Opening at $350, compared to its issue price of $185, the stock surged to as high as $386 before closing marginally lower than its listing peak.
An AI Boom Beneficiary
Cerebras joins the list of stocks in Silicon Valley who are cashing in on the AI boom. The shares of Intel, AMD, Micron, have all surged over 100% this year, while the VanEck Semiconductor ETF is also up 58% year-to-date.
The company had a long journey to Wall Street, having first filed to go public in September 2024, but had to withdraw a year later after its papers were heavily scrutinized for being dependent on one single customer, the Microsoft-backed G42, based out of the United Arab Emirates.Cerebras refiled to go public in April, disclosing that 24% of its revenue now came from G42, down from 85% in 2024. However, the Mohamed bin Zayed University of Artificial Intelligence in the UAE, accounted for 62% of the company’s topline.
Cerebras’ Financials & Competition
In 2025, Cerebras reported revenue of $510 million, a jump of 76% from last year, while the company also generated a net profit of $88 million, compared to a loss of $481.6 million a year ago.The biggest competition from Cerebras comes from Nvidia, the world’s most valued company. Although it claims speed and price advantages over Nvidia’s GPUs, the latter paid $20 billion to acquire Groq, whose chips resemble Cerebras closely.
However, the company has shifted its focus away from selling hardware systems and focused more on a cloud service based on its chips, thereby competing against Google and Microsoft, both of which are also listed as competitors, along with CoreWeave and Oracle.
