proposed) Files Plans for IPO That Could Raise Up to $1 Billion

Monday, September 30, 2024 19:21

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AI company Cerebras Systems (CRBX Proposed) filed plans to go public without disclosing the IPO’s terms in an S-1 filing (dated Sept. 30, 2024) after the U.S. stock market’s closing bell. The IPO could raise as much as $1 billion, according to Bloomberg. The Silicon Valley company aims to list its stock on the NASDAQ. Citigroup and Barclays are running the joint book-running team. UBS Investment Bank, Wells Fargo Securities, Mizuho and TD Cowen are also joint book-runners. Principal stockholders include Altimiter Growth Partners Fund and Foundation Capital, according to the prospectus. Cerebras Systems, based in Sunnyvale, California, makes an AI-friendly giant computer chip that it believes could give Nvidia (NVDA) a run for its money. “We design processors for AI training and inference,” Cerebras Systems says in the prospectus. “We build AI systems to power, cool, and feed the processors data. We develop software to link these systems together into industry-leading supercomputers that are simple to use, even for the most complicated AI work, using familiar ML frameworks like PyTorch. Customers use our supercomputers to train industry-leading models. We use these supercomputers to run inference at speeds unobtainable on alternative commercial technologies. We deliver these AI capabilities to our customers on premise and via the cloud.” In the filing, Cerebras disclosed that one customer – Group 42 Holding Ltd., also known as “G42” according to the prospectus – accounted for 83 percent of Cerebras’ revenue in the year that ended Dec. 31, 2023, and 87 percent of the company’s revenue for the six months that ended June 30, 2024. Cerebras is not profitable. For the 12 months that ended June 30, 2024, Cerebras reported a net loss of $116 million on revenue of $206.4 million.

Source: https://www.iposcoop.com/the-ipo-buzz-nvidia-rival-cerebras-systems-crbx-proposed-files-plans-for-ipo-that-could-raise-up-to-1-billion/

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