Cerebras Systems files for IPO after landing $20 billion OpenAI deal and challenging Nvidia

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in 2024, but that was delayed due to a federal review of an investment from Abu Dhabi-based G42 and was ultimately withdrawn. Cerebras raised a $1.1 billion Series G at an $8.1 billion valuation last year. In recent months, the company announced an agreement with Amazon Web Services to use Cerebras chips in Amazon data centers, as well as a deal with OpenAI reportedly worth more than $10 billion. In a recent interview with the Wall Street Journal, Feldman boasted, "Obviously, [Nvidia] didn't want to lose the fast inference business at OpenAI, and we took that from them." Cerebras brought in $510 million in revenue in 2025, according to the filing, with a net income of $237.8 million (excluding certain one-time items, it was a non-GAAP net loss of $75.7 million). A company has not disclosed how much it hopes to raise in the IPO. A spokesperson told the WSJ that the offering is planned for mid-May.

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 Cerebras appears to be one of the fastest-growing AI hardware companies right now. However, 86% of its revenue comes from two customers, and the company is bleeding money. Cerebras positions itself as an AI infrastructure company, not just a maker of AI accelerators. Indeed, Cerebras designs a full stack: wafer-scale engine (WSE, literally a full silicon wafer turned into one processor), systems, and software, delivered as rack-scale systems. While Nvidia sells everything from AI GPUs to fully built rack-scale solutions, Cerebras only sells systems. Because WSE packs around 900,000 compute cores, 44 GB of on-chip SRAM, and 21 PB/s of on-chip bandwidth, its architecture by definition avoids an inter-chip communication bottleneck. Essentially, Cerebras trades system complexity for silicon complexity. There is a major weakness: wafer-scale chips are notoriously hard to yield, though WSE features plenty of redundant cores and memory cells to maximize yields. Cerebras' revenue has grown rapidly from $24.6 million in 2022 to $510 million in 2025 (20x growth), but the quality of that growth is fragile as ~86% of revenue comes from just two customers (G42 and Mohamed bin Zayed University of Artificial Intelligence, MBZUAI), which makes the company dependent on a handful of large, project-based deployments rather than a diversified, repeatable revenue base that companies like AMD or Nvidia tend to have. The remaining 14% of revenue is generated by a fragmented base of smaller enterprise, government, and cloud customers, but none contribute enough individually to reduce Cerebras' heavy reliance on its top two clients. More recently, Cerebras inked agreements to supply its AI hardware to Amazon Web Services and OpenAI, which will diversify revenue streams for the company. Right now, Cerebras has a massive $24.6 billion backlog (including the $20 billion OpenAI deal), which provides strong demand visibility. 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 thereafter. Still, Cerebras warns that converting this backlog into revenue depends on the manufacturing capacity of its partners, infrastructure deployment, and power availability. The company further warns that all of its manufacturing services and components are bought on a purchase order basis without capacity or volume commitments, which poses massive risks as the company has a very long supply chain. Cerebras reported GAAP net income of $237.8 million in 2025, compared to a net loss of $481.6 million in 2024. However, this income statement is misleading as the profit did not come from its core business, but from an accounting adjustment. Cerebras recorded a $363 million gain from a change in the fair value (and extinguishment) of a forward contract liability: the company had a financial obligation whose value was reduced, which allows it to book that reduction as income. If the value was not reduced, the company would be unprofitable. In fact, Cerbras' operating losses totaled $145.9 million in 2025. When it comes to gross margins, they improved significantly from 12% in 2022 to 39% in 2025 as the scale of its business and product mix improved. However, Cerebras has never been profitable. 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. G42 is both a customer and investor of Cerebras, which controls a 1% stake in the company that it acquired for $40 million in 2021. Cerebras has not specified an official fundraising target in its IPO filing, but current market expectations point to a roughly $3 billion raise. This is significantly higher than earlier $1 billion plans, which reflect the company's rapid revenue growth and the scale of its AI infrastructure ambitions. Follow Tom's Hardware on Google News, or add us as a preferred source, to get our latest news, analysis, & reviews in your feeds.

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, compared with a net loss of $484.8 million on revenue of $290.3 million a year earlier, according to a filing Friday with the US Securities and Exchange Commission. Cerebras filed confidentially for an IPO that could raise about $2 billion, people familiar with the matter said in March, about six months after filing to withdraw its previous registration. In that time, investors and megacap technology companies have rapidly accelerated their multibillion-dollar investments into building AI infrastructure on the expectation that it will transform the world economy. The infrastructure firm is part of a growing cohort seeking to challenge market leader Nvidia Corp. with giant chips that can handle massive amounts of data in one go. Chief Executive Officer Andrew Feldman has said that Cerebras' hardware runs AI models much faster than Nvidia. It also operates its own data centers. Cerebras had been reliant on business from G42, an Abu Dhabi AI firm. The relationship led to a review by the Committee on Foreign Investment in the US. Cerebras said last March that all open issues with CFIUS had been resolved. In February, Cerebras raised about $1 billion in a funding round that valued the firm at $23 billion including money raised. The funding was led by Tiger Global Management with participation from investors including Benchmark, Fidelity Management & Research Co., and Advanced Micro Devices Inc. The fresh valuation was a significant increase from a September round that valued the company at $8.1 billion. Read more on IPOs: For the latest news on equity capital markets activity in the US, Canada and Latin America, follow the channel or visit NI BFWECMUS. To subscribe to ECM Watch, Bloomberg's daily roundup of news from around the region, click here. The offering is being led by Morgan Stanley, Citigroup Inc., Barclays Plc and UBS Group AG. The company plans for its shares to trade on the Nasdaq Global Select Market under the symbol CBRS.

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 high-performance processors for artificial intelligence workloads, withdrew its earlier IPO filing in ⁠October, days after raising more than $1 billion in a funding round that valued it at $8 billion. The IPO market is regaining momentum after a brief slowdown in March, when volatility driven by geopolitical tensions and a selloff in technology stocks curbed investor appetite. A recent pickup in listings suggests companies are returning to ⁠the market as sentiment stabilizes, with issuers and bankers betting that the recovery seen earlier this year can extend into the coming months. Analysts expect companies tied to ⁠the AI market to spearhead tech sector listings, as firms see significant growth potential from the wider adoption of ⁠generative AI. Cerebras is aiming to list on the Nasdaq under the ticker symbol "CBRS." Morgan Stanley, Citigroup, Barclays ⁠and UBS are the lead underwriters of the offering. Reporting by Manya Saini and Pragyan Kalita in Bengaluru; Editing by Shilpi Majumdar and Pooja Desai Our Standards: The Thomson Reuters Trust Principles., opens new tab

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 spoke on condition of anonymity, in order to discuss internal matters. Cerebras declined to comment. 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. In January, Cerebras touted plans to provide up to 750 megawatts of computing power to OpenAI through 2028 in an agreement valued at over $10 billion. OpenAI has since expanded its relationship with Cerebras in an agreement worth over $20 billion and will get warrants to buy Cerebras shares, one person said. The Information previously reported on the arrangement. 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. But at the time, Oracle's price list did not contain references to Cerebras.

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 Valley artificial intelligence chip maker Cerebras took a key step toward listing its shares on the stock market by unveiling an investor prospectus. In the filing, Cerebras revealed that its revenue rose 75 percent last year to $510 million and that it swung to an annual profit of $238 million from a net loss in 2024. Cerebras had initially filed to list its shares in the fall of 2024, before raising additional funding and withdrawing its offering plans without providing a reason. Now it is moving to go public again, ahead of a slew of potentially enormous offerings from high-profile companies. Earlier this month, SpaceX, Elon Musk's rocket and satellite maker that is valued at more than $1 trillion, filed to list its shares in what is likely to be one of the largest ever public offerings. The A.I. companies OpenAI and Anthropic have also taken early steps to go public. These companies could suck the oxygen out of other I.P.O.s by commanding most investor attention. Cerebras, based in Sunnyvale, Calif., makes specialized computer chips for building A.I. technologies and delivering them to businesses and consumers. The market is dominated by the Silicon Valley chip maker Nvidia. Cerebras and others are trying to make a dent in Nvidia's chip empire. Google and Amazon are pulling in billions of dollars in revenues with their specialized A.I. chips. Other start-ups trying to grab a piece of the booming chip market include Graphcore and SambaNova. Its first prospectus in 2024 showed that Cerebras's business relied heavily on a single customer that was also an investor: G42, an A.I. company backed by the United Arab Emirates. In total, G42 represented 87 percent of Cerebras's revenue in the first half of 2024. In that 2024 prospectus, Cerebras said it had notified CFIUS, or the Committee on Foreign Investment in the United States, about selling shares to G42 so that the committee could review the partnership for national security risks. Several months later, the company announced that CFIUS had cleared the sale, before pulling its I.P.O. plans. Since then, Cerebras has landed two major U.S. companies -- Amazon and OpenAI -- as customers. Both are constructing massive computer data centers to build and deliver A.I. technologies. (The New York Times has sued OpenAI and Microsoft for copyright infringement of news content related to A.I. systems. The two companies have denied the claims.) In its prospectus on Friday, Cerebras revealed that it generated $510 million in revenue in 2025, up from $290 million in 2024. Though the company's chips can be used to build A.I. technologies, much of its business has been driven by the tech industry's growing need to deliver A.I. system to customers -- a technical process called "inference." "As it turns out, inference is cool," Cerebras's chief executive and co-founder, Andrew Feldman, told The Times in January after signing the agreement with OpenAI. Profit totaled $238 million last year, compared with a loss of $482 million in 2024, according to the prospectus. Cerebras warned in the filing that a substantial portion of its revenue would continue coming from a limited number of customers. G42 represented 24 percent of its revenues last year, down from 87 percent in the first half of 2024. But the company said that the Mohamed bin Zayed University of Artificial Intelligence, or MBZUAI, a research lab in the U.A.E., accounted for 62 percent of its revenue last year. Cerebras added that its deal with OpenAI was valued at more than $20 billion. Cerebras was founded in 2016 by Mr. Feldman and the chip industry veterans Jean-Philippe Fricker, Michael James, Gary Lauterbach and Sean Lie. Like other start-ups, the company saw the growing demand for chips that could help build A.I. and began designing its own. One challenge that A.I. companies faced at the time was connecting many chips so they could work together to analyze massive amounts of data, an essential part of building modern A.I. systems. To address this, Cerebras created a chip around 56 times larger than those made by competitors to help crunch data faster. Cerebras began shipping its chips in 2019. The company has raised over $2.55 billion in venture capital funding, valuing it at $23 billion. In 2023, the company began building supercomputers for G42. The partnership later came under scrutiny as the Commerce Department weighed whether to place trade restrictions on G42 because of its work with China's military. G42 has denied having connections to the Chinese government and military. Cerebras is among the companies working with the U.A.E. to build A.I. data centers in the Middle East, projects that could be delayed by the ongoing war in the region.

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: Investors worried that Cerebras' revenue was heavily concentrated in Abu Dhabi when it previously filed. The new filing appears to address that, lining up contracts with OpenAI and Amazon's AWS. * The $20 billion OpenAI deal could potentially dwarf the size of current Cerebras annual revenue (nearly $510 million last year). Between the lines: OpenAI doesn't need to spend the $20 billion in its agreement to receive a good chunk of a potential 10% stake in the company in return. * OpenAI already has access to about a sixth of that stake, as part of an agreement for it to lend $1 billion to Cerebras. * Another 17% or so of Sam Altman-led company shares in the chipmaker will vest if Cerebras maintains a $40 billion valuation on average for a month. That's not far off from the $35 billion Cerebras is seeking in the IPO -- especially without three mega AI IPOs to dry up markets for other AI bets. * OpenAI will have access to the rest of the stake if it fully buys up the 2GW of AI inference compute capacity. Flashback: OpenAI inked a similar deal with AMD last year that also gave OpenAI an up to 10% stake in the chipmaker, also dependent on the delivery of certain GPU products and AMD's share price eventually hitting $600. * That deal was widely seen as a way for OpenAI to finance its chip buying. Context: The cap table of Coreweave, a cloud data center competitor, was dominated by crossover investors in its IPO last year. * Cerebras' largest investors include Alpha Wave Ventures, Benchmark, Eclipse Ventures, Fidelity, and Foundation Capital. The bottom line: The AI world's entanglements aren't going away.

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 initial public offering in September 2024, but withdrew the paperwork late last year. Cerebras explained at the time that its original IPO filing "no longer reflected the current state of our business." In 2024, the chipmaker lost $485 million on sales of $290.3 million. Last year, it swung to a $87.9 million profit. Cerebras' revenue rose by 76% in the same time frame to $510 million. The company disclosed in today's IPO filing that it has secured a $125 million revolving credit facility from Morgan Stanley. The funds will be used to finance deals with data center developers and operators. Cerebras is expanding its data center capacity to support the growth of its Training Cloud and Inference Cloud services, which provide access to hosted AI infrastructure. The company's services are powered by its flagship WS-3 chip. It's an AI accelerator 58 times the size of the B200, a high-end Nvidia Corp. graphics card that debuted in 2024 and remains highly popular. The WSE-3 contains 4 transistors organized into 900,000 cores. According to Cerebras, Morgan Stanley will upscale its revolving credit line to as much as $850 million following the IPO. The company also disclosed in the filing that it has received a separate $1 billion loan from OpenAI Group PBC. Last December, the ChatGPT developer agreed purchase 750 megawatts worth of inference infrastructure from Cerebras. The chipmaker revealed today that the deal is worth more than $20 billion. Additionally, it gives OpenAI the option to add another 1.25 gigawatts of capacity through 2030. Cerebras has issued OpenAI warrants to purchase up to 33.4 million shares. Those warrants will vest if the AI model developer goes through with its plan to purchase 2 gigawatts of computing capacity by 2030. Cerebras stated in its IPO filing that the contract "represents a substantial portion of our projected revenues over the next several years." Last month, Cerebras inked a high-profile chip deal with another high-profile customer. Amazon Web Services Inc. agreed to deploy the WSE-3 in its data centers as part of a new "disaggregated architecture." The workflow through LLMs process prompts comprises two steps known as the prefill and decode stages. AWS' disaggregated architecture will use its internally-developed AWS Trainium chips to perform prefill calculations. The WSE-3, in turn, will be responsible for the decode phase. Decode calculations are similar to those used by the prefill workflow, but they require more memory bandwidth. That's a measure of how fast data can move between a chip's logic and memory circuits. The WSE-3 provides 27 petabytes per second of memory bandwidth, more than 200 times the amount offered by Nvidia's NVLink interconnect. Cerberus's product roadmap "includes the development of a disaggregated inference-serving solution," the company stated in its IPO filing. "Disaggregated inference would allow Cerebras to operate alongside other architectures, serving as the high-performance engine for decode while other systems handle prefill." Cerebras plans to list its shares on the Nasdaq under the ticker symbol "CBRS."

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 withdrew a previous IPO filing in October, days after a more than $1 billion fundraise that valued it at about $8 ⁠billion. Cerebras aims ⁠to challenge Nvidia with a different kind of artificial intelligence chip that avoids dependence on high-bandwidth memory, one of the industry's biggest bottlenecks. It is focused on inference, the process by which AI systems respond to user queries, and has tied much of its growth to OpenAI, including a $20 billion multi-year deal under which the ChatGPT creator will deploy 750 megawatts of Cerebras chips. The listing adds to signs the IPO market is regaining momentum after a brief slowdown in March, when volatility driven by ⁠geopolitical tensions and a tech stocks selloff curbed investor appetite. A recent pickup in listings suggests companies are returning to the market as sentiment stabilizes, with issuers and bankers betting that ⁠the recovery seen earlier this year can extend into the coming months. Analysts expect artificial intelligence-linked companies to spearhead tech sector listings on expectations of significant growth from wider generative AI adoption. Delay in initial offering Cerebras' revenue rose to $510 million in the year to December 31, from $290.3 million a year earlier. It posted a profit of $1.38 per share, compared with a $9.90-per-share loss a year ago. The company first filed paperwork with the U.S. Securities and Exchange Commission in 2024, before postponing and ultimately withdrawing its IPO last year. Reuters earlier reported that the previous delay followed a US national security review of UAE-based tech conglomerate G42's minority investment in the AI chipmaker. G42, which had been both an investor and one of Cerebras' largest customers, drew increased ⁠scrutiny from U.S. authorities amid concerns that Middle Eastern companies could provide China access to advanced American AI technology, Reuters previously reported. The company announced in 2025 that it had obtained clearance from the Committee on Foreign Investment in the United States. Sunnyvale, California-based Cerebras is known for its wafer-scale engine chips, designed to speed up the training and inference of large AI models and compete with products from Nvidia and other AI chipmakers. Cerebras is aiming to list on the Nasdaq under the ticker symbol "CBRS". Morgan Stanley, Citigroup, Barclays and UBS are the lead underwriters for the offering.

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 (NASDAQ:NVDA), submitted a registration statement to the SEC for the proposed IPO of its Class A common stock. The number of shares and the price range for the offering are yet to be determined, contingent on market conditions. The company plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol "CBRS." The company competes in the AI hardware market and was last valued at about $8 billion. The announcement comes two days after Cerebras Systems closed an up to $850 million credit facility to expand its data center capacity and support growth. OpenAI And Amazon Partnerships Cerebras Systems is moving forward with its public listing as demand for AI computing infrastructure accelerates, positioning the company to raise capital for expansion amid growing competition in the AI chip market and rising adoption of large-scale model training and inference workloads. Photo Courtesy: Shutterstock Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.

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 traditional performance bottlenecks by keeping data and memory on a single piece of silicon. The company builds computer systems for complex AI deep learning applications. The company's revenue increased from $24.6 million in 2022 to $78.7 million in 2023 and to $290.3 million in 2024, representing a more than tenfold increase over three years. The company's revenue increased to $510.0 million in 2025, representing year-over-year growth of 76%. The company earned net income of $237.8 million in 2025 and incurred a net loss of $481.6 million in 2024. The company incurred a non-GAAP net loss of $75.7 million in 2025 and $21.8 million in 2024, after excluding the impact of stock-based compensation expense and change in fair value (extinguishment) of forward contract liability from its GAAP net income (loss). Morgan Stanley, Citigroup, Barclays, and UBS will serve as lead underwriters.