Cerebras files for Nasdaq IPO under ticker CBRS after withdrawing 2024 attempt

AI chip company Cerebras Systems has filed to go public on Nasdaq under the ticker symbol "CBRS," marking its second attempt after withdrawing an initial public offering last year. The company, which develops wafer-scale semiconductors and operates its own cloud service, reported $87.9 million in net income on $510 million in revenue for 2025. Revenue grew 76 percent from the previous year, when Cerebras posted a $485 million net loss. Cerebras disclosed $24.6 billion in remaining performance obligations as of Dec. 31, with expectations to recognize 15 percent of that amount in 2026 and 2027. A significant portion of future revenue stems from a $10 billion deal with OpenAI announced in January, under which the AI company will use 750 megawatts of computing power through 2028, with an option for an additional 1.25 gigawatts through 2030. The IPO filing also reveals Cerebras received a $1 billion loan from OpenAI at a six percent annual interest rate to build data center infrastructure and provide cloud services. Cerebras noted the OpenAI agreement "represents a substantial portion of our projected revenues over the next several years," though OpenAI can terminate the deal if computing power is not delivered on schedule. Customer concentration, a concern during the 2024 IPO attempt when 87 percent of revenue came from Abu Dhabi-based G42, has shifted. In 2025, G42 accounted for 24 percent of revenue, while the UAE-based Mohamed bin Zayed University of Artificial Intelligence provided 62 percent. Both entities partnered on a February 2026 deal to develop Cerebras systems in India. Cerebras raised $1 billion at a $23 billion valuation this February ahead of the public offering.