'NVIDIA Rival' Cerebras Re-attempts US Nasdaq Listing

'NVIDIA Rival' Cerebras Re-attempts US Nasdaq Listing

Cerebras, which manufactures artificial intelligence (AI) chips the size of a large wafer, has re-attempted its initial public offering (IPO) process after six months.

Cerebras announced on the 17th (local time) that it submitted a listing application to the U.S. Securities and Exchange Commission (SEC) and plans to list its Class A common stock under the ticker 'CBRS'.

In its listing application, Cerebras disclosed its performance, stating that its revenue last year reached $510 million, growing 75.7% from $290 million in 2024, and its earnings per share during the same period turned profitable at $1.38, compared to a loss of $9.9 in the previous year.

They explained that 62% of last year's revenue came from the Mohamed bin Zayed University of AI in the United Arab Emirates (UAE), and 24% came from G42, a former investor and a company also headquartered in the UAE.

Regarding OpenAI, with whom they signed a contract in December last year, they predicted that it "will account for a significant portion of expected revenue in the coming years."

Cerebras also disclosed that it issued warrants for 33.4 million shares of non-voting Class N common stock to OpenAI and received a $1 billion loan from OpenAI at an annual interest rate of 6%.

Amazon, the operator of Amazon Web Services (AWS), with whom Cerebras signed a multi-year contract in March, also holds the right to purchase $270 million worth of Class N shares.

Five founders, including CEO Andrew Feldman, emphasized in a 'Founder's Letter' within the listing application that their company was chosen by industry leaders such as OpenAI and AWS, pledging to "create shareholder value by doing what customers want but other companies cannot."

Cerebras is a chip startup that leverages its Wafer-Scale Engine (WSE) technology, which creates a single AI chip from one large wafer.

It is characterized by adopting fast S-RAM instead of D-RAM-based High Bandwidth Memory (HBM), specifically enhancing AI inference speed.

Cerebras completed a Series H investment of $1 billion at a company valuation of $23 billion in early February.

Cerebras had previously submitted a listing application in September 2024, but the listing was delayed due to an equity investment from UAE company G42 being an issue at the time.

At that time, the Committee on Foreign Investment in the United States (CFIUS) conducted an intensive investigation to determine if there was a risk of a Middle Eastern technology company serving as a conduit for leaking advanced U.S. AI technology to China.

Cerebras later announced that it had received approval from CFIUS for G42's minority equity investment, but ultimately voluntarily withdrew its listing in October last year.