Cerebras Sets Terms for Revived IPO That Could Raise Up to $3.5 Billion

Cerebras Systems has set terms for a revived U.S. initial public offering that could raise as much as $3.5 billion, according to an amended securities filing Monday, in a closely watched test of investor appetite for a pure-play artificial intelligence chip company. The Sunnyvale, California-based company said it plans to sell 28 million shares at $115 to $125 each and list its Class A common stock on the Nasdaq Global Select Market under the ticker CBRS. At the top of that range, the filing implies a market capitalization of about $26.6 billion based on reported pro forma figures, though the valuation could change when the deal is finally priced.

The company, which filed its initial Form S-1 with the U.S. Securities and Exchange Commission on April 17 and an amended S-1/A on May 4 setting the terms, reported $510 million in revenue for 2025. It posted GAAP net income of $237.8 million for the year, after a GAAP loss in 2024. But the filing also showed a non-GAAP net loss of about $75.7 million in 2025, an important distinction for investors assessing how much of the company’s earnings strength came from items excluded from that adjusted measure.

Investors are also likely to focus on customer concentration, one of the clearest risks disclosed in the filing. Mohamed bin Zayed University of Artificial Intelligence, or MBZUAI, accounted for 62% of 2025 revenue, while Abu Dhabi-based technology group G42 accounted for 24%. In 2024, G42 alone represented 85% of revenue. That concentration underscores both the company’s dependence on a small number of large counterparties and the questions around how quickly it can broaden its customer base.

Cerebras is trying to counter that concern by highlighting a set of high-profile commercial relationships. The filing disclosed a Master Relationship Agreement with OpenAI, signed Dec. 24, 2025, under which OpenAI agreed to purchase or commit to deploy 750 megawatts of Cerebras inference computing capacity from 2026 through 2028. The filing described that relationship as “valued at more than $20 billion.” Cerebras also disclosed a $1 billion working-capital advance from OpenAI and a multi-year partnership with Amazon Web Services to distribute its inference services through AWS sales channels.

The IPO marks a return to public markets after Cerebras withdrew an earlier registration in October 2025 following a prolonged review by the Committee on Foreign Investment in the United States, the interagency panel that examines national-security risks in cross-border deals. That scrutiny was tied to the company’s relationship with G42, and the new filing shows that Abu Dhabi-linked customers still account for most of its revenue, even if the mix has shifted.

The valuation sought in the IPO would build on a private fundraising completed just three months ago. Cerebras said it raised $1 billion in a Series H round on Feb. 3, 2026, at an approximately $23 billion post-money valuation, suggesting a step-up if the IPO prices within or above the indicated range.

Cerebras, known for building wafer-scale processors and systems used for AI training and inference, said in its April 17 press release that it “intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol ‘CBRS.’” The deal has not yet priced, and the final number of shares sold, offering price and implied valuation may still change. Morgan Stanley, Citigroup, Barclays and UBS are leading the offering.