The AI chip race just got a lot more interesting. Cerebras Systems, the startup famous for making dinner-plate-sized computer chips, has officially filed to go public. CEO Andrew Feldman has spent years pitching his hardware as the fastest on the planet for both training and running AI models. Now, he is ready to let the stock market decide if he is right. If everything goes according to plan, the company will debut in mid-May. This move marks a major shift in the industry as startups finally start to challenge Nvidia’s total control of the market.
This is not the first time Cerebras has tried to go public. They actually planned an IPO back in 2024, but things hit a wall. A federal review of an investment from the Abu Dhabi-based firm G42 caused major delays, and the company eventually pulled the plug. Since then, they have been busy proving their worth. They raised a massive $1.1 billion Series G last year and followed it up with a $1 billion Series H this past February. Those rounds gave the company a staggering $23 billion valuation before they even hit the stock exchange.
Stealing Nvidia’s Lunch
Feldman is not shy about his goal to take down the current king of chips. In a recent interview, he bragged about winning a massive deal with OpenAI. According to reports, that deal is worth more than $10 billion. Feldman noted that Nvidia certainly did not want to lose the high-speed work at OpenAI, but Cerebras stepped in and took it anyway. Winning over a client like OpenAI is a massive vote of confidence for a startup. It shows that even the biggest players in AI are looking for alternatives to Nvidia’s expensive and hard-to-find hardware.
The company is also growing its partnership with Amazon Web Services. They recently signed an agreement to put Cerebras chips directly into Amazon data centers. This gives developers an easy way to access the hardware through the cloud without having to buy the expensive server racks themselves. By making their tech available through AWS, Cerebras is lowering the barrier to entry for smaller companies that need high-end computing power.
Show Me the Money
The IPO filing gives us a rare look at the company’s bank account. Cerebras brought in $510 million in revenue during 2025. Even more impressive is that they reported a net income of $237.8 million after leaving out some one-time costs. While they technically had a small loss of $75.7 million when using standard accounting rules, these numbers are still much stronger than most tech startups at this stage. It shows that Cerebras is not just a research project. It is a real business with real customers and a clear path to making money.
The company has not said exactly how much cash they hope to raise in this IPO. However, the excitement around the filing suggests it will be one of the biggest tech events of the year. As AI continues to eat the world, the companies providing the physical “brains” for these systems are becoming more valuable than ever. Cerebras is betting that its massive, unified chips can outperform the traditional clusters of smaller chips used by its rivals. If they are right, the stock market is about to find its next darling.