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Cerebras IPO Delayed as US National Security Review Continues

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Cerebras Systems, a California-based AI chipmaker, has experienced further delays in its highly anticipated IPO due to an ongoing national security review by the Committee on Foreign Investment in the United States (CFIUS), sources familiar with the matter confirmed. The delay comes as the company waits for the White House to fill key positions and for CFIUS to conclude its review of a $335 million investment from Abu Dhabi-based cloud computing and AI company G42.

The delay marks a significant hurdle for Cerebras, which has been seeking to go public despite the uncertainty surrounding the approval of G42’s investment. G42’s past ties to China, particularly its connection to Huawei, have drawn scrutiny in Washington. However, the deal had appeared poised for approval late last year before the change in U.S. leadership.

CFIUS, which reviews foreign investments for national security risks, remains cautious about deals involving foreign companies with Chinese links. With the Biden administration’s expansion of CFIUS enforcement, corporate executives have found the regulatory environment less conducive to dealmaking than initially expected.

Despite the ongoing review, Cerebras executives remain optimistic that the investment will eventually be approved, and they intend to proceed with the IPO once the regulatory process is completed. The company’s valuation has nearly doubled since G42’s investment commitment last year, and the IPO remains a crucial step for Cerebras in securing funding for its future growth.

Klarna IPO Sparks Optimism for British Fintech Listings

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Klarna’s upcoming initial public offering (IPO) on the New York Stock Exchange is fueling hopes for a resurgence in British fintech IPOs after a slowdown in new technology listings. The Stockholm-based company, best known for its buy-now, pay-later services, filed to float publicly this month in its second attempt at listing after an earlier setback in 2021. The fintech giant, which faced valuation cuts during the economic downturn, is now expected to be valued at at least $15 billion when its IPO prices in the first half of April.

The success of Klarna’s IPO could be a catalyst for other fintech companies considering public listings. James Wootton of Linklaters noted that a successful listing would encourage other businesses to consider IPOs as a strategy for growth or liquidity.

While fintech IPO activity has cooled since the post-pandemic boom of 2021, Klarna’s listing has sparked optimism among investors and executives. Tim Levene of Augmentum sees Klarna’s IPO as a potential turning point for fintech, especially for companies such as Monzo, Starling, Zilch, and Ebury, which are contemplating their own future listings.

Despite some companies being ready, market conditions remain uncertain, with firms like Zopa and Revolut still monitoring the landscape before making moves. The debate over where to list—whether in the U.S. or the UK—is intensifying, particularly for companies like Monzo that are weighing their options.

Nvidia-Backed CoreWeave Targets $32 Billion Valuation in AI-Focused IPO

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CoreWeave, a cloud services provider backed by Nvidia, is targeting a valuation of up to $32 billion in its upcoming initial public offering (IPO) in the United States. The company aims to capitalize on strong demand for generative artificial intelligence (AI), marking a crucial moment for the revival of the U.S. IPO market. This listing is also seen as a key gauge of investor appetite for new entrants in the AI sector, which has driven stock market gains in recent years.

CoreWeave plans to sell 49 million shares, priced between $47 and $55 each, aiming to raise as much as $2.7 billion. In addition to its IPO, the company has secured significant AI partnerships, including an $11.9 billion infrastructure deal with OpenAI, the creator of ChatGPT. As part of the IPO, CoreWeave will issue $350 million worth of shares to OpenAI in a private placement.

The company, which provides data center access and high-powered chips primarily from Nvidia, is aiming for a valuation of $26 billion to $32 billion, based on the IPO’s share pricing range. Nvidia, which currently owns 5.96% of CoreWeave’s Class A shares, will see its stake reduce to 5.05% post-offering.

CoreWeave’s IPO is considered a litmus test for the broader AI sector and the future of specialized data centers versus traditional cloud giants. If the IPO performs well, it could signal renewed confidence in IPOs, while a weak showing may raise concerns about investor appetite despite improving market conditions.