If Cerebras can grow beyond its initial benefactor, G42, this IPO will be a rocket ship. If not, … It may be hard to believe, but there hasn’t been a single IPO for an AI hardware company. Period. Not One.

A second risk, and likely the biggest, is Cerebras' customer concentration. Right now, AI company G42 from the United Arab Emirates accounts for 87% of Cerebras' sales in the first six months of 2024. G42 and affiliated entities are also behind next year's $1.43 billion order, meaning that concentration will only grow.

Cerebras Systems, an AI chipmaker that lists among its competitors tech giants Nvidia, Microsoft, and Intel, filed for an IPO Monday, looking to capitalize on widespread enthusiasm about the AI industry.