Cerebras Systems, a Silicon Valley AI chip maker, has filed to go public as the tech IPO market heats up. The Sunnyvale-based company revealed in its prospectus that revenue jumped 75 percent to $510 million last year, while swinging to a profit of $238 million after a $482 million loss in 2024.

This marks Cerebras' second attempt at an IPO after withdrawing plans in 2024 to raise additional funding. The company specializes in specialized computer chips for building and delivering AI technologies to businesses and consumers. Its timing is strategic, coming before potentially enormous offerings from SpaceX, OpenAI, and Anthropic that could dominate investor attention.

Cerebras faces an uphill battle against Nvidia's chip dominance, though it has landed major customers including Amazon and OpenAI. The company's business remains concentrated, with G42 accounting for 24 percent of 2025 revenue and the Mohamed bin Zayed University of Artificial Intelligence representing 62 percent. Founded in 2016, Cerebras has raised over $2.55 billion in venture capital, valuing it at $23 billion. The company's unique approach involves creating chips roughly 56 times larger than competitors' to accelerate AI data processing.