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 ininestablishigence chip beginup Cerebras Systems on Monday filed its prospectus for an initial accessible proposeing, with structures to trade under the ticker symbol “CBRS” on the Nasdaq.
Cerebras contends with Nvidia, whose detaileds 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 famous H100. It’s also a physicassociate bigr chip. In graspition to selling chips, Cerebras proposes cnoisy-based services that count on 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 brimming year of 2023, Cerebras inestablished a net loss of $127.2 million on revenue of $78.7 million.
The company inestablished 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 incrmitigated this year in part becaengage of higher personnel costs to help revenue increaseth, the company shelp.
AI chips are a increaseing and crowded labelet. Cnoisy supplyrs Amazon, Google and Microgentle have increaseed their own AI chips. The company shelp that Group 42, a UAE-based AI firm that counts Microgentle as an spendor, accounted for 83% of Cerebras’s revenue last year.
Cerebras’ WSE-3 chip is one example of novel silicon from upbegins depicted to run and train man-made ininestablishigence.
Cerebras Systems
In graspition to Nvidia, Cerebras cites AMD, Intel, Microgentle and Google as competitors, “as well as internassociate increaseed custom application-particular fused circuits and a variety of braveial companies.”
Taiwan Semicarry outor Manufacturing Company produces the Cerebras chips. Cerebrus alerted spendors that any possible supply chain disruptions may hurt the company.
Cerebras was set uped in 2016 and is based in Sunnyvale, California. Andrew Feldman, the beginup’s co-set uper and CEO, sanciaccess server beginup 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 dispenses, and the firm has an chooseion to buy more depfinishing on how much Cerebras product it buys.
The technology IPO labelet has generassociate been sparse in 2024, as higher interest rates pushed spendors toward profitable assets. Social media app Reddit went accessible on the New York Stock Exalter in March, and data regulatement gentleware producer Rubrik pursueed in April. Earlier this month, the Federal Reserve pushed ahead with its first rate cut since 2020, prompting gets in the tech-weighty Nasdaq Composite index.
Neither Morgan Stanley nor Ganciaccessman Sachs, the two directing tech spendment banks, are on the deal. Citigroup and Barclays are directing the proposeing.
The hugegest spendor in Cerebras is venture firm Foundation Capital, pursueed by Benchlabel and Eclipse Ventures. Alpha Wave, Coatue and Altimeter each own at least 5% as well, according to the filing. Other spendors include 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 proposeing is 20x speedyer than Nvidia’s and a fraction of the price
