US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Cerebras Systems / Equity Capital Markets

<ul>
<li>Cerebras Systems revives IPO plans with April 2026 prospectus update, positioning its differentiated wafer-scale AI chips amid strong investor demand for next-gen AI infrastructure plays.</li>
<li>Revenue surged ~76% YoY to $510M in 2025, driven by hardware strength and rapidly scaling cloud/services, signaling growing adoption and recurring revenue mix shift.</li>
<li>Proprietary Wafer-Scale Engine enables industry-leading inference speeds, with major customers like OpenAI, supporting strong positioning across fast-growing AI training and inference markets.</li>
</ul>


Cerebras Systems revives IPO plans with April 2026 prospectus update, positioning its differentiated wafer-scale AI chips amid strong investor demand for next-gen AI infrastructure plays.
Revenue surged ~76% YoY to $510M in 2025, driven by hardware strength and rapidly scaling cloud/services, signaling growing adoption and recurring revenue mix shift.
Proprietary Wafer-Scale Engine enables industry-leading inference speeds, with major customers like OpenAI, supporting strong positioning across fast-growing AI training and inference markets.


Cerebras Systems Inc.(CRBS): Peeking at the IPO Prospectus of An AI Hardware & Software Company

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>On April 17 last, Cerebras once again filed to go public, having withdrawn their first attempt back in October 2025, thirteen months after having first filed</li>
<li>One of the concerns in the original filing was was the extreme customer/revenue concentration with G42. That's greatly reduced, but overall revenue concentration in the region remains &gt;80%</li>
<li>The recently announced OpenAI partnership is a game changer for this latest Cerebras IPO; the AWS announcement less so, as it's still in Term Sheet status. Let's see...</li>
</ul>


On April 17 last, Cerebras once again filed to go public, having withdrawn their first attempt back in October 2025, thirteen months after having first filed
One of the concerns in the original filing was was the extreme customer/revenue concentration with G42. That's greatly reduced, but overall revenue concentration in the region remains &gt;80%
The recently announced OpenAI partnership is a game changer for this latest Cerebras IPO; the AWS announcement less so, as it's still in Term Sheet status. Let's see...


Cerebras. The IPO Returns But The Middle East Concentration Remains

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

Cerebras Systems / Private Capital Markets

<ul><li>Since our last coverage, Cerebras postponed its IPO following regulatory questions about its UAE revenue concentration (G42 accounted for ~83% of 2023 revenue) and instead raised $1B from Fidelity and Tiger Global.</li><li>Cerebras&#39;s single-chip architecture loads entire AI models onto one chip with ~44GB of onboard memory, delivering inference ~10x faster than traditional multi-GPU setups—the company historically sold these as $2M hardware units to national labs, but launched a cloud inference API in summer 2024 that has since become the primary growth driver, serving customers like Perplexity, Notion, Windsurf, and Cognition on a pay-per-token basis.</li><li>Where selling $2M chips to national labs like Argonne and Livermore limited Cerebras to a small pool of state-backed research customers with long sales cycles and high revenue concentration, selling inference via API creates higher velocity and opens up the much larger market of AI startups and enterprises that want speed without buying and operating specialized hardware.</li></ul>

Since our last coverage, Cerebras postponed its IPO following regulatory questions about its UAE revenue concentration (G42 accounted for ~83% of 2023 revenue) and instead raised $1B from Fidelity and Tiger Global.Cerebras&#39;s single-chip architecture loads entire AI models onto one chip with ~44GB of onboard memory, delivering inference ~10x faster than traditional multi-GPU setups—the company historically sold these as $2M hardware units to national labs, but launched a cloud inference API in summer 2024 that has since become the primary growth driver, serving customers like Perplexity, Notion, Windsurf, and Cognition on a pay-per-token basis.Where selling $2M chips to national labs like Argonne and Livermore limited Cerebras to a small pool of state-backed research customers with long sales cycles and high revenue concentration, selling inference via API creates higher velocity and opens up the much larger market of AI startups and enterprises that want speed without buying and operating specialized hardware.

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Chinese technology IPOs continue to outperform US tech sector IPOs in 2026.  China has instituted supportive policies to help its tech companies list on both the A- and H-share markets.</li>
<li>The CSI Information and Technology index has outperformed Nasdaq this year, even though China's largest chip makers have only a small fraction of the market capitalization of their global peers.</li>
<li>China's self-reliance policies, AI breakthroughs, USD weakness, and Hong Kong's international role continue to support the strong performance of China's tech IPOs this year.</li>
</ul>


Chinese technology IPOs continue to outperform US tech sector IPOs in 2026.  China has instituted supportive policies to help its tech companies list on both the A- and H-share markets.
The CSI Information and Technology index has outperformed Nasdaq this year, even though China's largest chip makers have only a small fraction of the market capitalization of their global peers.
China's self-reliance policies, AI breakthroughs, USD weakness, and Hong Kong's international role continue to support the strong performance of China's tech IPOs this year.


CHINA Vs U.S. TECH IPOs: WHY CHINA IS OUTPERFORMING (June 2026)

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

Thematic (Sector/Industry)

<ul><li>Confusion over TSMC's lower PE in the past due to lack of knowledge on margins and industry trends</li><li>TSMC reported better than expected numbers across the board, including higher margins, revenue, and Capex expansion</li><li>TSMC's focus on AI driving decisions on N3 expansion and Capex, with questions on valuation and market dynamics remaining prevalent</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Confusion over TSMC's lower PE in the past due to lack of knowledge on margins and industry trendsTSMC reported better than expected numbers across the board, including higher margins, revenue, and Capex expansionTSMC's focus on AI driving decisions on N3 expansion and Capex, with questions on valuation and market dynamics remaining prevalentThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

EP 161: TSMC Earnings, Cerebras S1, Custom Semi Rumors, Apple CEO Change

United States

Cerebras Systems Inc. is an artificial intelligence infrastructure company. The Company designs and manufactures an AI compute platform comprised of proprietary systems and software that is delivered in standard racks for deployment in data centers up to supercomputer scale. Cerebras Systems serves customers in the United States.

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Cerebras Systems (CBRS US)

Cerebras Systems Inc.(CRBS): Peeking at the IPO Prospectus of An AI Hardware & Software Company

Cerebras Systems updates IPO plans for April 2026, showcasing strong revenue growth driven by wafer-scale AI chips and cloud services.

IPO Boutique

Cerebras. The IPO Returns But The Middle East Concentration Remains

The recently announced OpenAI partnership is a game changer for this latest Cerebras IPO; the AWS announcement less so, as it's still in Term Sheet...

William Keating

Cerebras Vs Nvidia

TL;DR: After UAE regulatory scrutiny stalled its IPO, Cerebras raised $1B and is diversifying revenue by selling cloud inference alongside...

Sacra

CHINA Vs U.S. TECH IPOs: WHY CHINA IS OUTPERFORMING (June 2026)

Chinese technology IPOs continue to outperform US tech sector IPOs in 2026. China has instituted supportive policies to help its tech companies...

David Mudd

EP 161: TSMC Earnings, Cerebras S1, Custom Semi Rumors, Apple CEO Change

Discussion on TSMC's PE valuation, margin business, revenue growth, and Capex raise, highlighting concerns about market dynamics and potential...

The Circuit

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Cerebras Systems Inc.(CRBS): Peeking at the IPO Prospectus of An AI Hardware & Software Company

​Cerebras Systems updates IPO plans for April 2026, showcasing strong revenue growth driven by wafer-scale AI chips and cloud services.

IPO Boutique

Cerebras. The IPO Returns But The Middle East Concentration Remains

The recently announced OpenAI partnership is a game changer for this latest Cerebras IPO; the AWS announcement less so, as it's still in Term Sheet...

William Keating

Cerebras Vs Nvidia

TL;DR: After UAE regulatory scrutiny stalled its IPO, Cerebras raised $1B and is diversifying revenue by selling cloud inference alongside...

Sacra

CHINA Vs U.S. TECH IPOs: WHY CHINA IS OUTPERFORMING (June 2026)

Chinese technology IPOs continue to outperform US tech sector IPOs in 2026. China has instituted supportive policies to help its tech companies...

David Mudd

EP 161: TSMC Earnings, Cerebras S1, Custom Semi Rumors, Apple CEO Change

Discussion on TSMC's PE valuation, margin business, revenue growth, and Capex raise, highlighting concerns about market dynamics and potential...

The Circuit

Cerebras Systems updates IPO plans for April 2026, showcasing strong revenue growth driven by wafer-scale AI chips and cloud services.