Cerebras IPO filing

Cerebras filed to go public on April 17, reopening its Nasdaq listing plan after pulling its first attempt last year. (cerebras.ai; sec.gov) The Sunnyvale company said it plans to list under the ticker CBRS, with Morgan Stanley, Citigroup, Barclays and UBS leading the offering. Cerebras has not yet disclosed how many shares it will sell or the price range. (cerebras.ai) Cerebras reported $510 million in 2025 revenue and $87.9 million in net income, after revenue grew nearly 76% from 2024, according to CNBC’s account of the filing. TechCrunch reported a different profit figure that excluded one-time items and said the company posted a non-GAAP loss of $75.7 million. (cnbc.com; techcrunch.com) Cerebras makes chips for artificial intelligence workloads, but its pitch is not just raw computing power. It sells speed on the part of inference that generates each next token, the step users feel as response time in chatbots and coding tools. (cerebras.ai; cerebras.ai) That is where Amazon Web Services comes in. On March 13, Amazon and Cerebras said AWS would deploy Cerebras CS-3 systems in AWS data centers and offer the service through Amazon Bedrock, with AWS Trainium handling the “prefill” step and Cerebras handling “decode.” (aboutamazon.com; cerebras.ai) The filing also put numbers on Cerebras’ OpenAI relationship. CNBC reported the contract requires Cerebras to make 250 megawatts of computing capacity available each year from 2026 through 2028, with options that could extend purchases through 2030. (cnbc.com) CNBC also reported that OpenAI loaned Cerebras $1 billion in January at a 6% annual interest rate and received warrants that vest fully only if OpenAI buys 2 gigawatts of computing power. TechCrunch, citing earlier reporting, said the OpenAI deal was worth more than $10 billion. (cnbc.com; techcrunch.com) The customer mix in the filing shows why investors will read the contract terms closely. CNBC said 62% of 2025 revenue came from Mohamed bin Zayed University of Artificial Intelligence in the United Arab Emirates, while G42’s share fell to 24% after accounting for 87% of revenue in the first half of 2024. (cnbc.com) Cerebras’ first public-market run ended under federal scrutiny of its ties to Abu Dhabi-based G42. TechCrunch said that review delayed the 2024 offering, and the company formally withdrew the old S-1 on October 3, 2025, saying it did not intend to proceed “at this time.” (techcrunch.com; sec.gov) The new filing lands with more commercial proof than the old one had: a cloud distribution deal with AWS, a large OpenAI commitment, and a faster-growing revenue base. The next test is whether public investors will pay for a chip company arguing that AI customers will buy a mix of hardware, not just Nvidia systems. (cerebras.ai; aboutamazon.com; techcrunch.com)