Andrew Feldman, co-founder and CEO of Cerebras Methods, speaks on the Collision convention in Toronto on June 20, 2024.
Ramsey Cardy | Sportsfile | Collision | Getty Pictures
Synthetic intelligence chip startup Cerebras Methods on Monday filed its prospectus for an preliminary public providing, with plans to commerce below the ticker image “CBRS” on the Nasdaq.
Cerebras competes with Nvidia, whose graphics processing items are steadily chosen for coaching and operating AI fashions. Cerebras says on its web site that its WSE-3 chip comes with extra cores and reminiscence than Nvidia’s common H100. The Cerebras part can also be a lot bigger in measurement. Along with promoting chips, Cerebras gives cloud-based companies that rely by itself computing clusters.
It is a rising and crowded market: Cloud suppliers Amazon, Google and Microsoft have developed their very own AI chips. The corporate stated that Group 42, an UAE-based AI agency that counts Microsoft as an investor, accounted for 83% of the corporate’s income final 12 months.
In accordance with the submitting, Cerebras had a web lack of $66.6 million within the first six months of 2024 on $136.4 million in gross sales. For 2023, the corporate reported a web lack of $127 million on income of $78.7 million.
Cerebras was based in 2016 and relies in Sunnyvale, California. Andrew Feldman, the startup’s co-founder and CEO, offered server startup SeaMicro to AMD for $355 million in 2012.
The corporate stated in 2021 that it was valued at over $4 billion in a $250 million funding spherical. Traders embody the Abu Dhabi Development Fund, Altimeter Capital, Benchmark, Coatue, Basis Capital, OpenAI CEO Sam Altman and Solar Microsystems co-founder Andy Bechtolsheim.
The expertise IPO market has typically been sparse in 2024, as greater rates of interest pushed buyers towards worthwhile property. Social media app Reddit went public on the New York Inventory Alternate in March, and knowledge administration software program maker Rubrik adopted in April. Earlier this month, the Federal Reserve pushed forward with its first fee lower since 2020, prompting good points within the tech-heavy Nasdaq Composite index.
WATCH: Cerebras CEO: Our inference providing is 20x quicker than Nvidia’s and a fraction of the value
