An expected wave of technology initial public offerings is kicking into high gear.
On Friday, the Silicon Valley artificial intelligence chip maker Cerebras took a key step toward listing its shares on the stock market by unveiling an investor prospectus. In the filing, Cerebras revealed that its revenue rose 75 percent last year to $510 million and that it swung to an annual profit of $238 million from a net loss in 2024.
Cerebras initially filed to list its shares in the fall of 2024, before raising additional funding and withdrawing its offering plans without providing a reason. Now it is moving to go public again, before a slew of potentially enormous offerings from high-profile companies.
This month, SpaceX, Elon Musk’s rocket and satellite maker, which is valued at more than $1 trillion, filed to list its shares in what is likely to be one of the largest-ever public offerings. The A.I. companies OpenAI and Anthropic have also taken early steps to go public. These companies could suck the oxygen out of other I.P.O.s by commanding most investor attention.
Cerebras, based in Sunnyvale, Calif., makes specialized computer chips for building A.I. technologies and delivering them to businesses and consumers. The market is dominated by the Silicon Valley chip maker Nvidia.
Cerebras and others are trying to make a dent in Nvidia’s chip empire. Google and Amazon are pulling in billions of dollars in revenues with their specialized A.I. chips. Other start-ups trying to grab a piece of the booming chip market include Graphcore and SambaNova.
Its first prospectus in 2024 showed that Cerebras’s business relied heavily on a single customer that was also an investor: G42, an A.I. company backed by the United Arab Emirates. In total, G42 represented 87 percent of Cerebras’s revenue in the first half of 2024.
In that 2024 prospectus, Cerebras said it had notified CFIUS, or the Committee on Foreign Investment in the United States, about selling shares to G42 so that the committee could review the partnership for national security risks. Several months later, the company announced that CFIUS had cleared the sale, before pulling its I.P.O. plans.
Since then, Cerebras has landed two major U.S. companies — Amazon and OpenAI — as customers. Both are constructing massive computer data centers to build and deliver A.I. technologies.
(The New York Times has sued OpenAI and Microsoft for copyright infringement of news content related to A.I. systems. The two companies have denied the claims.)
In its prospectus on Friday, Cerebras revealed that it generated $510 million in revenue in 2025, up from $290 million in 2024. Though the company’s chips can be used to build A.I. technologies, much of its business has been driven by the tech industry’s growing need to deliver A.I. system to customers — a technical process called “inference.”
“As it turns out, inference is cool,” Cerebras’s chief executive and co-founder, Andrew Feldman, told The Times in January after signing the agreement with OpenAI.
The profit of $238 million last year compared with a loss of $482 million in 2024, according to the prospectus.
Cerebras warned in the filing that a substantial portion of its revenue would continue coming from a limited number of customers. G42 represented 24 percent of its revenues last year, and it said the Mohamed bin Zayed University of Artificial Intelligence, or MBZUAI, a research lab in the Emirates, accounted for 62 percent. Cerebras added that its deal with OpenAI was valued at more than $20 billion.
Cerebras was founded in 2016 by Mr. Feldman and the chip industry veterans Jean-Philippe Fricker, Michael James, Gary Lauterbach and Sean Lie. Like other start-ups, the company saw the growing demand for chips that could help build A.I. and began designing its own.
One challenge that A.I. companies faced at the time was connecting many chips so they could work together to analyze enormous amounts of data, an essential part of building modern A.I. systems. To address this, Cerebras created a chip around 56 times as large as those made by competitors to help crunch data faster.
Cerebras began shipping its chips in 2019. The company has raised over $2.55 billion in venture capital funding, valuing it at $23 billion.
In 2023, the company began building supercomputers for G42. The partnership later came under scrutiny as the Commerce Department weighed whether to place trade restrictions on G42 because of its work with China’s military. G42 has denied having connections to the Chinese government and military.
Cerebras is among the companies working with the Emirates to build A.I. data centers in the Middle East, projects that could be delayed by the war in the region.
Cade Metz is a Times reporter who writes about artificial intelligence, driverless cars, robotics, virtual reality and other emerging areas of technology.
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