Cerebras Systems co-founder and CEO Andrew Feldman speaks at the Collision conference in Toronto on June 20, 2024.
Ramsey Cady | Sports Archives | Collision | Getty Images
Artificial intelligence chip start-up Cerebras Systems submitted an initial public offering prospectus on Monday and plans to trade on Nasdaq under the stock symbol “CBRS”.
Cerebras Competition NVIDIAwhose graphics processing unit is the industry’s choice for training and running artificial intelligence models. Cerebras says on its website that its WSE-3 chips have more cores and memory than Nvidia’s popular H100. It’s also a physically larger wafer. In addition to selling chips, Cerebras also provides cloud services that rely on its own computing clusters.
Cerebras’ net loss in the first six months of 2024 was $66.6 million on sales of $136.4 million, the filing showed. Last year the company had a net loss of $77.8 million on sales of $8.7 million.
In 2023, the company reported a net loss of $127 million on revenue of $78.7 million.
Revenue for the second quarter of 2024 was $69.8 million, up from $5.7 million in the same period last year.
Cloud vendors: Artificial intelligence chips are a growing and crowded market Amazon, Google and Microsoft has developed its own AI chip. The company said Group 42, An artificial intelligence company headquartered in the United Arab Emirates Microsoft, also known as G42, is an investor and accounted for 83% of the company’s revenue last year.
Cerebras’ WSE-3 chip is one example of a new class of chips from an upstart designed to run and train artificial intelligence.
brain systems inc.
In addition to Nvidia, Cerebras lists AMD, Intel, Microsoft and Google as competitors, “as well as in-house developed custom ASICs and various private companies.”
TSMC produces Cerebras chips. Cerebrus warned investors that any possible supply chain disruption could harm the company.
Cerebras was founded in 2016 and is headquartered in Sunnyvale, California. The startup’s co-founder and CEO Andrew Feldman has sold server startup SeaMicro to AMD In 2012 it was US$355 million.
company explain In 2021, the company was valued at more than $4 billion in a $250 million funding round. Investors include Abu Dhabi Growth Fund, Altimeter Capital, Benchmark, Coatue, Foundation Capital, OpenAI CEO Sam Altman and Sun Microsystems co-founder Andy Bechtolsheim.
In May, G42 committed to $1.43 billion in orders from Cerebras through March 2025, documents show. G42 currently owns less than 5% of Cerebras’ Class A shares and has the option to purchase more shares based on the number of Cerebras products it purchases.
The tech IPO market is generally thin in 2024, as rising interest rates prompt investors to move toward profitable assets. Social media app Reddit Listed Listed on the New York Stock Exchange in March, data management software maker Rubrik Already following April. Earlier this month, the Fed moved forward with its first interest rate cut Since 2020, it has driven gains in the tech-heavy Nasdaq.
Morgan Stanley and Goldman Sachs, two leading technology investment banks, are not involved in the deal. Citigroup and Barclays led the offering.
Cerebras’ largest investor is venture capital firm Foundation Capital, followed by Benchmark and Eclipse Ventures. Alpha Wave, Coatue and Altimeter also each own at least 5%, the filing shows. The only individual owning 5% or more is CEO Feldman.
