AI chip startup Cerebras Systems filed for an IPO planned for mid-May 2026, marking its second attempt after withdrawing a 2024 filing due to federal review of an Abu Dhabi investment. The company announced major partnerships including an agreement with Amazon Web Services to deploy Cerebras chips in AWS data centers and a deal with OpenAI reportedly exceeding $10 billion. Cerebras raised $1.1 billion in Series G funding in 2025 and $1 billion in Series H at a $23 billion valuation in February 2026. The company generated $510 million in revenue and $237.8 million in net income during 2025, though it has not disclosed its IPO fundraising target.
IPO Filing and Previous Regulatory Delays
- ▪Cerebras Systems' 2024 IPO filing was ultimately withdrawn
- ▪Cerebras Systems' 2024 IPO filing was delayed due to a federal review of an investment from Abu Dhabi-based G42
- ▪Cerebras Systems filed to go public in April 2026
- ▪Cerebras Systems' IPO offering is planned for mid-May 2026
- ▪Cerebras Systems previously filed for an initial public offering in 2024
- ▪Cerebras Systems has not disclosed how much it hopes to raise in the IPO
Major Commercial Partnerships with AWS and OpenAI
- ▪Cerebras Systems announced an agreement with Amazon Web Services to use Cerebras chips in Amazon data centers
- ▪Andrew Feldman is the CEO of Cerebras Systems
- ▪Andrew Feldman stated that Cerebras took the fast inference business at OpenAI from Nvidia
- ▪Cerebras Systems announced a deal with OpenAI reportedly worth more than $10 billion
Financial Performance and Valuation Growth
- ▪Cerebras Systems was valued at $23 billion in its February 2026 Series H funding round
- ▪Cerebras Systems had a net income of $237.8 million in 2025
- ▪Cerebras Systems had a non-GAAP net loss of $75.7 million in 2025 excluding certain one-time items
- ▪Cerebras Systems brought in $510 million in revenue in 2025
- ▪Cerebras Systems raised a $1.1 billion Series G funding round in 2025
Perspective of Cerebras Systems CEO Andrew Feldman
- ▪Andrew Feldman characterizes Cerebras Systems as having captured OpenAI's fast inference business from competitor Nvidia
Perspective of Potential IPO investors
- ▪Cerebras Systems achieved profitability with $237.8 million net income in 2025 despite a non-GAAP loss of $75.7 million
- ▪Cerebras Systems' previous 2024 IPO attempt faced federal scrutiny over Abu Dhabi-based G42's investment before being withdrawn
Perspective of Nvidia
- ▪Cerebras Systems positions itself as having taken fast inference business from Nvidia at OpenAI
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