Cerebras Systems plans to raise up to $3.5bn through an IPO by marketing 28 million shares at $115-$125 each. This pricing reflects a valuation of approximately $26.6bn, significantly lower than the previously suggested $40bn. The company has shown strong financial performance, with a 76% year-on-year revenue increase to $510m and $87.9m in net income. Cerebras has a significant contract with OpenAI, promising substantial inference capacity, which supports its IPO narrative. The offering will be listed on the Nasdaq under the ticker CBRS.
"Cerebras intends to list on the Nasdaq Global Select Market under the ticker CBRS, with Morgan Stanley, Citigroup, Barclays and UBS Investment Bank as joint book-running managers."
"The financial profile underlying the offering is, by AI-hardware standards, well-developed. Cerebras's most recent quarter showed revenue up roughly 76 per cent year-on-year to $510m, with $87.9m in net income."
"The company's Master Relationship Agreement with OpenAI, signed in January, promises up to 750 megawatts of inference capacity through 2028 in a contract Cerebras has previously valued at more than $20bn over its term."
Read at TNW | Business
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