Cerebras debuts publicly, while 2 new companies file
Cerebras’ near-record IPO
Artificial intelligence chipmaker Cerebras made its highly anticipated public debut on May 14. Founded in 2016, the Sunnyvale, California-based company develops AI compute systems designed for machine learning and high-performance computing applications across enterprise customers. Cerebras has distinguished itself through its wafer-scale processors, among the largest and most powerful AI chips ever built, positioning the company as a notable challenger to semiconductor giant NVIDIA (NASDAQ: NVDA).
Cerebras launched its blockbuster IPO on the Nasdaq under the ticker symbol CBRS, and investor enthusiasm was evident immediately. Shares were initially priced at $185, but opened at $350 before closing the day at $311.07, representing a 68% gain from the offering price. The company sold 30 million shares in its debut, raising approximately $5.55 billion in one of the largest technology IPOs in recent years.1
The company’s growing influence in the AI infrastructure market has been reinforced through partnerships with OpenAI and Amazon Web Services.2 Prior to going public, Cerebras’ Forge Price™ on May 11 stood at $113.50, implying a valuation of $29.26 billion. Following its first day of trading on the Nasdaq, the company reached a market capitalization of approximately $95 billion.3
2 new companies enter the league of potential IPOs
The past several weeks have seen two companies take major steps toward their long-anticipated public debuts. San Francisco-based Lime, the electric bike and scooter rental company, recently filed for an initial public offering and plans to list on the Nasdaq under the ticker symbol LIME.4
Founded in 2017, Lime is notably backed by ridesharing giant Uber. A strategic partnership between the two companies allows users to rent Lime bikes and scooters directly through Uber’s platform. In its recent S-1 filing, Lime disclosed strong and consistent revenue growth, reporting $521 million in revenue in 2023, $686 million in 2024, and $886 million last year.5
News of Lime’s planned IPO was soon followed by Broomfield, Colorado-based Quantinuum filing for its own public offering.6 Founded in 2021, Quantinuum focuses on quantum computing technologies designed to advance computing capabilities across industries including healthcare, cybersecurity, energy, drug discovery and climate science.
According to the company’s S-1 filing, Quantinuum, backed by Honeywell International, generated $30.9 million in revenue last year. The company plans to list on the Nasdaq under the ticker symbol QNT and is reportedly targeting a valuation of approximately $20 billion.7
Both Lime and Quantinuum are entering an increasingly crowded pipeline of highly anticipated IPO candidates. Several notable private companies, including data security provider Cohesity, cryptocurrency exchange Kraken, social media platform Discord and enterprise logistics firm Motive, have also recently signaled intentions to pursue public offerings, according to Forge’s tech IPO calendar.
Lime’s 2020 fundraising round raised $85 million and valued the company at approximately $510 million post-money. Its investors include Uber, Bain Capital Ventures, Fifth Wall Ventures and Andreessen Horowitz.
Quantinuum’s 2024 funding round raised $300 million and valued the company at $5 billion. The round included participation from JPMorgan Chase, Mitsui & Co., Amgen and Honeywell.8
