Cerebras Systems has announced plans to launch an initial public offering of its Class A common stock to expand its position in the artificial intelligence computing market.
What Does Cerebras’ IPO Plan Involve?
The Sunnyvale, California-headquartered company said Monday it plans to offer 28 million shares of Class A common stock, with underwriters receiving a 30-day option to purchase up to an additional 4.2 million shares.
Cerebras expects the IPO price to range between $115 and $125 per share. According to TechCrunch, the company could raise up to $3.5 billion and reach a market cap of $26.6 billion.
The company plans to list its stock on the Nasdaq Global Select Market under the ticker symbol “CBRS.”
Morgan Stanley, Barclays, Citigroup and UBS Investment Bank are serving as lead book-running managers for the IPO.
Cerebras delayed its plans to go public in 2024 due to a national security review on a minority investment from the United Arab Emirates-based technology company G42. Reuters reported that the company also withdrew its IPO filing in October.
What Does Cerebras Systems Offer?
Founded in 2015, Cerebras develops AI infrastructure and high-performance processors. Its flagship technology, the Wafer-Scale Engine 3, or WSE-3, is designed as a wafer-scale AI processor with 4 trillion transistors and 900,000 AI-optimized cores.
According to the company, the WSE-3 supports AI workloads for corporations, research institutions, healthcare organizations and Department of Energy laboratories.
Cerebras recently partnered with OpenAI to provide 750 megawatts of ultra-low-latency AI compute capacity. Under the partnership, OpenAI will integrate Cerebras’ inference capabilities into its compute infrastructure in phases through 2028 to support faster AI responses and real-time workloads.
