AI Computing, Chip Startup Cerebras Withdraws IPO Registration

(Bloomberg) -- Cerebras Systems Inc. has filed to withdraw paperwork for an initial public offering more than a year after publicly unveiling plans.

The data center operator and maker of artificial intelligence chips doesn’t plan to proceed with the IPO described in those filings, which had not been declared effective, it said in a filing late on Friday.

The company closed a $1.1 billion funding round just days ago, valuing it at $8.1 billion, including the dollars raised. Chief Executive Officer Andrew Feldman said at the time that the funding would not impact its plans to go public.

The startup’s funding was the latest in a string of investments being rolled out by a technology industry that’s throwing billions at new AI infrastructure it believes will transform the world economy. It also came as the US IPO market has been humming in recent weeks with tech companies like Netskope Inc. and Figure Technology Solutions Inc. climbing more than 20% from their debuts.

Cerebras previously filed to go public in September 2024, but the listing didn’t materialize. It disclosed a review by the Committee on Foreign Investment in the US into Cerebras’ relationship with Abu Dhabi AI firm G42. In March, Cerebras said it had resolved all open issues with CFIUS.

The recent funding round was led by Fidelity Management & Research Co. and Atreides Management LP. Other investors in the round include Tiger Global, Valor Equity Partners and 1789 Capital — the VC firm where Donald Trump Jr. is a partner — as well as existing investors Altimeter Capital Management and Benchmark.

--With assistance from Ian King.

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