Cerebras Relaunches IPO Bid, Aiming to Challenge Nvidia in AI Chips

Cerebras Systems has filed for a new IPO on Nasdaq (CBRS), returning to the public markets after a 2024 abort. The Sunnyvale AI-chip maker posted about $510 million in 2025 revenue with $237.8 million in net income, but warns revenue is highly concentrated among two UAE customers—Mohamed bin Zayed University of Artificial Intelligence (62% of 2025 revenue) and Group 42 (24%)—and cautions that losing them could hurt sales. Cerebras argues its WSE-3 AI processor delivers far greater bandwidth than Nvidia’s B200 and cites deals with OpenAI and AWS to co-design models and deploy compute. The company recently raised $1 billion at a $23 billion post-money valuation, with Morgan Stanley, Citigroup, Barclays and UBS leading the IPO efforts.