Cerebras plans IPO to top 2021’s $6b valuation: Bloomberg

The news: Cerebras Systems, a Silicon Valley startup specialising in AI-optimised semiconductors that was valued at USD4 billion ($6.13 billion) in 2021, has filed for an initial public offering (IPO) with the US SEC, Bloomberg reported.

The numbers: The company, known for its CS-3 AI enterprise software is targeting a second-half 2024 listing and has appointed Citigroup as lead manager of the deal. The draft registration statement filed doesn’t give details of the offering or its size but the company is seeking a valuation above the USD4 billion it achieved when it raised USD250 million in a series F financing round in 2021, Bloomberg said.

The context: The confidential filing comes as the IPO market in the US recovers, having almost doubled in fundraising this year to USD30 billion, according to Bloomberg data. Existing investors include Alpha Wave Ventures and Abu Dhabi Growth Fund.