Arm, SoftBank Said to Have Tried to Buy Cerebras Before IPO (1)

Arm Holdings Plc and majority owner SoftBank Group Corp. made an approach to acquire Cerebras Systems Inc., the AI computing firm, weeks before its expected initial public offering, according to people familiar with the matter.

UK-based Arm and its parent expressed preliminary interest in acquiring Cerebras, an approach that was rebuffed, said the people, who asked not to be identified because the discussions were private.

Representatives for SoftBank, Arm and Cerebras declined to comment.

Cerebras is due to price its shares Wednesday in an IPO that could value it at around $34 billion. It’s been guiding prospective investors that ...