Cerebras, however, relies heavily on a single customer: the Abu Dhabi-based AI firm G42. In 2023, G42 accounted for 83% of Cerebras’ revenue, and in the first half of 2024, that figure increased to 87%. While G42 is backed by major players like Microsoft and Silver Lake, its dependency poses a risk. Even though Cerebras has signed a deal with Saudi Aramco, its reliance on one client may cause concerns as it seeks a $7-8 billion valuation for its IPO.
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