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Artificial intelligence chip maker Cerebras is aiming to raise up to $3.5 billion in a Nasdaq listing.
The company plans to sell 28 million shares at prices between $115 and $125 per share, according to an updated prospectus filed Monday.
This range could mean Cerebra’s initial public offering could be worth up to $26.6 billion based on outstanding shares. In February, the company announced a venture round that valued it at $23 billion. advanced micro device Among investors.
Since central banks raised interest rates in 2022 to counter rising prices, relatively few technology companies have gone public, and investors have waned interest in unprofitable companies.
However, the rise of generative AI products such as OpenAI’s ChatGPT has made investors eager to bet on companies that will benefit from this trend. Cerebras competitors in the red coreweaveare being rented. Nvidia The graphics processing unit as a cloud service raised $1.5 billion in an IPO last year. Cerebras’ chips are a popular GPU replacement from Nvidia.
Cerebras had aimed to go public in 2024, but later withdrew the paperwork as its business model shifted from selling hardware to operating cloud services based on its chips. Cerebras filed for a second IPO in April.
In January, Cerebras announced it would provide up to 750 megawatts of AI computing power to OpenAI through 2028 in a deal worth more than $20 billion.
The company’s fourth-quarter revenue was $510 million, up about 76% from the same period last year, and its net income for the period was $87.9 million.
Cerebras co-founder and CEO Andrew Feldman will not sell any shares in the IPO. He will own 10.3 million shares after the IPO, with a value of up to $1.28 billion at the high end of the range, according to the filing.
The company has the option to sell an additional 4.2 million shares to the underwriters after the IPO, which would bring it up to an additional $525 million in proceeds.
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