Cerebras Systems, a startup focused on advanced AI hardware, has initiated the process for a public offering. This follows a previous attempt in 2024 that was stalled due to a federal review concerning an investment from G42, based in Abu Dhabi, which ultimately led to the withdrawal of that filing.
The company secured substantial funding, raising $1.1 billion in a Series G round last year, and an additional $1 billion in Series H financing earlier this year, achieving a valuation of $23 billion. Recently, Cerebras struck a deal with Amazon Web Services to integrate its chips into Amazon's data centers and has entered into a significant agreement with OpenAI, reportedly exceeding $10 billion.
In the fiscal year 2025, Cerebras reported revenues of $510 million with a net income of $237.8 million, although it also noted a non-GAAP net loss of $75.7 million when excluding certain one-time items. The company has not disclosed its fundraising target for the upcoming IPO, which is expected to occur around mid-May.