Cerebras, an AI chip maker that builds what the company describes as “the world’s largest and most powerful processor for AI,” went public this Thursday on the Nasdaq. It raised $5.6 billion at $185 per share at IPO, then rose 68% to hit $311 per share, representing a $95 billion market cap. Its successful IPO was the end of a long and winding road for Cerebras, which first filed to go public in September 2024 before withdrawing the filing after it became clear that 85% of its revenue was concentrated in a single UAE customer, drawing scrutiny. By the time it refiled in April 2026, it had closed a $20 billion multi-year deal with OpenAI and a binding term sheet with AWS to deploy its chips inside Amazon's data centers.
The underlying thesis remains the same as it was when we first covered Cerebras. The company bet early on the idea that AI is a communication-bound problem and built the world's only commercialized wafer-scale processor, 58x larger than Nvidia's B200. Cerebras says its inference solution delivers answers up to 15x faster “than leading GPU solutions” (i.e., Nvidia). Cerebras’s revenue, fueled by the explosion of demand for inference, grew from $290 million in 2024 to $510 million in 2025, and the company went from a $481 million loss to $88 million in net income over the same time period. If the projection that inference will surpass training to become the dominant AI workload by 2030 is accurate, Cerebras may just be getting started.
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