Artificial intelligence chip startup Cerebras Systems on Monday filed its prospectus for an initial public offering, with plans to trade under the ticker symbol “CBRS” on the Nasdaq.
Cerebras competes with Nvidia, whose graphics processing units are the industry’s choice for training and running AI models. Cerebras says on its website that its WSE-3 chip comes with more cores and memory than Nvidia’s popular H100. It’s also a physically larger chip. In addition to selling chips, Cerebras offers cloud-based services that rely on its own computing clusters.
Cerebras had a net loss of $66.6 million in the first six months of 2024 on $136.4 million in sales, according to the filing. For the fist six months of 2023, the company had a net loss of $77.8 million and $8.7 million in sales.
For the full year of 2023, Cerebras reported a net loss of $127.2 million on revenue of $78.7 million.
The company reported a net loss of $50.9 million on $69.8 million in revenue in the second quarter, compared with a $26.2 million loss and $5.7 million in revenue in the same period a year earlier.
Operating expenses have increased this year in part because of higher personnel costs to support revenue growth, the company said.
AI chips are a growing and crowded market. Cloud providers Amazon, Google and Microsoft have developed their own AI chips. The company said that Group 42, a UAE-based AI firm that counts Microsoft as an investor, accounted for 83% of Cerebras’s revenue last year.
Cerebras’ WSE-3 chip is one example of new silicon from upstarts designed to run and train artificial intelligence.
Cerebras Systems
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 startup’s co-founder and CEO, sold server startup SeaMicro to AMD 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’ Class 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 deal. Citigroup and Barclays are leading the offering.
The biggest investor in Cerebras is venture firm Foundation Capital, followed by Benchmark and Eclipse Ventures. Alpha Wave, Coatue and Altimeter each own at least 5% as well, according to the filing. Other investors include OpenAI CEO Sam Altman and Sun Microsystems co-founder Andy Bechtolsheim. The only individual who owns 5% or more is Feldman.
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Google on Friday made the latest a splash in the AI talent wars, announcing an agreement to bring in Varun Mohan, co-founder and CEO of artificial intelligence coding startup Windsurf.
As part of the deal, Google will also hire other senior Windsurf research and development employees. Google is not investing in Windsurf, but the search giant will take a nonexclusive license to certain Windsurf technology, according to a person familiar with the matter. Windsurf remains free to license its technology to others.
“We’re excited to welcome some top AI coding talent from Windsurf’s team to Google DeepMind to advance our work in agentic coding,” a Google spokesperson wrote in an email. “We’re excited to continue bringing the benefits of Gemini to software developers everywhere.”
The deal between Google and Windsurf comes after the AI coding startup had been in talks with OpenAI for a $3 billion acquisition deal, CNBC reported in April. OpenAI did not immediately respond to a request for comment.
The move ratchets up the talent war in AI particularly among prominent companies. Meta has made lucrative job offers to several employees at OpenAI in recent weeks. Most notably, the Facebook parent added Scale AI founder Alexandr Wang to lead its AI strategy as part of a $14.3 billion investment into his startup.
Douglas Chen, another Windsurf co-founder, will be among those joining Google in the deal, Jeff Wang, the startup’s new interim CEO and its head of business for the past two years, wrote in a post on X.
“Most of Windsurf’s world-class team will continue to build the Windsurf product with the goal of maximizing its impact in the enterprise,” Wang wrote.
Windsurf has become more popular this year as an option for so-called vibe coding, which is the process of using new age AI tools to write code. Developers and non-developers have embraced the concept, leading to more revenue for Windsurf and competitors, such as Cursor, which OpenAI also looked at buying. All the interest has led investors to assign higher valuations to the startups.
This isn’t the first time Google has hired select people out of a startup. It did the same with Character.AI last summer. Amazon and Microsoft have also absorbed AI talent in this fashion, with the Adept and Inflection deals, respectively.
Microsoft is pushing an agent mode in its Visual Studio Code editor for vibe coding. In April, Microsoft CEO Satya Nadella said AI is composing as much of 30% of his company’s code.
The Verge reported the Google-Windsurf deal earlier on Friday.
Jensen Huang, CEO of Nvidia, holds a motherboard as he speaks during the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, on June 11, 2025.
The sale, which totals 225,000 shares, comes as part of Huang’s previously adopted plan in March to unload up to 6 million shares of Nvidia through the end of the year. He sold his first batch of stock from the agreement in June, equaling about $15 million.
Last year, the tech executive sold about $700 million worth of shares as part of a prearranged plan. Nvidia stock climbed about 1% Friday.
Huang’s net worth has skyrocketed as investors bet on Nvidia’s AI dominance and graphics processing units powering large language models.
The 62-year-old’s wealth has grown by more than a quarter, or about $29 billion, since the start of 2025 alone, based on Bloomberg’s Billionaires Index. His net worth last stood at $143 billion in the index, putting him neck-and-neck with Berkshire Hathaway‘s Warren Buffett at $144 billion.
Shortly after the market opened Friday, Fortune‘s analysis of net worth had Huang ahead of Buffett, with the Nvidia CEO at $143.7 billion and the Oracle of Omaha at $142.1 billion.
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The company has also achieved its own notable milestones this year, as it prospers off the AI boom.
On Wednesday, the Santa Clara, California-based chipmaker became the first company to top a $4 trillion market capitalization, beating out both Microsoft and Apple. The chipmaker closed above that milestone Thursday as CNBC reported that the technology titan met with President Donald Trump.
Brooke Seawell, venture partner at New Enterprise Associates, sold about $24 million worth of Nvidia shares, according to an SEC filing. Seawell has been on the company’s board since 1997, according to the company.
Huang still holds more than 858 million shares of Nvidia, both directly and indirectly, in different partnerships and trusts.
Elon Musk meets with Indian Prime Minister Narendra Modi at Blair House in Washington DC, USA on February 13, 2025.
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Tesla will open a showroom in Mumbai, India next week, marking the U.S. electric carmakers first official foray into the country.
The one and a half hour launch event for the Tesla “Experience Center” will take place on July 15 at the Maker Maxity Mall in Bandra Kurla Complex in Mumbai, according to an event invitation seen by CNBC.
Along with the showroom display, which will feature the company’s cars, Tesla is also likely to officially launch direct sales to Indian customers.
The automaker has had its eye on India for a while and now appears to have stepped up efforts to launch locally.
In April, Tesla boss Elon Musk spoke with Indian Prime Minister Narendra Modi to discuss collaboration in areas including technology and innovation. That same month, the EV-maker’s finance chief said the company has been “very careful” in trying to figure out when to enter the market.
Tesla has no manufacturing operations in India, even though the country’s government is likely keen for the company to establish a factory. Instead the cars sold in India will need to be imported from Tesla’s other manufacturing locations in places like Shanghai, China, and Berlin, Germany.
As Tesla begins sales in India, it will come up against challenges from long-time Chinese rival BYD, as well as local player Tata Motors.
One potential challenge for Tesla comes by way of India’s import duties on electric vehicles, which stand at around 70%. India has tried to entice investment in the country by offering companies a reduced duty of 15% if they commit to invest $500 million and set up manufacturing locally.
HD Kumaraswamy, India’s minister for heavy industries, told reporters in June that Tesla is “not interested” in manufacturing in the country, according to a Reuters report.
Tesla is looking to recruit roles in Mumbai, job listings posted on LinkedIn . These include advisors working in showrooms, security, vehicle operators to collect data for its Autopilot feature and service technicians.
There are also roles being advertised in the Indian capital of New Delhi, including for store managers. It’s unclear if Tesla is planning to launch a showroom in the city.