Cerebras $CBRS files IPO as 2025 revenue hits $510M; OpenAI deal tops $20B

Cerebras Systems filed for a Nasdaq IPO under the proposed ticker $CBRS, putting a fresh public-market price test on AI infrastructure after the company reported 2025 revenue of $510.0M, up 76% from $290.3M in 2024. The April 17 S-1 did not yet specify the number of Class A shares to be sold or the expected price range, leaving valuation and float size for a later amendment.

The financial swing is the central number. Cerebras reported revenue of $24.6M in 2022, $78.7M in 2023, $290.3M in 2024, and $510.0M in 2025. GAAP net income reached $237.8M in 2025 after a $481.6M net loss in 2024, while management also presented a non-GAAP net loss of $75.7M for 2025 after excluding stock-based compensation and fair-value changes tied to a forward contract liability.

The filing also turns the IPO into a referendum on customer concentration. Cerebras said a substantial portion of revenue depends on a limited customer set that includes OpenAI, G42, MBZUAI, and AWS. It disclosed a January 2026 multi-year OpenAI agreement valued at more than $20B for 750 megawatts of high-speed AI compute, plus co-design work on future models and Cerebras hardware.

OpenAI's economics matter to dilution as well as demand. The S-1 lists 33,445,026 Class N shares issuable under an OpenAI warrant with a $0.00001 exercise price, subject to vesting conditions. Cerebras also noted a separate warrant authorized after Dec. 31, 2025 for 2,696,678 Class N shares at a $100.00 exercise price, also subject to vesting conditions.

For public investors, the next filing update is the gating event. Watch the amended S-1 for the share count, price range, post-offering capitalization, lock-up terms, and any refreshed customer-risk language around OpenAI and AWS. The CNBC feed item flagged the new IPO filing; the operative numbers are in the SEC company record and S-1.