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 Inc., a maker of chips and other tech infrastructure for artificial intelligence, filed for an initial public offering on Monday, as more startups look to make a name for themselves in a space occupied by tech juggernauts like Nvidia Corp.