Cerebras Files IPO

Cerebras filed for a U.S. initial public offering on April 17, reviving listing plans after pulling an earlier filing in 2025. (sec.gov) The Sunnyvale, California, company said it plans to list on Nasdaq under the symbol CBRS, with Morgan Stanley, Citigroup, Barclays, and UBS as lead book-running managers. Cerebras has not yet set a share count or price range. (cerebras.ai) Cerebras reported $510 million in 2025 revenue and $87.9 million in net income, after a $485 million net loss in 2024, according to its filing. CNBC reported the company’s revenue grew nearly 76% last year. (cnbc.com) The company sells artificial-intelligence chips, but its pitch is not a standard graphics processor. Cerebras says its Wafer-Scale Engine 3 is a single giant chip built to run AI models faster by keeping compute, memory, and bandwidth together instead of spreading work across many smaller chips. (openai.com) That speed pitch has turned into distribution deals. Amazon Web Services said on March 13 that it would deploy Cerebras CS-3 systems in AWS data centers and make the service available through Amazon Bedrock in the coming months. (press.aboutamazon.com) OpenAI announced on January 14 that it was partnering with Cerebras to add 750 megawatts of low-latency AI compute through 2028. Cerebras said the capacity would come online in multiple tranches and be used for inference, the step where a trained model generates answers. (openai.com) The relationship appears larger in the filing than in the first announcement. CNBC reported the S-1 says OpenAI loaned Cerebras $1 billion in January, received warrants to buy stock, and can buy an additional 1.25 gigawatts of compute through 2030, with the expanded arrangement worth more than $20 billion. (cnbc.com) The filing also shows Cerebras is still concentrated in a small number of customers. CNBC reported Mohamed bin Zayed University of Artificial Intelligence accounted for 62% of 2025 revenue, while G42, the Abu Dhabi-based customer that drew U.S. scrutiny in the earlier IPO attempt, accounted for 24%. (cnbc.com) TechCrunch reported Cerebras raised a $1.1 billion Series G in 2025 at an $8.1 billion valuation. The public filing now gives investors a fuller test of whether revenue, cloud placement, and named customers can outweigh the risks of customer concentration and heavy infrastructure spending. (techcrunch.com)