Cerebras Systems Files for $800 Million IPO

Cerebras Systems, an AI chipmaker aiming to challenge Nvidia, has filed for an initial public offering (IPO) on the Nasdaq under the ticker symbol 'CBRS'. The Sunnyvale-based startup reported a net loss of $66.6 million for the first half of 2024, with $136.4 million in sales, showing a year-over-year reduction in losses. Backed by high-profile investors, including the Abu Dhabi Growth Fund, Cerebras saw revenue more than triple in 2023 to $78.7 million. The company designs large AI chips and systems, competing with major players like Nvidia, AMD, and Intel. The IPO could potentially generate $800 million and test investor appetite for AI-focused stocks amid a rejuvenated U.S. IPO market. The listing is expected later this month.