Artificial intelligence chip manufacturer and data center operator Cerebras Systems has publicly submitted its application for an initial public offering (IPO), months after withdrawing a previous listing attempt. The company plans to list on the Nasdaq under the ticker symbol "CBRS." According to documents disclosed by the U.S. Securities and Exchange Commission on Friday, the Sunnyvale, California-based company reported revenue of $510 million for fiscal year 2025, achieving a net profit of $87.9 million. This contrasts with the prior year's revenue of $290.3 million and a net loss of $484.8 million.
In March, sources familiar with the matter indicated that Cerebras had confidentially filed for an IPO, aiming to raise approximately $2 billion. This move came roughly six months after the company withdrew its earlier IPO application. During this period, investors and major technology firms have increased their investments in building AI infrastructure, anticipating that artificial intelligence will reshape the global economy.
Cerebras is among several emerging companies seeking to challenge market leader NVIDIA. CEO Andrew Feldman has stated that Cerebras' hardware runs AI models significantly faster than NVIDIA's solutions. The company also operates its own data centers.
IPO documents reveal that Cerebras' gross margin for 2025 was 39%, down from 42% the previous year. The filing notes that factors such as stock options granted to customers and data center cost-sharing arrangements are expected to cause gross margins to decline further in the near term.
The filing also disclosed that Cerebras previously relied heavily on business from Abu Dhabi-based AI firm G42. In 2025, G42 accounted for 24% of Cerebras' revenue, a significant decrease from 85% the year before. The partnership had attracted scrutiny from the Committee on Foreign Investment in the United States (CFIUS). In March of last year, Cerebras stated that all pending issues with CFIUS had been resolved. In the current filing, G42 is not listed as a shareholder with a 5% or greater stake.
Earlier this year, Cerebras secured a major client when Amazon.com announced plans to use the startup's chips alongside its own Trainium processors to optimize the performance of AI software. This collaboration, which took several years to prepare, marks the first commitment by a major technology giant to adopt Cerebras' products. Amazon Web Services is expected to launch a new service based on this partnership in the second half of 2026.
According to an announcement in January, Cerebras also signed a multi-year agreement with OpenAI, under which OpenAI will deploy 750 megawatts of computing power using Cerebras hardware. The following month, OpenAI released its first AI model running on Cerebras hardware. The IPO filing indicates that the agreement is valued at over $20 billion. The two companies will also jointly develop future next-generation models for Cerebras hardware. Additionally, OpenAI has provided Cerebras with a $1 billion working capital loan.
In February of this year, Cerebras completed a funding round of approximately $1 billion, valuing the company at $23 billion. The round was led by Tiger Global Management, with participation from firms including Benchmark, Fidelity Investments, and AMD. This valuation represents a substantial increase from the $8.1 billion valuation in September of last year.
According to the filing, Morgan Stanley, Citigroup, Barclays, UBS Investment Bank, and Mizuho are serving as underwriters for Cerebras' initial public offering.