20VC: Cerebras CEO on Why Raise $1BN and Delay the IPO | NVIDIA Showing Signs They Are Worried About Growth | Concentration of Value in Mag7: Will the AI Train Come to a Halt | Can the US Supply the Energy for AI with Andrew Feldman
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 693 Ratings
🗓️ 6 October 2025
⏱️ 65 minutes
🧾️ Download transcript
Summary
Andrew Feldman is Co-Founder & CEO of Cerebras, building the world's fastest AI inference and training. Cerebras recently closed a $1.1BN Series G round at an $8.1 billion valuation, backed by top names including Fidelity, Atreides, Tiger Global, Valor Equity and 1789 Capital. Under his leadership, they've leapfrogged GPU limits in inference, operate at trillions of tokens per month, and are filing to go public soon.
AGENDA:
02:43 Why We Did Not IPO and Raised $1BN From Fidelity
05:03 Analysis of Chip and Compute Landscape Today
07:14 NVIDIA Showing Signs They Are Running Out of Ideas
13:57 The Real Questions to Ask on Chip Depreciation
24:54 Energy Requirements for AI: Is it Feasible?
29:25 Mag7 Value Concentration: Feature or a Bug
31:57 Talent is the Bottleneck and Trump Makes it Worse
32:55 The War for Talent: Secrets No One Sees
34:22 Evaluating the Data Centre Economy: Many Will Lose Money
38:01 Three Changes the US Could Make to Beat China in AI
42:30 Why 80% of our Revenues are in the UAE
47:26 Quick Fire Questions
58:59 Why Work Life Balance is Total BS
Transcript
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| 0:00.0 | Things are moving at a rate that six, eight, 12 months out, everybody's unsure. |
| 0:03.9 | It's so fast. |
| 0:05.3 | It's so big. |
| 0:06.8 | There is unbelievable demand and nobody knows where it will go in the future. |
| 0:11.1 | The question of depreciation is how much faster are future generations than the current generation? |
| 0:15.6 | That's the actual question on depreciation. |
| 0:18.0 | People often say we don't have enough power in the US, and this is |
| 0:21.7 | strictly wrong. We have plenty of power. It's in the wrong places. Risk comes in financial markets |
| 0:27.5 | where people fundamentally underestimate risk. No company ever went bankrupt by paying extraordinary |
| 0:34.2 | people too much. This is 20VC with me, Harry Stebbings, and I am so excited for the show today. |
| 0:39.3 | Following our blockbuster episode with Jonathan Ross at Grok last week, |
| 0:42.8 | I'm so excited to welcome another leader in the space today |
| 0:46.1 | in the form of Andrew Feldman, co-found and CEO of Cerebrus, |
| 0:50.2 | building the world's fastest AI inference and training. |
| 0:53.4 | Now, Cerebrus recently closed a $1.1 billion series G round at an $8.1 billion valuation, |
| 1:01.2 | with names like Fidelity, Tiger, Valor, and others included in the round. |
| 1:06.2 | They've leapfrog GPU limits, operated trillions of tokens per month, |
| 1:10.4 | and are filing to go public very soon. |
| 1:13.6 | This was an incredible discussion. I'm so grateful to Andrew for his friendship and I hope you enjoy the show. |
| 1:19.3 | But before we dive into the show stay, I love seeing the team come together to make this show happen. |
| 1:24.2 | What I don't love is trying to keep track of all the information, the data and |
| 1:27.8 | the projects that we're working on across dozens of platforms, products and tools. That's why we use |
... |
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