Cerebras files for IPO with $10 billion OpenAI deal and $510 million annual revenue
Cerebras Systems filed to go public on April 17, 2026, submitting its S-1 registration statement to the SEC. The AI chip startup plans to list on Nasdaq under the ticker symbol CBRS with an offering expected in mid-May.
The company builds wafer-scale AI processors that compete directly with Nvidia’s GPUs, claiming to offer the fastest inference speeds in the industry. Cerebras brought in $510 million in revenue for 2025 and posted net income of $237.8 million, though its non-GAAP net loss was $75.7 million excluding one-time items.
The timing matters. Cerebras previously filed for an IPO in 2024 but withdrew after facing federal review over a planned investment from Abu Dhabi-based G42. The company instead raised $1.1 billion in a Series G round last September, followed by $1 billion in Series H funding this February at a $23 billion valuation.
The OpenAI partnership is the headline grabber. Cerebras reportedly secured a deal worth more than $10 billion with the ChatGPT maker, and CEO Andrew Feldman did not hold back when talking to the Wall Street Journal: “Obviously, Nvidia didn’t want to lose the fast inference business at OpenAI, and we took that from them.”
Beyond OpenAI, Cerebras announced an agreement with Amazon Web Services to deploy its chips in AWS data centers. The company serves a range of enterprise customers including Meta, GSK, Mayo Clinic, Notion, and AlphaSense.
Cerebras is betting that AI inference - the process of running trained models to generate responses - will increasingly require dedicated hardware rather than repurposed GPUs. Its third-generation Wafer-Scale Engine packs more compute into a single chip than entire clusters of competing processors.
The IPO represents a significant test for specialized AI hardware vendors. While Nvidia has dominated the market with general-purpose GPUs, Cerebras argues that purpose-built inference chips will capture an increasing share of the $300 billion AI infrastructure market.
The company plans to use proceeds from the offering to expand manufacturing capacity and fund ongoing research and development of next-generation processors.