Cerebras, a US-based AI chipmaker, has raised US$1.1 billion in funding, valuing the company at US$8.1 billion.

The company builds chips and cloud services for AI models, competing with Nvidia in the growing AI hardware market.

Cerebras filed for an IPO in 2024 but remains private, with CEO Feldman saying the priority is securing capital for growth.

Investors in the latest round include 1789 Capital, Alpha Wave, Altimeter, Atreides, Benchmark, Fidelity, Tiger Global, and Valor Equity Partners.

The company faced scrutiny over its ties to Middle Eastern firm G42 but continues to expand, generating an estimated US$70 million in Q2 2024 revenue and planning to scale US manufacturing and hiring.

🔗 Source: CNBC