Apr. 17 at 9:14 PM
Cerebras refiles S-1 for IPO - ticker
$CBRS - original S-1 filed Sept 2024, withdrawn in late 2025 (after CFIUS review on G42 ties)
Financials FY25:
Revs:
$510M (↑ +76% y/y)
Net Income:
$87.9M (vs big loss in 2024)
Shift from chip sales toAI cloud infrastructure model - CaaS
Customer concentration remains high w/ UAE-based clients (G42 down to 24%, another UAE university at 62% in 2025) vs. 87% from one customer earlier
OpenAI Deal: Massive expansion - initial
$10B+ for up to 750MW thru 2028 ->
$20B+ total spending, w/ OpenAI getting warrants/equity stake potential - includes a
$1B loan from OpenAI for data center buildout. Additional capacity possible thru 2030
Lead Bookrunnre:
$MS
$MSFT invested in G42, which is both a major Cerebras customer & past investor). No direct stake in Cerebras
$AMZN AWS announced a deal to integrate Cerebras chips into AWS data centers for high-speed inference (paired w/ Amazon's own Trainium chips). Amazon will offer Cerebras-powered services on Bedrock. No direct stake in Cerebras