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.
Cloud vendors: Artificial intelligence chips are growing and the market is crowded Amazon, Google and Microsoft has developed its own AI chip. Group 42, the UAE-based artificial intelligence company that counts Microsoft as an investor, accounted for 83% of its revenue last year, the company said.
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.”
Cerebras’ net loss in the first six months of 2024 was $66.6 million on sales of $136.4 million, according to the filing. In 2023, the company reported a net loss of $127 million on revenue of $78.7 million. This was a decrease of 14% from a net loss of $77.8 million in the first half of 2023.
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.
The tech IPO market is generally thin in 2024, as rising interest rates prompt investors to move toward profitable assets. Social media app Reddit debuted on the New York Stock Exchange in March, followed by data management software maker Rubrik in April. Earlier this month, the Federal Reserve cut interest rates for the first time since 2020, boosting the Nasdaq Composite Index, which is dominated by technology stocks.
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.
watch: Cerebras CEO: Our inference products are 20 times faster than Nvidia, and the price is only a fraction of Nvidia’s
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