Cerebras Systems, an AI chipmaking company, is experiencing additional delays in its initial public offering (IPO) due to an ongoing national security review. The company had previously announced plans to go public in September 2024. A $335 million investment by Abu Dhabi’s G42 was the catalyst for the review. G42 is an Abu Dhabi-based AI holding company, known for its close connections to the Chinese tech giant Huawei.
Nonetheless, Cerebras had hoped for a more positive review climate from the incoming Trump administration — conditions that would hasten review and maybe even clear brainy ground. The national security review has since gone on to further drag out the process, delaying the eventual public listing they’ve long planned to make.
That review’s delay is made all the more problematic by the absence of critical players from the U.S. government’s stage. As it is now, the position of assistant Treasury secretary for investment security hasn’t been filled. This role is particularly important. Commerce also oversees the Committee on Foreign Investment in the United States (CFIUS), which recently blocked transactions like Cerebras’ planned investment from G42.
Yet the White House has had a hard time filling the multitude of vacancies. This has not only left the reviewing department significantly understaffed, it has delayed the entire evaluation process. When faced with such challenges, many companies would retreat, but Cerebras has doubled down on their ongoing efforts to help navigate the tricky waters.
TechCrunch has followed up with Cerebras on the cause of the recent delays, but has not yet received a statement in return. Naturally, the company has not released comment on the current state of their IPO. They did not announce any future plans.
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