Cerebras Systems, which designs and produces semiconductors and supercomputers, and provides AI services, withdrew its plans for an initial public offering on Friday. It originally filed in September 2024 with an estimated deal size of $800 million. It had not updated its prospectus since then.
Earlier in the week, Cerebras announced that it had completed a $1.1 billion Series G round that valued the company at $8.1 billion.
The Sunnyvale, CA-based company was founded in 2016 and booked $206 million in revenue for the 12 months ended June 30, 2024. It had planned to list on the Nasdaq under the symbol CBRS. Citi, Barclays, UBS Investment Bank, Wells Fargo Securities, Mizuho Securities, and TD Cowen were set to be the joint bookrunners on the deal.
