Cerebras CEO Andrew Feldman admitted that his artificial intelligence chipmaker made a mistake last week when it didn’t immediately explain its decision to withdraw its registration for an initial public offering.
In a LinkedIn post late Sunday, Feldman wrote that the company still wants to go public but has changed significantly since its initial filing a year ago. Cerebras wants to revise parts of its prospectus before selling shares to the public.
“Given that the business has improved in meaningful ways we decided to withdraw so that we can re-file with updated financials, strategy information including our approach to this the [sic] rapidly changing AI landscape,” Feldman wrote.
Days before filing its withdrawal notice on Friday, Cerebras announced a $1.1 billion funding round at a valuation of $ 8.1 billion. Some of the investors in the new round, including Tiger Global and 1789 Capital, where Donald Trump Jr. is a partner, weren’t named in the 2024 filing, he added.
“We made this call because it’s in the best interest of our investors, partners, and team — and it will allow potential investors to better understand the value of the business when we enter the public markets,” Feldman wrote, without providing a timeline for a new filing.
