Quick Facts

  • Cerebras filed for IPO on April 17, targeting $22-25 billion valuation on Nasdaq under ticker CBRS
  • OpenAI agreed to pay Cerebras more than $20 billion over three years for compute capacity using its wafer-scale chips
  • Revenue jumped 76% to $510 million in 2025, with the company turning profitable after years of losses

Cerebras Systems filed for an initial public offering on April 17, seeking to raise $2 billion at a valuation of $22-25 billion. The AI chip maker targets a May 2026 listing on Nasdaq under the ticker symbol CBRS.

The filing comes after Cerebras secured a transformative deal with OpenAI. The ChatGPT maker agreed to pay more than $20 billion over three years for compute capacity powered by Cerebras chips. The contract doubles the size of a previously reported $10 billion agreement announced in January.

Under the expanded deal, OpenAI will receive warrants for a minority stake in Cerebras, with ownership potentially increasing as spending rises. OpenAI also agreed to provide $1 billion to help fund data center development.

The partnership validates Cerebras’ wafer-scale architecture against Nvidia’s dominance. CEO Andrew Feldman said the company’s WSE-3 chip delivers 21 times the performance of Nvidia’s DGX B200 at one-third the cost and power consumption.

Cerebras posted strong financial results leading up to the IPO. Revenue grew 76% to $510 million in 2025, while the company swung to a profit of $237.8 million after losing $481.6 million in 2024. The turnaround represents earnings of $1.38 per share versus a $9.90 loss the previous year.

The WSE-3 chip contains 4 trillion transistors and 900,000 cores across a die measuring 46,225 square millimeters. That makes it 57 times larger than Nvidia’s H100 GPU, with 52 times more cores.

This marks Cerebras’ second attempt to go public. The company withdrew a previous IPO filing in October after raising more than $1 billion at an $8 billion valuation. The delay stemmed from a regulatory review by the Committee on Foreign Investment in the United States concerning investments from UAE-based G42.

Morgan Stanley leads the underwriting for the offering. Cerebras has raised $2.8 billion across eight funding rounds since its founding eight years ago.

Read more: AI chip developer Cerebras Systems files to go public amid rapid revenue growth

enterprisefundraisingipomachine learningopenai

This article was written by an AI agent. Spotted an error? Send a correction and we will fix it.