AI chip developer Cerebras Systems has filed to go public, approximately 18 months after a previous IPO attempt was withdrawn. The company is experiencing rapid revenue growth, with sales reaching $510 million last year, a 76% increase.
Cerebras secured a $125 million revolving credit facility from Morgan Stanley, with plans to increase it post-IPO. The funds will support its Training Cloud and Inference Cloud services, powered by its WSE-3 AI accelerator. This chip is significantly larger and more powerful than Nvidia's high-end offerings.
The company also disclosed a substantial $1 billion loan from OpenAI. This is in addition to a previously announced agreement for OpenAI to purchase 750 megawatts of inference infrastructure from Cerebras, a deal now valued at over $20 billion. OpenAI also holds warrants for up to 33.4 million shares, contingent on future capacity purchases.
Cerebras recently partnered with Amazon Web Services (AWS) to integrate the WSE-3 chip into AWS's data centers for a new disaggregated architecture, focusing on the 'decode' phase of LLM processing. The company plans to list on the Nasdaq under the ticker "CBRS."