Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Cerebras Systems  / Equity Capital Markets

Cerebras Systems Inc. manufactures computer hardware products. The Company develops computing chips with the sole purpose of accelerating AI. Cerebras System serves customers in the United States and Canada.

<ul>
<li>Cerebras Systems, a fast-growing maker of wafer-scale AI chips, which power the world’s largest supercomputers, will reveal IPO terms soon.</li>
<li>Given the company’s hyper-growth trajectory, $1B+ deal with UAE’s G42 and unique architecture, I expect Cerebras Systems is likely to get a premium valuation.  </li>
<li>The AI company plans to raise up to $1B while selling stockholders will offer additional Class A shares in this IPO.</li>
</ul>


Cerebras Systems, a fast-growing maker of wafer-scale AI chips, which power the world’s largest supercomputers, will reveal IPO terms soon.
Given the company’s hyper-growth trajectory, $1B+ deal with UAE’s G42 and unique architecture, I expect Cerebras Systems is likely to get a premium valuation.  
The AI company plans to raise up to $1B while selling stockholders will offer additional Class A shares in this IPO.


Cerebras IPO Valuation Analysis: A Sky-High Valuation Will Not Last For Long

<ul>
<li>Cerebras Systems, a high-growth Ai chip maker and hardware company that builds AI supercomputers with scalable architecture, has filed for an IPO on the Nasdaq.</li>
<li>The AI company plans to raise up to $1B in upcoming IPO. Citigroup and Barclays are the lead bankers on the offering. </li>
<li>Cerebras Systems may become the biggest disruptor since NVIDIA. The company’s growth is exceptionally high for any AI chip maker.</li>
</ul>


Cerebras Systems, a high-growth Ai chip maker and hardware company that builds AI supercomputers with scalable architecture, has filed for an IPO on the Nasdaq.
The AI company plans to raise up to $1B in upcoming IPO. Citigroup and Barclays are the lead bankers on the offering. 
Cerebras Systems may become the biggest disruptor since NVIDIA. The company’s growth is exceptionally high for any AI chip maker.


Cerebras IPO Preview: Does The Size Matter? Top-Tier VC Investors and $1B+ Deal With UAE’s G42

Upstream Bio, Inc. operates as a clinical-stage biotechnology company. The Company focuses on developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders. Upstream Bio serves customers in the United States.

<ul>
<li>Upstream Bio, a biotech company focused on developing therapeutics that address severe asthma, CRSwNP and COPD, will price its IPO in October.</li>
<li>Upstream Bio has raised ~$400M to date. Their last round was a $200M Series B led by private equity firm Enavate Sciences and Venrock Healthcare Capital Partners.</li>
<li>My DCF analysis suggests that Upstream Bio's core U.S. business (ex. COPD) may be worth ~$1.8B. The severe asthma and CRSwNP markets represent a potential $10B+ opportunity.</li>
</ul>


Upstream Bio, a biotech company focused on developing therapeutics that address severe asthma, CRSwNP and COPD, will price its IPO in October.
Upstream Bio has raised ~$400M to date. Their last round was a $200M Series B led by private equity firm Enavate Sciences and Venrock Healthcare Capital Partners.
My DCF analysis suggests that Upstream Bio's core U.S. business (ex. COPD) may be worth ~$1.8B. The severe asthma and CRSwNP markets represent a potential $10B+ opportunity.


Upstream Bio Valuation Summary, DCF Analysis Suggests U.S. Business (Ex. COPD) Is Worth ~$1.8B

<ul>
<li>Upstream Bio, a clinical-stage biotech company developing novel therapies for inflammatory and allergic diseases, filed for an IPO in the United States.</li>
<li>The biotech firm was backed by premier investors, including OrbiMed, Access Industries, Maruho Co., Samsara BioCapital, Omega Funds, and Enavate Sciences, among others.</li>
<li>I believe that company’s lead compound, verekitug (UPB-101), has a broader commercial opportunity than many investors appreciate.</li>
</ul>


Upstream Bio, a clinical-stage biotech company developing novel therapies for inflammatory and allergic diseases, filed for an IPO in the United States.
The biotech firm was backed by premier investors, including OrbiMed, Access Industries, Maruho Co., Samsara BioCapital, Omega Funds, and Enavate Sciences, among others.
I believe that company’s lead compound, verekitug (UPB-101), has a broader commercial opportunity than many investors appreciate.


Upstream Bio IPO Preview: Severe Asthma/CRSwNP Program Advancing

Equity Bottom-Up

<ul>
<li>Webtoon Entertainment, a Korean the world’s largest digital comics platform, has successfully completed IPO and private placement in June.</li>
<li>The NAVER-backed storytelling platform has raised ~$359M and priced its IPO and concurrent private placement at $21.00 per share, at the top end of price range.  </li>
<li>However, Webtoon Entertainment shares significantly underperformed with shares down ~48% below IPO offer price.</li>
</ul>


Webtoon Entertainment, a Korean the world’s largest digital comics platform, has successfully completed IPO and private placement in June.
The NAVER-backed storytelling platform has raised ~$359M and priced its IPO and concurrent private placement at $21.00 per share, at the top end of price range.  
However, Webtoon Entertainment shares significantly underperformed with shares down ~48% below IPO offer price.


Webtoon Entertainment: A Weakening USD Will Give A Lift To 3Q Earnings, Founder Picked Up 42K Shares

A highly collaborative investment professional and research analyst with 10+ years of international experience in equity research, treasury operations, and trading positions across multiple asset classes at leading multinational banks Citibank and Morgan Stanley, UHNWI-backed family office and European independent equity research firm. A respectable background in equity capital markets, corporate treasury, investment banking operations, equity research analysis and portfolio management.

Andrei Zakharov
Covering IPOs, Healthcare and Technology Stocks

Cerebras IPO Valuation Analysis: A Sky-High Valuation Will Not Last For Long

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Cerebras IPO Preview: Does The Size Matter? Top-Tier VC Investors and $1B+ Deal With UAE’s G42

Cerebras Systems, a manufacturer of the largest AI chip ever built and hardware company that launched supercomputers in the United States, filed...

Andrei Zakharov

Upstream Bio Valuation Summary, DCF Analysis Suggests U.S. Business (Ex. COPD) Is Worth ~$1.8B

In my insight, I discuss DCF valuation for biotech company Upstream Bio ahead of upcoming IPO, which is expected to be priced in October

Andrei Zakharov

Upstream Bio IPO Preview: Severe Asthma/CRSwNP Program Advancing

Upstream Bio, a clinical-stage biotech company focused on severe asthma, CRSwNP, COPD, filed for US IPO. Their ex-Astellas monoclonal antibody,...

Andrei Zakharov

Webtoon Entertainment: A Weakening USD Will Give A Lift To 3Q Earnings, Founder Picked Up 42K Shares

​Webtoon Entertainment shares look undervalued after sell-off while a weakening U.S. Dollar will give a lift to 3Q earnings coupled with active...

Andrei Zakharov

Webtoon Entertainment shares look undervalued after sell-off while a weakening U.S. Dollar will give a lift to 3Q earnings coupled with active...