Cerebras Moves Ahead With IPO Plans

Cerebras has filed for an initial public offering, positioning itself as one of the most closely watched AI hardware companies to test public markets this year.

The company, which develops specialised chips for artificial intelligence workloads, plans to list on the Nasdaq under the ticker “CBRS”. A spokesperson said the offering is expected to take place in mid-May, although the company has not disclosed how much it intends to raise.

Cerebras is best known for its Wafer-Scale Engine chips, which are designed to process AI workloads faster than traditional graphics processors. The company focuses heavily on inference — the stage where AI models generate outputs — and claims its technology can outperform existing chips in speed and efficiency. CEO Andrew Feldman recently said, “Obviously, [Nvidia] didn’t want to lose the fast inference business at OpenAI, and we took that from them.”

The IPO follows a period of rapid growth. Cerebras reported $510 million in revenue for 2025 and posted a profit of $237.8 million, although it still recorded a non-GAAP loss of $75.7 million after adjustments. The company was valued at $23 billion during its latest funding round in February, after raising an additional $1 billion from investors.

Its recent momentum has been driven by major partnerships. Cerebras secured a deal reportedly worth more than $10 billion with OpenAI and also struck an agreement with Amazon Web Services to deploy its chips in Amazon data centres. Those deals have strengthened its position as one of the few credible challengers to Nvidia in the AI infrastructure market.

Still, investors may scrutinise how concentrated Cerebras’ business remains. A significant portion of its revenue comes from a small number of large customers, including organisations in the UAE and major technology companies. Any change in those relationships could have an outsized impact on future growth.

The filing highlights how strongly investor appetite for AI infrastructure remains. Companies building chips, data centres, and compute platforms continue to command enormous valuations, even when profitability remains limited. The question for Cerebras is whether it can prove that its technology offers a lasting advantage in a market still dominated by Nvidia.

Author: George Nathan Dulnuan