00:00My assessment of where Cerebris is, is that you claim that the technology is as competitive or better than what NVIDIA systems offer,
00:09and you are aggressively building out that infrastructure, and you are doing deals with end customers.
00:16In the context of this funding round, what's your priority here?
00:20Sure, I think it's not just what we think.
00:24I think every third-party benchmark has shown that we are ordered 20 times faster than NVIDIA GPUs for inference work.
00:35So that's for the using of AI.
00:38And so this is the largest and sort of fastest growing part of the market.
00:43So we want it to fuel our continued extraordinary growth.
00:48And so we're going to use this money to double our manufacturing capacity we manufacture in the U.S.,
00:56and we're going to double in the U.S., to extend our footprint, more data centers, so we can support more customers.
01:04And those are in the U.S. as well.
01:07Okay.
01:07And to continue to invest behind our pioneering technology, which has sort of solved problems that were open for 75 years in the compute industry.
01:19Andrew, to what extent are you supply constrained?
01:22In other words, you have all of these customers.
01:24Are you having to choose who gets first dibs when some capacity comes online?
01:29Right now, one of the most challenging components is to get access to data centers.
01:38And those are some of the massive contracts you discussed in your previous segment with CoreWeave that they're providing to the likes of Meta.
01:46Meta is also one of our customers.
01:48But the ability to stand up and deliver data centers filled with our gear so that our customers can enjoy the benefit of the fastest inference through the cloud is one of the limiting factors right now.
02:05You've got, what, five new data centers just in the course of 2025.
02:09Looking at Dallas, Oklahoma City, looking at Santa Clara.
02:12What's really interesting, Andrew, is that where are you building?
02:16Are you literally going out there building?
02:18Are you just trying to win future relationships with a CoreWeave so that they take your compute rather than that of NVIDIA?
02:25Well, I think we are renters of data centers.
02:29We are not builders of data centers.
02:31And so we partner with those who own the real estate and those who stand up the facility.
02:39We fill the facility, we rent the facility, and then fill it with our infrastructure.
02:44And that infrastructure is then used by customers around the world, either by the day, by the month, by the token, to get their fast AI.
02:58And so I think that's the way we think about it, Carolyn.
03:02Andrew, we think about your customers and you're mentioning the likes of Meta.
03:06I'm interested in also where the money has been coming from for this round, because I noticed that one of your key backers of the past isn't on the list, it seems.
03:15G42, key investor in previous, and, of course, Middle Eastern-based relationships, potentially CEO with China.
03:21And that's been an issue for CFIUS in particular, if you wanted to IPO.
03:25Have you decided not to take money from them this time?
03:27No, that wasn't the situation at all.
03:31I think it is very common in your dash to get to being public to raise a late-stage round from public market investors.
03:46Our round was led by Fidelity and Atreides.
03:52It included Tiger Global, Valor, 1789.
03:57It included Alpha Wave, all of whom have large and predominant public market practices.
04:05And so I think this was a round that was aimed at a different class of investor.
04:10We are continuing to collaborate with G42.
04:15They are our strategic partner.
04:17We are building enormous clusters in the U.S. for them.
04:23We are training models.
04:24We are serving models, including one that they built in partnership with their leading university in the UAE, MBZ UAI.
04:32So that partnership remains rock solid.
04:37Andrew, quickly then, the obvious question is, does your ongoing association with G42 preclude you from pushing forward with an investment based on the history of the CFIUS review?
04:48Oh, not at all.
04:50Not at all.
04:51I think each investor has their own appetite by stage.
04:56And what we found in this round was that the lead investors had a very large appetite.
05:03And so we were able to meet that appetite.
05:06We cleared CFIUS in March.
05:10And so there is nothing blocking the IPO.
05:15Also, when, Andrew, when?
05:18In mid-March, we cleared CFIUS.
05:19No, but when will you IPO, dare we ask?
05:24Yeah, that's the big question.
05:25I appreciate you asking.
05:27And as you also know, I'm unable to tell you with S1 on file, but I appreciate it.
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