Cerebras Systems files for IPO after previous attempt withdrawn

Cerebras Systems, a company that designs chips for artificial intelligence, has officially filed to go public, marking a return to the initial public offering (IPO) process. The chip startup previously attempted to go public in 2024, but that effort was delayed and ultimately withdrawn. The withdrawal of the previous filing followed a federal review of an investment in the company from Abu Dhabi-based G42, an investment firm.

The company enters the public market with commercial momentum, highlighted by commercial partnerships and late-stage venture capital funding. Cerebras has secured an agreement with Amazon Web Services to use Cerebras chips in the cloud provider’s data centers. Additionally, the startup has established a deal with OpenAI that is reportedly worth more than $10 billion. These commercial milestones follow substantial private funding rounds. According to the Wall Street Journal, Cerebras raised $1.1 billion in Series G funding last year, which was followed by a $1 billion Series H funding round in February that valued the company at $23 billion.

The startup positions its technology as an alternative to competitor Nvidia, particularly in running AI models. Cerebras CEO Andrew Feldman has described the company’s technology as “the fastest AI hardware for training and inference.” In this context, inference refers to the process of running an already-trained AI model to generate outputs. In an interview with the Wall Street Journal, Feldman boasted of the startup’s competitive progress against Nvidia, stating, “Obviously, [Nvidia] didn’t want to lose the fast inference business at OpenAI, and we took that from them.”

The newly released IPO filing provides the first detailed look at the company’s financial performance. For the 2025 fiscal year, Cerebras reported the following financial results:

• Revenue of $510 million
• Net income of $237.8 million
• A non-GAAP net loss of $75.7 million, which represents financial measures that exclude certain one-time items.

While the company has not disclosed how much it hopes to raise in the initial public offering, a spokesperson said the offering is planned for mid-May.

Why it matters

Cerebras’s return to the public markets signals confidence in its specialized AI hardware strategy, bolstered by high-profile commercial partnerships and significant revenue growth despite previous regulatory hurdles.