Turnaround in performance + successively capturing Amazon.com, Inc. and OpenAI large orders, Cerebras (CBRS.US) once again pushes for a US IPO.

Artificial intelligence chip manufacturer and data center operator Cerebras Systems officially submitted its initial public offering (IPO) application after withdrawing its previous listing application several months ago. The company plans to list on Nasdaq under the ticker symbol "CBRS". Documents disclosed by the U.S. Securities and Exchange Commission on Friday show that the California-based company headquartered in Sunnvale had revenue of $510 million in the fiscal year 2025, with a net profit of $87.9 million; compared to revenue of $2.903 billion and a net loss of $484.8 million in the previous year. According to sources in March, Cerebras had secretly submitted an IPO application, expecting to raise about $2 billion, after withdrawing its previous IPO application about six months ago. During this period, investors and tech giants have been increasing investment in building artificial intelligence infrastructure, hoping that AI can reshape the global economic landscape. Cerebras is one of many emerging companies attempting to challenge market leader Nvidia. CEO Andrew Feldman has stated that Cerebras' hardware runs artificial intelligence models much faster than Nvidia. The company also operates its own data centers. The IPO filing shows that Cerebras had a gross profit margin of 39% in 2025, a decrease from 42% in the previous year. The filing also indicates that, due to factors such as customer stock options and data center cost-sharing arrangements, the company expects its gross profit margin to continue to decline in the short term. The filing revealed that Cerebras had previously heavily depended on the business of Abu Dhabi artificial intelligence company G42: G42 contributed 24% of its revenue in 2025, a significant decrease from 85% in the previous year. The cooperation between the two had once prompted the Committee on Foreign Investment in the United States (CFIUS) to conduct a review. Cerebras stated in March of last year that all pending issues with CFIUS had been resolved. In the current filing, G42 is not listed as a shareholder holding 5% or more of the company. Earlier this year, Cerebras secured a major client: Amazon announced plans to use the startup's chips with its proprietary Trainium processor to optimize the efficiency of running artificial intelligence software. This cooperation, which has been in preparation for years, is also the first commitment from a large tech giant to use Cerebras products. Amazon AWS is expected to launch a new service based on this collaboration in the second half of 2026. In January, Cerebras signed a multi-year agreement with OpenAI, which will deploy 750 megawatts of processing power using its hardware. The following month, OpenAI released its first artificial intelligence model running on Cerebras hardware. The filing disclosed that the agreement is worth over $20 billion, and the two parties will also jointly develop future next-generation models using Cerebras hardware; in addition, OpenAI will provide Cerebras with $1 billion in operational financing. In February, Cerebras completed a financing round of about $1 billion, with a valuation of $23 billion. This round was led by Tiger Global Fund, with participation from Benchmark, Fidelity Management & Research company, AMD, and other institutions. This valuation is a significant increase from the $8.1 billion valuation in September of last year. According to the filing, Morgan Stanley, Citigroup, Barclays Bank, UBS Investment Bank, and Mizuho Bank are the underwriters for Cerebras' initial public offering.