Cerebras refiles IPO

Cerebras has restarted its public listing plans, filing to trade on Nasdaq under the symbol CBRS after pulling its first attempt last year. (cnbc.com) The Sunnyvale, California, company disclosed $510 million in 2025 revenue and $87.9 million in net income in its new filing, versus $290.3 million in revenue and a net loss a year earlier. Reuters reported the earlier IPO was withdrawn in October 2025, days after a fundraise that valued Cerebras at about $8 billion. (cnbc.com) (usnews.com) Cerebras is pitching a different part of the artificial-intelligence hardware market than Nvidia’s training-heavy business. Reuters said the company is focused on inference — the step where a model answers a user’s prompt — and on chips designed to avoid high-bandwidth memory bottlenecks. (usnews.com) That focus is now tied closely to OpenAI. In January, OpenAI said it was partnering with Cerebras to add 750 megawatts of low-latency compute to its platform through 2028 so models can respond faster to users. (openai.com) Cerebras said in its filing, as reported by CNBC, that it had $24.6 billion in remaining performance obligations at the end of 2025. CNBC also reported the OpenAI arrangement calls for 250 megawatts a year from 2026 through 2028, with an option for OpenAI to buy another 1.25 gigawatts through 2030. (cnbc.com) The financing around that deal is unusually tight for a supplier-customer relationship. CNBC reported OpenAI lent Cerebras $1 billion in January at a 6% annual interest rate and received warrants in December to buy up to 33.4 million shares of non-voting Class N stock. (cnbc.com) The company is also trying to move past the issue that helped derail its first listing. Reuters reported that U.S. scrutiny of G42, the Abu Dhabi technology group that was both an investor and a major customer, contributed to the earlier delay; Reuters said Cerebras announced in 2025 that it had obtained clearance from the Committee on Foreign Investment in the United States. (usnews.com) Customer concentration is still visible in the numbers. CNBC reported that G42 accounted for 24% of 2025 revenue, while Mohamed bin Zayed University of Artificial Intelligence, a public institution in the United Arab Emirates, accounted for 62%. (cnbc.com) The listing will test whether public-market investors will pay up for an AI chip company built around faster answers, not just bigger model training runs. Cerebras has filed; the next question is what valuation the market gives that bet. (usnews.com)