Cerebras Systems, a startup that makes AI-focused semiconductors, is planning to launch its initial public offering (IPO) in October, according to insiders.
Key Points:
- Banking Partners: Barclays Plc has joined the banks working on Cerebras’ IPO. Previously, Citigroup Inc. was selected as the lead bank. The company has also filed confidentially with the US Securities and Exchange Commission.
- Ongoing Planning: Discussions are still in progress, and more banks may join the effort. Both Cerebras and Barclays declined to comment.
- Market Context: The IPO comes as US IPOs show signs of recovery, raising nearly $30 billion this year—more than double the amount for the same period in 2023.
- Valuation Target: Cerebras aims for a valuation higher than the $4 billion it achieved during a 2021 funding round.
- Flagship Product: The company’s main product, CS-3, is designed for AI computing and can be used to build AI supercomputers.
- Funding History: In 2021, Cerebras raised $250 million in a series F funding round, led by Alpha Wave Ventures, Abu Dhabi Growth Fund, and G42. Other investors include Altimeter Capital, Benchmark Capital, and Coatue Management.
Cerebras’ planned IPO is a significant step as the company seeks to expand its presence in the AI technology market.
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