Cerebras Raises $1 Billion in Funding at $23 Billion Value

AI chip provider Cerebras Systems Inc. has raised about $1 billion in a new funding round, bolstering the company’s efforts to compete with Nvidia Corp.

The financing values the firm at $23 billion, including the money raised, cementing it as one of the most valuable closely held firms ahead of an expected IPO. The funding was led by Tiger Global Management, with participation from other investors, including Benchmark, Fidelity Management & Research Co., and Advanced Micro Devices Inc.