Proactive Investors - Cerebras Systems, an AI chipmaker seeking to rival NVIDIA Corp (NASDAQ:NVDA, ETR:NVD), has unveiled plans to list on the Nasdaq under the ticker symbol ‘CBRS.’
The terms or the size of the initial public offering (IPO) were not disclosed.
Citigroup and Barclays (LON:BARC) are leading a group of underwriter for the offering, which also includes UBS Investment, Wells Fargo (NYSE:WFC) Securities and Mizuho.
In its prospectus filing with the US Securities and Exchange Commission (SEC), Cerebras disclosed that it has experienced “rapid growth,” with annual revenue surging 220% to $78.7 million in 2023 from $24.6 million in 2022.
It reduced its annual net loss by 28% year-over-year in 2023 to $127.2 million from $177.7 million in 2022.
For the first six months of 2024, the company recorded $136.4 million in sales and a net loss of $66.6 million, compared to sales of $8.6 million in sales and a net loss of $77.8 million for the first half of 2023.
Sunnyvale, California-based Cerebras was last valued at $4 billion in 2021 fundraising round.