How to Buy Cerebras Stock Before the IPO

Cerebras built the world’s largest computer chip—a processor so massive it takes up an entire silicon wafer. The company claims it runs AI workloads 20 times faster than Nvidia’s best GPUs. It filed for an IPO in September 2024.

Then it withdrew the filing.

The short answer: You cannot buy Cerebras stock directly. The company filed to go public in September 2024, but withdrew its IPO registration in October 2025 after a prolonged CFIUS (Committee on Foreign Investment in the United States) review. CEO Andrew Feldman says Cerebras still intends to go public—but there’s no timeline. Accredited investors may have limited access through secondary market platforms like Hiive, but availability is uncertain. Retail investors have no direct path.

Cerebras represents one of the most intriguing pre-IPO opportunities in AI infrastructure—a genuine technological alternative to Nvidia’s dominance. But the regulatory situation and withdrawn IPO create uncertainty that most private company investments don’t carry.

This guide explains what Cerebras does, why the IPO was withdrawn, how accredited investors might access shares, and what alternatives exist for everyone else.

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Quick Summary

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What Is Cerebras?

Cerebras Systems designs and manufactures AI processors that take a radically different approach from traditional chips. Instead of building small processors and connecting thousands of them together (like Nvidia does with GPU clusters), Cerebras builds one enormous chip.

The Wafer-Scale Engine

Traditional computer chips are cut from silicon wafers—circular discs about 12 inches in diameter. A single wafer might yield 100+ individual chips. Each chip is then packaged, tested, and sold separately.

Cerebras does something different: it uses the entire wafer as a single chip.

The WSE-3 (Wafer-Scale Engine 3):

• 56 times larger than the largest GPU
• 4 trillion transistors
• 900,000 AI-optimized cores
• 44 GB of on-chip memory
• Eliminates the memory bottleneck that limits GPU performance

Why This Matters for AI

Large language models like GPT-4 have a problem: they’re too big to fit on a single GPU. Running them requires distributing the model across many GPUs, which creates communication overhead. Data constantly moves between chips, slowing everything down.

Cerebras’s wafer-scale chips can fit entire large language models on a single processor. No chip-to-chip communication. No memory bottleneck. The company claims 20x faster inference than Nvidia GPUs for certain workloads.

Who Uses Cerebras

The company’s customer base includes:

Government and Research:

• U.S. Department of Energy (MOU signed December 2025)
• U.S. Department of Defense
• National laboratories: Argonne, Sandia, Lawrence Livermore, Los Alamos
• Mayo Clinic

Commercial:

• G42 (UAE-based AI company—more on this below)
• GlaxoSmithKline
• Various AI startups via cloud partnerships

AI Cloud Services:

• Powers inference for Meta’s Llama models
• Integration with Hugging Face (#1 inference provider with 5M+ monthly requests)
• Available through OpenRouter

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The IPO That Was Withdrawn

In September 2024, Cerebras filed its S-1 registration statement with the SEC—the first step toward going public. The company planned to list on the Nasdaq under ticker “CRBS.”

Then the CFIUS review began, and the IPO stalled. In October 2025, Cerebras formally withdrew its IPO registration.

What Is CFIUS?

The Committee on Foreign Investment in the United States (CFIUS) is an interagency committee that reviews foreign investments in U.S. companies for national security implications. It has the power to block transactions or force divestitures.

The G42 Problem

Cerebras’s largest customer and investor is G42, a UAE-based artificial intelligence company. G42 invested approximately $335 million in Cerebras and accounted for 83% of the company’s 2023 revenue.

The problem: G42 has historical ties to China, including previous relationships with Huawei. In the context of U.S.-China technology competition, this raises national security concerns.

CFIUS is reviewing whether G42’s investment in Cerebras—a company building advanced AI chips with potential military applications—poses a national security risk.

Current Status

As of early 2026:

• The IPO registration was withdrawn in October 2025
• CEO Andrew Feldman stated Cerebras still intends to go public
• The company obtained CFIUS clearance to sell shares to G42 in May 2025
• No new IPO timeline has been announced

The company raised $1.1 billion in September 2025 at an $8.1 billion valuation—demonstrating continued investor confidence despite the regulatory uncertainty. The withdrawal appears strategic rather than fatal: Cerebras secured CFIUS clearance for the G42 relationship and may refile when market conditions improve.

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Can You Buy Cerebras Stock?

For retail investors: No. There is no way to purchase Cerebras shares without accredited investor status, and even accredited access is extremely limited.

For accredited investors: Potentially, but with major caveats. Cerebras shares may occasionally appear on secondary market platforms, but the regulatory uncertainty likely suppresses trading activity.

The Accredited Investor Barrier

The SEC defines accredited investors as individuals meeting at least one of these criteria:

Income Test:

• $200,000+ annual income for the past two years (individual), OR
• $300,000+ combined with spouse
• Plus reasonable expectation of the same income this year

Net Worth Test:

• $1 million+ net worth, excluding your primary residence

Professional Credentials:

• Series 7, 65, or 82 licenses
• Certain other professional designations

Reality Check: Even qualified accredited investors face significant hurdles with Cerebras. The regulatory uncertainty makes existing shareholders reluctant to sell, and potential buyers cautious about purchasing. This isn’t a typical pre-IPO opportunity.

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How to Invest in Cerebras (If Accredited)

For accredited investors willing to navigate the complexity, here’s what the landscape looks like:

Secondary Market Platforms

Hiive

• Cerebras has been listed on the platform
• Minimum investment: Likely $50,000+
• Availability: Uncertain given regulatory situation
• Process: Create account, verify accreditation, express interest

EquityZen

• May have occasional Cerebras listings
• Minimum investment: $25,000+ typical
• Availability: Sporadic at best

Forge Global

• Institutional focus with higher minimums
• May have better access for large transactions
• Minimum investment: $100,000+

Special Considerations for Cerebras

Unlike typical pre-IPO investments, Cerebras carries unique risks:

1. Regulatory Uncertainty: The CFIUS review could force business restructuring, potentially impacting valuation

2. Customer Concentration: 83% revenue from G42 in 2023—if that relationship changes, so does the business

3. IPO Timeline Unknown: Unlike companies with clear IPO paths, Cerebras cannot go public until regulatory issues resolve

4. Pricing Complexity: How do you value a company whose largest customer relationship is under national security review?

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Alternatives for Retail Investors

If you can’t access Cerebras directly—and given the regulatory uncertainty, perhaps you shouldn’t—several public alternatives provide exposure to the AI chip market.

The Obvious Choice: Nvidia

Nvidia (NVDA) dominates AI training and inference. It’s the company Cerebras is trying to challenge.

Nvidia isn’t a perfect Cerebras substitute—it’s the incumbent, not the challenger. But if you believe in AI infrastructure growth, Nvidia captures most of that value today.

Other AI Chip Players

AMD (AMD) is Nvidia’s primary competitor in AI accelerators. Its Instinct MI300 series GPUs have gained traction with cloud providers and enterprises. AMD doesn’t have Cerebras’s architectural innovation, but it offers a more liquid way to bet on Nvidia alternatives.

Intel (INTC) acquired Habana Labs and offers Gaudi AI accelerators. The company has struggled to compete but remains a player in the market.

AI Infrastructure ETFs

For broader exposure to AI infrastructure without picking individual stocks:

These ETFs hold baskets of semiconductor and AI-related stocks. None hold Cerebras (it’s private), but they capture the broader AI infrastructure buildout.

Wait for Resolution

The most conservative approach: wait for CFIUS to complete its review. If Cerebras successfully navigates the regulatory process and goes public, retail investors will have access at the IPO price.

The risk is that the IPO prices significantly higher than current secondary market valuations—or that the company never goes public at all.

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Cerebras Valuation History

Despite regulatory challenges, Cerebras has continued raising capital at increasing valuations:

The September 2025 Raise

Despite the stalled IPO, Cerebras raised $1.1 billion in September 2025—one of the largest private funding rounds of the year. Investors included:

• Fidelity Management
• Atreides Management
• Tiger Global
• Valor Equity Partners
• 1789 Capital

This signals continued institutional confidence in Cerebras’s technology and long-term prospects, even with regulatory uncertainty.

Valuation Context

At $8.1 billion, Cerebras is valued at a significant premium to its revenue. The company doesn’t disclose exact figures, but estimates suggest:

• 2023 revenue heavily concentrated in G42 (83%)
• Growing commercial and government customer base
• High revenue multiple typical of AI infrastructure companies

For comparison:

• Nvidia trades at approximately 25-30x forward revenue
• AMD trades at approximately 8-10x forward revenue

Cerebras’s private valuation implies investors expect significant revenue growth—assuming regulatory issues resolve.

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Risks of Pre-IPO Cerebras Investment

Cerebras carries all the standard risks of private company investing, plus several unique concerns:

Regulatory Risk: The CFIUS Cloud

This is the defining risk for Cerebras. Possible outcomes include:

1. Approval: CFIUS clears the investment, IPO proceeds
2. Conditions: CFIUS requires restructuring of G42 relationship before approval
3. Blocking: CFIUS blocks the investment, forcing divestiture
4. Extended Delay: Review continues indefinitely

Each outcome has different implications for valuation and timeline. Investors are essentially betting on regulatory resolution.

Customer Concentration Risk

G42 represented 83% of Cerebras’s 2023 revenue. This creates multiple problems:

• If G42 relationship changes due to CFIUS, revenue could collapse
• Limited customer diversification means limited validation of product-market fit
• Dependence on a single customer is inherently risky

The company has been diversifying—the Department of Energy MOU and commercial partnerships help—but concentration remains a concern.

Competition Risk: Nvidia’s Moat

Nvidia doesn’t just sell chips. It sells an ecosystem:

• CUDA: The software platform that developers use to program Nvidia GPUs
• Developer Community: Millions of engineers trained on Nvidia tools
• Supply Relationships: Preferred access to TSMC manufacturing
• Customer Relationships: Deep integrations with every major cloud provider

Cerebras has better hardware for certain workloads. But customers don’t just buy hardware—they buy into ecosystems. Breaking Nvidia’s lock is harder than building a better chip.

Manufacturing Risk

Wafer-scale chips are extraordinarily difficult to manufacture. A single defect anywhere on the wafer can ruin the entire chip. Cerebras has solved this problem well enough to ship products, but:

• Yield rates are likely lower than traditional chips
• Manufacturing is concentrated at TSMC
• Scaling production is capital-intensive

Liquidity Risk

Secondary market shares in Cerebras are likely extremely illiquid:

• Regulatory uncertainty suppresses trading
• Existing shareholders may be reluctant to sell at current prices
• Company approval required for transfers
• No guaranteed exit timeline

Treat any investment as locked capital for 3-5+ years minimum.

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When Will Cerebras Go Public?

Official Statements

Cerebras filed its S-1 in September 2024 but withdrew the registration in October 2025. CEO Andrew Feldman confirmed the company still intends to go public but provided no timeline.

The good news: In May 2025, Cerebras obtained CFIUS clearance for the G42 investment—removing the primary regulatory obstacle. The withdrawal may reflect market timing preferences rather than fundamental problems.

Analyst Speculation

The IPO timeline is now uncertain:

• Best case: Refile and IPO in late 2026
• More likely: 2027, after demonstrating post-clearance performance
• Risk case: Extended delay if market conditions remain unfavorable

Comparable Situations

National security reviews can take years to resolve. Cerebras investors need patience.

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The Technology Bet

Setting aside regulatory issues, the core investment thesis for Cerebras is technological:

Bull Case

• Genuine Innovation: Wafer-scale architecture is a real breakthrough, not marketing
• Performance Advantage: 20x faster inference than GPUs for certain workloads
• Growing Market: AI infrastructure spending is exploding
• Government Relationships: DOE, DOD contracts provide stable, high-margin revenue
• Nvidia Alternative: Customers want supply chain diversification

Bear Case

• Nvidia’s Ecosystem: Software moat is more important than hardware performance
• Customer Concentration: Too dependent on G42
• Manufacturing Complexity: Wafer-scale chips are hard to scale
• Regulatory Overhang: CFIUS could force painful restructuring
• Competition: AMD, Intel, and startups are also chasing Nvidia

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The Bottom Line

Cerebras represents a genuine technological bet on the future of AI infrastructure—but one wrapped in unusual regulatory complexity.

If you’re an accredited investor: Secondary market access may exist through platforms like Hiive, but expect high minimums ($50,000+), extreme illiquidity, and significant uncertainty. This is not a typical pre-IPO investment. The CFIUS review adds a layer of risk that most private companies don’t carry.

If you’re a retail investor: Your best alternatives are Nvidia (NVDA) for the market leader, AMD (AMD) for the primary challenger, or semiconductor ETFs (SMH, SOXX) for diversified exposure. None replicate Cerebras’s specific technology, but they capture AI infrastructure growth.

For everyone: Cerebras has built something genuinely innovative. The wafer-scale architecture is not vaporware—it’s deployed in production at major institutions. But innovation alone doesn’t guarantee investment returns.

The regulatory situation must resolve before Cerebras can go public. Until then, this remains a speculative bet on both technology and geopolitics. If you can’t afford to have capital locked up indefinitely while regulators deliberate, this isn’t the right investment.

If CFIUS clears and the IPO proceeds, retail investors will have their chance. The question is whether the wait—and the uncertainty—is worth it.

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Frequently Asked Questions

Can you buy Cerebras stock?

No, Cerebras is not publicly traded. The company filed for an IPO in September 2024 but withdrew the registration in October 2025. CEO Andrew Feldman says Cerebras still intends to go public, but there’s no timeline. Accredited investors may have very limited access through secondary market platforms.

Is Cerebras publicly traded?

No. Cerebras filed to go public in September 2024 but withdrew its IPO registration in October 2025 after obtaining CFIUS clearance for its G42 relationship. The company intends to refile but has not announced timing.

How much is Cerebras worth?

Cerebras was valued at $8.1 billion in its September 2025 Series F funding round, which raised $1.1 billion from investors including Fidelity, Tiger Global, and Valor Equity Partners.

When will Cerebras IPO?

Unknown. Cerebras withdrew its IPO registration in October 2025 after obtaining CFIUS clearance. CEO Andrew Feldman says the company still intends to go public but has provided no timeline. Most observers expect a potential refiling in 2026-2027.

Why did Cerebras withdraw its IPO?

Cerebras withdrew after a prolonged CFIUS review of its relationship with G42, a UAE-based AI company that invested $335 million in Cerebras. The company obtained CFIUS clearance in May 2025, but the IPO process had stalled. The withdrawal appears strategic—Cerebras may refile when market conditions are more favorable.

What does Cerebras do?

Cerebras designs and manufactures AI processors using wafer-scale technology. Instead of building small chips and connecting them together, Cerebras builds single chips that span entire silicon wafers—56 times larger than the largest GPU. The company claims its processors run AI workloads 20 times faster than Nvidia GPUs for certain applications.

How does Cerebras compare to Nvidia?

Cerebras takes a fundamentally different approach to AI computing. Nvidia uses clusters of GPUs connected by high-speed networks. Cerebras uses single wafer-scale chips that eliminate chip-to-chip communication. Cerebras claims 20x faster inference for certain workloads, but Nvidia has a massive ecosystem advantage including the CUDA software platform and developer community.

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Sources

• Cerebras Systems: Company website and press releases
• Cerebras Systems: “Series G Funding Announcement” (September 2025)
• Cerebras Systems: “U.S. Department of Energy MOU” (December 2025)
• SEC: S-1 Registration Statement (September 2024)
• SEC: Accredited Investor Definition, Rule 501
• U.S. Treasury: CFIUS Overview
• Hiive: Platform documentation
• EquityZen: Platform documentation
• Forge Global: Platform documentation
• Nvidia: Data center products documentation
• AMD: Instinct accelerator documentation