Fidelity in Talks to Lead Cerebras $1 Billion Funding Round (1)

Fidelity Investments is in talks to lead Cerebras Systems Inc.’s latest private funding round, according to people familiar with the matter.

The Sunnyvale, California-based chipmaker is seeking to raise about $1 billion in the round, and is working with Citigroup Inc. on the deal, the people said, asking not to be identified as the information isn’t public. Fidelity could invest as much as $500 million in the deal, one of the people said.

Deliberations are ongoing and details of the offering, including size and timing, may change, the people said. Cerebras’ funding round and size were previously reported by ...