“The company said that Group 42, a UAE-based AI firm that counts Microsoft as an investor, accounted for 83% of Cerebras’s revenue last year.”
Cerebras lost $127.2 million on $78.7 million of revenue in 2023, and 83% of that revenue came from one customer. G42 has committed to $1.43 billion in orders and holds an option to buy more shares the more it buys. Morgan Stanley and Goldman Sachs are not on the deal. Public investors get to buy into a chip company that is really one UAE contract.