Summary:
When is the Cerebras IPO happening? Learn everything about the timeline, financials, and what to expect from this AI chipmaker.
Cerebras Systems, the startup behind the world's largest AI chip, has been filed for an IPO for months—but uncertainty still clouds its public debut.
With clearance from a sensitive national security review and backing from top underwriters, all signs point to an eventual Nasdaq launch. Yet neither the precise IPO date nor the offering size has been finalised.
In this article, we'll explore the latest Cerebras IPO developments, valuation expectations, and key milestones in Cerebras's path to public markets.
Cerebras was founded in 2015 and has raised over $1.14 billion in private funding, which includes a $400 million Series F-1 round in June 2024. The company was last valued at approximately $4.7 billion. On September 30, 2024, it submitted its Form S-1 to the SEC, initiating its IPO progression under the ticker CBRS on Nasdaq.
That same filing disclosed significant international exposure, especially from a UAE-based investor and customer, which accounted for over 80% of hardware sales in 2023. This situation triggered an automatic review by the Committee on Foreign Investment in the United States (CFIUS).
A CFIUS review is standard for firms with foreign strategic investors, but Cerebras's case has lingered due to ties between its UAE backer and Chinese entities such as Huawei. That review cleared in late March 2025, removing a key obstacle—but markets are awaiting public signals that Cerebras will formally resume its IPO timeline.
Recent delays indicate a broader reluctance in tech IPOs since late 2024, as investors responded to market volatility and rising interest rates.
The S‑1 was filed in late 2024, suggesting an initial Q4 2024 window for the IPO. However, after CFIUS intervention and broader market hesitation, that target slipped into early to mid‑2025.
Current expectations indicate that the initial public offering (IPO) is likely to take place in the second or third quarter of 2025, pending the release of an updated S-1 registration statement that will provide details on share count, price range, and other specifics about the IPO.
Once the amended S-1 is released, a one-week roadshow will follow, leading to pricing and the market debut shortly thereafter. That would officially end the pause and start public trading under the symbol CBRS.
Based on internal and external signals:
The IPO is projected to raise between $750 million and $1 billion, placing the company's valuation between $7 billion and $8 billion.
The most recent private valuation (June 2024) stood near $4.7 billion, pointing to strong investor enthusiasm.
Funds are expected to support research and development of AI chips, increase manufacturing scale, and expand its AI supercomputer services.
Cerebras reported $78.7 million in revenue in 2023, up from $24.6 million in 2022, though losses remain significant (~$127 million). Cerebras launched its cutting-edge Wafer-Scale Processor (WSE-3) in early 2024, which powered its flagship CS-3 AI system—an essential factor for its revenue recovery.
Although the S-1 does not provide complete profit metrics, the company's growth is rapid and heavily focused on research and development. This positions Cerebras as a high-growth tech company with the potential for improving profit margins, depending on execution and market scalability.
The broader IPO market has been slow since mid‑2024, with companies pushing listings to 2025 amid uncertainty. Cerebras, as an AI-first hardware play, could break the pipeline freeze—if it can navigate timing, market conditions, and investor nervousness.
Investor interest in AI remains robust, and the chip IPO would likely draw attention. Early private trades at $30–$43 per share on secondary platforms suggest strong internal confidence.
However, uncertainties remain: renewed geopolitical scrutiny (especially if foreign investor backgrounds shift), macroeconomic volatility in public markets, and competitive pressure from AI chip giants such as Nvidia, AMD, and Graphcore.
CFIUS clearance helps, but shareholder dilution, lineup of institutional investors, and execution of roadshops will shape reception. Weak IPO markets or terrorist macro events could also prolong the timeline again.
In conclusion, Cerebras's IPO has overcome massive hurdles—CFIUS reviews, market delays, and valuation debate. With approval now secured and AI demand increasing, the company's long-awaited debut is expected in the latter quarter of 2025, targeting a valuation of $7–8 billion and a capital raise of up to $1 billion.
Cerebras IPO is one of the first pure-play AI chipmakers to go public and could be a bellwether for tech listings in 2025. Close attention to the updated S‑1 and pricing range over the next couple of quarters will be essential for investors eyeing CBRS.
Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
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