AI chipmaker Cerebras Systems is returning to public markets nearly two years after its earlier Initial Public Offering (IPO) faced delays amid U.S. national security scrutiny involving Abu Dhabi-linked AI firm G42.
Its renewed U.S. Securities and Exchange Commission (SEC) S-1/A filing shows heavy dependence on a small group of customers, with most of Cerebras’s revenue still coming from a small number of Abu Dhabi-linked customers, even as the company positions itself as an AI infrastructure company.
According to the company’s May filing, G42 accounted for 85% of Cerebras’s revenue in 2024, compared with 24% in 2025, while Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) accounted for 62% of 2025 revenue. Combined, Abu Dhabi-linked entities represented 86% of Cerebras’s 2025 revenue.
The filing states, “A substantial portion of our revenue has been, and is expected to continue to be, driven by a limited number of customers.”
Cerebras identified OpenAI, G42, MBZUAI, and AWS as key customer relationships whose disruption could materially affect the company’s business, financial condition, and prospects.
The company also said that a December 2025 agreement with OpenAI “represents a substantial portion” of projected future revenue, without disclosing what percentage of current revenue comes from OpenAI.
Cerebras is positioning itself as a challenger to chip giant NVIDIA in AI compute infrastructure through its wafer-scale AI systems and inference-focused architecture. The company claims its systems can deliver inference speeds up to 15 times faster than leading GPU-based systems in certain benchmarked workloads.
The company reported $510 million in 2025 revenue, 76% year-over-year revenue growth, and $237.8 million in net income for 2025.
Cerebras initially targeted an IPO price range of $115 to $125 per share in its filing. As per media reports, the company later considered a revised range of $150 to $160 amid strong institutional demand, with the offering expected to raise up to $4.8 billion.
The filing also confirms that Class B shareholders will control approximately 99.2% of voting power after the IPO, giving public-market investors limited governance influence.
Cerebras plans to list on Nasdaq under ticker CBRS. Media reports said the company is expected to price the IPO on May 13 and begin trading on May 14.
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