CBRS

Specialist wafer-scale AI inference accelerator — first pure-play inference name on the public tape. WSE-3 chip (4T transistors, 900K cores, 21 PB/s bandwidth — ~2,600× a B200) delivers 21× B200 on Llama 3 70B reasoning and 2,500+ TPS/user on Llama 4 Maverick (vs Blackwell 1,038). $510M 2025 revenue (+76% YoY) but ~86% from two related-party UAE entities (G42 24% + MBZUAI 62%); $24.6B backlog ~80% OpenAI via a $10B+/750 MW deal through 2028. IPO May 14 2026 priced $185, closed +68% at $311 — $48.8B fully-diluted valuation. Three customers explain the entire forward business; bull case is inference-specialization wins a structural lane against general-purpose GPUs.

• •2024-09 — First S-1 filed; later withdrawn after CFIUS opened a review of G42's minority stake
• •2025-10 — CFIUS review concluded after G42 holding restructured to non-voting shares; path cleared for listing
• •2025-12-24 — NVIDIA's $20B Groq asset/license acquisition (read-through: frontier inference market partitioning into a specialist tier; NVDA buying in rather than ceding the lane)
• •2026-01-14 — OpenAI deal signed: 750 MW of low-latency compute through 2028. Initial press value $10B; subsequent MRA disclosures place binding commitments at >$20B with expansion provisions up to 2 GW by 2030
• •2026-02 — Hiive private secondary implied ~$23B valuation (IPO 3 months later doubled this)
• •2026-03-13 — AWS announced Cerebras as first cloud provider for disaggregated inference on Amazon Bedrock; Trainium + WSE pairing claims "5× more high-speed token capacity in the same hardware footprint"
• •2026-05-13 — IPO priced $185 (above $150-160 range, walked up from original $115-125); book reportedly 20× oversubscribed
• •2026-05-14 — Day 1 open $350, close $311.07 (+68.2%); $5.55B raised on 30M shares; $48.8B fully-diluted valuation; 2026's largest US tech IPO
• •2026-Q3 (est) — Accelerated lockup: 60M+ shares unlock by Q2 2026 earnings release, ~2× IPO float hitting tape inside 90 days (vs standard 180-day expiry mid-November 2026)
• •Snapshot 2026-05-18: price ~$311, mcap ~$48.8B fully-diluted (~157M sh × $311), 2025 revenue $510M (+76% YoY from $290M), 2025 GAAP net income $237.8M but operating loss $145.9M
• •Customer concentration: G42 (24% of 2025 rev, was 85% in 2024) + MBZUAI (62%) = ~86% UAE-linked, both flagged as related parties in the S-1; apparent 2025 diversification away from G42 was reallocation between connected Abu Dhabi entities, not new customer acquisition
• •Backlog concentration: ~$24.6B disclosed, of which ~80% is OpenAI; revenue recognition gated by OpenAI's own datacenter buildout pace (power + zoning, not chips)
• •Setup tension: first specialist inference accelerator on the public tape, but the entire forward business is explained by three customers (G42, MBZUAI, OpenAI) through 2028; GAAP profitability is non-operating (the $237.8M net income line is not a sustainable run-rate while operating loss continues); fast lockup creates structural supply pressure ~Q3 2026; inference TAM is contestable and workload-specific (21× B200 advantage on Llama 3 70B reasoning doesn't generalize to training, embeddings, or image gen)
• •Editorial deep-dive: /articles/cerebras-cbrs-ipo