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Abu Dhabi backed chipmaker Cerebras Systems has confirmed it has “confidentially” filed for an initial public offering (IPO) in the US as it readies to challenge the market domination of Nvidia.
Cerebras, which has the financial backing of the Abu Dhabi Growth Fund (ADG), a sovereign investment fund established by the Abu Dhabi Developmental Holding Company (ADQ) in July 2021, stated it has submitted a draft registration statement on Form S-1 with the US Securities and Exchange Commission (SEC) relating to the proposed IPO of its common stock.
The size and price range for the proposed offering have yet to be determined, with the IPO subject to market and other conditions and the completion of the SEC’s review process, according to a release.
Founded in 2015 with its headquarters in California, Cerebras has been building its profile as an alternative to Nvidia, the market leader in Artificial Intelligence (AI) and chipmaking. Nvidia’s meteoric rise to emerge as the most valuable company in the world after its market capitalisation grew to $3.34 trillion has seen several startups rushing to cash in on the AI gold rush.
Cerebras’ profile in the UAE has built up over the years following last year’s $100 million deal to deliver the first of what could be up to nine artificial intelligence (AI) supercomputers in a partnership with UAE-based technology group G42.
In March, Cerebras and G42 announced the build of Condor Galaxy 3 (CG-3), the third cluster of their constellation of AI supercomputers, the Condor Galaxy, which Kiril Evtimov, Group CTO of G42 described at the time as a step in “transforming the worldwide inventory of AI compute through the development of the world’s largest and fastest AI supercomputers.”
(Reporting by Bindu Rai, editing by Seban Scaria)
