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Cerebras Systems
(CBRS ↗)
cerebras.ai ↗
Built the *biggest computer chip ever* — a 4-trillion-transistor wafer-scale processor — to compete with Nvidia on AI speed. *Just IPO'd May 15, 2026.* OpenAI signed up. AWS signed up. *86% of last year's revenue came from two UAE entities.*
Updated · IPO Prospectus · May 2026
6
Chapters
~20
Min read
$510M / yr revenue · ~600 employees · public since 2026
🌶️🌶️🌶️
Spice: Serrano (4/5)
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0 of 6
1
Growth
~4 min
$25M to $510M in Three Years
Revenue went from $25M to $510M in *three years.* The growth is real. The *concentration* is the story.
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2
Financial Health
~4 min
Profitable on Paper
*$238M of net income* in 2025. But the *cash* story is messier — and OpenAI just loaned them a *billion dollars.*
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3
Moat
~4 min
The Biggest Chip Ever Built
Nvidia's H100 fits in your hand. Cerebras's WSE-3 is *the size of a dinner plate* — 4 trillion transistors on one piece of silicon.
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4
Management
~3 min
Two AMD Alumni, Their Second Company
Andrew Feldman and Sean Lie sold their first company *to AMD.* Then they started Cerebras to build the chip AMD wouldn't.
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5
Behind the Numbers
~2 min
The Story Behind the Numbers
20× revenue growth in three years — and 86% of it from two customers in one country.
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6
Risk
~3 min
What Could Break the Brief
*86% concentration in UAE customers.* *Export controls.* *CUDA still rules AI software.* This story has more downside than most.
↻ Next update · Aug 14
est. Aug 14, 2026 · First 10-Q as a public company · Cerebras IR ↗
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You're reading the 6 opening chapters built from Cerebras's IPO prospectus (filed May 14, 2026). After Cerebras files its first quarterly report as a public company, the chapters get updated here.