Cerebras Systems, a wafer-scale AI chipmaker and Nvidia rival, filed for a U.S. initial public offering, signaling renewed momentum in AI-led tech listings amid industry optimism.

The company is poised to list on Nasdaq as soon as today, with plans to trade under the CBRS ticker and Morgan Stanley, Citigroup, Barclays, and UBS leading the underwriting.

Cerebras has officially filed for a proposed Nasdaq IPO, marking its second attempt after a previous withdrawal, as it speeds toward public markets.

A cornerstone of Cerebras’ business is a multi-year OpenAI contract worth over $20 billion to deliver 750 megawatts of compute through 2028, alongside an AWS inference-distribution partnership and more than $24.6 billion in remaining performance obligations as of end-2025.

To finance growth in Training Cloud and Inference Cloud offerings, Cerebras secured a $125 million revolving credit facility from Morgan Stanley.

Revenue concentration remains notable in the UAE, with MBZUAI and G42 accounting for a large share of 2025 revenue and drawing regulatory scrutiny over regional exposure.

Cerebras posted strong top-line momentum, with 2024 revenue up 76% to $510 million and a turnaround from a prior year net loss to a $87.9 million net profit in 2025.

Beyond revenue growth, the company reported 2025 earnings of $87.9 million on $510 million in revenue, versus a $485 million net loss in 2024.

Roadmap plans include a disaggregated inference-serving solution that can run alongside other architectures, potentially built on a CS-3 data center appliance for large-scale clustering through Cerebras Cluster Manager.

The IPO could supply substantial capital for expanding manufacturing and cloud infrastructure, though ongoing execution of OpenAI and AWS deals and diversification beyond UAE customers remain critical for long-term investor confidence.

Cerebras emphasizes its high-speed, wafer-scale processors as a competitive edge for AI workloads and cloud power, including commitments to OpenAI through 2028.

Cerebras is based in Sunnyvale, California, founded in 2016 by CEO Andrew Feldman, with notable investors including OpenAI’s Sam Altman.