- IPO
- October 4, 2025
- 4 minutes read
AI Chipmaker Cerebras Calls Off Public Listing
Cerebras, a maker of artificial intelligence (AI) chipsets, has called off its plans for an initial public offering (IPO), roughly…
Cerebras, a maker of artificial intelligence (AI) chipsets, has called off its plans for an initial public offering (IPO), roughly a year after filing an S-1 with the U.S. Securities and Exchange Commission (SEC) to go public. In a new SEC filing made this Friday, Cerebras said it “does not intend to conduct the proposed offering.”
- Cerebras withdrew its IPO plans just days after securing $1.1bn in additional private funding. Prominent investors participated in the fundraise, including Fidelity, Tiger Global, and Valor Equity Partners. Since its founding in 2015, Cerebras has raised $1.6bn (Tracxn) in private funding, including the recent $1.1bn round.
With the artificial intelligence (AI) industry exploding in recent years and Cerebras being one of the prominent players, its public listing was highly anticipated as a litmus test for investors’ appetite for up-and-coming AI companies. Cerebras makes sophisticated chips used to train, test, and run AI systems. It’s a small yet emerging challenger to Nvidia (NASDAQ: NVDA), whose AI chips broadly dominate the industry.
Cerebras’s previous S-1 filing revealed $79mn in revenue in 2023, up from $25mn in the previous year. $57mn of its 2023 revenue came from hardware sales, and a minor $22mn came from services. The company sells AI chips directly to companies and also offers a cloud-based platform for companies to train AI systems on Cerebras chips; the latter is preferable for companies that can’t afford or don’t want the stress of running their own AI hardware.
As its revenue grows rapidly, Cerebras is incurring high research and development (R&D) costs to keep up with ever-growing competition. With high R&D expenses plus marketing and general costs, it reported a $127mn net loss in 2023, down from $178mn in 2022.
Since filing to go public, Cerebras pivoted from selling AI chipsets more towards providing a cloud-based platform for companies to train AI systems with its chipsets. With this major disruption of its business strategy and the challenges it’ll bring, it seems Cerebras decided to secure private funding to weather the challenges. Public market investors are often more unforgiving of such short-term disruptions.
- Cerebras’s public listing was initially delayed by a U.S. national security review of a $335mn investment by G42, an Abu Dhabi-based company controlled by a sovereign wealth fund of the United Arab Emirates (UAE). It secured approval for the investment in March 2025.
- Cerebras has withdrawn its IPO filing effective immediately, it announced. It provided no hint of whether or when it’ll pursue a future public listing.
