Cerebras, based in Sunnyvale, California, builds custom hardware to run and train AI models and claims its chips are faster and more efficient than Nvidia’s flagship offerings for AI workloads.
Having raised $715 million in venture capital, Cerebras is reportedly seeking to roughly double its $4 billion valuation through the IPO. But it faces considerable challenges. A single Abu Dhabi firm, G42, accounted for 87% of Cerebras’ revenue in the first half of 2024, and U.S. lawmakers have expressed unease about G42′s historic ties to China. Cerebras CEO Andrew Feldman also has a checkered past, having pled guilty to circumventing accounting controls while a VP at public company Riverstone Networks.