(Updated - April 17, 2026 4:33 PM EDT)
Cerebras Systems has submitted a filing for a proposed initial public offering on the Nasdaq stock exchange, the company disclosed on Friday. The AI-focused hardware company is known for producing unusually large computer chips and integrated systems engineered to speed up deep learning training and inference.
The company’s signature product is the Wafer-Scale Engine, described by Cerebras as a single, very large processor that aims to remove common performance bottlenecks by keeping data and memory on one contiguous piece of silicon. Cerebras builds full computer systems intended for complex AI deep learning workloads rather than just standalone chips.
Financial performance
Cerebras reported a sequence of rapid revenue increases over recent years. Revenue rose from $24.6 million in 2022 to $78.7 million in 2023 and then to $290.3 million in 2024, a trajectory the company characterizes as more than a tenfold increase over three years. Revenue reached $510.0 million in 2025, representing year-over-year growth of 76%.
Profitability measures showed notable swings. The company recorded net income of $237.8 million in 2025 after reporting a net loss of $481.6 million in 2024. On a non-GAAP basis, Cerebras reported a net loss of $75.7 million in 2025 and a non-GAAP net loss of $21.8 million in 2024, after excluding the impact of stock-based compensation expense and change in fair value (extinguishment) of forward contract liability from its GAAP net income (loss).
Underwriting
The filing names Morgan Stanley, Citigroup, Barclays, and UBS as the lead underwriters that will manage the proposed offering.
What the filing discloses and what remains open
The filing confirms Cerebras’ intent to pursue a Nasdaq listing and provides a snapshot of recent financial trends and core products. The document presents both GAAP and non-GAAP profit metrics, including specific adjustments the company has used to reconcile those figures. The filing does not, within the disclosed material cited here, specify further details beyond the revenue, profit and underwriting information reported.
Conclusion
Cerebras’ Nasdaq filing highlights rapid top-line expansion and a wide divergence between GAAP and non-GAAP profit measures as the company seeks to transition to a public market listing. The filing also identifies the major banks that will lead the underwriting work for the proposed offering.