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AI Chipmaker Cerebras Files for $800 Million IPO, Ticker CBRS, to Compete with Nvidia

Sep 30, 2024, 10:19 PM

Cerebras Systems, a California-based AI chipmaker headquartered in Sunnyvale, has filed for an initial public offering (IPO) to compete with industry giant Nvidia. The company plans to trade under the ticker symbol 'CBRS' on the Nasdaq. In the first half of 2024, Cerebras reported a net loss of $66.6 million on $136.4 million in revenue, compared to a net loss of $77.8 million on $8.7 million in revenue in the same period last year. The company is known for its Wafer Scale Engine, a new AI chip that outperforms many competitors. Cerebras relies heavily on a single customer, Abu Dhabi-based G42, which accounts for 87% of its revenue. The IPO is estimated to raise $800 million.