AI chip firm Cerebras files to withdraw highly anticipated US listing By Reuters
Key Takeaways
- Cerebras Systems withdrew its immediate plans for an initial public offering (IPO) in the United States.
- The withdrawal comes shortly after the company raised $1.1 billion in a funding round, valuing it at $8.1 billion.
- Analysts suggest the withdrawal is a company-specific strategic decision, not indicative of broader IPO market weakness.
- Cerebras develops high-performance AI chips and systems designed to accelerate large AI model training.
- A previous listing attempt was delayed due to a U.S. national security review concerning an investment by G42.
AI chip startup Cerebras Systems, a competitor in the growing AI chip market, has abruptly filed to withdraw its plans for an immediate initial public offering in the United States. This move occurs even as the U.S. IPO market has shown signs of recovery and strong investor enthusiasm for AI-related stocks, exemplified by recent successful listings. An expert suggested the withdrawal is likely a strategic decision following Cerebras's recent completion of a substantial $1.1 billion funding round, which valued the company at $8.1 billion. This funding round included high-profile investors and added to the company's capital base. Previously, Cerebras's anticipated listing was delayed due to a U.S. national security review concerning a major investment from G42, an Abu Dhabi-based AI company. Despite the withdrawal, the company's CEO has affirmed that a public offering remains a future plan for the Sunnyvale, California-based firm.
