Surat Investment：AI chipmaker Cerebras files for IPO to take on Nvidia

In addition to Nvidia, Cerebras cites AMD, Intel, Microsoft and Google as competitors, "as well as internally developed custom application-specific integrated circuits and a variety of private companies."

Taiwan Semiconductor Manufacturing Company makes the Cerebras chips. Cerebrus warned investors that any possible supply chain disruptions may hurt the company.

Cerebras was founded in 2016 and is based in Sunnyvale, California. Andrew Feldman, the startup❼co-founder and CEO, sold server startup SeaMicro to for $355 million in 2012.

The company said in 2021 that it was valued at over $4 billion in a $250 million funding round.In May, G42 committed to purchasing $1.43 billion in orders from Cerebras before March 2025, according to the filing. G42 currently owns under 5% of Cerebras✩lass A shares, and the firm has an option to purchase more depending on how much Cerebras product it buys.

The technology IPO market has generally been sparse in 2024, as higher interest rates pushed investors toward profitable assets. Social media app Reddit went public on the New York Stock Exchange in March, and data management software maker Rubrik followed in April. Earlier this month, the Federal Reserve pushed ahead with its first rate cut since 2020, prompting gains in the tech-heavy Nasdaq Composite index.

Neither Morgan Stanley nor Goldman Sachs, the two leading tech investment banks, are on the dealSurat Investment. Citigroup and Barclays are leading the offering.

The biggest investor in Cerebras is venture firm Foundation Capital, followed by Benchmark and Eclipse VenturesJaipur Wealth Management. Alpha Wave, Coatue and Altimeter each own at least 5% as well, according to the filingLucknow Stock. Other investors include OpenAI CEO Sam Altman and Sun Microsystems co-founder Andy BechtolsheimSimla Investment. The only individual who owns 5% or more is Feldman.Udabur Wealth Management

Jaipur Wealth Management