GlobalFoundries files for an IPO

Another rumor becomes reality as GlobalFoundries is filing for an initial public offering (IPO). The foundry aims to get listed on the Nasdaq exchange under the symbol GFS. Seeking Alpha writes GlobalFoundries could receive a valuation of around $25 billion.

Despite the massive demand for semiconductor foundry capacity, GlobalFoundries did not manage to turn a profit in the first half of this year. In fact, the company posted a net loss of $301.2 million in the first half of this year. Revenue increased 13 percent year-over-year, to $3.04 billion for the six months ended June 30.

For the six months ended June 30, the company reports net revenues of $3.038 billion (up 12.6% year-over-year), and a net loss that narrowed to $301.2 million from $533.6 million in the same period in 2020. It has $805 million in cash.

A preliminary figure listed in the IPO hints GlobalFoundries aims to raise $1 billion via its IPO.