Cerebras Refiles for Nasdaq IPO After Clearing National Security Review Over UAE Ties

Gate News message, April 20 — Cerebras Systems, a California-based AI chipmaker, has revived its Nasdaq IPO plans after clearing a national security review linked to its relationship with G42, an Abu Dhabi technology group backed by sovereign wealth fund Mubadala.

Cerebras shelved its IPO last year due to concerns over foreign access to advanced semiconductor technology. G42 owns approximately 1% of the chipmaker, acquired for $40 million in 2021, and serves as both an investor and customer. The company's customer mix has since shifted, with G42 accounting for 24% of 2025 revenue, down from 85% a year earlier, while Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), a state-backed AI institution, contributed 62%. Together, the two entities accounted for 86% of total sales.

Cerebras has secured major partnerships to diversify its revenue base. The company signed a multi-year agreement with OpenAI that could exceed $20 billion and reached a binding term sheet with Amazon Web Services in March 2026 for deploying its chips in cloud data centers. The company reported $510 million in revenue in 2025, up 76% year-over-year, and raised $1 billion in financing at a $23 billion valuation in February. Morgan Stanley, Citigroup, Barclays, and UBS are leading the offering.

Cerebras positions itself as a challenger to Nvidia, which dominates the AI computing market with a current valuation of about $4 trillion, using "wafer-scale" processors—single large chips rather than linked clusters—to train and run AI models.