"AI chip company Cerebras, dubbed the 'Nvidia challenger,' resubmits IPO application, OpenAI promises over $20 billion in procurement"

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AI chip manufacturer Cerebras Systems has once again publicly submitted an IPO application, months after previously withdrawing its listing application, marking the official restart of its US listing process as a challenger to Nvidia.

Cerebras' core competitive strategy is to counter Nvidia with ultra-large chips (processing massive amounts of data with a single large chip at once). CEO Andrew Feldman stated that Cerebras' chips run AI models much faster than Nvidia's.

According to documents submitted to the US Securities and Exchange Commission on Friday, Cerebras achieved a net profit of $87.9 million and revenue of $510 million in fiscal year 2025, a significant improvement from a net loss of $485 million and revenue of $290 million in the previous year; this marked improvement in profitability is expected to enhance its appeal to public market investors.

Bloomberg, citing sources familiar with the matter, reported that Cerebras secretly filed for an IPO as early as March this year, with the fundraising scale of this listing expected to be around $2 billion. The company plans to list on the Nasdaq Global Select Market, with underwriters including Morgan Stanley, Citigroup, Barclays, and UBS Group.

OpenAI has already provided the company with a $1 billion operating capital/working capital loan. According to The Information's report on Thursday, OpenAI has also agreed to pay Cerebras more than $20 billion over the next three years and acquire a stake in the company.

Challenging Nvidia with ultra-large chips, tripling valuation in one year

Cerebras is an AI chip manufacturer and data center operator headquartered in Sunnyvale, California. Its core competitive strategy is to counter market leader Nvidia with ultra-large chips.

The company's CEO Andrew Feldman has publicly stated that Cerebras' hardware far surpasses Nvidia's products in AI model performance. In addition to chip design, Cerebras also operates its own data centers, synchronously deploying both hardware and computing power services.

This segment in which Cerebras operates (processing massive datasets with a single large chip at once) is attracting more participants, attempting to challenge Nvidia's dominance in the AI chip market.

This February, Cerebras completed a financing round of about $1 billion, bringing its company valuation—including the raised funds—to $23 billion, led by Tiger Global Management and with participation from Benchmark, Fidelity Management & Research Company, and AMD.

This valuation has risen sharply from $8.1 billion in September last year, nearly doubling within a few months and reflecting strong interest from institutional investors in alternative AI chip solutions.

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