Cerebras has publicly filed again for a Nasdaq IPO, with plans to trade under the ticker CBRS. In its April 17 press release, the AI chip company said the number of shares and price range have not yet been determined. It also named Morgan Stanley, Citigroup, Barclays, and UBS among the lead banks on the deal.

What changed

This is Cerebras's second run at the public market. The company first filed in 2024, then withdrew that paperwork in 2025 while updating disclosures and working through scrutiny tied to Abu Dhabi-backed investor G42. The new filing arrives as AI infrastructure names test a warmer IPO market and as Cerebras tries to show it is more than a one-product hardware story.

What the filing shows

CNBC, citing the new S-1, reported that Cerebras generated $510 million in revenue in 2025 and $87.9 million in net income, compared with a large loss the year before. CNBC also said the filing showed $24.6 billion in remaining performance obligations at the end of 2025, reflecting the company's push toward long-term AI compute contracts rather than only hardware sales.

The same report suggests customer concentration remains a real issue. G42 accounted for 24% of 2025 revenue, while Mohamed bin Zayed University of Artificial Intelligence accounted for 62%.

Why it matters

Cerebras is one of the few independent AI chip companies with visible commercial traction outside Nvidia's ecosystem. A successful listing would give public market investors a direct way to price that bet, but the filing also shows how much the story still depends on a small number of large customers and execution on multi-year compute deals.