Cerebras Systems files for IPO after landing $20 billion OpenAI deal and challenging Nvidia
11 Sources
[1]
AI chip startup Cerebras files for IPO | TechCrunch
Cerebras Systems, a startup building what CEO Andrew Feldman describes as "the fastest AI hardware for training and inference," has filed to go public. The company previously filed for an initial public offering in 2024, but that was delayed due to a federal review of an investment from Abu
[2]
Cerebras files for IPO -- company remains unprofitable despite 20x revenue growth
Cerebras, the supplier of wafer-scale AI processors, has filed for an IPO for the second time after it cancelled such plans due to its ties with G42, an Abu Dhabi-based AI company backed by sovereign wealth fund Mubadala, last year. Financial results disclosed as part of the filing reveal that
[3]
AI Chipmaker Cerebras Systems Files Publicly Again for US IPO
Cerebras Systems Inc., an artificial intelligence chipmaker and data center operator, filed publicly for an initial public offering months after withdrawing a previous attempt to list. The Sunnyvale, California-based company had net income of $87.9 million on revenue of $510 million for 2025,
[4]
Nvidia rival Cerebras reveals US IPO filing as AI boom drives listings
April 17 (Reuters) - AI chipmaker Cerebras Systems disclosed its filing for a U.S. initial public offering on Friday, bringing the Nvidia (NVDA.O), opens new tab rival closer to the public markets as optimism builds around a broader revival in the listings market. The company, which develops
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AI chipmaker Cerebras set to file for IPO as soon as today
Cerebras Systems CEO Andrew Feldman attends The Grove by Village Global at Carneros Resort and Spa in Napa, Calif., on Dec. 12, 2025. Cerebras, a producer of chips that run artificial intelligence models, will file to go public on Friday, two people familiar with the matter told CNBC. The people
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Cerebras, an A.I. Chip Maker, Files to Go Public as Tech Offerings Ramp Up
The Silicon Valley chip maker filed a prospectus just as SpaceX, Anthropic and OpenAI prepare for their own listings, in what is shaping up to be a wave of enormous initial public offerings. An expected wave of technology initial public offerings is kicking into high gear. On Friday, the Silicon
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Inside Cerebras' IPO filing
Cerebras' aim is to eventually hit a $250 billion valuation, per its new prospectus. Behind the scenes: CEO Andrew Feldman and CTO Sean Lie are set for additional share payouts should the company reach $75 billion, $150 billion, and $250 billion in average valuation within nine years. Zoom out:
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AI chip developer Cerebras Systems files to go public amid rapid revenue growth - SiliconANGLE
AI chip developer Cerebras Systems files to go public amid rapid revenue growth Cerebras Systems Inc., the developer of the wafer-size WSE-3 artificial intelligence chip, today filed to go public. The move comes about 18 months after the company's first attempt to list its shares. It filed for an
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Nvidia rival Cerebras discloses US IPO filing as AI boom drives listings - The Economic Times
AI chipmaker Cerebras Systems revealed its filing for a US initial public offering on Friday, bringing the Nvidia rival closer to the public markets as it seeks to tap into growing optimism around a broad revival in the listings market. This is the company's second attempt to list after it
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Nvidia Rival Cerebras Files For IPO After Scrapping Plans Last Year - Amazon.com (NASDAQ:AMZN), Barclays
Artificial intelligence chipmaker Cerebras Systems filed for an initial public offering with the Securities and Exchange Commission on Friday, after withdrawing its IPO plans in October 2025, stating the 2024 filing document was "stale." Cerebras Systems, a California-based competitor to Nvidia
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AI firm Cerebras Systems files for proposed Nasdaq IPO By Investing.com
AI company Cerebras Systems has on Friday filed for a proposed Nasdaq IPO. Cerebras Systems builds the world's largest computer chips, specifically designed to accelerate AI training and inference. They are best known for their Wafer-Scale Engine, a massive single processor that overcomes
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Cerebras Systems, an AI chipmaker building wafer-scale processors, has filed publicly for an IPO months after withdrawing a previous attempt. The company brought in $510 million in revenue in 2025 with a $24.6 billion backlog, including a massive $20 billion deal with OpenAI. But despite 20x revenue growth since 2022, Cerebras remains operationally unprofitable with 86% of revenue coming from just two customers.
Cerebras Systems Returns to Public Markets with Massive OpenAI Partnership
Cerebras Systems, a startup developing what CEO Andrew Feldman calls "the fastest AI hardware for training and inference," has filed publicly for an IPO, marking its second attempt to enter public markets
1
. The AI chipmaker previously filed for an initial public offering in 2024, but that effort was delayed due to a federal review of an investment from Abu Dhabi-based G42 and was ultimately withdrawn1
. The Sunnyvale, California-based company filed publicly with the U.S. Securities and Exchange Commission on Friday, aiming to list on the Nasdaq under the ticker symbol "CBRS"4
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Source: Benzinga
The timing reflects renewed momentum in the IPO market as optimism builds around artificial intelligence workloads and a broader revival in listings
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. Morgan Stanley, Citigroup, Barclays, and UBS are leading the offering, with a spokesperson telling the Wall Street Journal that the IPO is planned for mid-May1
. Current market expectations point to a roughly $3 billion fundraising target, significantly higher than earlier $1 billion plans2
.Explosive Revenue Growth Fueled by OpenAI and AWS Deals
Cerebras brought in $510 million in revenue in 2025, according to the filing, representing explosive 20x growth from $24.6 million in 2022
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. The company reported net income of $237.8 million in 2025, a dramatic reversal from a net loss of $481.6 million in 20241
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.In recent months, Cerebras announced an agreement with Amazon Web Services to use Cerebras chips in Amazon data centers, as well as a deal with OpenAI initially reported at more than $10 billion
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. That OpenAI partnership has since expanded to an agreement worth over $20 billion, with OpenAI receiving warrants to buy Cerebras shares5
. In January, Cerebras touted plans to provide up to 750 megawatts of computing power to OpenAI through 20285
. Feldman boasted to the Wall Street Journal: "Obviously, [Nvidia] didn't want to lose the fast inference business at OpenAI, and we took that from them"1
.Wafer-Scale AI Processors Challenge Nvidia's Dominance
Cerebras positions itself as a Nvidia rival and AI infrastructure company, not just a maker of AI accelerators
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. The company designs a full stack including its wafer-scale engine (WSE)—literally a full silicon wafer turned into one processor—systems, and software, delivered as rack-scale systems2
. The wafer-scale AI processors pack around 900,000 compute cores, 44 GB of on-chip SRAM, and 21 PB/s of on-chip bandwidth, with an architecture that avoids inter-chip communication bottlenecks2
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Source: NYT
For years, Cerebras sought to sell chips to companies, but it has begun operating the chips inside its own data centers as a cloud service on behalf of clients
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. The infrastructure firm is part of a growing cohort seeking to challenge market leader Nvidia with giant chips that can handle massive amounts of data in one go3
. Andrew Feldman has said that Cerebras' hardware runs AI models much faster than Nvidia3
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Source: Reuters
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Profitability Concerns Despite Massive $24.6 Billion Backlog
While Cerebras reported GAAP net income of $237.8 million in 2025, this figure is misleading as the profit did not come from its core business but from an accounting adjustment
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. The company recorded a $363 million gain from a change in the fair value and extinguishment of a forward contract liability2
. Excluding certain one-time items, Cerebras posted a non-GAAP net loss of $75.7 million1
. Operating losses totaled $145.9 million in 2025, and Cerebras has never been profitable2
.Another concern is revenue concentration: approximately 86% of Cerebras' revenue comes from just two customers—G42 and Mohamed bin Zayed University of Artificial Intelligence (MBZUAI)—making the company dependent on a handful of large, project-based deployments
2
. The remaining 14% of revenue is generated by a fragmented base of smaller enterprise, government, and cloud customers2
.However, Cerebras now has a massive $24.6 billion backlog, including the $20 billion OpenAI deal, which provides strong demand visibility
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. The company expects to recognize approximately 15% of this revenue within the first 24 months through December 31, 2027, 43% during months 25 to 48, and the remainder thereafter2
.Valuation Surge and Expanding Customer Base
In February, Cerebras raised about $1 billion in a funding round that valued the firm at $23 billion including money raised
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. The funding was led by Tiger Global Management with participation from investors including Benchmark, Fidelity Management & Research Co., and Advanced Micro Devices3
. This fresh valuation represented a significant increase from a September funding round that valued the company at $8.1 billion1
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.Cerebras postponed its IPO plans in 2024 after a national security review examined its ties with Abu Dhabi-based G42 amid concerns about potential foreign access to advanced AI processors
2
. G42 is both a customer and investor of Cerebras, controlling a 1% stake in the company that it acquired for $40 million in 20212
. Cerebras said last March that all open issues with the Committee on Foreign Investment in the US had been resolved .Another major expansion could be on the way. On Oracle's March earnings call, CEO Clay Magouyrk mentioned that the database and cloud company offers chips from Cerebras and other suppliers
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. The recent agreements with OpenAI, Amazon Web Services, and potentially Oracle will diversify revenue streams for the data center operator beyond its historical reliance on G42 and MBZUAI2
.References
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