AI chipmaker Cerebras is pursuing an IPO to capitalize on investor demand for Nvidia. Despite strong AI infrastructure positioning, its reliance on its single customer, G42, has raised concerns. G42 accounted for 87% of Cerebras' 2024 revenue and plans a $335 million stake in the company. U.S. lawmakers are scrutinizing G42’s ties to China. Top banks that underwrite tech IPO are not involved in Cerebras' IPO, reportedly due to concerns over customer concentration and foreign investment risks. Cerebras reported a $51 million loss in the second quarter but sees potential growth in the booming AI chip market.
