Chipmaker Astera Labs files to go public in the U.S

Chipmaker Astera Labs had filed for an initial public offering (IPO) in the United States.

In a filing on Wednesday, Astera Labs revealed its loss narrowed in 2023. The chip maker is going at a time companies powering the boom in artificial intelligence are rallying wildly.

Astera and its existing investors, that include private equity firm Sutter Hill Ventures and Fidelity Management and Research, will be selling shares in the offering.

Astera reported a net loss of $26.3 million in 2023, compared with a loss of $58.3 million a year earlier while its annual revenue jumped 44.9% to $115.8 million.

Astera has collaborations with data center infrastructure suppliers such as Nvidia, Advanced Micro Devices, and Intel among others.

Astera will list its shares on the Nasdaq Global Select Market. Morgan Stanley and J.P. Morgan Securities are the lead underwriters for the offering.

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