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Investors may soon have another option in the artificial intelligence (AI) chip market: Cerebras Systems. The venture capital-backed, Silicon Valley-based company said on Friday, April 17, that it filed a registration statement with the Securities and Exchange Commission (SEC) indicating its intent to pursue an initial public offering (IPO) of its common stock.
Cerebras did not specify when it plans to hold the IPO, saying the timing will depend on market conditions. It also said the number of shares to be offered and the price range for the proposed offering have not yet been determined.
The company expects its shares to be listed on the Nasdaq stock exchange under the ticker “CBRS.”
Cerebras was founded in 2015 with the goal of bringing wafer-scale AI computing to market. Wafer-scale refers to using a full silicon wafer to create a single large chip, rather than cutting the wafer into smaller dies.
The company’s co-founders previously held technology leadership roles, including Chief Technology Officer (CTO) positions, at Advanced Micro Devices (AMD). AMD is a major competitor to Nvidia in the graphics processing unit (GPU) market. Cerebras’ approach is designed to challenge the GPU-centric model that currently dominates AI training and inference.
Cerebras markets its platform as a fast AI inference and training system, describing its CS-2 and CS-3 systems as enabling on-premise supercomputers and offering pay-as-you-go cloud access. CS-2 and CS-3 refer to the company’s second- and third-generation wafer-scale AI supercomputers, powered by its WSE-3 (Wafer-Scale Engine 3) processor. Cerebras describes the WSE-3 as the “world’s largest and fastest AI processor.”
Cerebras has recently added major customers, including OpenAI, Amazon, and Meta Platforms. Its customer list also includes GSK (formerly GlaxoSmithKline), Mayo Clinic, the U.S. Department of Energy, and the U.S. Department of Defense.
In January 2026, Cerebras and OpenAI signed a multiyear partnership under which OpenAI will deploy 750 megawatts of Cerebras wafer-scale systems to serve its customers. The deployment is expected to roll out in multiple stages beginning in 2026, and the company said it would be the largest high-speed AI inference deployment in the world.
Last week, it was reported that OpenAI would invest $20 billion in Cerebras chips and technology over three years.
In March 2026, Cerebras signed a deal with Amazon AWS, under which AWS will become the first hyperscaler to deploy Cerebras chips in its own data centers.
In September, Cerebras’ Series G round brought in significant new investors, including Tiger Global Management and 1789 Capital. Some existing investors also participated. Other notable investors include Sam Altman, co-founder and CEO of OpenAI.
Group 42 Holding, based in the United Arab Emirates (UAE), was an early and major investor and, along with affiliated companies, was Cerebras’ largest customer through 2025. The company said that heavy customer revenue concentration is expected to begin to lessen in 2026 due to the recent large deals it has signed.
In 2025, Cerebras reported revenue growth of 76% year over year to $510 million, according to its SEC filing. The company attributed the increase to 69% growth in hardware and 99% growth in cloud and other services.
While Cerebras reported an operating loss of $145.9 million in 2025, the company said this was driven by substantial research and development spending. Its 2025 R&D expenditure was 48% of its annual sales.
Net income was positive in 2025, but primarily due to significant “net, other income,” stemming mainly from “a change in fair value and extinguishment of forward contract liability.”
Operating cash flow was negative $10.1 million, placing the company close to break-even on a cash-from-operations basis.
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