This week, we dive into one of the hottest new companies in AI and the market: Cerebras (CBRS).
The company only just IPO’d, but it’s already valued at close to $100 billion. Even more astonishing? Cerebras was founded just 11 years ago by five engineers.
Its core thesis is radical: the architecture underpinning AI computing is fundamentally flawed.Cerebras argues that GPUs—the chips powering today’s AI boom—were never actually designed for deep learning. They just happened to be dramatically better than CPUs. So instead of improving on existing designs, Cerebras built something entirely different from the ground up: the Wafer Scale Engine (WSE).
The result is a system that eliminates many of the bottlenecks caused by connecting multiple chips together while delivering memory bandwidth reportedly 7,000 times greater than traditional GPU setups.
But for all the excitement, there are real concerns too.
The company initially filed for an IPO in 2024, but the process was delayed after a national security review. It also came under heavy scrutiny after investors discovered it relied heavily on a single UAE-linked customer, G42. Even today, two UAE organizations account for roughly 86% of Cerebras’ revenue—an enormous concentration risk for any business.
Still, the growth has been hard to ignore.
Cerebras generated roughly $510 million in revenue in 2025, up 76% year-over-year, while swinging from a massive net loss to profitability. The business has also aggressively expanded into cloud AI infrastructure, signing major deals with OpenAI, Amazon Web Services, and customers including Meta (META), Mistral AI, Perplexity AI, and Mayo Clinic. Its OpenAI compute agreement alone is reportedly worth more than $20 billion through 2028.
So the big question is simple: is Cerebras worth $100 billion?
We then cover Elon Musk’s lawsuit against OpenAI, Sam Altman’s declining reputation, Anthropic’s revenue acceleration, and what it all means for the stock market, with many AI companies eyeing IPOs. 2026 could end up being the biggest year on record for public markets.
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00:00 Intro03:36 Meet Cerebras12:39 Benchmarks Speed Advantage17:32 Financials20:45 Bull Case22:11 Bear Case24:54 Elon Musk and OpenAI32:36 AI IPO wave
