Registration Statement (IPO)

Cerebras builds the world's largest AI chip — a single wafer-scale processor designed to train and run large language models far faster than traditional GPU clusters from NVIDIA. The company targets enterprises, cloud providers, and government "Sovereign AI" initiatives, positioning itself as the primary alternative to NVIDIA's dominance in AI accelerator hardware. As an emerging growth company still pre-IPO with no disclosed revenue or profitability figures in this initial filing, the central risk is extreme customer concentration and dependence on a single third-party manufacturer (TSMC), while competing head-on against NVIDIA's entrenched CUDA software ecosystem. The dual-class share structure (voting Class A and non-voting Class N) signals founder-friendly governance that limits outside shareholder influence post-IPO.