Cerebras Systems Moves Ahead with IPO After 2024 Exit

Cerebras Systems has filed for an IPO under ticker CBRS, reporting $510M in 2025 revenue and major deals with OpenAI and Amazon Web Services.

After months of anticipation, AI chipmaker Cerebras Systems has officially filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC), formally kicking off its second attempt at going public. The Sunnyvale, California-based company announced the filing on April 17, 2026, in connection with a proposed initial public offering of its Class A common stock.

This IPO attempt is notably not the company’s first. Cerebras 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2024, but that effort was delayed due to a federal review of an investment from Abu Dhabi-based G42, and was ultimately withdrawn. Specifically, the earlier delay followed a national security review connected to G42’s investment in the company, centered on G42’s prior ties to Huawei and the political sensitivity around foreign investment in advanced U.S. AI infrastructure. ALSO READ:

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When it comes to financial performance, Cerebras arrives at this IPO in a meaningfully stronger position than before. The S-1 shows revenue rising from $290.3 million in 2024 to $510.0 million in 2025, representing 76% year-over-year growth. Moreover, the company reported GAAP net income of $237.8 million in 2025, after a $481.6 million net loss in 2024. On a non-GAAP basis, however, the company reported a non-GAAP net loss of $75.7 million for 2025, after excluding stock-based compensation and other items.

Additionally, the company said it had $24.6 billion in remaining performance obligations as of December 31, with an expectation to recognize 15% of the sum in 2026 and 2027. That backlog, in turn, signals robust long-term demand for its hardware.

Perhaps the most attention-grabbing development in the filing is Cerebras expanding roster of enterprise partners. 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. Meanwhile, Reuters reported that the multi-year OpenAI deal is valued at more than $20 billion, and the S-1 confirms that OpenAI agreed to deploy 750 megawatts of Cerebras AI compute.

These partnerships not only validate Cerebras’ technology but also reduce its historical dependence on a single customer, a concern that had previously weighed on investor confidence.

One of the key risks flagged in the original 2024 filing was heavy customer concentration. When Cerebras sought to go public the first time in 2024, one company Microsoft-backed G42 contributed 87% of revenue for the first half of that year. However, that picture has shifted considerably. In 2025, 24% of Cerebras’ revenue came from G42, while Mohamed bin Zayed University of Artificial Intelligence, a public institution based in the United Arab Emirates, provided 62% of revenue in 2025.

While diversification has improved relative to the G42 era, the heavy reliance on UAE-based institutions remains a point investors will likely scrutinize closely.

At the core of Cerebras’ value proposition is its unique chip architecture. Cerebras aims to compete with Nvidia and says its WSE-3 AI processor is 58 times larger than Nvidia’s B200 chip, allowing it to deliver much more bandwidth and provide inference at extremely fast speeds.

In terms of logistics, Cerebras says Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank are the lead underwriters, with Mizuho and TD Cowen as bookrunners. The number of shares and price range have not yet been disclosed, as is standard at the S-1 stage.

The Cerebras IPO arrives at a moment when investor appetite for AI infrastructure companies is running high. The filing arrives as a wave of oversized AI and space listings begins to build, with companies such as SpaceX, Anthropic, and OpenAI also being mentioned in the context of potential public offerings. Consequently, Cerebras may be timing its debut strategically to ride that momentum.

Disclaimer: This news is based on publicly available information. NervNow has not independently verified any claims.

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