Cerebras is moving toward a Nasdaq listing after a blockbuster 2025 that saw the AI chipmaker swing to a net income of $87.9 million. The performance marks a stark departure from 2024, when the company reported a $485 million loss. Revenue surged 76% last year to $510 million, underpinned by a massive $24.6 billion in remaining performance obligations. This financial rebound provides a stronger foundation for the company’s second attempt at an IPO, after market conditions led it to scrap previous plans last year.
The company’s growth is increasingly tied to an expansive alliance with OpenAI. According to the filing, Cerebras has inked a deal valued at over $20 billion to provide up to 750 megawatts of computing power through 2028. To fund the necessary infrastructure, OpenAI provided Cerebras with a $1 billion loan in January at a 6% interest rate. The agreement also includes warrants for OpenAI to purchase up to 33.4 million shares of non-voting stock, contingent on OpenAI purchasing a total of 2 gigawatts of power through 2030.
While Cerebras was previously criticized for its heavy reliance on a single UAE-based customer, G42, the new filing reveals a shift in its client base. While the UAE remains a major factor—with the Mohamed bin Zayed University of Artificial Intelligence accounting for 62% of 2025 revenue—the OpenAI partnership and a $270 million stock deal with Amazon signal a move toward more diversified, global partnerships. Cerebras is also evolving its business model, moving away from pure chip sales to operating its own data centers and offering cloud services in direct competition with giants like Microsoft, Alphabet, and Oracle.
