AI Chipmaker Cerebras Systems Files for $800 Million IPO, Ticker Symbol CBRS

Sep 30, 2024, 09:34 PM

Cerebras Systems, a California-based startup specializing in AI chips, has filed for an initial public offering (IPO) on September 30, 2024. The company, which is headquartered in Sunnyvale, plans to trade on the Nasdaq under the ticker symbol 'CBRS'. Cerebras Systems aims to challenge industry giant Nvidia in the artificial intelligence computing market. The startup reported a net loss of $66.6 million on $136.4 million in sales for the first half of 2024. Notably, Abu Dhabi-based G42 represents 87% of Cerebras' revenue. The company designs processors for AI training and inference, and its latest release, the Wafer Scale Engine, is making significant strides in outperforming competitors. However, the company faces challenges due to its reliance on SRAM, which may impact its ability to scale with next-generation multi-trillion parameter language models. The IPO is estimated to raise around $800 million.