Cerebras Systems
CBRS · Nasdaq Filing snapshotCerebras Systems builds wafer-scale AI compute systems and a cloud inference service, positioned as an alternative to GPU clusters for training and running large AI models. Its prospectus reports $510.0M of 2025 revenue — up 76% year over year — and net income of $237.8M, alongside heavy customer concentration: MBZUAI accounted for 62% and G42 for 24% of 2025 revenue, with OpenAI committed under a master research agreement. The filing names NVIDIA, AMD and Intel as hardware competitors and Amazon (AWS), Microsoft (Azure), Alphabet (Google Cloud) and Oracle as both cloud channels and rivals. After the $185.00 IPO, Class B holders retain roughly 99.2% of voting power.
Names the whole compute establishment — chipmakers NVIDIA, AMD and Intel, plus the AWS, Azure, Google Cloud and Oracle clouds it sells through and competes against. NVIDIA alone appears 25 times. Profitable in 2025 — but two customers, MBZUAI (62%) and G42 (24%), drove 86% of revenue, and insiders keep ~99.2% of the vote.