There's a new AI chip IPO on the calendar — and it could be a very significant listing.
Cerebras Systems filed its S-1 with the SEC on Friday, April 17, and plans to list on Nasdaq under the ticker CBRS. A company spokesperson confirmed the IPO is targeting mid-May.
The deal comes as SpaceX hosts investment bankers and analysts at Starbase this week. Its upcoming Nasdaq listing is expected to be the biggest IPO ever.
Let’s start with the most recent financing, because the numbers tell the story.
On February 3, Cerebras closed a $1 billion Series H round at a $23 billion valuation. That's a near tripling from the $8.1 billion valuation it received in September 2025 — just five months earlier.
That's not a speculative venture bet. That's some of the most sophisticated money in technology making a very large conviction call.
The IPO filing followed shortly after. Cerebras reported $510 million in revenue in 2025, up 76% from 2024, and swung to a profit of $87.9 million — compared to a net loss of $485 million the year prior.
So, what does Cerebras actually make?
The company builds something called the Wafer Scale Engine 3 — a chip roughly 56 times larger than a standard GPU. Cerebras says it can process AI queries up to 25 times faster than competing hardware. The pitch is speed and cost at scale, specifically for AI inference — the compute required every time a model responds to a user query.
Inference is the fastest-growing segment in AI right now. Every ChatGPT response, every AI-powered search result, every autonomous agent running a task — it all runs on inference. Cerebras is betting that the market will pay a premium for faster, cheaper inference hardware over Nvidia's GPUs.
The commercial traction is real.
Cerebras signed a deal with OpenAI worth over $10 billion to supply computing capacity through 2028. OpenAI also received warrants to purchase Cerebras stock and extended a $1 billion loan to help fund data center buildout. Amazon Web Services followed, committing to use Cerebras chips and purchasing roughly $270 million in Cerebras stock.
The customer concentration is something to watch. Two entities in the UAE — G42 and the Mohamed bin Zayed University of Artificial Intelligence — accounted for 24% and 62% of 2025 revenue, respectively. That's geographic concentration risk the prospectus flags directly.
Morgan Stanley, Citigroup, Barclays, and UBS are the lead underwriters.
Cerebras plans to raise $2 billion with the stock offering. The valuation is expected to be above $25 billion. And the Nasdaq ticker will be CBRS.
This IPO is landing in the middle of what could be the biggest tech listing window since 2021. SpaceX has filed. OpenAI and Anthropic are preparing. Cerebras may be the first major AI chip company to actually cross the finish line and start trading.
Ian Wyatt
Editor, IPO Watch