AI chipmaker Cerebras set to price IPO above range

US AI chipmaker Cerebras Systems is expected to price its IPO above its revised US$150 to US$160 range on May 13 after demand for the share sale surged.

The company is offering 30 million shares and would raise US$4.8 billion at the top of the range.

This would make it the biggest US IPO this year excluding private placements, while orders reportedly exceed the shares available by more than 20 times.

Cerebras reported net income of US$87.9 million on US$510 million in revenue for 2025, versus a US$484.8 million loss on US$290.3 million in revenue a year earlier.

It plans to list on Nasdaq under the ticker CBRS.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

An accounting gain, not operating profit, drove Cerebras’s profit on paper

Cerebras reported US$237.8 million in GAAP net income for 2025, driven by a one-time non-cash gain of US$363.3 million from extinguishing a forward contract liability 1.
Its business still lost more money, with non-GAAP net loss rising from US$21.8 million in 2024 to US$75.7 million in 2025 1.
The company pulled its 2024 IPO after the Committee on Foreign Investment in the United States (CFIUS), a US government panel that reviews deals for national security risks, opened a review tied to United Arab Emirates (UAE)-based G42, an Abu Dhabi AI and cloud computing company 2.
Customer concentration still stands out, with Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), a graduate AI research university in Abu Dhabi, and G42 making up 86% of 2025 revenue 1.

Cerebras’s public debut tests demand for specialized AI inference hardware

Cerebras is betting that fast inference, the process of running an AI model after training so it can generate answers or actions, is its opening. It says its single-wafer architecture cuts delays between chips and gives it an edge over multi-GPU clusters for AI agents 2.
That view gets support from a multi-year deal with OpenAI worth more than US$20 billion to provide 750 megawatts of computing capacity in stages 2.
The S-1 filing says Nvidia acquired assets from inference startup Groq for US$20 billion in December 2025 2.
Cerebras now has to grow from a hardware seller into a hyperscale cloud operator, a company that runs very large-scale computing infrastructure. It must do that to deliver US$24.6 billion in remaining performance obligations (RPOs), a measure of contracted revenue not yet delivered 3.