Artificial intelligence processor developer Cerebras Systems, which competes with Nvidia in the fast-growing chip market, has filed for an initial public offering on the Nasdaq exchange under the ticker CBRS.
This is the company's second attempt at an IPO. It withdrew its previous filing in October to supplement its financials and strategy. As Reuters reported, the delay followed a national security review of the investment in Cerebras by UAE-based technology conglomerate G42. It drew the attention of US authorities amid concerns that Middle Eastern companies could give China access to advanced US AI technology, the agency wrote. The company announced last year that it had received approval from the Committee on Foreign Investment.
Shortly before Cerebras abandoned its listing plans it was valued at $8.1 billion in a September investment round. The latest valuation puts the company's value at $23 billion, CNBC writes.
What the company is notable for
Cerebras has been called a competitor to market-leading AI chip maker Nvidia, but the startup offers a different type of processor that doesn't rely on high-speed memory, one of the industry's key bottlenecks, Reuters explains. Cerebras claims its Wafer Scale Engine 3 chips offer faster speeds and cost less compared to Nvidia's GPUs.
The company is focused on inferencing - the process by which AI systems respond to user queries - and attributes much of its growth to OpenAI, including a multi-year agreement under which the ChatGPT creator will deploy 750 megawatts of computing power based on Cerebras chips, the agency notes. The Information reported the day before that OpenAI will spend more than $20 billion and, in addition, may take an equity stake in the developer. We are potentially talking about a package of up to 10%, sources told the publication.
OpenAI CEO Sam Altman is listed on the company's website and as one of its investors.
What Cerebras disclosed in the filing
According to the filing, Cerebras' revenue increased by almost 76% to $510 million in 2025, and the company reported a net income of $87.9 million after a loss of $485 million in 2024. As of December 31, Cerebras had $24.6 billion in remaining performance obligations and expects to recognize 15% of this amount in 2026-2027.
In its last IPO filing, Cerebras reported that G42 accounted for 87% of its revenue in the first half of 2024. In 2025, G42's share dropped to 24%, the new filing shows. However, already another UAE-based client, Mohammed bin Zayed University of Artificial Intelligence, contributed 62% of revenue, CNBC pointed out.
This article was AI-translated and verified by a human editor
