Cerebras Systems, an artificial intelligence (A.I.) chipmaker that competes against Nvidia (NVDA) has filed to hold an initial public offering (IPO).
In its IPO prospectus filed with the U.S. Securities and Exchange Commission (SEC), Cerebras said that it plans to trade on the Nasdaq exchange under the ticker symbol “CBRS.”
The exact timing and size of the IPO have yet to be determined. However, Cerebras Systems was last valued at $4 billion U.S. during a 2021 funding round.
Cerebras was founded in 2016 and is based in Sunnyvale, California. Taiwan Semiconductor Manufacturing Co. (TSM) makes its microchips and processors.
The company’s founder and chief executive Andrew Feldman previously sold a server start-up he launched called SeaMicro to Advanced Micro Devices (AMD) in 2012 for $355 million U.S.
Cerebras Systems competes directly against Nvidia, whose microchips and processors are the industry standard for training and running A.I. models.
The company also lists AMD, Intel (INTC), Microsoft (MSFT), and Alphabet (GOOG/GOOGL) as competitors. In addition to selling chips, Cerebras offers cloud-based services.
In terms of its finances, Cerebras Systems had a net loss of $66.6 million U.S. in the first six months of this year on $136.4 million U.S. in revenues, according to its prospectus.
A year earlier, during the fist six months of 2023, the company had a net loss of $77.8 million U.S. and $8.7 million U.S. in sales.
Cerebras Systems is likely to be one of the biggest technology IPOs of the year. The market for new stock listings remains subdued following the Covid-19 pandemic.
Citigroup (C) and Barclays (BCS) are listed as the lead underwriters for the IPO.
