Artificial intelligence chipmaker Cerebras said on Friday that it is withdrawing plans for an IPO, days after elevating over $1 billion in a fundraising spherical.
In a submitting with the SEC, Cerebras mentioned it doesn’t intend to conduct a proposed providing “at this time,” however did not present a purpose. A spokesperson advised CNBC on Friday that the corporate nonetheless hopes to go public as quickly as attainable.
Cerebras filed for an IPO simply over a 12 months in the past, because it was ramping as much as tackle Nvidia in an effort to create processors for operating generative AI fashions. Since its preliminary submitting to go public on the Nasdaq, Cerebras has shifted its focus away from promoting programs and extra towards offering a cloud service for accepting incoming queries to fashions that use its chips beneath.
The introduced withdrawal comes three days right into a U.S. government shutdown that is left companies just like the SEC working with a small workers. In a plan for a shutdown revealed in August, the SEC mentioned its digital system EDGAR “is operated pursuant to a contract and thus will remain fully functional as long as funding for the contractor remains available through permitted means.”
On Tuesday, Cerebras said it had raised $1.1 billion at a valuation of $8.1 billion in a non-public funding spherical. At the time, CEO Andrew Feldman mentioned that the corporate nonetheless needed to go public, quite than proceed to lift enterprise capital.
“I don’t think this is an indication of a preference for one or the other,” he advised CNBC in an interview. “I think we have tremendous opportunities in front of us, and I think it’s good practice, when you have enormous opportunities, not to let them fall by the wayside for lack of capital.”
Feldman thought the unique prospectus from final 12 months was old-fashioned, particularly contemplating developments in AI, the spokesperson mentioned on Friday. The authorities shutdown didn’t issue into Cerebras’ determination, the spokesperson mentioned.
