Cerebras IPO — Timeline, Valuation & S-1 Status

Q: When is the Cerebras IPO date?

May 14, 2026 on Nasdaq under ticker CBRS. Cerebras Systems filed its public S-1 with the SEC on April 17, 2026 and confirmed the May 14, 2026 IPO date in subsequent SEC amendments. The company is targeting a $3.5B raise. Morgan Stanley is the lead underwriter.

Q: What is Cerebras' valuation at IPO?

Cerebras is targeting a valuation of approximately $33 billion in its May 14, 2026 Nasdaq IPO (ticker: CBRS), based on 30 million shares priced at $150–$160 per share (midpoint $155; raised twice — first to $125–$135 on May 8, then to $150–$160 on May 11 — 20x+ oversubscribed). The company is raising up to $4.8 billion. The last private valuation was $23.1 billion from the February 2026 Series H round. The company trades at roughly 65x trailing revenue ($510M) at the new range midpoint.

Q: Is Cerebras profitable?

Yes. Cerebras reported $87.9 million in net income for fiscal year 2025 on revenue of $510 million (+76% year-over-year). This represents a dramatic turnaround from a $485 million net loss in 2024. The swing to profitability is driven primarily by the OpenAI deal and growing enterprise adoption of wafer-scale compute.

Q: What is the OpenAI deal with Cerebras?

OpenAI signed a $20 billion+ multi-year deal with Cerebras for 750 megawatts of Cerebras compute capacity through 2028. OpenAI also provided a $1 billion loan to Cerebras plus warrants for 33.4 million shares. This deal is the largest AI infrastructure contract ever signed and is the primary driver of Cerebras' revenue acceleration and path to profitability.

Q: What does Cerebras make?

Cerebras builds the world's largest AI processors — wafer-scale chips the size of an entire silicon wafer rather than a small die. The Wafer-Scale Engine 3 (WSE-3) contains 4 trillion transistors and 900,000 AI-optimized cores. Cerebras systems can train large AI models orders of magnitude faster than conventional GPU clusters, with significantly lower power consumption per operation.

Q: How can I buy Cerebras stock?

Cerebras lists on Nasdaq under ticker CBRS on May 14, 2026. Shares will be available through any standard brokerage account starting that date. Before the IPO, pre-IPO shares may be available on secondary platforms like Forge Global or EquityZen for accredited investors. IPO allocation is typically available through select brokerages participating in the offering.

Q: Is Cerebras a good investment?

Cerebras is an AI chip company targeting $4.8B in its May 14, 2026 Nasdaq IPO (ticker: CBRS). Key data: $510M revenue (+76% YoY), $87.9M net income (profitable), $24.6B in remaining performance obligations (contracted backlog), $23.1B last private valuation. Price range raised twice — to $125–$135 on May 8 then to $150–$160 on May 11 — with 20x+ oversubscription. Primary risk is customer concentration — OpenAI accounts for the majority of revenue via a $20B+ multi-year deal. Wafer-scale chip architecture delivers faster AI inference than GPU clusters, competing directly with Nvidia. Investment decisions should be based on your own financial analysis and risk tolerance.

Q: Who are Cerebras' competitors?

Cerebras' primary competitors in AI compute are NVIDIA (dominant GPU provider), AMD (MI300X accelerators), Google (TPU chips), and startups like Groq (LPU inference chips), SambaNova (RDU processors), and Tenstorrent (RISC-V AI chips). Cerebras differentiates with its wafer-scale architecture, which eliminates the chip-to-chip communication bottleneck that limits GPU cluster performance.

Q: What is Cerebras' remaining performance obligations (RPO)?

Cerebras reported $24.6 billion in remaining performance obligations (RPO) as of the S-1 filing. RPO represents contracted but unrecognized revenue — primarily from the OpenAI multi-year deal and other enterprise contracts. This provides exceptional revenue visibility for a pre-IPO company and significantly de-risks the investment thesis.

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🔺 UPDATE

Price Range Raised AGAIN to $150–$160/share — May 11, 2026

Cerebras raised its IPO price range a second time — from $125–$135 to $150–$160/share — and increased the offering size from 28M to 30M shares as demand surged. Book is 20x+ oversubscribed. At the new midpoint ($155), the implied fully diluted valuation is ~$33B — up from ~$28.8B in the previous range. Total raise increases from $3.5B to up to $4.8B. This would be the largest tech IPO of 2026. Final pricing: evening of May 13. Trading begins Nasdaq, May 14. (Source: Reuters, CNBC, GuruFocus — May 10–11, 2026)

Cerebras Systems IPO date: May 14, 2026 on Nasdaq Global Select Market, ticker CBRS. Offering: 30 million shares at $150–$160/share (price range raised twice — to $125–$135 May 8, then to $150–$160 May 11; 20x+ oversubscribed) + 4.2M greenshoe (overallotment), targeting a $4.8B raise (~$5.5B with greenshoe) and ~$33B valuation at midpoint $155. This would be the largest tech IPO of 2026. Revenue $510M (+76% YoY), $87.9M GAAP net income (non-GAAP operating loss of $75.7M). OpenAI is now the largest customer; anchor: $20B+ multi-year deal + $1B loan + 33.4M warrants. Customer concentration: G42/MBZUAI (Abu Dhabi) = ~62% of 2025 revenue; OpenAI ~24%. ⚠️ US-billed revenue declined 34% YoY ($282.7M → $187.6M). $24.6B remaining performance obligations. Lead underwriter: Morgan Stanley; co-underwriters: Citigroup, Barclays, UBS, Mizuho, TD Cowen. Roadshow complete. Last updated May 11, 2026.

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IPO Readiness Score

84 / 100

S-1 filed, profitable, lead underwriter engaged — listing imminent

Revenue & Growth

Profitability

Underwriter

Market Timing

Customer Concentration

IPO At-a-Glance

Key metrics from Cerebras' public S-1 filing — updated May 2026.

May 14, 2026

IPO date — Nasdaq Global Select Market

IPO THIS WEEK

$150–$160

IPO price range per share (30M shares) ↑↑ raised May 11

PRICING IMMINENT

~$33B

IPO target valuation (at mid-range $155)

CONFIRMED

$4.8B

IPO raise target (up to $5.5B w/ greenshoe)

CONFIRMED

CBRS

Nasdaq ticker symbol

NASDAQ

$510M

2025 Revenue (+76% YoY)

+$87.9M

2025 Net Income (GAAP profitable)

$23.1B

Last private valuation (Series H, Feb 2026)

$24.6B

Remaining performance obligations

~$2.3B

Total funding raised (pre-IPO)

Morgan Stanley

Lead underwriter

Citi · Barclays · UBS

Citigroup, Barclays, UBS, Mizuho, TD Cowen — co-underwriters

📊 How to Buy CBRS Stock — Brokerage Access

Cerebras lists on Nasdaq as CBRS on May 14, 2026. Open an account at any of these brokerages to participate in the IPO or buy shares on listing day.

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IPO Filing Progress

Cerebras' path from S-1 filing to Nasdaq listing.

✓ Complete

Confidential S-1

Filed 2024 (originally with Citigroup)

✓ Complete

CFIUS Clearance

G42 removed from cap table, March 2025

✓ Complete

Public S-1 Filed

April 17, 2026 (Morgan Stanley lead)

✓ Complete

SEC Review & S-1/A Filed

Price range confirmed, roadshow in progress

→ IPO DATE: May 14, 2026

Nasdaq Listing (CBRS) — up to $4.8B Raise

May 14, 2026 • Nasdaq • Ticker: CBRS

S-1 Financial Highlights

Key financials from the public S-1 registration statement.

Metric	FY 2025	FY 2024	Change
Revenue	$510M	$290M	+76% YoY
Net Income / (Loss)	+$87.9M	-$485M	Profitable
Remaining Performance Obligations	$24.6B	—	Primarily OpenAI contract
IPO Valuation Target	~$33B	$23.1B	30M shares @ $150–$160/share
Greenshoe / Overallotment	4.2M shares (~$651M at $155)	—	Authorized; exercisable 30 days post-IPO
US-Billed Revenue (2025)	$187.6M (–34% YoY)	$282.7M	US domestic revenue declining
Non-GAAP Operating Loss	-$75.7M	-$91M	Adj. for stock-comp & one-time items
Total Funding Raised	~$2.3B	$720M	Series H: $1B at $23.1B

⚠️ Key Risks — Read Before Investing

Material risks disclosed in Cerebras' S-1 filing. Not investment advice.

⚠️ Customer Concentration — Abu Dhabi (MBZUAI/G42) + OpenAI

~62% of Cerebras' 2025 revenue came from Abu Dhabi (G42-linked / MBZUAI entities); OpenAI accounts for approximately 24%. The top two customers represent ~86% of total revenue. While G42 was removed from the cap table to satisfy CFIUS, G42-linked entities remain the dominant revenue source by geography. Losing or renegotiating either relationship would be catastrophic to near-term financials. Investors should treat Cerebras as a two-customer business until revenue diversification is demonstrated post-IPO.

⚠️ US-Billed Revenue Declined 34% YoY

US domestic revenue fell from $282.7M to $187.6M (–34%) in 2025, despite total revenue growing 76%. The growth is entirely driven by international (Abu Dhabi) bookings. This structural divergence — US business shrinking while international business grows — creates regulatory risk exposure and challenges the narrative that Cerebras is a broadly-adopted AI compute platform. Investors should monitor US-billed revenue closely in Q1 and Q2 2026 earnings.

⚠️ GAAP Profit vs. Non-GAAP Reality

The $87.9M GAAP net income includes significant one-time accounting gains from warrant revaluations and non-cash adjustments tied to the OpenAI deal structure. Non-GAAP operating loss was $75.7M in FY2025 — the company is not operationally profitable on an adjusted basis. Investors should scrutinize the difference between GAAP net income and core operating performance before assigning a profitable-company premium.

ℹ️ IPO Price Range

Cerebras is offering 30 million shares at $150–$160 per share (raised again May 11 — 20x+ oversubscribed), targeting up to $4.8B raise. At the midpoint ($155), the IPO values Cerebras at approximately $33B — making this the largest tech IPO of 2026. Morgan Stanley (lead), Citigroup, Barclays, UBS, Mizuho, and TD Cowen are the underwriting syndicate. Final pricing will be set the evening of May 13, 2026. Shares trade on Nasdaq as CBRS starting May 14.

Cerebras Revenue & IPO Readiness: The $87.9M Growth Story

How a $970M swing in profitability made Cerebras IPO-ready in 2026.

The $87.9M figure is the headline number from Cerebras' S-1: net income of +$87.9 million in FY2025, compared to a -$485 million loss in FY2024. That's a $572.9M turnaround in a single year — almost entirely driven by the OpenAI $20B+ compute contract that began ramping in 2025. For a search query like "cerebras nasdaq yoy 87.9m", this is the answer: Cerebras turned profitable on the back of its landmark OpenAI deal, hit $510M in revenue (+76% year-over-year), and is now listing on Nasdaq under ticker CBRS with $24.6B in contracted backlog.

+$87.9M

FY2025 Net Income

PROFITABLE

-$485M

FY2024 Net Loss (prior year)

$572.9M

YoY profitability swing (2024→2025)

+76% YoY

Revenue growth ($290M → $510M)

What the $87.9M Figure Actually Means

When investors search for "Cerebras 87.9M" or "Cerebras Nasdaq yoy 87.9m," they're looking for context on this profitability figure. Here's the full picture:

Net income of $87.9M — not a revenue YoY growth figure. Cerebras' total 2025 revenue was $510M, up 76% from $290M in 2024.
Catalyst: The OpenAI deal — The $20B+ multi-year contract began contributing revenue in 2025, driving the swing from loss to profit. OpenAI also extended a $1B loan and received warrants for 33.4M shares.
IPO significance — Pre-IPO profitability is rare for semiconductor companies. Cerebras' S-1 shows a company that has already crossed the critical threshold. Combined with $24.6B in RPO, the financial case for CBRS is among the strongest in the 2026 IPO class.

Company Overview

What Cerebras builds and why it matters to investors.

The Largest Chip Ever Built — Purpose-Made for AI

Wafer-Scale Engine 3 (WSE-3) 4 Trillion Transistors 900,000 AI Cores OpenAI Partnership AWS Integration

Cerebras Systems builds the world's largest processors — chips the size of an entire silicon wafer rather than a small die. While a typical GPU chip is ~800mm², Cerebras' Wafer-Scale Engine 3 (WSE-3) occupies an entire 300mm wafer at ~46,225mm² — roughly 56 times larger. This contains 4 trillion transistors and 900,000 AI-optimized cores, enabling AI model training orders of magnitude faster than GPU clusters.

The fundamental insight is that GPU clusters waste enormous energy and time on chip-to-chip communication. A single Cerebras wafer eliminates this bottleneck entirely — all 900,000 cores share on-chip memory and communicate at silicon speed, not network speed. This architecture delivers dramatically higher performance per watt for AI training and inference workloads.

Cerebras' business model centers on selling integrated CS-3 systems (each containing one WSE-3 wafer) and cloud compute capacity. The company operates Cerebras Cloud, where customers can rent wafer-scale compute without purchasing hardware. The OpenAI deal — a $20B+ multi-year contract for 750 megawatts of Cerebras compute through 2028 — transformed the company's financial trajectory, driving the swing from $485M loss to $87.9M profit in a single year.

In addition to OpenAI, Cerebras has signed a binding term sheet with Amazon AWS (March 2026, not yet finalized as a full agreement) to integrate WSE-3 chips into AWS cloud infrastructure, making wafer-scale compute accessible to any AWS customer. AMD participated in the Series H round, signaling strategic interest. The company also serves enterprise customers in pharma, energy, and defense for large-scale AI model training.

Company Facts

Founded2016

HQSunnyvale, CA

CEOAndrew Feldman

Employees~800

StageS-1 Filed

SectorAI Semiconductors

Key Investors & Partners

OpenAI$20B+ Deal + Largest Customer

Amazon AWSBinding Term Sheet (Mar 2026)

MBZUAI / G42-linked~62% of 2025 Revenue

Abu Dhabi Growth FundSeries C-G Lead

AMDSeries H Investor

BenchmarkSeries B Lead

IPO Filing Data

IPO DateMay 14, 2026

ExchangeNasdaq Global Select

TickerCBRS

Price Range$150–$160/share ↑↑

Shares Offered30M + 4.2M greenshoe

IPO Valuation~$33B

Raise Target$4.8B (~$5.5B w/ greenshoe)

Lead UnderwriterMorgan Stanley

Co-UnderwritersCiti, Barclays, UBS, Mizuho, TD Cowen

Why Cerebras Is IPOing Now

The forces that make this the right window for the largest AI chip IPO of 2026.

$20B+

OpenAI multi-year deal — largest AI infra contract ever

The OpenAI Anchor Contract

OpenAI signed a $20B+ multi-year contract with Cerebras for 750 megawatts of wafer-scale compute through 2028. OpenAI also provided a $1 billion loan plus warrants for 33.4 million Cerebras shares. This deal single-handedly transformed Cerebras from a loss-making chipmaker into a profitable, high-growth company with exceptional revenue visibility.

$24.6B remaining performance obligations provide years of contracted revenue
OpenAI warrants align incentives — OpenAI benefits from Cerebras' success
Deal validates wafer-scale architecture at the largest AI scale in the world

76%

Year-over-year revenue growth ($290M → $510M)

Profitable Growth at Scale

Cerebras achieved a rare feat for a pre-IPO chip company: profitability. The swing from -$485M to +$87.9M net income in one year demonstrates operating leverage. Revenue grew 76% YoY to $510M, driven by the OpenAI ramp and enterprise adoption. This financial profile is significantly stronger than most semiconductor IPOs.

Profitable before IPO — unlike most semiconductor IPOs which are pre-profit
Revenue acceleration driven by AI compute demand, not one-time deals
Backlog provides visibility well beyond IPO date

CFIUS Clearance Unlocked the IPO

Cerebras' earlier IPO attempt (confidential S-1 filed in 2024 with Citigroup as lead) was blocked by CFIUS concerns over G42's stake — an Abu Dhabi-based AI company with perceived ties to China. In March 2025, G42 was removed from the cap table, clearing the CFIUS review. Morgan Stanley replaced Citigroup as lead underwriter, and the company re-filed publicly on April 17, 2026.

G42 cap table removal satisfied all CFIUS national security concerns
Morgan Stanley engagement signals institutional confidence in the listing
Two-year delay means financials are now dramatically stronger than the 2024 filing
AWS binding term sheet (March 2026) broadens compute distribution beyond direct deals

AI Compute Demand Is Insatiable

Global AI compute demand is growing faster than GPU supply chains can scale. OpenAI, Google, Meta, and Anthropic are all racing to secure non-NVIDIA compute. Cerebras offers the only commercially available wafer-scale alternative — a fundamentally different architecture that avoids the interconnect bottleneck of GPU clusters. The AWS partnership extends this reach to every cloud customer.

NVIDIA shortage driving hyperscalers to diversify compute sources
AWS integration makes Cerebras accessible without hardware purchase
Wafer-scale architecture offers fundamentally different scaling economics

Funding History

Cerebras' capital raises from Series A through the Series H mega-round.

Round	Amount	Date	Lead Investors	Valuation
Series H	$1B	Feb 2026	Growth investors + AMD	$23.1B
Series F	$250M	2024	Abu Dhabi Growth Fund	$4B
Series C	$250M	Nov 2021	Abu Dhabi Growth Fund	$4B
Series B	$112M	Jul 2019	Benchmark, Eclipse Ventures	$500M
Series A	$27M	Dec 2016	Foundation Capital	$100M

Key Risks to Understand

What investors should weigh carefully before buying CBRS shares.

Customer Concentration

OpenAI (~24% of revenue) and Abu Dhabi-linked entities / MBZUAI (~62%) together represent ~86% of 2025 revenue. US-billed revenue declined 34% YoY ($282.7M → $187.6M), meaning all growth came from international. If either top relationship deteriorates, Cerebras' revenue base collapses. The $24.6B RPO is dominated by these two customer clusters.

NVIDIA Competition — Valuation Gap

CBRS prices at ~65x trailing revenue at the $155 midpoint vs. Nvidia at ~30x forward revenue. Cerebras is priced for perfection against the largest, most profitable chip company in history. The twice-raised price range ($115→$125→$135→$150→$160) means the market is demanding the stock at an increasingly premium multiple. NVIDIA's CUDA ecosystem lock-in and B200/Rubin roadmap make switching costly for AI labs — Cerebras must prove its wafer-scale thesis at scale.

Manufacturing Risk

Wafer-scale manufacturing is extraordinarily difficult. Each WSE-3 is produced on a single silicon wafer with near-perfect yield required across 4 trillion transistors. Any manufacturing disruption at TSMC (Cerebras' fabrication partner) could constrain supply at a critical growth moment.

Geopolitical & Export Risk

AI chip export restrictions continue to evolve. While Cerebras resolved its CFIUS issues (G42 removal), future regulatory changes could limit international sales. The semiconductor industry is increasingly subject to geopolitical tensions between the US and China.

Institutional Demand & Pre-IPO Secondary Market

Roadshow complete. Overallotment authorized. What the signals say.

📈 Demand Signals

Price range raised TWICE — From $115–$125 → $125–$135 (May 8) → $150–$160 (May 11). Shares increased from 28M to 30M. Book is 20x+ oversubscribed. Roadshow concluded ahead of May 13 pricing.

Greenshoe authorized — 4.2M additional shares (~$651M at $155) available for overallotment. If exercised, total raise reaches ~$5.5B. Signals extremely strong institutional book demand.

Anchor investors confirmed — OpenAI ($20B deal + warrants), AWS (binding term sheet), AMD (Series H). These are strategic, not purely financial, investors — alignment runs deep.

🏷️ Pre-IPO Secondary Pricing

Secondary market transactions (Forge, EquityZen, Hiive) in the week before the IPO showed Cerebras shares trading at $102–$107/share before the roadshow — far below the now-confirmed $150–$160 range. The secondary market materially underpriced institutional demand. With IPO pricing at $150–$160, the secondary market implied a 40–57% discount to where institutional investors priced the book.

Pre-IPO Secondary Access

Forge Global Accredited investors only

EquityZen $10K+ minimums

Hiive Accredited investors only

Pre-IPO shares are speculative and illiquid. With the IPO 5 days away, secondary availability is limited. For most retail investors, Nasdaq at market open is the practical entry point.

Frequently Asked Questions

Everything investors want to know about the Cerebras IPO.

When is the Cerebras IPO date? +

May 14, 2026 on Nasdaq under ticker symbol CBRS. Cerebras filed its public S-1 registration statement with the SEC on April 17, 2026, and confirmed the May 14 listing date in the S-1/A pricing amendment. The company is targeting up to $4.8 billion at the new $150–$160 range (raised twice due to 20x+ demand — final pricing evening of May 13). Morgan Stanley is the lead underwriter. Last updated May 11, 2026.

What is Cerebras' valuation at IPO? +

Cerebras is raising up to $4.8 billion in its May 14, 2026 Nasdaq IPO (ticker: CBRS), at an updated range of $150–$160/share (raised twice — last on May 11). At the midpoint of $155, the fully diluted valuation is approximately $33 billion. The company's last private valuation was $23.1B from its February 2026 Series H round. This represents a 43% premium to the last private round at the IPO midpoint.

Is Cerebras profitable? +

Yes. Cerebras reported $87.9 million in net income for FY2025 on revenue of $510 million. This represents a dramatic turnaround from a $485 million net loss in FY2024. The profitability swing is driven primarily by the OpenAI deal ramp and growing enterprise adoption of wafer-scale compute systems.

What is the OpenAI deal? +

OpenAI signed a $20 billion+ multi-year deal with Cerebras for 750 megawatts of Cerebras compute capacity through 2028. OpenAI also provided a $1 billion loan to Cerebras plus warrants for 33.4 million shares. This is the largest AI infrastructure contract ever signed and is the primary driver of Cerebras' revenue acceleration and profitability.

Why did the first IPO attempt fail? +

Cerebras filed a confidential S-1 in 2024 with Citigroup as lead underwriter, but the IPO was blocked by CFIUS (Committee on Foreign Investment in the United States) concerns over G42's investment. G42 is an Abu Dhabi-based AI company that had perceived ties to China. After G42 was removed from the cap table in March 2025, CFIUS clearance was obtained. Morgan Stanley replaced Citigroup as lead underwriter, and the company re-filed with a stronger financial profile in April 2026.

How can I buy Cerebras stock before the IPO? +

Cerebras lists on Nasdaq under ticker CBRS on May 14, 2026. Starting that date, shares will be available through any standard brokerage account. Before the IPO, pre-IPO shares may be available on secondary platforms like Forge Global or EquityZen for accredited investors. Some brokerages offer IPO allocation access to qualifying customers. TechStackIPO tracks availability but does not facilitate investments.

How does Cerebras compare to NVIDIA? +

Cerebras and NVIDIA take fundamentally different approaches. NVIDIA builds relatively small GPU chips (~800mm²) that are networked together in clusters. Cerebras builds a single wafer-scale chip (~46,225mm²) with 900,000 cores on one die. Cerebras' approach eliminates the chip-to-chip communication bottleneck that limits GPU cluster performance, offering higher performance per watt for AI training. However, NVIDIA's CUDA ecosystem and market dominance (~80%+ share) create significant switching costs for AI labs already invested in GPU infrastructure.

What is $24.6B in remaining performance obligations? +

Remaining performance obligations (RPO) represent contracted revenue that has not yet been recognized — essentially a backlog of signed deals. Cerebras' $24.6B RPO is primarily from the OpenAI multi-year contract and other enterprise agreements. This provides exceptional revenue visibility for a pre-IPO company, significantly de-risking the investment thesis. For context, $24.6B is roughly 48x Cerebras' 2025 annual revenue.

Is Cerebras a good investment? +

Cerebras is an AI chip company with strong fundamentals ahead of its May 14, 2026 IPO (ticker: CBRS, up to $4.8B raise). Key data: $510M revenue (+76% YoY), $87.9M net income (profitable, reversed from -$485M loss in 2024), $24.6B contracted backlog (RPO), $23.1B last private valuation. Price range was raised twice (to $150–$160 as of May 11), signaling enormous institutional demand (20x+ oversubscribed). Primary risk is customer concentration — OpenAI + Abu Dhabi entities represent ~86% of revenue. Wafer-scale chip architecture delivers faster AI inference than GPU clusters, competing directly with Nvidia. Whether Cerebras is a good investment depends on your assessment of AI chip demand, Nvidia competition, and customer concentration risk. Investment decisions should be based on your own financial analysis and risk tolerance. TechStackIPO tracks data — we do not provide investment advice.

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