Cerebras Systems Inc., a developer of wafer-scale artificial intelligence processors, filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission on April 17, 2026. The Sunnyvale-based company plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol CBRS. The filing marks a return to the public markets for Cerebras, which previously withdrew an IPO attempt in late 2025 following a regulatory review by the Committee on Foreign Investment in the United States regarding its relationship with United Arab Emirates-based firm G42.
The registration statement discloses significant financial growth for the fiscal year ending December 31, 2025. Cerebras reported revenue of $510 million, representing a 76 percent increase from the $290.3 million recorded in 2024. The company achieved a GAAP net income of $237.8 million in 2025, a sharp reversal from a GAAP net loss of $481.6 million the prior year. However, the filing notes that the profit was primarily driven by a 391 million dollar non-operating gain related to the remeasurement of a contract liability. On a non-GAAP basis, which excludes stock-based compensation and other specific accounting adjustments, the company recorded a net loss of $75.7 million for the 2025 fiscal year.
Cerebras enters the public market with a private valuation of approximately $23 billion, established during a 1.1 billion dollar Series H funding round led by Tiger Global in February 2026. The company reported a total backlog of $24.6 billion in remaining performance obligations as of December 31, 2025. A substantial portion of this future revenue is tied to a multi-year agreement with OpenAI, which includes a commitment to provide 750 megawatts of compute capacity through 2028. The filing also highlights a partnership with Amazon Web Services to deploy Cerebras hardware within AWS data centers to support inference distribution.
The company’s core technology is the Wafer-Scale Engine 3, which it describes as the world’s largest commercialized AI processor. The chip contains 4 trillion transistors and 900,000 AI-optimized cores on a single silicon wafer. Cerebras claims the processor is 58 times larger than Nvidia’s B200 GPU and offers up to 15 times faster inference performance on specific open-source models while utilizing less power per unit of compute.
The offering is being led by Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank. Mizuho and TD Cowen are acting as bookrunners, with additional co-managers including Needham and Company and Wedbush Securities. While the filing does not specify the number of shares to be sold or the target price range, the company indicated it intends to proceed with the offering as early as May 2026. Proceeds are earmarked for general corporate purposes, working capital, and potential acquisitions.