"Just days after announcing a $1.1 billion Series G funding round, AI chip startup Cerebras Systems pulled its S-1 IPO filing without so much as an explanation. Amid growing concerns of an AI bubble, has Cerebras CEO Andrew Feldman gotten cold feet? Apparently not. Taking to LinkedIn on Sunday, Feldman apologized for the lack of transparency, and presumably any panic the decision might have caused. "On Friday, Cerebras Systems withdrew our S-1. We didn't explain why - that was a mistake," he wrote, adding that he still has every intention of taking the company public."
"Inference turns out to have proved a particularly potent workload for Cerebras' accelerators, each of which is equipped with more than 40 GB of SRAM, a class of memory that's etched directly into the compute die and makes the HBM used by rivals Nvidia and AMD look glacial by comparison. This has allowed the company to offer API access to models at speeds topping 3,000 tokens a second for models like OpenAI's gpt-oss-120B, far faster than is possible using GPUs."
"These capabilities have helped Cerebras win over several high profile customers, including Mistral AI, AWS, Meta, IBM, Cognition, AlphaSense, Notion, and Perplexity, a major change from this time last year. In the startup's IPO filings from September 2024, the company reported that the United Arab Emirates' (UAE) AI crown jewel G42 accounted for 87 percent of its revenues in the first half of 2024 - a fact that raised no shortage of concerns among members of the US government."
Cerebras Systems withdrew its S-1 IPO filing days after announcing a $1.1 billion Series G funding round, and CEO Andrew Feldman apologized for the lack of transparency while affirming intent to go public. Founded in 2015, the company produces large AI accelerators originally pitched as GPU alternatives for training but now emphasizing inference workloads. Each accelerator includes more than 40 GB of on-die SRAM, enabling much faster memory access than competitors' HBM and API access speeds topping 3,000 tokens per second for large models. Cerebras has gained customers including Mistral AI, AWS, Meta, IBM, Cognition, AlphaSense, Notion, and Perplexity. Earlier filings showed heavy revenue dependence on UAE-based G42, which raised U.S. government concerns.
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