Cerebras pulled its IPO in 2024 when its biggest customer, a UAE conglomerate, made regulators nervous. Fourteen months later, OpenAI signed a $10 billion deal for 750 megawatts of Cerebras systems. The chipmaker just rekindled its IPO filing. Coincidence? The sequence tells a different story.
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Cerebras pulled its IPO in 2024 when its biggest customer, a UAE conglomerate, made regulators nervous. Fourteen months later, OpenAI signed a $10 billion deal for 750 megawatts of Cerebras systems. The chipmaker just rekindled its IPO filing. Coincidence? The sequence tells a different story.
September 2024. Cerebras files for an IPO. Five weeks later, the company yanks the paperwork.
The technology wasn't the problem. Cerebras makes wafer-scale processors that run inference 15 times faster than Nvidia's GPUs. The customer list was the problem. In the first half of 2024, a single buyer, G42 out of Abu Dhabi, accounted for 87% of revenue. When you're trying to go public and the Committee on Foreign Investment in the United States is squinting at your largest customer, your roadshow becomes a hostage negotiation.
Fast forward fourteen months. Whole different picture. OpenAI just inked a multi-year agreement worth north of $10 billion. 750 megawatts of Cerebras systems rolling out through 2028. And Cerebras? Back in the IPO queue as of last month, aiming for a second-quarter listing.
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