AI chip unicorn Cerebras is planning to go public as early as October, with a valuation of over $4 billion.
1min read According to a person familiar with the matter, AI chip startup Cerebras Systems is planning to go public as early as October, seeking a valuation of more than $4bn, according to previous reports.
Cerebras has added Barclays to the list of banks involved in the deal. The AI chipmaker is said to have chosen Citigroup as lead bank and has filed a confidential IPO with the US Securities and Exchange Commission (SEC), according to a Bloomberg report from April.
The person said discussions were ongoing and IPO details could change, with more banks potentially joining the IPO list. Representatives of Cerebras and Barclays declined to comment.
With US IPOs continuing to recover steadily, Cerebras will be joining a line of companies going public, with data compiled by Bloomberg showing that US IPOs have raised nearly $30bn so far this year, down from pre-pandemic levels but more than double the amount raised in the same period last year.
Cerebras describes its optimised Cerebras Systems CS-3 chip as capable of handling the heavy lifting of AI computing workloads and powering AI supercomputers.
In a previous statement, Cerebras said it raised $250m in a 2021 F-series funding round at a valuation of more than $4bn, led by Alpha Wave Ventures, Abu Dhabi Growth Fund and G42. The statement said existing investors in Cerebras include Altimeter Capital, Benchmark Capital and Coatue Management.
