Cerebras reveals revenue surge in US IPO filing, aims to challenge Nvidia in AI chip market
Rewrites Sept 30 story throughout to add background, industry context, analyst comment and details from filing; Changes dateline
By Manya Saini and Pritam Biswas
Oct 1 (Reuters) -Cerebras Systems, a startup competing with industry leader Nvidia NVDA.O for a slice of the lucrative AI chip market, said late on Monday its revenue surged more than threefold in 2023, in a filing to go public in the U.S.
Initial public offerings in the U.S. have bounced back in 2024 after a two-year dry spell, driven by growing hopes of a soft landing and stocks trading at record highs. Analysts see more gains ahead as investor sentiment improves and expect AI firms to lead the charge for tech listings.
Cerebras' revenue surged to $78.7 million in the 12 months ended Dec. 31 versus $24.6 million a year earlier. Loss narrowed to $2.92 per share compared with $4.28 apiece.
The company said 83% of its total annual revenue came from AI tech group G42, which is partly ownedby Abu Dhabi's sovereign investor Mubadala. In the IPO prospectus, Cerebras listed its commercial relationship with G42 among the key factors that can affect its performance.
Citigroup and Barclays are the lead underwriters of the offering. It is looking to list on the Nasdaq and trade under the ticker symbol "CBRS".
While Cerebras is yet to reveal the terms of its IPO, Bloomberg News, citing sources, reported late last month it could seek to raise up to $1 billion.
AI RACE
The Silicon Valley startup will seek out investors for the share sale at a time when investor enthusiasm for all AI-linked chip companies remains robust. In its IPO prospectus, Cerebras said it expects the AI computing market to grow to $453 billion in 2027 from $131 billion in 2024.
"It seems fair to suggest that we could see a new wave of tech companies coming to market, given previous appetite for innovation among investors in the States," Dan Coatsworth, investment analyst at AJ Bell, told Reuters.
"Anything AI-related should have an easy story to tell and investors love a good narrative when they're seeking new opportunities."
Nvidia's stock has seen a monster rally this year, surging around 140%, solidifying its position as one of the world's most valuable companies. Its advanced hardware helps OpenAI develop the underlying software that powers apps such as ChatGPT.
Cerebras is betting its roughly foot-wide chip can outperform Nvidia's hardware, which is a cluster of thousands of chips stitched together.
In August, Cerebras launched a tool for AI developers that allows them to access the startup's outsized chips to run applications, which it said was a much cheaper option than Nvidia processors.
Reporting by Pritam Biswas and Manya Saini in Bengaluru; Editing by Devika Syamnath and Krishna Chandra Eluri
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
