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AI chipmaker Cerebras plans Nasdaq IPO, up to $4b
Sunnyvale, California AI chipmaker Cerebras Systems is set to start its IPO roadshow on May 4 for a Nasdaq listing under the ticker CBRS.
Shares are expected to be priced at US$115 to US$125 in the company’s second attempt to go public after it withdrew its previous filing in October 2025.
Cerebras could raise up to US$4 billion at a valuation of about US$40 billion.
Its revenue rose to US$510 million in 2025 from US$290.3 million a year earlier, while earnings per share improved to US$1.38 from a loss of US$9.90. Morgan Stanley, Citigroup, Barclays, and UBS are leading the offering.
🔗 Source: Reuters
🧠 Food for thought
Implications, context, and why it matters.
Net income looks stronger than operations do
- Cerebras posted GAAP net income in 2025, yet the business still ran at an operating loss 1.
- The reported US$237.8 million profit came mostly from a US$363 million one-time non-cash accounting gain 2.
- That gain came from reworking a deal with G42, an Abu Dhabi-based technology company, after US national security scrutiny hit the arrangement 1.
- Without that gain, the operating loss widened to US$75.7 million in 2025 from US$21.8 million a year earlier 1.
The IPO case rests on one large deal amid concentration risk
- In 2025, 86% of revenue came from two customers in the United Arab Emirates 1.
- Revenue from customers billed in the US fell 34% over the same period 1.
- Future growth depends on turning a US$24.6 billion backlog into sales, with most of it linked to a December deal with OpenAI 1.
- That backlog is not locked in. It relies on partner manufacturing capacity, while manufacturing services and components are bought through purchase orders with no capacity or volume commitments 2.
