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☆ ServiceTitan pops to $101 in cloud software vendor's Nasdaq debut after selling shares at $71
▼ + stars: | 2024-12-12 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

ServiceTitan shares popped 42% in their Nasdaq debut on Thursday after the provider of cloud software to contractors raised around $625 million in its IPO. Based on its IPO price, the company's market cap was about $6.3 billion. ServiceTitan is the first significant venture-backed tech company to go public since Rubrik's debut in April. While late-stage startups have been reluctant to take the public market leap, investors are showing a growing appetite for tech. ServiceTitan's preliminary results for the October quarter show a net loss of about $47 million on $198.5 million in revenue.

Persons: Vahe Kuzoyan, Reddit, Chipmaker Cerebras, Klarna, ServiceTitan, Meritech Capital, Ara, SeviceTitan, Stifel's Seth Rubin Organizations: Nasdaq, ServiceTitan, New York Stock Exchange, Treasury, Foreign Investment, SEC, Apple, Meritech, Bessemer Venture Partners, TPG, Computing Fund Locations: New York City, U.S, Glendale , California, annualized billings, Ara Mahdessian

☆ ServiceTitan prices IPO at $71, above expected range, after slow stretch for tech offerings
▼ + stars: | 2024-12-11 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

ServiceTitan, a provider of cloud software to contractors, priced its IPO at $71 a share on Wednesday, above the expected range. ServiceTitan sold 8.8 million shares in the offering, which would amount to a raise of almost $625 million. At the IPO price, ServiceTitan is worth about $6.3 billion. In March of this year, social network Reddit went public, followed by data management company Rubrik the following month. ServiceTitan's preliminary results for the October quarter show a net loss of about $47 million on $198.5 million in revenue.

Persons: ServiceTitan, chipmaker Cerebras, Vahe Kuzoyan, Ara, Mahdessian's, Mitchell Green Organizations: Nasdaq, Technology, Federal Reserve, Meritech, Bessemer Venture Partners, TPG, Los Angeles Times Locations: Glendale , California

☆ Cloud software company ServiceTitan files to go public on Nasdaq
▼ + stars: | 2024-11-18 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

ServiceTitan, a company that sells software to contractors such as plumbers and roofers, on Monday filed to go public on the Nasdaq under the ticker symbol "TTAN." The filing suggests that investors could be getting more interested in next-generation software companies. Based in Glendale, California, ServiceTitan offers cloud software for advertising, scheduling jobs, dispatching, producing invoices and taking payments. ServiceTitan's revenue growth rate will stand out for people investing in cloud stocks, who have seen rates sag with few new public companies in the sector. The average growth rate for Bessemer's Nasdaq Emerging Cloud Index, the basis for the WisdomTree Cloud Computing Fund, is 16.6%.

Persons: chipmaker Cerebras, Ara Mahdessian, Vahe Kuzoyan, Goldman Sachs, Morgan Stanley, Wells, Adena Friedman Organizations: Nasdaq, Revenue, Computing Fund, Investors, Battery Ventures, Bessemer Venture Partners, Iconiq, TPG, SAP, Citigroup, underwriters Locations: U.S, Glendale , California, Wells Fargo

Valued at $4 billion in 2021, Cerebras is reportedly seeking to roughly double that in its IPO. The customer, G42, is backed by Microsoft , and it's entirely responsible for the $1.43 billion purchase commitment. G42 can pick up $500 million more in Cerebras shares if it commits to spend $5 billion on the company's computing clusters. The major Wall Street banks, for their part, are finding other ways to play in the burgeoning AI infrastructure market. Fitch, who said he sold out of his Nvidia stock years ago, told CNBC that the benefits outweigh the risks.

Persons: Andrew Feldman, Ramsey Cardy, Cerebras, —, David Golden, it's, prepayment, CFIUS, Mike Gallagher, Gina Raimondo, Goldman Sachs, Morgan Stanley, JPMorgan Chase, Young, There's, Peter Thiel, Eva Marie Uzcategui, there's, Thiel, Jim Fitch, Fitch, Feldman Organizations: Cerebras Systems, Nvidia, Revolution Ventures, JPMorgan Chase, Microsoft, AstraZeneca, GlaxoSmithKline, Mayo Clinic, Treasury, Foreign Investment, Reuters, Chinese Communist Party, JPMorgan, Citigroup, Barclays, BDO, KPMG, Deloitte, Ernst, Riverstone Networks, CoreWeave, Clarium Capital Management LLC, Bloomberg, Getty, Mizuho Securities, Venture, CNBC, Devices Locations: Toronto, U.S, Sunnyvale , California, Abu Dhabi, China, Miami , Florida, Los Angeles, Florida

☆ CNBC Daily Open: Markets just had an expectations-defying month
▼ + stars: | 2024-10-01 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Winning month and quarterU.S. markets rose on Monday to finish a winning month and quarter. In a filing, Cerebras reported a net loss of $127.2 million on revenue of $78.7 million for 2023. Markets predict measured response from IranIsrael has escalated fighting with Lebanese militia group Hezbollah, hitting Iran's proxy network across the Middle East.

Persons: Tesla, Jerome Powell, Powell, Cerebras, Michael Santoli Organizations: CNBC, . Federal, National Association for Business Economics, Nvidia, Systems, Nasdaq, Lebanese, Hezbollah Locations: Milan, Stellantis, Iran Israel, Iran, U.S, Beijing

☆ CNBC Daily Open: Markets defied expectations last month
▼ + stars: | 2024-10-01 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange during morning trading on May 24, 2024 in New York City. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Winning month and quarterU.S. markets rose on Monday to finish a winning month and quarter. While that may remind investors of the 2015 bubble, when the Chinese stock market doubled in value over six months, analysts think things are different this time.

Persons: Tesla, Jerome Powell, Powell, Cerebras, Stocks Organizations: New York Stock Exchange, CNBC, Nikkei, . Federal, National Association for Business Economics, Nvidia, Systems, Nasdaq, CSI, CNBC Pro Locations: New York City, Asia, Pacific, China, Hong Kong, South

Andrew Feldman, co-founder and CEO of Cerebras Systems, speaks at the Collision conference in Toronto on June 20, 2024. Cerebras competes with Nvidia , whose graphics processing units are the industry's choice for training and running AI models. In addition to selling chips, Cerebras offers cloud-based services that rely on its own computing clusters. For the full year of 2023, Cerebras reported a net loss of $127.2 million on revenue of $78.7 million. Cloud providers Amazon , Google and Microsoft have developed their own AI chips.

Persons: Andrew Feldman, Cerebras Organizations: Cerebras Systems, Systems, Nasdaq, Cerebras, Nvidia, Google, Microsoft Locations: Toronto, UAE

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