Cerebras is currently heavily backed by the Emirati government's sovereign wealth fund.

VCs offer cash on different terms than the public does. This just means Cerebras believes it can get capital more cheaply (or on otherwise better terms) than it can from VCs.

That might mean VCs are turning them down, yeah, but that’s just one of many possible factors into “where do we raise money”

I don’t think that’s been a problem. I’ve been following the pre IPO market on them for a while and pretty much any shares at a 7b valuation have been snapped up pretty much same day