Cerebras Systems Inc.
CBRS · Nasdaq Global Select Market · Technology · AI compute (semiconductors)
- IPO date
- May 14, 2026
- IPO price
- $185.00
- Shares offered
- 30M
- Filing
- 424B4 · May 14, 2026
Founders & leadership
Background and track record, from the Management section.
- Andrew D. FeldmanCo-founder, CEO & President
Co-founder and CEO since April 2016. Previously Corporate VP & GM at AMD, and before that CEO of SeaMicro — the dense-microserver company he led until its acquisition by AMD. A repeat data-center-compute operator.
Source
“Andrew D. Feldman is one of our co-founders and has served as our Chief Executive Officer and President and as a member of our board of directors since April 2016. … Mr. Feldman served as Chief Executive Officer at SeaMicro, a dense microserver company acquired by AMD.”
High confidenceView in filing → - Sean LieCo-founder & CTO
Co-founder; CTO since April 2022, in various roles since 2016. Former Chief Architect, Data Center Server Solutions at AMD; earlier lead hardware architect at SeaMicro and a microprocessor architect at AMD.
Source
“Sean Lie is one of our co-founders and has served in various roles since 2016, including most recently as our Chief Technology Officer since April 2022. From April 2012 to June 2015, Mr. Lie served as Chief Architect, Data Center Server Solutions at AMD.”
High confidenceView in filing →
What the company does
The problem it solves and how it differentiates.
Cerebras designs wafer-scale processors for AI — using an entire silicon wafer as one chip ("wafer-scale integration") to put far more compute and memory on a single device than conventional chips, avoiding the latency and power cost of splitting AI work across many small chips. It sells both the hardware systems and a cloud service for training and running AI models.
Source
“We used the entire wafer for one chip: a technique called wafer-scale integration. Wafer-scale integration allowed us to bring together quantities of compute and memory never before assembled on a single commercial chip and deliver AI at previously unimaginable speeds.”
Financials
Revenue, profitability, and cash, from the financial statements.
- Revenue
- $510.0M (FY2025)
- Revenue growth
- +75.7% YoY
- Net income
- $237.8M net income (FY2025); $(145.9)M from operations
- Gross margin
- 39.0% (FY2025)
Source
“Total revenue … 509,991 [2025] … 290,252 [2024] (in thousands), for the years ended December 31.”
Source
“Total revenue of 509,991 (2025) vs 290,252 (2024), in thousands — an increase of ~75.7%.”
Source
“Loss from operations … (145,862) [2025] … (101,438) [2024]. … Net income (loss) … $ 237,827 [2025] … $ (481,602) [2024] (in thousands).”
Source
“Gross profit … 199,071 [2025] on total revenue of 509,991 (in thousands) — a ~39.0% gross margin.”
FY2025 swung to $237.8M net income, but that is driven by $390.7M of non-operating "other income, net" (largely remeasurement); the core business still posted a $(145.9)M operating loss on $510.0M revenue (FY2024 was a $(481.6)M net loss). Read the operating line, not the bottom line.
Lock-up schedule & insider ownership
When insider shares unlock, and who holds them — the part most tools skip.
Lock-up schedule
When insider shares unlock signals when selling pressure may arrive. Conditional unlocks have no fixed date and are shown as such — they are not collapsed to a single guessed date.
- Directors, officers & substantially all pre-IPO holdersShare count not disclosedNov 10, 2026
Lock-up ends on the EARLIER of (i) the second trading day after the Q3 2026 (Sept 30) earnings release, or (ii) 180 days after the offering (Nov 10, 2026). Date shown is the 180-day outside bound; an earnings-triggered release may come sooner.
Source
“…for a period ending on the earlier of (i) 6:00 a.m. Eastern Time on the second trading day following our release of earnings for the quarter ending September 30, 2026 or (ii) 180 days after the date of this prospectus (the "Lock-up Period")…”
High confidenceView in filing → - Pre-IPO holders (early-release provisions)171.1M sharesNo fixed dateDiscretionary
Early-release / market-standoff provisions: up to ~171.1 million shares estimated to be released during the Lock-up Period (including ~15.0 million held by certain holders).
Source
“we estimate an aggregate of up to approximately 171.1 million shares will be released from lock-up agreements or market standoff provisions during the Lock-up Period, including up to approximately 15.0 million shares held…”
Medium confidenceView in filing →
Insider ownership
Beneficial ownership as reported in the S-1 (includes shares deemed beneficially owned via options and affiliated entities). Percentages are beneficial, not record, ownership.
| Holder | Shares | % pre-IPO | % post-IPO | Source |
|---|---|---|---|---|
Andrew D. Feldman Co-founder, CEO & President | 10.2M | 5.4% | — | Source“Andrew D. Feldman … 10,158,635 … 5.4 % (beneficial ownership before the offering).” High confidenceView in filing → |
Sean Lie Co-founder & CTO | 5.4M | 2.9% | — | Source“Sean Lie … 5,359,293 … 2.9 % (beneficial ownership before the offering).” High confidenceView in filing → |
Steve Vassallo1 Director (5%+ holder) | 15.3M | 8.3% | — | Source“Steve Vassallo … 15,302,343 … 8.3 % (beneficial ownership before the offering).” Medium confidenceView in filing → |
Lior Susan2 Director (5%+ holder) | 13.5M | 7.3% | — | Source“Lior Susan … 13,466,197 … 7.3 % (beneficial ownership before the offering).” Medium confidenceView in filing → |
- 1 Holdings include shares held by affiliated venture funds, per the prospectus footnotes.
- 2 Holdings include shares held by affiliated venture funds, per the prospectus footnotes.
Risk flags
Key items from the Risk Factors section.
- Extreme customer concentration
A single customer dominates revenue/receivables — first G42, then MBZUAI (both UAE strategic partners). Losing one would materially harm results.
Source
“As of December 31, 2025, one customer (MBZUAI) accounted for 77.9% of our accounts receivable balance. As of December 31, 2024, one customer (G42) accounted for 91.0% of our accounts receivable balance.”
High confidenceView in filing → - Single-source wafer supply (TSMC)
Cerebras depends on TSMC as its sole source of wafers — a concentrated, hard-to-replace supplier.
Source
“many of our suppliers, including our sole source of wafers, TSMC…”
High confidenceView in filing → - Operating losses persist
Despite a positive FY2025 bottom line (driven by non-operating items), the business still loses money on operations and has a history of net losses.
Source
“Loss from operations … (145,862) [2025] … (101,438) [2024] (in thousands).”
High confidenceView in filing → - Concentrated voting control (multi-class)
Class B shares (20 votes each) hold ~99.2% of voting power post-IPO, so public Class A holders have little influence over corporate decisions.
Source
“Outstanding shares of Class B common stock, based on beneficial ownership as of March 31, 2026, will represent approximately 99.2% of the voting power of our outstanding capital stock immediately following this offering.”
High confidenceView in filing → - Dependence on co-founders
The company relies heavily on its senior management team and co-founders, all at-will employees.
Source
“We currently depend on the continued services and contributions of our senior management team, particularly the services of our co-founders.”
Medium confidenceView in filing →