Cerebras Withdraws IPO to Revise Prospectus

Cerebras Systems abruptly withdrew its planned U.S. IPO filing days after completing a $1.1 billion Series G that valued the company at about $8.1 billion. CEO Andrew Feldman said the company still intends to go public but pulled its S-1 so it can update the prospectus and reflect significant changes to the business, including an expanded cloud-services strategy. Filings highlight material risks, notably heavy customer concentration — Group 42/G42 accounted for more than 80% of revenue in 2023–H1 2024 — and a prior U.S. national-security review of a G42 investment. Cerebras, maker of the wafer-scale WSE-3 AI chip, counts customers such as Mistral AI and the Mayo Clinic. The company asked the SEC to withdraw the filing and credit registration fees for future use while it readies revised financials and strategy for a refile. Investors in the recent round include Fidelity, Atreides, Tiger Global, Valor Equity Partners and 1789 Capital.