Cerebras Systems Inc. —424B4 最终招股说明书（IPO）

创始人信 Founders Letter

2015 年，我们看到了 AI 的曙光，并深知它将消耗海量算力。

In 2015, we saw AI on the horizon and knew it would consume vast amounts of compute.

AI 是一种全新且不同寻常的工作负载。而对于计算机架构师而言，新的工作负载会迫使市场发生根本性转变，从而创造机遇。

AI was a new and unusual workload. And, for computer architects, new workloads create opportunities by forcing tectonic market shifts.

创始人做出了两个根本性判断。

The founders made two fundamental bets.

第一个判断：现有的通用处理器将无法满足需求，而算力发展史上始终成立的一条规律同样适用于 AI——具有变革性的算力工作负载需要专用芯片。这正是 PC 之于 x86、图形处理之于 GPU、移动设备之于 ARM 所发生的情形。

The first bet: that existing general-purpose processors would not be sufficient, and that what has always been true throughout the history of compute would also be true for AI – that transformative compute workloads require purpose-built silicon. This is what PCs did for x86, graphics did for GPUs, and mobile did for ARM.

第二个判断：对现有算力架构进行改造无法释放 AI 的潜力。我们需要从基本原理出发构建全新的计算机架构，并在各个方面针对 AI 进行优化。

The second bet: that modifying existing compute architectures would not realize AI’s potential. We would need to build a new computer architecture from first principles, optimized in every way for AI.

这两个判断在当时都逆主流而行。而事实证明，两者都是正确的。

Both bets were contrarian. And both turned out to be right.

越大越好，好上许多倍 Bigger is Better, Many Times Better

在计算层面上，图形是一个受并行度约束的问题，而移动端是一个受功耗约束的问题。但 AI 是一个受通信约束的问题。

At a computational level, graphics is a parallelism-bound problem and mobile is a power-bound problem. But AI is a communication-bound problem.

算力与内存通信的速度越快，算力与其他算力通信的速度越快，AI 就越快、越智能，用户体验就越好。

The faster compute communicates with memory, and the faster compute communicates with other compute, the faster and smarter the AI, and the better the user experience.

速度的敌人是通信延迟。而由于片上通信比跨芯片通信快数千倍，降低延迟的最佳方式就是将通信保持在片上。

The enemy of speed is communication latency. And since communication is thousand s of times faster on-chip, than across chips, the best way to reduce latency is to keep communication on-chip.

我们的答案：打造计算机行业历史上最大的商用芯片。我们将整片晶圆用于一颗芯片：这项技术被称为晶圆级集成。

Our answer: build the largest commercial chip in the history of the computer industry. We used the entire wafer for one chip: a technique called wafer-scale integration.

晶圆级集成使我们能够将前所未有的海量算力和内存汇聚到单颗商用芯片上，并以此前难以想象的速度交付 AI。我们可以避免传统做法——将 AI 问题切分并分散到众多小芯片上——所引发的延迟和功耗。

Wafer-scale integration allowed us to bring together quantities of compute and memory never before assembled on a single commercial chip and deliver AI at previously unimaginable speeds. We could avoid the latency and the power-draw induced by the traditional approach of chopping up the AI problem and spreading it across lots of little chips.

从原理上讲，这是一种合乎逻辑的方法，但在实践中也是一项艰巨的挑战。晶圆级集成曾是计算机体系结构的圣杯之一。此前每一次将其商业化的尝试都以失败告终。

It was a logical approach in principle, but it was also a daunting challenge in practice. Wafer-scale integration was one of the holy grails of computer architecture. Every previous effort to commercialize it had failed.

我们必须证明它切实可行：完成设计、制造、良率提升、供电，并在其上运行生产工作负载。这是一项复杂的、多维度的技术挑战：它横跨芯片设计、系统设计、高性能软件和 AI 算法。

We had to prove it was possible: to design it, fabricate it, yield it, power it, and run production workloads on it. This was a complex, multi-dimensional technical challenge: one that cut across chip design, system design, high performance software, and AI algorithms.

苦干 The Grind

当我们着手去做时，没有人知道如何让它成功运转。

When we set out to do it, nobody knew how to make it work.

没有人知道如何产出一颗比领先 GPU 大 58 倍的芯片。没有人知道如何为一颗餐盘大小的芯片供电而不烧毁主板。没有人知道如何封装如此巨大的芯片而不使其开裂。没有人知道如何为这种尺寸的芯片散热——无论风冷还是水冷——而不让冷却液在到达另一侧之前就变热。没有人知道，我们也不知道。

Nobody knew how to yield a chip 58 times larger than the leading GPU. Nobody knew how to deliver power to a chip the size of a dinner plate without melting the motherboard. Nobody knew how to package such a big chip without cracking it. Nobody knew how to cool a chip of this size, with air or water, without the coolant getting warm before it reached the other side. Nobody knew, and we didn’t know.

许多人指出了他们声称无法解决的挑战。但讽刺的是，那些并不是我们必须解决的最困难的挑战。最困难的挑战是没有人曾见过的挑战，因为从未有人推进到那么远。

Many pointed out challenges they said were impossible to solve. But ironically, those weren’t the hardest challenges we had to solve. The hardest challenges were ones nobody had ever seen, because no one had ever progressed that far.

根本性的发明极其艰难。我们失败了很长时间。

Fundamental invention is profoundly difficult. We failed for a long time.

但我们相信无畏的工程精神与不懈的驱动力相结合。这不仅是我们的文化。这就是我们的本质。我们以严谨的方法论攻克未知：第一性原理分析、实验、失败、失败分析。如此循环往复。

But we believe in fearless engineering combined with relentless drive. It’s not just our culture. It is who we are. We attacked the unknown with a disciplined methodology: first principle analysis, experimentation, failure, failure analysis. Rinse and repeat.

我们相信，持久的护城河是通过用新颖的解决方案解决艰难的技术问题而建立的。晶圆级集成就是这样一条护城河，它花费了十年的发明与工程才得以实现。

We believe that enduring moats are built by solving hard technical problems with novel solutions. Wafer-scale integration is one such moat that took a decade of invention and engineering to achieve.

错误的时机 The Wrong Time

我们于 2020 年交付了首批系统，并于 2022 年交付了第二代系统。我们打造出了非凡的产品，但市场尚未做好准备。超算和生命科学领域的少数富有远见的客户看到了其潜力，但对世界上的大多数人而言，其优势并非显而易见。

We delivered our first systems in 2020 and the second generation in 2022. We had built something extraordinary, but the market wasn’t ready. A few visionary customers in supercompute and life sciences saw the potential, but to most of the world, the benefits were not immediately apparent.

AI 当时尚处萌芽阶段。它原始而未经检验。训练耗时漫长，是一门玄妙的技艺，且仅为少数人所掌握。GPU 当时尚未成为瓶颈。而我们的解决方案也难以找到用武之地。

AI was nascent. It was raw and unproven. Training was time-consuming, a black art, and the domain of a select few. GPUs were not yet the bottleneck. And our solutions struggled to find a home.

把握当下 Meeting the Moment

变化随 ChatGPT 而来。突然间人人都在谈论 AI，创业者们不断拓展着可能性的边界。到 2025 年初，AI 已经足够智能、足够有价值，人们开始在各处使用 AI。推理用量呈爆发式增长。

Change arrived with ChatGPT. Suddenly everyone was talking about AI, and entrepreneurs were extending the art of the possible. By early 2025, AI was smart enough to be valuable, and people were using AI everywhere. Inference usage exploded.

突然间，所有人都想起了 Google 搜索的教训：速度带来更满意、更频繁的用户，而即便是极微小的延迟也会显著降低用户满意度、搜索频率和搜索收入。

Suddenly, everyone remembered the lesson from Google search: speed produces more satisfied and more frequent users, while even tiny delays significantly reduce user satisfaction, search frequency, and search revenue.

市场已经转变。所有人都意识到，快速的 AI 比缓慢的 AI 更有用。到 2025 年底，这一点已十分明确：快速推理正在支撑最高价值的工作负载。快速推理让工程师的生产力更高，因为快速的 AI 编程智能体能够编写代码、编辑代码、测试代码，并更快地将产品推向市场。快速 AI 让律师、分析师、银行家、医生和研究人员的生产力高于那些等待缓慢洞察的同行。

The market had shifted. Everyone realized that fast AI is more useful than slow AI. By the end of 2025, it was clear: fast inference was powering the highest-value workloads. Fast inference was making engineers more productive because fast AI coding agents could write code, edit it, test it, and get a product to market more quickly. Fast AI made lawyers, analysts, bankers, doctors, and researchers more productive than their counterparts waiting on slow insights.

于是飞轮开始转动：随着快速 AI 在更短时间内给出更好的答案，用户会用它做更多的事、停留更久、运行更高价值的工作负载。Cerebras 以定制芯片、系统和软件加速 AI 的初心，终于遇上了一个迫切需要、并且要求快速 AI 的市场——而我们的创新让这种快速 AI 成为可能。

And so the flywheel started: as fast AI produced better answers in less time, users would do more with it, stay longer, and run higher-value workloads. Cerebras’s original vision to accelerate AI with custom silicon, systems, and software finally met a market that urgently needed—and demanded—the fast AI our innovations make possible.

**我们的速度使我们区别于其他 AI 基础设施参与者。**

**Our speed separates us from other AI infrastructure players.**

在许多工作负载上，以领先的开源模型为基准测试，Cerebras 比领先的基于 GPU 的解决方案快最多 15 倍。在一些更为特殊的工作负载上，我们的速度超过 1,000 倍。当客户亲身感受到这种速度时，他们知道自己必须拥有它；我们赢得了新客户，现有客户再次下单，然后又再次下单。

For many workloads, Cerebras is up to 15 times faster than leading GPU-based solutions as benchmarked on leading open-source models. In some more exotic workloads, we have been more than 1,000 times faster. When customers experienced that speed for themselves, they knew they had to have it; we won new customers, and existing customers reordered, then reordered again.

更智能的模型结合快速推理，使 AI 更具生产力。而由于 token 是 AI 将算力转化为智能的方式，token 消耗量正呈指数级增长。又因为 Cerebras 生成 token 的速度更快，我们相信我们在这个市场中处于极其有利的制胜位置。

Smarter models combined with fast inference makes AI more productive. And since tokens are how AI converts compute into intelligence, token consumption is growing exponentially. And because Cerebras generates tokens faster, we believe we are extraordinarily well-positioned to win in this market.

由领导者选择 Selected by the Leaders

2026 年 1 月，我们宣布与 OpenAI 达成一项价值超过$20 billion 的多年协议。OpenAI 已同意部署 750 兆瓦的 Cerebras 高速 AI 算力，且 OpenAI 与 Cerebras 已同意为未来的 Cerebras 硬件共同设计未来模型。

In January 2026, we announced a multi-year deal with OpenAI valued at more than $20 billion dollars. OpenAI has agreed to deploy 750 megawatts of Cerebras’s high-speed AI compute, and OpenAI and Cerebras have agreed to co-design future models for future Cerebras hardware.

2026 年 3 月，我们与 AWS 启动了多年合作伙伴关系，通过全球分销将快速推理扩展至更大规模。我们的目标是让每一家初创公司、AI 原生企业和企业公司都能轻松获得 Cerebras 极速的推理能力。

In March 2026, we started a multi-year partnership with AWS to bring fast inference to an even bigger scale through global distribution. We’re aiming to give every startup, AI native, and enterprise company easy access to Cerebras’s blisteringly fast inference.

我们坚信，一旦体验过速度，就再也回不去了。要让你回到慢速互联网，我们需要付你多少钱？

We firmly believe that once you go fast, you can never go back. How much would we need to pay you to go back to slow internet?

AI 使用的爆发式增长深刻改变了市场。Cerebras 已做好准备：满足客户不断变化的需求，并迅速调整我们的商业模式。我们让客户能够轻松消费 AI 算力。我们是最早拥有云业务的半导体公司之一。我们向关注数据安全和主权的客户提供本地部署硬件。我们还通过云——包括 Cerebras 云以及即将推出的 AWS 云——触达其他客户。这使我们能够触达希望按月、按年租用算力或按 token 付费的客户，并为 Cerebras 提供有吸引力的经常性收入与波动较大的硬件收入组合。

The explosion in AI usage profoundly changed the market. Cerebras was ready: meeting the changing needs of our customers and quickly adapting our business model. We made it easy for our customers to consume AI compute. We were among the first semi-conductor companies to have a cloud business. We deliver hardware on-premises to customers concerned about data security and sovereignty. And we reach other customers through the cloud – both the Cerebras cloud and soon the AWS cloud. This allows us to reach customers who want to rent compute by month, year, or to pay by the token, and provides Cerebras with an attractive mix of recurring revenue as well as lumpier hardware revenue.

未来 The Future

展望未来，我们将继续投身于无畏的工程实践，致力于解决最艰难的技术问题——那些能够创造根本性差异化、客户价值和持久护城河的问题。

As we look forward, we will continue to engage in fearless engineering aimed at solving the hardest technical problems – the ones that create fundamental differentiation, customer value, and durable moats.

我们相信，股东价值源于做客户想要、但他人做不到的事情。我们将不懈聚焦于这些事项，做出大胆决策，并在权衡取舍时优先考虑长期价值创造。

We believe that shareholder value comes from doing the things customers want, but others cannot do. We will focus relentlessly on these items, make bold decisions, and weigh tradeoffs in favor of long-term value creation.

我们为取得的成就感到自豪，并且我们已有在研发明，能够巩固并拓展我们的优势。

We’re proud of our accomplishments, and we have inventions underway that build on and extend our advantages.

计算机体系结构的基本构件是计算（核心）、结果的存储（内存）以及结果向所需之处的移动（通信）。晶圆级集成提供了一个平台，其核心数量超过以往任何已商业化的处理器。它使我们能够以传统尺寸处理器无法企及的方式使用内存。我们的发明正在模糊传统上迫使内存容量与速度之间做出取舍的界限。而我们处理器的巨大尺寸，为只有晶圆级方案才能实现的开创性通信技术奠定了基础。

The fundamental building blocks in computer architecture are calculation (cores), the storage of results (memory), and the movements of results to where they are needed (communication). Wafer-scale integration has provided a platform for more cores than any previous commercialized processor. It allows us to use memory in ways that are foreclosed to traditional sized processors. Our inventions are blurring the lines that have traditionally forced tradeoffs between memory capacity and speed. And the massive size of our processor serves as a foundation for pioneering communication techniques that are only available to wafer scale solutions.

更智能的模型和更快的推理正在改变整个经济领域。我们编写软件的方式已经永远改变。但我们认为，我们尚未充分思考自动驾驶汽车、机器人及其他对延迟敏感的应用日益增长的图景。这些应用将继续推动快速推理需求，带来新的挑战，并引领行业走向新的方向。

Smarter models and faster inference are transforming entire sectors of the economy. The way we write software has changed forever. But we believe we have yet to fully contemplate the growing landscape for autonomous vehicles, robotics, and other latency-sensitive applications. These applications will continue to push fast inference demand, present novel challenges, and take the industry in new directions.

**AI 市场正以极快的速度发展，我们处于有利位置，能够预判其曲折变化。**

**The AI market is moving extraordinarily quickly, and we are well-positioned to anticipate its twists and turns.**

我们的洞察如今得益于十年的开创性发明、在支撑快速 AI 的技术方面的独特专长、向客户学习，以及部署世界上一些最大的 AI 集群。我们的合作伙伴关系不仅让我们洞见未来，还提供了与硬件创造者共同设计硬件的契机。

Our insights are now informed by a decade of pioneering invention, unique expertise in technologies that underpin fast AI, learning from our customers, and deploying some of the largest AI clusters in the world. Our partnerships provide not only visibility into the future, but also a chance to co-design hardware with those creating it.

我们邀请您加入这场非凡旅程，共同经历一场比以往任何一次都更为深远的技术革命。

We invite you to join us on this extraordinary journey through a technological revolution more profound than any that has come before.

没有什么比 AI 的未来更令我们兴奋。

Nothing excites us more than the future of AI.

我们感谢家人的耐心、团队的热情与辛勤付出、投资者的支持与鼓励，以及客户和合作伙伴的信任。对于所有在 Cerebras 生命第一章中与我们同行的人，我们致以感谢。

We are grateful to our families for their patience, our team for their passion and hard work, our investors for their support and encouragement, and our customers and partners for their trust. To all those who have been with us through the first chapter in Cerebras’s life, we say thank you.

我们无比自豪地开启下一章。

And it is with great pride that we set off on the next chapter.

Andrew、Gary、Sean、Michael 和 JP

Andrew, Gary, Sean, Michael, and JP

特定术语表 Glossary of Certain Terms

以下为本招股说明书中使用的缩写、首字母缩略词及若干术语的定义：

The following are abbreviations, acronyms, and definitions of certain terms used in this prospectus:

- “AI”指人工智能。AI 包括 GenAI、机器学习及其他人工智能工具、系统、产品和相关技术。

- “AI” stands for artificial intelligence. AI includes GenAI, machine learning, and other artificial intelligence tools, systems, products, and related technologies.

- “API”指应用程序编程接口。API 是一组规则、协议和工具，使不同的软件应用程序能够相互通信和交互。

- “API” stands for Application Programming Interface. An API is a set of rules, protocols, and tools that allow different software applications to communicate and interact with each other.

- “Chassis（机箱）”指支撑并容纳电子设备组件的金属框架，包括连接各组件所用的电路。

- “Chassis” means the metal frame that supports and houses the components of an electronic device, including the circuits that connect the components.

- “CPU”指中央处理器。CPU 是计算机的大脑，负责执行指令并进行计算。它是一种复杂的 IC，通常在软件程序的控制下从主存储器中取指、译码并执行指令。

- “CPU” stands for Central Processing Unit. A CPU is the brain of a computer, responsible for executing instructions and carrying out computations. It is a complex IC that fetches, decodes, and executes instructions, typically from main memory under the control of software programs.

- “Customers（客户）”指我们的终端客户。在语境需要时，我们可能使用“终端客户”，其包括超大规模云服务商、基础模型实验室、AI 原生和数字原生企业、财富 500 强公司以及主权 AI 计划。在本招股说明书其他部分所载经审计合并财务报表中使用时，“客户”指我们直接向其开具产品或服务发票的各方。

- “Customers” refers to our end customers. When the context requires, we may use “end customers,” which include hyperscalers, foundation model labs, AI-native and digital-native businesses, Fortune 500 companies, and Sovereign AI initiatives. When used in our audited consolidated financial statements included elsewhere in this prospectus, “customers” means parties we directly invoice for products or services.

- “GenAI”指生成式 AI。GenAI 是一种能够生成多种类型内容（包括文本、图像、音频和合成数据）的 AI 技术。

- “GenAI” stands for generative AI. GenAI is a type of AI technology that can produce various types of content, including text, imagery, audio, and synthetic data.

- “GPU”指图形处理器。GPU 是一种具有高度并行性的专用 IC，用于加速将复杂图形渲染到屏幕上。由于能够同时执行大量计算，GPU 在某些任务上优于 CPU，并被用于科学计算以及加速 AI 工作负载，例如大语言模型的训练和推理工作负载。

- “GPU” stands for Graphics Processing Unit. GPU is a specialized IC with a high degree of parallelism used to accelerate the rendering of complex graphics onto a screen. Due to their ability to perform numerous computations simultaneously, GPUs outperform CPUs on certain tasks and are used for scientific computing and accelerating AI workloads, such as training and inference workloads of large language models.

- “HBM”指高带宽内存。HBM 是一种计算机内存，旨在为 GPU、其他 AI 加速器和 CPU 提供高带宽和低延迟。HBM 的速度显著快于传统 DRAM 内存，且价格也显著更高，通常集成在 IC 封装内。

- “HBM” stands for High Bandwidth Memory. HBM is a type of computer memory designed to provide high bandwidth and low latency for GPUs, other AI accelerators, and CPUs. HBM is significantly faster and more expensive than traditional DRAM memory and is typically integrated within the IC package.

- “Hyperscalers（超大规模云服务商）”指利用大规模数据中心提供高度可扩展云计算服务的大型科技公司。它们提供广泛的动态配置服务，包括计算基础设施、软件平台，以及日益增多的 AI 模型训练和推理服务。这些服务按需提供，由用户通过软件进行管理和扩展。

- “Hyperscalers” means large technology companies that offer highly scalable cloud computing services, utilizing extensive data centers. They offer a wide range of dynamically-provisioned services, including computing infrastructure, software platforms, and, increasingly, AI model training and inferencing. These services are available on an as-needed basis, managed and scaled via software by the users.

- “IC”指集成电路。IC 是一种微型化电子电路，将多个晶体管组件及其他元件组合到单个小型封装中。IC 是现代电子设备的基本构建模块，广泛应用于计算机、服务器、网络设备、智能手机、汽车和医疗设备等多种场景。

- “IC” stands for an Integrated Circuit. IC is a miniaturized electronic circuit that combines multiple transistor components and other elements into a single small package. ICs are the fundamental building blocks of modern electronics, and they are used in a wide variety of applications, including computers, servers, networking equipment, smartphones, automobiles, and medical devices.

- “推理”是指使用经过训练的机器学习模型，基于新数据作出预测或决策的过程。它涉及运用模型在训练期间学到的模式与知识，来分析并解读新的、未见过的输入。

- “Inference” means the process of using a trained machine learning model to make predictions or decisions based on new data. It involves applying the patterns and knowledge the model learned during training to analyze and interpret new, unseen inputs.

- “IT”代表信息技术。

- “IT” stands for information technology.

- “LLM”代表大语言模型。LLM 是一类人工智能模型，通过在大量文本数据上训练，以理解、解读并生成类人语言。

- “LLM” stands for Large Language Model. LLMs are a class of artificial intelligence models that are trained on vast amounts of text data to understand, interpret, and generate human-like language.

- “节点”在芯片制造语境中用作“工艺节点”的简称，指对应不同电路世代与架构的特定半导体制造工艺，例如 14 纳米和 5 纳米节点。

- “Node,” in the context of chip manufacturing, is used as shorthand for “process node,” which refers to specific semiconductor manufacturing processes corresponding to different circuit generations and architectures, for example, 14 nanometer and 5 nanometer nodes.

- “机架”是指标准尺寸的开放式框架机柜，用于组织并容纳服务器、网络设备、电源及其他 IT 硬件。一个数据中心通常容纳数千个机架，这些机架通过网络交换机互联，通常使用以太网协议。

- “Rack” means an open-frame cabinet of standard dimensions used to organize and house servers, networking equipment, power supplies, and other IT hardware. A data center typically houses thousand s of racks interconnected by networking switches typically using Ethernet protocol.

- “主权 AI”是指由特定国家开发、控制和管理，或为促进该国公共利益而建立的人工智能系统。

- “Sovereign AI” refers to AI systems that are developed, controlled, and managed by a particular nation or established in furtherance of such nation’s public interests.

- “SRAM”代表静态随机存取存储器。SRAM 是一种在供电期间将数据存储在晶体管内的存储器。与计算机中另一种常用 RAM——DRAM（动态随机存取存储器）相比，SRAM 速度更快，且在活跃使用期间功耗更低。然而，由于其架构复杂，它比 DRAM 更昂贵且占用更多空间。由于其速度和效率，SRAM 常被用于处理器片上作为缓存存储器，可快速访问频繁使用的数据。

- “SRAM” stands for Static Random-Access Memory. SRAM is a type of memory that stores data within transistors so long as power is being supplied. Compared to DRAM (Dynamic Random-Access Memory), another common type of RAM used in computers, SRAM is faster and consumes less power during active use. However, it is more expensive and takes up more space than DRAM due to its complex architecture. SRAM is often used on-chip in processors for cache memory because of its speed and efficiency, providing quick access to frequently used data.

- “流片”是集成电路芯片设计流程的最后阶段，即完成的设计被交付制造。

- “Tape-out” is the final phase of the chip design process for integrated circuits, where the completed design is released to manufacturing.

- “训练”是指通过向人工智能模型输入大量数据，并基于识别出的模式调整其内部参数，教会模型作出准确预测或决策的过程。在训练期间，AI 模型使用算法从输入数据中学习，通过调整其行为以最小化误差，迭代地提升其准确性。

- “Training” refers to the process of teaching an artificial intelligence model to make accurate predictions or decisions by feeding it large amounts of data and adjusting its internal parameters based on identified patterns. During training, the AI model uses algorithms to learn from the input data, iteratively refining its accuracy by adapting its behavior to minimize errors.

- “晶圆”是指一片薄薄的半导体材料，通常由硅制成，集成电路即在其上制造。晶圆是包括微芯片和微处理器在内的电子元件生产的基础。

- “Wafer” means a thin slice of a semiconductor material, typically made of silicon, upon which integrated circuits are fabricated. Wafers serve as the foundation for the production of electronic components, including microchips and microprocessors.

招股说明书摘要 Prospectus Summary

本摘要重点介绍本招股说明书其他部分所载的部分信息。本摘要并不包含您在决定投资我们的 A 类普通股之前应考虑的全部信息。在作出投资决定之前，您应仔细阅读本招股说明书全文，包括标题为“风险因素”“关于前瞻性陈述的特别说明”“管理层对财务状况和经营成果的讨论与分析”和“业务”的章节，以及本招股说明书其他部分所载我们的合并财务报表及相关附注。

This summary highlights selected information contained elsewhere in this prospectus. This summary does not contain all of the information that you should consider before deciding to invest in our Class A common stock. You should read this entire prospectus carefully, including the sections titled “Risk Factors,” “Special Note Regarding Forward-Looking Statements,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” and our consolidated financial statements and related notes included elsewhere in this prospectus before making an investment decision.

概览 Overview

我们正在打造世界上最快的人工智能基础设施。

We are building the fastest AI infrastructure in the world.

在人工智能领域，速度是取胜的关键。速度能提升用户参与度、扩展产品能力、降低运营成本，并开辟新的市场。它缩短了各行业工程师、研究人员和专业人士的迭代周期，使他们能够更高效地工作。速度释放新的应用和新的行业。

In AI, speed is critical to win. Speed improves user engagement, expands product capabilities, can lower operating costs, and opens new markets. It shortens iteration cycles for engineers, researchers, and professionals across industries, allowing them to be more productive. Speed unlocks new applications and new industries.

在技术领域，“速度释放价值”是过去 30 年来不断重复的模式。更快的解决方案被更频繁地使用，并用于要求更高的任务。例如，宽带的速度将互联网从静态页面转变为实时应用，催生了新产品和新行业。同样，在搜索领域，谷歌表明，即使交付答案出现短暂延迟，也会显著降低使用量和用户参与度。

In technology, “speed unlocking value” is a pattern that has repeated itself over the past 30 years. Faster solutions are used more often and for more demanding tasks. For example, the speed of broadband transformed the internet from static pages into real-time applications, enabling new products and industries. Similarly, in search, Google showed that even short delays in delivering answers significantly reduced usage and engagement.

人工智能重复了这一模式。随着人工智能从新奇事物变为必需品，人工智能工作变得要求更高，速度已成为瓶颈。更快的人工智能在更短时间内完成更多工作，更快地提供更好的答案。

AI repeats this pattern. As AI has moved from novelty to necessity, AI work has grown more demanding, and speed has become a bottleneck. Faster AI does more work in less time, providing better answers sooner.

我们的解决方案专为速度而构建。根据领先开源模型的基准测试，Cerebras Inference 交付答案的速度比领先的基于 GPU 的解决方案快达 15 倍。同样，许多客户相比同代领先的 GPU 系统，实现了超过 10 倍的训练问题解决时间提速。

Our solutions are built for speed. Cerebras Inference delivers answers up to 15 times faster than leading GPU-based solutions as benchmarked on leading open-source models. Similarly, many customers have achieved more than 10 times faster training time-to-solution compared to leading GPU systems of the same generation.

这些性能突破源于我们的核心创新：世界上首个也是唯一一个商业化的晶圆级处理器。我们的处理器名为晶圆级引擎（“WSE”），其尺寸是 NVIDIA B200 芯片的 58 倍，内存带宽是包含两个独立芯片的 NVIDIA B200 封装的 2,625 倍。为构建 WSE，我们解决了计算行业存在 75 年之久的晶圆级集成问题，实现了如此尺寸芯片的生产、良率、供电和散热。正是这一尺寸成就了我们惊人的 AI 速度。通过将大规模算力和内存集成到单块硅片上，并将其整合到专为特定目的构建的系统和软件栈中，我们为本地部署和云端客户提供卓越的 AI 速度。

These performance breakthroughs are the result of our core innovation: the world’s first and only commercialized wafer-scale processor. Called the Wafer-Scale Engine (“WSE”), our processor is 58 times larger than NVIDIA’s B200 chip and has 2,625 times more memory bandwidth than NVIDIA’s B200 package, which contains two individual chips. To build the WSE, we solved the 75-year-old compute industry problem of wafer-scale integration to produce, yield, power, and cool a chip of this size. This size is what enables our incredible AI speeds. By bringing massive compute and memory onto a single piece of silicon and integrating it into a purpose-built system and software stack, we deliver exceptional AI speed for customers on premises and via the cloud.

我们的战略合作伙伴和客户包括超大规模云服务商、基础模型实验室、AI 原生和数字原生企业、大型企业以及主权 AI 计划。全球领先的基础模型实验室 OpenAI 选择我们作为其快速推理解决方案。借助 Cerebras，OpenAI 的 Codex-Spark 用户可在数秒内将想法转化为可运行的软件。全球领先的超大规模云服务商 Amazon Web Services（“AWS”）已与我们签署具有约束力的条款清单，将成为首家在其自有数据中心部署 Cerebras 的超大规模云服务商，为广泛的企业客户群体提供大规模分销渠道。我们的客户使用 Cerebras 解决方案运行对速度、规模和智能有要求的应用。这些工作包括以近乎即时的响应训练和服务大型前沿模型、实时处理海量数据集，以及一步生成全栈应用。一旦客户采用快速推理，用户对交互性的期望便会提升，工程团队也会从延迟优化转向其他工作，从而难以再回到较慢的推理。

Our strategic partners and customers include hyperscalers, foundation model labs, AI-native and digital-native businesses, enterprises, and Sovereign AI initiatives. OpenAI, the world’s leading foundation model lab, selected us to be its fast inference solution. With Cerebras, OpenAI’s Codex-Spark users turn ideas into working software in seconds. Amazon Web Services (“AWS”), the world’s leading hyperscale cloud, has signed a binding term sheet with us to become the first hyperscaler to deploy Cerebras in its own data centers, providing massive distribution to a broad base of enterprise customers. Our customers use Cerebras solutions to run applications that demand speed, scale, and intelligence. This work includes training and serving large frontier models with near-instant responses, processing massive datasets in real time, and generating full-stack applications in a single step. Once customers adopt fast inference, user expectations for interactivity rise, and engineering teams shift from latency optimizations to other work, making it difficult to return to slower inference.

我们通过多种不同方式向客户交付解决方案。需要完全掌控数据和基础设施的组织可以购买 Cerebras AI 超级计算机进行本地部署。寻求云灵活性的客户可以通过 Cerebras Cloud 上基于用量的模式或通过合作伙伴云获取 Cerebras 算力。例如，我们的高速推理服务可通过合作伙伴获取，包括 AWS Marketplace、Microsoft Marketplace、IBM watsonx Model Gateway、Vercel AI Gateway、OpenRouter 和 Hugging Face，从而能够在现有工作流中无缝采用。

We deliver our solutions to customers in several different ways. Organizations that require full data and infrastructure control can purchase Cerebras AI supercomputers for on-premises deployments. Customers seeking cloud flexibility can access Cerebras compute through consumption-based models on Cerebras Cloud or through partner clouds. For example, our high-speed inference services are available through partners, including AWS Marketplace, Microsoft Marketplace, IBM watsonx Model Gateway, Vercel AI Gateway, OpenRouter, and Hugging Face, enabling seamless adoption within existing workflows.

我们提供差异化性能的能力使我们成为许多最大客户的战略合作伙伴。除提供算力基础设施外，我们还向客户提供 AI 服务，共同开发解决方案以应对其最复杂的挑战，从训练最先进的模型到针对每个应用的需求优化部署。这些合作关系随时间不断扩大；值得注意的是，按截至 2025 年 12 月 31 日的年初至今收入计算，我们的前十大客户在首次购买后的 12 个月内将其与我们的总支出增加了约 80%，其中通常包括共同开发合同。

Our ability to deliver differentiated performance has made us a strategic partner to many of our largest customers. Beyond providing compute infrastructure, we provide AI services to our customers to co-develop solutions to address their most complex challenges, from training state-of-the-art models to optimizing deployments for each application’s needs. These partnerships have expanded over time; notably, our top ten customers by year-to-date revenue through December 31, 2025 increased their aggregate spend with us by approximately 80% within 12 months of their initial purchase, often including contracts for co-development.

AI 是历史上增长最快的技术之一。我们相信，我们的高速 AI 解决方案使我们在这一市场中拥有显著的竞争优势。我们相信，随着渗透率提升、使用频率增加以及应用日益复杂，AI 的进一步普及将加速，并持续快速扩大市场。根据 IDC 的数据，到 2030 年，AI 解决方案和服务方面的投资预计将在全球产生 22.3 万亿美元的累计影响，约占全球国内生产总值（“GDP”）的 3.7%。根据 Bloomberg Intelligence 的数据，AI 训练基础设施市场与我们在 AI 推理领域的可服务市场合计规模在 2025 年估计为 2510 亿美元，预计到 2029 年将增长至 6720 亿美元，复合年增长率（CAGR）为 28%。这一估计表明，到 2029 年，AI 推理的增长速度将超过 AI 训练基础设施的两倍以上。凭借以 Artificial Analysis 基准测试衡量的市场上最快的推理平台，以及在大规模训练方面经过验证的过往业绩，我们相信我们处于有利地位，能够把握 AI 基础设施市场这两部分的增长机遇。

AI is one of the fastest growing technologies in history. We believe that our high-speed AI solutions give us a meaningful competitive advantage in this market. We believe that further adoption of AI, accelerated by increased penetration, more frequent usage, and more complex applications, will continue to rapidly expand the market. According to IDC, investments in AI solutions and services are projected to yield a global cumulative impact of $22.3 trillion by 2030, representing approximately 3.7% of the global gross domestic product (“GDP”). The combined market for AI training infrastructure and our addressable market within AI inference is estimated to be $251 billion in 2025 and is expected to grow to $672 billion by 2029—a 28% CAGR, according to Bloomberg Intelligence. This estimate indicates that AI inference will grow more than twice as fast as AI training infrastructure through 2029. With the fastest inference platform on the market, as benchmarked by Artificial Analysis, and a proven track record in large-scale training, we believe we are well-positioned to capture growth across both parts of the AI infrastructure market.

我们的增长反映了 AI 应用的更广泛加速。我们的收入从 2022 年的 $24.6 million 增长至 2023 年的 $78.7 million，并进一步增长至 2024 年的 $290.3 million，三年间增长超过十倍。我们的收入在 2025 年增长至 $510.0 million，同比增长 76%。我们在 2025 年实现净利润 $237.8 million，并在 2024 年产生净亏损 $481.6 million。在从我们的 GAAP 净利润（亏损）中剔除股权激励费用以及远期合同负债公允价值变动（清偿）的影响后，我们在 2025 年和 2024 年分别产生非 GAAP 净亏损 $75.7 million 和 $21.8 million。有关更多信息以及非 GAAP 净亏损与净利润（亏损）的对账，请参见标题为“管理层对财务状况和经营成果的讨论与分析——非 GAAP 财务指标”的章节。

Our growth reflects the broader acceleration of AI adoption. Our revenue increased from $24.6 million in 2022 to $78.7 million in 2023 and to $290.3 million in 2024, representing a more than tenfold increase over three years. Our revenue increased to $510.0 million in 2025, representing year-over-year growth of 76% . We earned net income of $237.8 million in 2025 and incurred net loss of $481.6 million in 2024. We incurred non-GAAP net loss of $75.7 million in 2025 and $21.8 million in 2024, after excluding the impact of stock-based compensation expense and change in fair value (extinguishment) of forward contract liability from our GAAP net income (loss). For more information and for a reconciliation of non-GAAP net loss to net income (loss), see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures.”

行业背景 Industry Background

#### AI 是下一次技术变革

#### AI is the Next Technological Shift

过去 50 年间，算力行业经历了一系列长期性变革，每一次都扩大了算力的可及性并重塑了全球生产力。我们相信，AI 代表着下一次重大技术变革——其变革性影响有可能超越此前各轮周期。

Over the past 50 years, the compute industry has undergone a series of secular shifts, each of which expanded access to compute and transformed global productivity. We believe AI represents the next major technological shift —one with the potential to exceed the transformational impact of prior cycles.

根据皮尤研究中心的数据，截至 2025 年 6 月，约 62% 的美国成年人至少每周数次使用 AI，其中 31% 几乎持续使用（每天至少数次），而 30 岁以下的美国成年人中有三分之一表示他们每天数次使用 AI。此外，数字教育委员会在 2024 年发现，86% 的高等教育学生使用 AI。根据麦肯锡 2025 年的一项调查，表示其组织在至少一项业务职能中使用 AI 的受访者比例较其去年研究有所上升：2025 年有 88% 的受访者报告在至少一项业务职能中定期使用 AI，而一年前为 78%。2025 年第三季度，盖洛普报告称工作场所中 AI 的日常使用在过去 12 个月内增长了一倍以上，10% 的美国员工表示他们在日常工作中使用 AI。

According to Pew Research Center, as of June 2025, around 62% of U.S. adults interacted with AI at least several times a week, with 31% doing so almost constantly (at least several times a day), and one-third of U.S. adults under 30 saying they interacted with AI several times a day. Additionally, the Digital Education Council found in 2024 that 86% of higher-education students used AI. According to a McKinsey survey in 2025, the share of respondents saying their organizations are using AI in at least one business function has increased since their research last year: 88% reported regular AI use in at least one business function in 2025 compared with 78% a year ago. In the third quarter of 2025, Gallup reported daily use of AI in the workplace had more than doubled in the past 12 months, with 10% of U.S. employees reporting they used AI in their daily roles.

AI 采用率的强劲增长源于一个简单的事实：AI 已从新奇事物转变为必需品，如今在消费者和企业领域得到广泛应用。个人和组织依赖 AI 来解决问题、构建产品、加速研究、改善患者治疗结果、增强决策、简化运营、推动创新并提供个性化体验。

The strong rate of AI adoption is driven by the simple fact that AI has transitioned from novelty to necessity and is now used across consumer and enterprise domains. Individuals and organizations rely on AI to solve problems, build products, accelerate research, improve patient outcomes, enhance decision-making, streamline operations, enable innovation, and deliver personalized experiences.

AI 的崛起依赖于大规模的计算资源。这正是 Cerebras 的用武之地。

The rise of AI depends on massive computational resources. This is where Cerebras fits in.

**随着前沿 AI 模型能力不断增强，推理正在驱动 AI 算力需求**

**Inference is Driving the AI Compute Demand, as Frontier AI Models Grow More Capable**

AI 由两个阶段组成：训练和推理。训练是创建和教导 AI 模型的过程；推理是使用模型生成响应的过程。如今，AI 已进入以推理为中心的新时代。新的技术不断涌现，使模型在使用过程中变得更加智能。这种方法——称为“推理时算力”或“测试时算力”——已成为推理的主导模式。

AI is composed of two stages: training and inference. Training is the process of creating and teaching the AI model; inference is the process of using the model to generate responses. Today, AI has entered a new era centered on inference. New techniques have emerged that make models smarter as they are being used. This approach— called “inference-time compute” or “test-time compute”—has become the dominant mode of inference.

如今的前沿模型——例如 OpenAI 的 GPT-5.4、Anthropic 的 Claude Opus 4.7 和 Google 的 Gemini 3.1 Pro——不再主要依赖训练好的模型来保证准确性，而是在推理过程中执行大量计算以模拟推理。这些模型有效地“思考”问题：规划步骤、检查自身工作，并在给出最终更高质量结果之前完善响应。这些额外步骤在推理过程中使用了显著更多的算力，同时产生更准确的答案。

Instead of depending primarily on the trained model for accuracy, today’s frontier models—such as OpenAI’s GPT-5.4, Anthropic’s Claude Opus 4.7, and Google’s Gemini 3.1 Pro—perform substantial computation during inference to simulate reasoning. These models effectively “think through” the problem: planning steps, checking their own work, and refining responses before delivering a final, higher-quality result. These additional steps use substantially more compute during inference, while producing more accurate answers.

这些推理能力从根本上改变了人们使用 AI 的方式。推理不再局限于回答问题；现代 AI 应用如今能够代表用户执行操作。它们可以直接预订旅行行程、从零开始编写完整的 Web 应用程序、帮助客户申请抵押贷款、自动分析法律合同中的差异、处理保险理赔等等。因此，随着这些更智能的推理模型得到采用——它们利用更多的推理时算力——对 AI 推理的需求也随之激增。

These reasoning capabilities have fundamentally changed how people use AI. Inference is no longer limited to answering questions; modern AI applications now perform actions on behalf of their users. They can directly book travel itineraries, code full web applications from scratch, help customers apply for mortgages, automatically analyze legal contracts for discrepancies, process insurance claims, and more. As a result, demand for AI inference has surged alongside the adoption of these smarter reasoning models that leverage more inference-time compute.

归根结底，推理算力需求由三股力量的复合效应驱动：用户数量、使用频率以及每次使用的算力。这三股力量均以惊人的速度增长，从而带来推理及其底层算力需求的几何级扩张。

Ultimately, inference compute demand is driven by the compounding effect of three forces: the number of users, the frequency of use, and the compute per use. Each of these forces is growing at an extraordinary rate, producing a geometric expansion of demand for inference and its underlying compute.

推理过程中的推理能力可带来更智能的 AI 响应，但需要显著更多的算力。随着模型能力不断增强，用户依赖它们完成日益宏大的任务，进一步推动算力需求。当今的工作负载——包括视频生成、深度研究和长篇分析——所需的算力可能比回答基本问题高出多个数量级。

Reasoning during inference delivers smarter AI responses but requires significantly more compute. As models become more capable, users rely on them for increasingly ambitious tasks, further driving compute needs. Today’s workloads—including video generation, deep research, and long-form analysis—can require many orders of magnitude more compute than answering basic questions.

#### 推理能力使推理速度成为必需

#### Reasoning Makes Inference Speed a Necessity

速度使推理模型能够更快地给出更准确的答案，减少因迫使客户等待答案而产生的挫败感。

Speed enables reasoning models to deliver more accurate answers faster, reducing the frustration created by forcing customers to wait for answers.

复杂任务（更难的问题）解决起来更有价值，但它们需要推理系统经历更长的步骤序列。这放大了速度带来的收益以及缓慢带来的惩罚。速度使更难的问题能够在更短时间内得到更准确的答案。速度扩大了 AI 可处理的任务范围，从而拓宽了其可触达市场。

Complex tasks (harder problems) are more valuable to solve but they require the reasoning system to go through a longer sequence of steps. This amplifies the benefit of speed and the penalty for being slow. Speed enables more accurate answers to harder problems in less time. Speed expands the range of tasks that AI can address, thereby broadening its addressable market.

**快速推理赋能下一代 AI 工作负载，编程是明确的早期信号**

**Fast Inference Enables the Next Generation of AI Workloads, With Coding as a Clear Early Signal**

随着 AI 使用更多算力来处理日益复杂的问题，一个根本性挑战浮现出来：每个人都希望复杂请求能得到更好的响应，但没有人愿意等待响应。

As AI uses more compute to tackle increasingly complex problems, a fundamental challenge emerges: everyone wants a better response for complicated requests, but nobody wants to wait to get a response.

我们正在解决这个问题。根据领先开源模型的基准测试，Cerebras Inference 提供答案的速度最高可达领先的基于 GPU 的解决方案的 15 倍。这一速度优势使我们的解决方案能够为最先进的推理模型提供实时性能，使复杂任务能够更准确、更快速地完成。

We are solving this problem. Cerebras Inference delivers answers up to 15 times faster than leading GPU-based solutions as benchmarked on leading open-source models. This speed advantage enables our solutions to deliver real-time performance for the most advanced reasoning models, enabling complex tasks to be completed more accurately and quickly.

这些动态已在市场中显现。三个快速增长的类别——软件开发、深度研究系统和语音应用——说明了速度的重要性。对于这些以及许多其他类似应用而言，推理速度是必需的。

These dynamics are already visible in the market. Three fast-growing categories—software development, deep research systems, and voice applications—illustrate the importance of speed. For these and many other similar applications, inference speed is a necessity.

- AI 驱动的软件开发提供了一个明确的早期信号。使用 AI 编程具有交互性，且对延迟敏感。延迟会损害开发者的思路连贯性，因此开发者更有可能放弃那些拖慢他们速度的工具。

- AI-powered software development provides a clear early signal. Coding with AI is interactive and sensitive to delay. Delay impairs a developer’s train of thought, and as a result, developers are more likely to abandon tools that slow them down.

AI 现在能够编写代码。它会对大型代码库进行推理，然后运用前述多步骤流程来生成、修改和运行代码。推理速度已成为决定其采用的首要因素。Cursor、Claude Code、Codex、Windsurf 和 GitHub Copilot 等产品充当自主协作者——根据开发者的自然语言指令，跨代码仓库进行规划、编辑和验证代码。这些系统需要执行复杂的多步骤任务，包括持续推理和长上下文记忆。快速推理是避免令人沮丧的等待时间的唯一途径。

AI can now write code. It reasons over large codebases and then uses the multi-step process previously described to generate, modify, and run code. Inference speed has become a primary determinant for adoption. Products such as Cursor, Claude Code, Codex, Windsurf, and GitHub Copilot act as autonomous collaborators—planning, editing, and validating code across repositories in response to natural-language instructions from developers. These systems require complex, multi-step tasks, including continuous reasoning and long-context memory. Fast inference is the only way to avoid frustrating wait times.

AI 原生编程产品在 2023 年几乎还不存在。然而它们在 2025 年合计创造了数十亿美元的 ARR，并且仍在持续加速增长。例如，Lovable 和 Cursor 等 AI 编程应用是历史上增长最快的开发者工具之一。AI 编程智能体已成为软件编写方式的核心。据报道，截至 2026 年 2 月，Anthropic 的 Claude Code 年化收入运行率已达 $2.5 billion;Claude Code 的创造者于 2026 年 1 月表示，他的代码 100% 由 AI 编写。此外，根据 SonarSource 于 2025 年 10 月开展的一项调查，专业开发者报告称目前 42% 的代码由 AI 生成或辅助完成。大量软件工程师正从编写代码转向监督 AI 编程智能体集群。更快的推理意味着更高生产率的工程师。编程展示了推理系统中的一个基本模式：只要 AI 涉及持续交互、多步推理以及对响应时间的敏感性，速度就决定了其效用。这些相同的条件在越来越多的 AI 应用中同样存在。

AI-native coding products barely existed in 2023. Yet they collectively generated billion s in ARR in 2025 and continue to accelerate. For example, AI coding applications like Lovable and Cursor are among some of the fastest growing developer tools in history. AI coding agents have become central to how software is written. Anthropic’s Claude Code is already at a reported annual revenue run rate of $2.5 billion as of February 2026; Claude Code’s creator said in January 2026 that he writes 100% of his code with AI. In addition, professional developers report that 42% of code is now AI-generated or assisted, according to a survey conducted by SonarSource in October 2025. By droves, software engineers are shifting from writing code to supervising fleets of AI coding agents. Faster inference means more productive engineers. Coding demonstrates a fundamental pattern in reasoning systems: wherever AI involves continuous interaction, multi-step reasoning, and sensitivity to response time, speed determines utility. Those same conditions are present across a growing set of AI applications.

- 深度研究系统将类似的推理应用于知识工作，在大型数据集上执行多步检索与综合，以实时提供结构化洞察。AlphaSense 等平台依赖实时推理来筛选更大数量的文档，帮助分析师和企业更快找到答案。

- Deep research systems apply similar reasoning to knowledge work, performing multi-step retrieval and synthesis across large datasets to deliver structured insights in real time. Platforms such as AlphaSense rely on real-time inference to sift through a higher volume of documents to help analysts and enterprises find answers faster.

- 语音应用包括来自 Meta、Tavus 和 OpenCall 等公司的对话智能体、虚拟形象和数字孪生。实时性能对语音至关重要：亚秒级延迟使交互感觉自然，并让这些系统能够在对话过程中调用工具或检索数据，从而提供更丰富、更具上下文关联的回复。

- Voice applications include conversational agents, avatars, and digital twins from companies like Meta, Tavus, and OpenCall. Real-time performance is critical for voice: sub-second latency makes interactions feel natural and gives these systems time to call tools or retrieve data mid-conversation for richer, contextual responses.

我们相信，这些应用共同引领 AI 采用的下一阶段：能够持续思考、行动和交互的系统，推动对更快、更高效算力基础设施的持续需求。

Together, we believe these applications lead the way in the next phase of AI adoption: systems that think, act, and interact continuously, driving sustained demand for faster and more efficient compute infrastructure.

在这种环境下，速度直接塑造使用情况。漫长的等待时间限制了实时应用，阻碍了 AI 能力的扩散，并可能抑制新市场和新应用的出现。因此，缓慢的系统会流失用户、限制能力并阻碍创新，而更快的系统则被更频繁地使用，并用于要求更高的工作负载。

In this environment, speed directly shapes usage. Long wait times limit real-time applications, stunt the diffusion of AI capabilities, and can inhibit new markets and applications. As a result, slow systems lose users, limit capability, and stall innovation, while faster systems are used more often and for more demanding workloads.

我们相信，速度是现代 AI 的一项决定性优势。推理即智能，而智能会随速度而复合增长。我们相信，交付快速、可扩展推理的能力不仅将定义未来十年的技术，还将塑造人们工作、创造和互动的未来方式。

We believe speed is a defining advantage in modern AI. Reasoning is intelligence, and intelligence compounds with speed. We believe the ability to deliver fast, scalable reasoning will define not only the next decade of technology, but also shape the future of how people work, create, and interact.

我们的解决方案 Our Solution

我们正在打造全球最快的商用 AI 基础设施。我们的 AI 超级计算机专为让 AI 运行得更快而构建。我们的全栈硬件与软件平台旨在比同类基于 GPU 的解决方案显著更快、更高效地完成 AI 任务，无论部署在本地、通过 Cerebras Cloud 还是经由合作伙伴云。

We are building the fastest commercial AI infrastructure in the world. Our AI supercomputers are purpose built to make AI fast. Our full-stack hardware and software platform is designed to complete AI tasks significantly faster and more efficiently than comparable GPU-based solutions, whether deployed on premises, through the Cerebras Cloud, or via partner clouds.

#### 1. 硬件平台

#### 1. Hardware Platform

我们解决方案的核心是 Cerebras WSE，这是迄今已实现大规模量产上市的最大、最快的 AI 处理器。WSE 在迄今已构建的最大商用芯片上集成了 900,000 个计算核心、44 GB 片上内存和 21 PB 内存带宽。WSE-3 的尺寸是 NVIDIA B200 芯片的 58 倍。相比 NVIDIA 的 B200 封装（其中包含两颗独立芯片），WSE 的晶体管数量多 19 倍、片上内存多 250 倍、内存带宽多 2,625 倍。

At the core of our solution is the Cerebras WSE, the largest and fastest AI processor ever brought to market in high volumes. The WSE combines 900,000 compute cores, 44 gigabytes of on-chip memory, and 21 petabytes of memory bandwidth on the largest commercial chip ever built. The WSE-3 is 58 times larger than NVIDIA’s B200 chip. The WSE has 19 times more transistors, 250 times more on-chip memory, and 2,625 times more memory bandwidth than NVIDIA’s B200 package, which contains two individual chips.

每颗 WSE 均封装于一台 Cerebras CS-3 系统之中，这是我们完全集成的 AI 算力系统，包含先进的冷却、供电和互连技术。多台 CS-3 系统相互连接，组成部署于客户数据中心本地及云端的 Cerebras AI 超级计算机。

Each WSE is housed inside a Cerebras CS-3 system, our fully integrated AI compute system that includes advanced cooling, power delivery, and interconnect technology. Multiple CS-3 systems connect to form Cerebras AI supercomputers deployed on premises in customer data centers and in the cloud.

#### 2. 协同设计的软件平台

#### 2. Co-designed Software Platform

我们的软件平台让晶圆级计算变得易于使用。它覆盖完整的 AI 生命周期——从模型编程与编译，到训练与推理，再到集群编排。

Our software platform makes wafer-scale computing simple to use. It spans the full AI life cycle—from model programming and compilation, to training and inference, to cluster orchestration.

- Cerebras Compiler 将 PyTorch 模型直接编译至 WSE，无需 CUDA 或分布式编程，并提供易于使用的开发者体验。

- Cerebras Compiler compiles PyTorch models directly to the WSE, eliminating the need for CUDA or distributed programming and providing an easy-to-use developer experience.

- Cerebras Inference Serving Stack 通过行业标准 API 提供超低延迟推理，可供生产环境使用。

- Cerebras Inference Serving Stack delivers ultra-low-latency inference with industry-standard APIs for production use.

- Cerebras Cluster Manager 将多台 CS-3 系统编排为一台逻辑上的 AI 超级计算机，大规模处理调度、遥测和健康监控。

- Cerebras Cluster Manager orchestrates multiple CS-3 systems into one logical AI supercomputer, handling scheduling, telemetry, and health monitoring at scale.

由于每一层都与我们的硬件协同设计，客户可以跨前沿规模的模型扩展训练和推理，而无需重写代码或管理分布式基础设施。

Because every layer is co-designed with our hardware, customers can scale training and inference across frontier-size models without rewriting code or managing distributed infrastructure.

#### 3. 灵活的部署模式

#### 3. Flexible Deployment Models

我们的技术旨在以最能加速客户 AI 路线图的形式交付。我们的平台在设计上注重灵活性——在组织所处的位置与其对接，并随着其雄心增长而共同扩展。

Our technology is designed to be delivered in the form that best accelerates a customer’s AI roadmap. Our platform is designed for flexibility—meeting organizations where they are, and scaling with them as their ambitions grow.

- Cerebras Cloud：通过简单的 API 提供高性能 AI 算力，使客户能够以生产级可靠性部署开源模型、微调模型或专有模型。

- Cerebras Cloud: Provides high-performance AI compute through a simple API, allowing customers to serve open-source, fine-tuned, or proprietary models with production-grade reliability.

- 合作伙伴云：通过领先的云服务商提供对 Cerebras 系统的无缝访问，包括 AWS Marketplace、Microsoft Marketplace、IBM watsonx Model Gateway、Vercel AI Gateway、OpenRouter 和 Hugging Face，从而在全球 AI 生态系统中拓展我们的覆盖范围。

- Partner Clouds: Offer seamless access to Cerebras systems through leading cloud providers including AWS Marketplace, Microsoft Marketplace, IBM watsonx Model Gateway, Vercel AI Gateway, OpenRouter, and Hugging Face, extending our reach across the global AI ecosystem.

- 本地部署：交付完全集成的 AI 超级计算机并直接安装到客户环境中，使企业、主权 AI 计划、国家实验室和国防组织能够完全掌控数据、性能和运营。我们还为部分客户运营和管理大型 AI 超级计算机集群。

- On-Premises Deployments: Deliver fully integrated AI supercomputers and install them directly in customer environments, giving enterprises, Sovereign AI initiatives, national laboratories, and defense organizations complete control over data, performance, and operations. We also operate and manage large clusters of AI supercomputers for some of our customers.

- 混合部署：通过统一的软件栈，使客户能够在本地和云环境之间灵活迁移，在扩展过程中保持一致的性能和工作流程。

- Hybrid Deployments: Enable customers to move fluidly between on-premises and cloud environments through a unified software stack, maintaining consistent performance and workflows as they scale.

客户可选择契合自身需求的消费模式——按 token 购买推理服务、按周或按月运行训练工作负载、为长期生产部署预留专用容量，或购买本地基础设施。

Customers choose the consumption model that fits their needs—buying inference by the token, running training workloads by the week or month, reserving dedicated capacity for long-term production deployments, or purchasing on-premises infrastructure.

#### 4. AI 模型服务

#### 4. AI Model Services

我们的 AI 专家帮助客户加速将 AI 应用从概念推向生产。凭借跨多种模态训练和部署前沿规模模型的深厚经验，我们的团队帮助客户选择模型架构、准备大规模训练数据，并为生产训练和微调模型。我们还为客户设计优化的部署方案——训练草稿模型或投机解码模型，并调整配置，以针对每个应用在延迟、吞吐量和成本之间取得平衡。

Our AI experts accelerate customers’ ability to take AI applications from concept to production. With deep experience training and deploying frontier-scale models across modalities, our team helps customers select model architectures, prepare large-scale training data, and train and fine-tune models for production. We also design optimized deployments for customers—training draft or speculative decoding models and tuning configurations to balance latency, throughput, and cost for each application.

#### 这对客户意味着什么

#### What This Means for Customers

我们的客户包括超大规模云服务商、基础模型实验室、AI 原生和数字原生企业、大型企业以及主权 AI 计划的领导者，他们完成任务的速度远快于基于 GPU 的系统。更快的推理可改善用户体验、提升参与度、加速迭代，并催生新类别的 AI 应用。这一速度优势在生产环境中会进一步放大，因为降低的延迟和更短的训练周期会带来切实的业务影响。

Our customers, which include hyperscalers, foundation model labs, AI-native and digital-native businesses, enterprises, and leaders of Sovereign AI initiatives, complete tasks dramatically faster than on GPU-based systems. Faster reasoning improves user experience, increases engagement, accelerates iteration, and enables new classes of AI applications. This speed advantage compounds in production environments, where reduced latency and shorter training cycles have meaningful business impact.

关键客户收益 Key Customer Benefits

通过我们的全栈 AI 产品，我们在定义 AI 现实价值的四个关键维度上实现了切实改善：速度、质量、成本和简便性。

Through our full-stack AI offerings, we deliver tangible improvements across four key dimensions that define AI value in the real world: speed, quality, cost, and simplicity .

#### 1. 速度：实时推理释放 AI 的新价值

#### 1. Speed: Real-Time Reasoning Unlocks New Benefits From AI

我们的系统实现的推理速度远快于 GPU 集群，使实时编程智能体、近乎即时的深度研究以及此前不切实际或不可能实现的数字孪生等应用成为可能。客户将推理速度的跃升形容为从拨号上网到宽带的跨越——这一进步重新定义了 AI 的能力边界。

Our systems achieve dramatically faster inference than GPU clusters, enabling applications such as real-time coding agents, nearly instant deep research, and digital twins that were previously impractical or impossible. Customers describe the leap in inference speed as akin to going from dial-up to broadband—an advancement that redefines what AI can do.

客户基于 Cerebras 构建并日常使用的新一类产品包括：

New classes of products that customers have built and use daily with Cerebras include:

- 实时编程智能体：几乎即时读取、编写和调试代码的 Copilot——将 AI 转变为交互式编程伙伴。

- Real-time coding agents: Copilots that read, write, and debug code nearly instantly—turning AI into an interactive programming partner.

- 近乎即时的深度研究智能体：可在数秒内分析数千份文档的系统，加速市场、科学和政策研究。

- Nearly instant deep research agents: Systems that analyze thousand s of documents in seconds, accelerating market, scientific, and policy research.

- 数字孪生：能够实时思考、说话和反应、栩栩如生的 AI 虚拟形象。借助 Cerebras，虚拟形象响应时不会出现尴尬的延迟，并能进行更自然、更具交互性的对话。

- Digital twins: Lifelike AI personas that think, speak, and react in real time. With Cerebras, avatars respond without awkward delays, and carry conversations that are more natural and interactive.

#### 2. 质量：更快获得更准确的响应

#### 2. Quality: More Accurate Responses Faster

在 GPU 上，延迟迫使人们在速度与智能之间做出取舍。开发者往往不得不限制响应的准确性，以便在合理的时间内交付。我们的产品旨在消除这一取舍。我们的推理速度使开发者能够使用多得多的推理 token，同时保持相同的端到端任务完成时间。我们将质量从一项限制转变为一项特性；客户现在可以近乎实时地以完整能力运行部分规模最大的模型。

On GPUs, latency forces a tradeoff between speed and intelligence. Developers often have to limit the accuracy of a response in order to have it delivered in a reasonable amount of time. Our offerings are designed to remove this tradeoff. Our inference speed allows developers to use substantially more reasoning tokens while maintaining the same end-to-end task completion time. We turn quality from a limitation into a feature; customers can now serve some of the largest models at full strength, in nearly real time.

#### 3. 成本：更低功耗实现更高性能

#### 3. Cost: Higher Performance at Lower Power

将数据从一个芯片移动到另一个芯片是 AI 算力中能耗最高的环节之一。而电力是 AI 算力运营支出的最大构成部分。

Moving data from one chip to another is one of the most power-intensive parts of AI compute. And power is the largest contributor to operating expenses in AI compute.

我们的晶圆级架构将数据保留在芯片上，显著减少数据移动，进而降低功耗。它还省去了多层昂贵而复杂的网络设备。作为对比，在 WSE-3 上移动一位数据所消耗的能量，仅为通过 GPU 互连移动同一位数据所需能量的一小部分。

Our wafer-scale architecture keeps data on-chip, reducing data movement significantly, which in turn reduces power consumption. It also eliminates layers of costly and complex networking equipment. By way of comparison, moving a bit of data on the WSE-3 consumes a fraction of the energy required to move the same bit of data over GPU interconnects.

由于我们的性能优势源于根本性的架构效率，我们预计这些优势将在未来继续基于我们的晶圆级技术构建的各代产品中得以延续。

Because our performance advantages stem from fundamental architectural efficiency, we expect these benefits to endure across future generations that continue to build on our wafer-scale technology.

**4. 简洁性：单一平台；无需分布式编程；模型易于训练和部署**

**4. Simplicity: One Platform; No Distributed Programming; Easy to Train and Deploy Models**

我们消除了跨 GPU 集群分布式编程的复杂性，而这是 AI 部署中最具挑战性的方面之一。即使是极大规模的模型也无需更改代码即可运行，并可在 Cerebras 系统集群间自动、无缝地扩展。由于训练、微调和推理均在同一统一平台上进行，客户无需承担在不同算力环境之间迁移的运营开销，从而可在同一集群上完成推理、微调和从零开始的训练。Cerebras 编译器的 PyTorch 集成使模型定制和编译变得简单，推理服务栈可在数分钟内完成前沿规模模型的部署，我们的 AI 专家在模型全生命周期内为客户提供支持以加速成果实现。Cerebras 的部署平台还允许客户运行并非在 Cerebras 硬件上训练的模型，同时仍能实现卓越的推理性能。

We eliminate the complexity of distributed programming across GPU clusters, which is one of the most challenging aspects of AI deployment. Even extremely large models run without code changes, and scale automatically and seamlessly across clusters of Cerebras systems. Because training, fine-tuning, and inference all occur on a unified platform, customers avoid the operational overhead of moving between different compute environments, enabling inference, fine-tuning, and training from scratch on the same cluster. Cerebras Compiler’s PyTorch integration makes model customization and compilation simple, the Inference Serving Stack enables deployment of frontier-sized models in minutes, and our AI experts support customers throughout the model life cycle to accelerate results. Cerebras’s deployment platform also allows customers to run models that were not trained on Cerebras hardware and still achieve exceptional inference performance.

我们的技术 Our Technology

#### 晶圆级集成：基础

#### Wafer-Scale Integration: The Foundation

Cerebras 始于一个简单的问题：如何设计一类全新的处理器，以解决 AI 带来的算力挑战为唯一目标？从零开始，我们如何避免为图形及其他工作负载所做的取舍，从而确保每一个晶体管、处理器的每一个部分，都针对 AI 的需求进行优化？

Cerebras started with a simple question: How could a new class of processors be designed with the singular goal of solving the compute challenges presented by AI? Beginning with a clean slate, how could we avoid the trade-offs made for graphics and other workloads to ensure that every transistor, every single part of the processor, was optimized for the requirements of AI?

我们的答案是晶圆级集成。晶圆级集成使我们能够使用速度远超以往的内存，并避免交换机与路由器带来的复杂性，以及将数千个 GPU 连接在一起所必需的相应复杂性。

Our answer is wafer-scale integration. Wafer-scale integration enabled us to use a vastly faster memory and avoid the complexity of switches and routers and associated complexity necessary to link together thousand s of GPUs.

SRAM 是迄今为止速度最快的内存。但现有的行业参与者无法使用同样多的 SRAM，因为他们无法将其容纳在芯片上。通过构建一颗比 NVIDIA 的 B200 芯片大 58 倍的芯片，我们能够最大化快速的片上 SRAM，并获得两个世界的好处：(1) 由于我们构建了如此巨大的芯片，内存容量显著增加；(2) SRAM 提供的巨大带宽所带来的好处。晶圆级使我们能够交付一款内存带宽比 NVIDIA 的 B200 封装高 2,625 倍的解决方案，这正是我们能够以极快速度提供推理的原因。

SRAM is the fastest memory to date. But existing industry players could not use as much SRAM because they could not fit it on their chip. By building a chip 58 times larger than NVIDIA’s B200 chip, we can maximize fast, on-chip SRAM and get the benefits of two worlds: (1) significantly more memory capacity because we built such a big chip, and (2) the benefits of the massive bandwidth provided by SRAM. Wafer scale enables us to deliver a solution with 2,625 times more memory bandwidth than NVIDIA’s B200 package, which is how we are able to deliver inference at extremely fast speeds.

晶圆级集成带来的第二个根本优势在于，它使晶圆保持完整。我们的解决方案不是先制造一片晶圆、将其切割成数十个小 GPU，再用昂贵、高功耗的交换机和复杂的线缆将它们重新连接起来，而是由一个与整片硅晶圆大小相当的处理器构成。这减少了对构建 GPU 解决方案所需的大部分网络栈的需求、成本、管理复杂性和功耗。

The second fundamental advantage provided by wafer-scale integration is that it kept the wafer intact. Instead of building a wafer, cutting it into dozens of small GPUs, and using expensive, power-hungry switches, and complex cables to wire them back together, our solution consists of one processor that is the size of an entire silicon wafer. This reduced the need, cost, managerial complexity, and power draw of much of the networking stack required to build a GPU solution.

我们的晶圆级解决方案将算力、内存和通信统一在同一片硅片上，消除了拖慢 GPU 系统的数据传输瓶颈。

Our wafer-scale solution unifies compute and memory and communications on the same piece of silicon, eliminating the data-movement bottlenecks that slow GPU systems.

#### 晶圆级集成的基础

#### The Underpinnings of Wafer-Scale Integration

我们解决了一个困扰算力行业整个历史的问题：如何构建整片硅晶圆大小的芯片。尺寸带来的优势众所周知。但此前从未有公司把晶圆级解决方案推向市场。

We solved a problem that flummoxed the compute industry for its entire history: how to build chips the size of full silicon wafers. The advantages of size were well known. But no company had ever brought a wafer-scale solution to market.

为使晶圆级在商业上可行，我们发明并产品化了两个基础性半导体技术：

To make wafer-scale commercially viable, we invented and productized two foundational semiconductor technologies:

- 多裸片互连：传统上，裸片——即包含集成电路的硅区域——被逐个压印到硅晶圆上，然后被切割（“划片”）成一个个独立的小芯片。在 Cerebras 之前，已知最大的芯片约为 840 mm 2。我们发明了在半导体晶圆厂内、于晶圆层面将这些原本独立的裸片互连在一起的技术。裸片间连接采用专有的跨掩模版连接，并集成到我们的整体制造工艺中。这使我们能够利用现有工艺做到我们认为此前从未有人做到的事情——即交付一片在整个 46,225 mm 2 硅片上实现通信的晶圆，从而构成一个单一的大型处理器。

- Multi-die interconnect: Traditionally, die—regions of silicon containing an integrated circuit—are individually stamped onto a silicon wafer and then cut up (“diced”) into small, separate chips. Prior to Cerebras, the largest known chip was about 840 mm 2. We invented technology to interconnect these otherwise independent die together at the wafer level, at the semiconductor fabrication plant. The inter-die connectivity uses a proprietary cross-reticle connection that is integrated into our overall fabrication process. This allowed us to use existing processes to do something we believe had never been done before —namely, deliver a wafer that communicated across the entire 46,225 mm 2 of silicon and therefore is a single massive processor.

- 容错架构：半导体商业可行性的一个主要因素是良率。晶圆中存在缺陷。大芯片遇到此类缺陷的概率更高。传统上，有缺陷的芯片会被丢弃或“降级”，即作为性能较低的部件出售。因此，采用传统技术时，较大芯片的良率较低，因而成本更高。我们设计的架构使用冗余构建模块来吸收和绕过缺陷——类似于超大规模数据中心，但发生在晶圆上。缺陷被设计为可被识别、关闭并绕过。冗余构建模块用于重新构成逻辑上完整的功能整体。这种方法此前曾用于存储器制造以实现近乎完美的良率，但据我们所知，在 Cerebras 之前，尚未用于构建处理器。

- Fault-tolerant architecture: A primary factor in the commercial viability of a semiconductor is the yield. Flaws are present in wafers. Large chips have a higher probability of hitting such a flaw. Traditionally, chips with flaws have been thrown out or “down binned,” that is, sold as a less capable part. Thus, using traditional techniques, larger chips have lower yield and are therefore more expensive. We designed the architecture to absorb and route around defects using redundant building blocks—similar to a hyperscale data center but on the wafer. Flaws are designed to be recognized, shut down, and routed around. Redundant building blocks are used to re-form a logically functional whole. This approach had been previously used in memory manufacturing to achieve near-perfect yield, but to our knowledge, prior to Cerebras had not been used to build processors.

这些创新使晶圆级计算在半导体历史上首次具备商业可行性。

These innovations made wafer-scale computing commercially viable for the first time in semiconductor history.

#### Cerebras 芯片、系统与软件

#### The Cerebras Chip, System, and Software

Cerebras 提供全栈 AI 基础设施解决方案。它在每一层都包含创新。最底层是 Cerebras WSE，即我们的晶圆级处理器。每个 WSE 集成到一个 CS-3 系统中，配备先进的供电、冷却和系统管理。多个 CS-3 系统连接在一起，组成部署在全球数据中心的 Cerebras AI 超级计算机。

Cerebras delivers a full-stack AI infrastructure solution. It contains innovations at each layer. At the base is the Cerebras WSE, our wafer-scale processor. Each WSE is integrated into a CS-3 system with advanced power delivery, cooling, and system management. Multiple CS-3 systems link together to form Cerebras AI supercomputers that are deployed in data centers around the world.

轻量级管理和编排软件将这些系统作为一个逻辑计算机运行，而我们的训练和推理平台使大规模运行大型模型变得简单。由于每一层在设计时都考虑到了其他层，该平台可提供一致的性能、降低基础设施复杂性，并加快部署和取得结果的时间。

Lightweight management and orchestration software operate these systems as one logical computer, while our training and inference platforms make it simple to run large models at scale. Because each layer is designed with the others in mind, the platform delivers consistent performance, reduced infrastructure complexity, and faster time to deployment and results.

#### 1. 芯片：Cerebras 晶圆级引擎

#### 1. The Chip: Cerebras Wafer-Scale Engine

我们平台的核心是 Cerebras WSE，全球最大、最快的商业化 AI 处理器。单个 WSE 通过将 900,000 个计算核心和 44 GB 片上内存集成在一块硅片上，并具备每秒 21 PB 的片上内存带宽，取代了整个 GPU 集群。WSE-3 比 NVIDIA 的 B200 芯片大 58 倍。WSE-3 的晶体管数量也比 NVIDIA 的 B200 封装（包含两个独立芯片）多 19 倍，片上内存多 250 倍，内存带宽多 2,625 倍。

At the heart of our platform is the Cerebras WSE, the world’s largest and fastest commercialized AI processor. A single WSE replaces an entire cluster of GPUs by combining 900,000 compute cores and 44 gigabytes of on-chip memory on one piece of silicon, with 21 petabytes per second of on-chip memory bandwidth. The WSE-3 is 58 times larger than NVIDIA’s B200 chip. The WSE-3 also has 19 times more transistors, 250 times more on-chip memory, and 2,625 times more memory bandwidth than NVIDIA’s B200 package, which contains two individual chips.

我们相信我们的架构解决了内存带宽问题，这是现代 AI 的主要瓶颈。通过将计算和内存保留在单个芯片上，WSE-3 消除了主导 GPU 延迟和功耗的片外数据传输。因此，在 AI 任务上，我们的系统比 GPU 更快、更易于编程且更节能。

We believe our architecture solves for memory bandwidth, which is a primary bottleneck in modern AI. By keeping compute and memory on a single chip, WSE-3 eliminates the off-chip data transfers that dominate GPU latency and power consumption. As a result, our systems are faster, simpler to program, and more power-efficient than GPUs on AI tasks.

#### 2. CS-3：面向晶圆级计算的系统创新

#### 2. CS-3: System Innovation for Wafer-Scale Compute

WSE-3 部署于 CS-3 系统内，CS-3 是一款面向数据中心、专为支持晶圆级运行而设计并可与企业和主权 AI 环境无缝集成的设备。CS-3 提供可靠、规模化运行晶圆级处理器所需的供电、冷却、网络和系统管理能力。多台 CS-3 系统可互联组成 Cerebras AI 超级计算机，在大型训练和推理场景中作为单一逻辑计算机运行。

The WSE-3 is deployed inside the CS-3 system, a data center-ready appliance engineered to support wafer-scale operation and integrate seamlessly into enterprise and Sovereign AI environments. The CS-3 provides the power delivery, cooling, networking, and system management required to operate a wafer-scale processor reliably and at scale. Multiple CS-3 systems can be connected to form Cerebras AI supercomputers, which function as a single logical computer for large-scale training and inference.

#### 3. Cerebras 软件：让晶圆级计算变得简单

#### 3. Cerebras Software: Making Wafer-Scale Simple

我们的软件平台使晶圆级计算易于使用且高效，从而进一步放大我们的硬件优势。我们的软件覆盖完整的 AI 生命周期——从模型编程与编译，到训练与推理，再到大规模集群的编排。每一层均与我们的硬件协同设计，以最小的开发者投入实现最高性能。

Our software platform extends our hardware advantage by making wafer-scale computing simple to use and highly efficient. Our software spans the full AI life cycle—from programming and compiling models, to training and inference, to orchestration across large clusters. Each layer is co-designed with our hardware to deliver maximum performance with minimal developer effort.

- 模型编程与编译。我们的 Cerebras 编译器（CSoft）使在我们的系统上运行大语言模型变得简单。CSoft 是我们解决方案的核心，为开发者提供直观的易用性。CSoft 无需使用 CUDA 或其他硬件专用语言进行底层编程。无论是训练还是推理，我们的 CSoft 平台都能让开发者使用 PyTorch 等熟悉的框架，轻松表示大语言模型并将其映射到 Cerebras 晶圆级引擎上。CSoft 使机器学习用户能够在任意规模的模型上加速训练和推理，并可跨 Cerebras AI 超级计算机的任意配置进行扩展。

- Model Programming and Compilation. Our Cerebras Compiler (CSoft) makes it simple to run large language models on our systems. CSoft is core to our solution and provides intuitive usability for developers. CSoft eliminates the need for low-level programming in CUDA or other hardware-specific languages. For both training and inference, our CSoft platform enables developers to easily represent and map large language models onto the Cerebras Wafer-Scale Engine using familiar frameworks such as PyTorch. CSoft allows machine-learning users to accelerate training and inference on models of any size, scaled across any configuration of the Cerebras AI supercomputer.

- 推理服务栈。我们的 Cerebras 推理服务栈负责跨 Cerebras 系统和集群的模型托管、扩缩容和请求路由。它提供实时可观测性和负载均衡，为生产工作负载实现超低延迟推理。客户可通过标准 API（包括行业标准端点）提供开源和专有模型服务，并在本地部署和云部署中保持一致的性能。

- Inference Serving Stack. Our Cerebras Inference Serving Stack manages model hosting, scaling, and request routing across Cerebras systems and clusters. It provides real-time observability and load balancing, enabling ultra-low-latency inference for production workloads. Customers can serve both open-source and proprietary models through standard APIs, including industry-standard endpoints, with consistent performance across on-premises and cloud deployments.

- 编排与生命周期管理。我们的 Cerebras 集群管理器编排软件将多台 CS-3 系统统一为单一逻辑计算机，管理调度、遥测和健康监控。对所有硬件和软件组件内置的可观测性旨在确保本地和云环境中的可靠性和高利用率。该编排层还使客户能够在同一系统上无缝切换训练和推理。

- Orchestration and Life Cycle Management. Our Cerebras Cluster Manager orchestration software unifies multiple CS-3 systems into a single logical computer, managing scheduling, telemetry, and health monitoring. Built-in observability of all hardware and software components is designed to ensure reliability and high utilization across on-premises and in cloud environments. This orchestration layer also allows customers to switch seamlessly between training and inference on the same systems.

这些组件共同构成统一的软件平台，与我们的硬件无缝集成，交付一套完整、端到端的 AI 计算系统，可部署在客户本地或云端。由于我们的软件与硬件协同设计，客户能够以一致且简单的工作流程训练和/或部署前沿规模模型——无需重写代码或管理分布式基础设施。

Together, these components form a unified software platform that integrates seamlessly with our hardware to deliver a complete, end-to-end AI computing system that can be deployed on customer premises or in the cloud. Because our software and hardware are co-designed, customers can train and/or deploy frontier-scale models with consistent and simple workflows—without rewriting code or managing distributed infrastructure.

技术与路线图 Technology and Roadmap

晶圆级集成并非单一成就——它是一系列技术与工艺的集合，并配有跨多代的产品路线图。每一代 WSE（从 16 纳米到 7 纳米，再到如今的 5 纳米）都在性能、内存带宽、效率、良率和可制造性方面带来了大幅提升，且无需改变开发者编写或部署模型的方式。

Wafer-scale integration is not a single achievement—it is a collection of technologies and processes with a multi-generation roadmap. Each successive WSE generation (from 16 nanometer to 7 nanometer and now to 5 nanometer) has delivered substantial improvements in performance, memory bandwidth, efficiency, yield, and manufacturability, without requiring changes to how developers program or deploy models.

我们的路线图建立在晶圆级集成的优势之上。我们打算在研发上投入大量资源，以继续扩大片上内存和内存带宽、提高互连密度，并利用工艺技术的进步来提升未来各代 WSE 的晶体管数量并降低功耗。因此，我们预计未来各代 WSE 将具备更快的算力，以及更多、更快的进出晶圆的内存与通信能力。

Our roadmap builds on the advantages of wafer-scale integration. We intend to invest heavily in research and development to continue to expand on-chip memory and memory bandwidth, improve interconnect density, and leverage advancements in process technology to increase transistor counts and reduce power in future WSE generations. As a result, we expect that future generations of WSEs will have faster compute, and more and faster memory and communication onto and off of the wafer.

同样的架构基础还支持面向新兴 AI 工作负载的长期可扩展性。随着模型规模增大、推理深度增加，并转向实时、多步骤交互，它们对内存带宽和局部性的重视程度更高——而这些正是晶圆级架构具备固有结构性优势的领域。

The same architectural foundation also supports long-term extensibility across emerging AI workloads. As models grow in size, increase in reasoning depth, and shift toward real-time, multi-step interactions, they place even greater emphasis on memory bandwidth and locality—all areas where wafer-scale architectures possess inherent, structural advantages.

我们相信，晶圆级计算使我们处于 AI 基础设施领域的领先地位，并提供了一条长期技术路线图，旨在随现代及未来 AI 系统的需求而扩展。

We believe wafer-scale computing positions us as a leader in AI infrastructure, providing a long-term technology roadmap designed to scale with the requirements of modern and future AI systems.

1. 我们无畏工程的文化使我们能够开展开创性的工程工作；我们是 1. Our culture of fearless engineering has enabled us to do pioneering engineering work; we are the

是唯一一家将晶圆级处理器推向市场的公司。我们无畏工程的文化使我们能够解决他人未能解决或不敢应对的问题。

only company ever to deliver a wafer-scale processor to market. Our culture of fearless engineering enables us to solve problems that others failed to solve or were afraid to tackle.

2. 我们拥有植根于独特硅架构的持久优势。我们相信，晶圆级集成是 AI 算力的一项根本性优势，使大量高速内存和数十万个计算核心能够紧密地共存于同一片硅片上。我们现已交付了采用 16、7 和 5 纳米节点的三代晶圆级处理器。

2. We have durable advantages rooted in our unique silicon architecture. We believe wafer-scale integration is a fundamental advantage in AI compute, enabling large amounts of high-speed memory and hundreds of thousand s of compute cores to reside close together on the same piece of silicon. We have now delivered three generations of wafer-scale processors at the 16, 7, and 5 nanometer nodes.

3. 我们是一家端到端的系统公司。自成立之初，我们就协同设计了我们的晶圆级引擎、我们的 CS 系统和我们的软件栈，以实现最优的 AI 性能。我们是 AI 社区中最早为处理器提供水冷的公司之一，这使我们能够以更低的温度运行并延长处理器的使用寿命。处理器、系统和软件的协同设计是一项有意义的竞争优势。

3. We are an end-to-end systems company. From inception, we co-designed our wafer-scale engine, our CS-system, and our software stack for optimal AI performance. We were among the first in the AI community to deliver water cooling to the processor, enabling us to run colder and extend our processors’ lifetime. The co-design of processor, system, and software is a meaningful competitive advantage.

4. 我们正在构建世界上速度最快的推理基础设施。在 Cerebras 基础设施上，以领先的开源模型为基准，AI 响应速度最高可达领先的基于 GPU 的解决方案的 15 倍。速度就是客户体验。速度改变了企业设计其体验的方式。

4. We are building the fastest inference infrastructure in the world. On Cerebras infrastructure, AI responses are up to 15 times faster than leading GPU-based solutions as benchmarked on leading open-source models. Speed is customer experience. Speed changes the way companies design their experiences.

5. 我们正在服务 AI 市场中一些规模最大、要求最严苛的客户。我们与 OpenAI——全球领先的基础模型实验室，以及 AWS——全球领先的超大规模云服务商等客户开展合作，这些客户对性能、规模和可靠性有着严格要求。我们提供全栈硬件和软件平台，可针对每位客户的工作负载进行优化，并与 AI 服务相配合，从而部署和运营高容量、生产级系统，而无需客户管理复杂的基础设施。

5. We are serving some of the largest and most demanding customers in the AI market. We are engaged with customers such as OpenAI, the world’s leading foundation model lab, and AWS, the world’s leading hyperscale cloud, who have stringent requirements for performance, scale, and reliability. We offer a full-stack hardware and software platform that can be optimized for each customer’s workloads and paired with AI services in order to deploy and operate high-capacity, production-grade systems without requiring customers to manage complex infrastructure.

6. 我们以大规模运营，已部署算力超过 100 exaflops。我们与合作伙伴携手，训练了业内一些最大的模型，获得了独特的经验并提供了罕见的洞见。

6. We operate at massive scale with more than 100 exaflops of deployed compute. In collaboration with our partners, we have trained some of the largest models in the industry, gaining unique experience and providing rare insight.

风险因素摘要 Risk Factors Summary

我们的业务面临多项风险和不确定性，您在决定投资我们的 A 类普通股之前应当了解这些风险和不确定性。这些风险在题为“风险因素”的章节中有更完整的描述。这些风险包括但不限于以下各项：

Our business is subject to a number of risks and uncertainties of which you should be aware before making a decision to invest in our Class A common stock. These risks are more fully described in the section titled “Risk Factors.” These risks include, among others, the following:

- 我们可能无法维持我们的增长率，也可能无法有效管理未来的增长。

- We may not sustain our growth rate, and we may not be able to manage future growth effectively.

- 我们历来存在净亏损，如果我们在费用增加的同时无法实现足够的收入增长，我们可能无法在未来实现并保持盈利。

- We have a history of generating net losses, and if we are unable to achieve adequate revenue growth while our expenses increase, we may not achieve and maintain profitability in the future.

- 我们在当前规模下的经营历史有限，我们可能难以评估当前业务并准确预测未来收入，以便适当编制预算和调整费用。

- We have a limited operating history at our current scale, and we may have difficulty evaluating our current business and accurately predicting our future revenue for the purpose of appropriately budgeting and adjusting our expenses.

- 我们的收入中有相当大一部分一直由数量有限的客户驱动，并且预计将继续如此。来自任何重要客户（包括 OpenAI、G42、MBZUAI 和 AWS）的需求减少，或我们与这些客户的关系出现重大不利发展，或我们未能履行与 OpenAI 的 MRA 项下的义务，都将损害我们的业务、财务状况、经营业绩和前景。

- A substantial portion of our revenue has been, and is expected to continue to be, driven by a limited number of customers. A reduction in demand from, or a material adverse development in our relationship with any of our significant customers, including OpenAI, G42, MBZUAI, and AWS, or our failure to meet our obligations under the MRA with OpenAI, would harm our business, financial condition, results of operations, and prospects.

- 我们的收入历来来自硬件系统的销售。我们正处于提供云服务的早期阶段，该市场是新兴且快速演变的，并且需要大量数据中心容量和资本投资，我们预计将需要大量额外资本。无法保证我们能够从这些努力中持续获得收入。

- Our revenue historically has been derived from sales of our hardware systems. We are in the early stages of delivering our cloud-based offerings, the market for which is new and evolving rapidly, and which require significant data center capacity and capital investments for which we expect to require significant additional capital. There is no assurance that we will be able to sustain revenues from these efforts.

- 我们的云服务面临某些风险和挑战。训练或推理云市场以及 AI 基础设施市场的不利或不确定状况，可能导致我们的经营业绩出现波动。

- Our cloud-based offerings are subject to certain risks and challenges. Unfavorable or uncertain conditions in the training or inference cloud market, as well as for AI infrastructure, may cause fluctuations in our results of operations.

- AI 技术更广泛的采用、使用和商业化，以及 AI 领域持续快速的发展，本质上具有不确定性。如果我们无法扩大产品的应用范围、跟上不断演变的 AI 技术要求，或者我们开发并推向市场的新产品不成功，我们的业务、财务状况、经营业绩和前景可能受到损害。

- The broader adoption, use, and commercialization of AI technology, and the continued rapid pace of developments in the AI field, are inherently uncertain. If we are unable to expand the application of our products, keep up with evolving AI technology requirements, or if the new products we develop and introduce into the market are not successful, our business, financial condition, results of operations, and prospects may be harmed.

- AI 算力解决方案市场竞争激烈、不断演变且需要规模，如果我们不能有效竞争，我们的业务、财务状况、经营业绩和前景可能受到损害。

- The market for AI computing solutions is competitive, evolving, and requires scale, and if we do not compete effectively, our business, financial condition, results of operations, and prospects may be harmed.

- 我们依赖第三方供应商，包括某些独家供应商，并且我们几乎所有的制造服务和组件均按采购订单采购，没有产能或数量承诺，这可能损害我们与更大公司竞争、满足客户需求、履行客户合同或将产品推向市场的能力，以及我们的声誉、业务、财务状况、经营业绩和前景。

- We depend on third-party suppliers, including certain sole sources, and substantially all of our manufacturing services and components are procured on a purchase order basis without capacity or volume commitments, which may harm our ability to compete with larger companies, meet customer demand, satisfy customer contracts or bring products to market, and our reputation, business, financial condition, results of operations, and prospects.

- 我们的供应链漫长、复杂且遍布全球，存在诸多相互依赖关系。供需的任何重大波动或供应链中断，都可能损害我们制造产品并向客户交付产品的能力。

- Our supply chain is long, complex, and global, with many interdependencies. Any significant fluctuations of supply and demand or disruption to our supply chain may harm our ability to manufacture and deliver our products to our customers.

- 我们的业务以及我们的产品和服务受各类政府法规约束，遵守这些法规可能导致我们产生重大费用。如果我们未能遵守适用法规，我们可能面临民事或刑事处罚。

- Our business and our products and services are subject to various governmental regulations, and compliance with these regulations may cause us to incur significant expense. If we fail to comply with applicable regulations, we could be subject to civil or criminal penalties.

- 我们的产品受美国出口管制约束，只有在取得所需出口许可证或通过许可例外的情况下，方可出口至美国境外。我们无法保证未来能够成功取得所有所需许可证。如果我们无法取得产品出口许可证，我们的业务、财务状况、经营业绩和前景可能受到损害。

- Our offerings are subject to U.S. export controls and may be exported outside the United States only with the required export license or through a license exception. We cannot guarantee that we will be successful in obtaining all required licenses in the future. If we are unable to obtain licenses to export our products, our business, financial condition, results of operations, and prospects may be harmed.

- 我们已识别出财务报告内部控制存在重大缺陷。如果我们无法弥补这些重大缺陷，或者未来识别出更多重大缺陷，或未能以其他方式维持有效的内部控制体系，我们可能无法准确或及时报告我们的财务状况或经营业绩，这可能对投资者对我们的信心产生不利影响，并因此影响我们 A 类普通股的价值。

- We identified material weaknesses in our internal control over financial reporting. If we are unable to remediate these material weaknesses, or if we identify additional material weaknesses in the future or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect investor confidence in us and, as a result, the value of our Class A common stock.

- 我们经修订和重述的公司章程所载的多类别股本结构，具有将投票控制权集中于本次发行前持有我们证券的股东（包括我们的高管、员工和董事及其关联方）的效果，并限制您影响公司事务的能力，这可能对我们 A 类普通股的价格产生不利影响。

- The multi-class structure of our capital stock as contained in our amended and restated certificate of incorporation has the effect of concentrating voting control with those stockholders who held our securities prior to this offering, including our executive officers, employees, and directors and their affiliates, and limiting your ability to influence corporate matters, which could adversely affect the price of our Class A common stock.

- 我们的普通股目前不存在公开市场，且本次发行后可能不会形成或维持活跃的流通市场。

- No public market for our common stock currently exists and an active liquid market may not develop or be sustained following this offering.

公司信息 Corporate Information

我们于 2016 年 4 月作为特拉华州公司注册成立。我们的主要行政办公地点位于 1237 E. Arques Avenue, Sunnyvale, California 94085，电话号码为 (650) 933-4980。我们的网址为 www.cerebras.ai。我们网站上包含的或可通过我们网站访问的信息不构成本招股说明书的一部分，在本招股说明书中列入我们的网址仅为非活动性的文字引用。

We were incorporated in April 2016 as a Delaware corporation. Our principal executive offices are located at 1237 E. Arques Avenue, Sunnyvale, California 94085, and our telephone number is (650) 933-4980. Our website address is www.cerebras.ai. Information contained on, or that can be accessed through, our website does not constitute part of this prospectus, and the inclusion of our website address in this prospectus is an inactive textual reference only.

作为新兴成长型公司的影响 Implications of Being an Emerging Growth Company

我们是一家根据 2012 年《创业企业扶助法》（“JOBS 法案”）定义的新兴成长型公司。我们将一直作为新兴成长型公司，直至以下日期中最早发生者：(i) 本次发行完成五周年之后的财年最后一日；(ii) 我们年度总营业收入至少达到 $1.235 billion 的财年最后一日；(iii) 我们被视为经修订的 1934 年《证券交易法》（“《交易法》”）第 12b-2 条规则所定义的“大型加速申报人”的财年最后一日，若该财年第二财季最后一个营业日非关联方持有的 A 类普通股市值超过 $700.0 million，即属此种情形；或 (iv) 我们在前三年期间发行非可转换债务证券超过 $1.0 billion 之日。新兴成长型公司可利用特定的简化报告要求，并豁免原本普遍适用于上市公司的某些其他重大要求。作为一家新兴成长型公司：

We are an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). We will remain an emerging growth company until the earliest of: (i) the last day of the fiscal year following the fifth anniversary of the completion of this offering; (ii) the last day of the fiscal year in which we have total annual gross revenue of at least $1.235 billion; (iii) the last day of the fiscal year in which we are deemed to be a “large accelerated filer” as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which would occur if the market value of our Class A common stock held by non-affiliates exceeded $700.0 million as of the last business day of the second fiscal quarter of such year; or (iv) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period. An emerging growth company may take advantage of specified reduced reporting requirements and is relieved of certain other significant requirements that are otherwise generally applicable to public companies. As an emerging growth company:

- 我们将在本招股说明书中仅列示两年的经审计年度财务报表，以及任何所需的未经审计简明合并财务报表和相关管理层对财务状况及经营成果的讨论与分析；

- we will present in this prospectus only two years of audited annual financial statements, plus any required unaudited condensed consolidated financial statements, and related management’s discussion and analysis of financial condition and results of operations;

- 我们将利用豁免，无需根据 2002 年《萨班斯-奥克斯利法》就我们对财务报告的内部控制评估取得独立注册公共会计师事务所的鉴证和报告；

- we will avail ourselves of the exemption from the requirement to obtain an attestation and report from our independent registered public accounting firm on the assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002;

- 我们将提供关于高管薪酬安排的较少披露；以及

- we will provide less extensive disclosure about our executive compensation arrangements; and

- 我们将无需就高管薪酬或金色降落伞安排进行股东无约束力咨询投票。

- we will not require stockholder non-binding advisory votes on executive compensation or golden parachute arrangements.

此外，JOBS 法案规定，新兴成长型公司可利用延长的过渡期来遵守新的或修订的会计准则。该规定允许新兴成长型公司推迟采用某些会计准则，直至这些准则原本适用于私营公司之时。我们已选择对任何其他新的或修订的会计准则使用延长的过渡期，直至我们不再是一家新兴成长型公司或明确且不可撤销地选择退出延长过渡期之日。因此，我们的财务报表可能无法与在上市公司生效日期起即遵守新的或修订的会计公告的公司进行比较。

In addition, the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. This provision allows an emerging growth company to delay the adoption of some accounting standards until those standards would otherwise apply to private companies. We have elected to use the extended transition period for any other new or revised accounting standards until the date that we are no longer an emerging growth company or affirmatively and irrevocably opt out of the extended transition period. As a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

本次发行 The Offering

我们发售的 A 类普通股

Class A common stock offered by us

超额配售选择权，用于购买额外的

Over-allotment option to purchase additional shares of

我们发售的 A 类普通股 4,500,000 股。

Class A common stock from us 4,500,000 shares.

本次发行后立即流通在外的 A 类普通股

Class A common stock to be outstanding immediately

本次发行后 30,000,000 股（或 · 若承销商全额行使超额配售选择权，则为 34,500,000 股）。

after this offering 30,000,000 shares (or · 34,500,000 shares if the underwriters exercise their over-allotment option in full).

本次发行后立即流通在外的 B 类普通股

Class B common stock to be outstanding immediately

本次发行后

after this offering

185,110,345 股。

185,110,345 shares.

本次发行后立即流通在外的 N 类普通股

Class N common stock to be outstanding immediately

本次发行后

after this offering

无。

None.

本次发行后流通在外的 A 类普通股、B 类普通股和 N 类普通股合计

Total Class A common stock, Class B common stock, and Class N common stock to be outstanding after

本次发行 215,110,345 股（或 · 若承销商全额行使超额配售选择权，则为 219,610,345 股）。 募集资金用途 · 我们估计，本次发行我们将获得约 $5,408.5 million 的净募集资金(或 · $6,221.4 百万美元)的募集资金净额。 本次发行的主要目的是获取额外资本以支持我们的运营、为我们的 A 类普通股建立公开市场、便利我们未来进入公开股权市场，并提升潜在合作伙伴对我们公司的认知。 我们目前拟将本次发行的募集资金净额连同我们现有的现金、现金等价物及投资用于一般公司用途，包括营运资金、经营费用及资本支出。我们亦可能将部分募集资金净额用于引进许可、收购或投资于互补性技术、资产、业务或知识产权。我们会定期评估战略机会；但是，我们目前并无就任何此类收购或投资作出任何承诺。 我们拟将募集资金净额中约 416.1 百万美元用于履行与本次发行相关的限制性股票单位（“RSU”）归属所涉 RSU 净额结算（定义见下文）相关的代扣代缴税款及汇缴义务。 我们将在本次发行募集资金净额的使用方式上拥有广泛的自主决定权。详情请参见标题为 “募集资金用途”的章节。 表决权普通股、B 类普通股及 N 类普通股。每股 A 类普通股享有一票表决权，每股 B 类普通股享有 20 票表决权并可随时转换为一股 A 类普通股，每股 N 类普通股无表决权并可转换为一股 A 类普通股。 除法律另有规定或本次发行完成前即刻生效的经修订及重述的公司章程另有规定外，A 类普通股及 B 类普通股的持有人通常作为一个单一类别共同表决。 本次发行完成后，基于截至 2026 年 3 月 31 日的实益所有权，我们已发行 B 类普通股的持有人将持有我们已发行股份约 85.3%，并控制我们已发行股份约 99.2%的表决权；我们的高级管理人员、董事以及持有我们已发行股本 5%以上的股东连同其关联方，将合计实益持有约 38.1%的我们已发行股份，并控制我们已发行股份约 50.8%的表决权。 我们已发行 B 类普通股的持有人将有能力控制提交我们股东批准的事项的结果，包括选举我们的董事以及批准任何控制权变更交易。 详情请参见标题为“主要股东”及 “股本说明”的章节。 定向股份计划 · 应我们的请求，承销商已预留最多

this offering 215,110,345 shares (or · 219,610,345 shares if the underwriters exercise their over-allotment option in full). Use of proceeds · We estimate that we will receive net proceeds from this offering of approximately $5,408.5 million (or · $6,221.4 million if the underwriters exercise their over-allotment option in full), based upon the initial public offering price of $185.00 per share of Class A common stock, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us. The principal purposes of this offering are to obtain additional capital to fund our operations, create a public market for our Class A common stock, facilitate our future access to the public equity markets, and increase awareness of our company among potential partners. We currently intend to use the net proceeds from this offering, together with our existing cash, cash equivalents, and investments, for general corporate purposes, including working capital, operating expenses, and capital expenditures. We may also use a portion of the net proceeds to in-license, acquire, or invest in complementary technologies, assets, businesses, or intellectual property. We periodically evaluate strategic opportunities; however, we have no current commitments to enter into any such acquisitions or make any such investments. We intend to use approximately $416.1 million of the net proceeds to satisfy tax withholding and remittance obligations related to the RSU Net Settlement (as defined below) for restricted stock units (“RSUs”) that will vest in connection with this offering. We will have broad discretion in the way that we use the net proceeds of this offering. See the section titled “Use of Proceeds” for additional information. Voting rights common stock, Class B common stock, and Class N common stock. Each share of Class A common stock is entitled to one vote per share, each share of Class B common stock is entitled to 20 votes per share and is convertible at any time into one share of Class A common stock, and each share of Class N common stock is non-voting and is convertible into one share of Class A common stock. Holders of Class A common stock and Class B common stock will generally vote together as a single class, unless otherwise required by law or our amended and restated certificate of incorporation that will be in effect immediately prior to the completion of this offering. Once this offering is completed, based on beneficial ownership as of March 31, 2026, the holders of our outstanding Class B common stock will hold approximately 85.3% of our outstanding shares and control approximately 99.2% of the voting power of our outstanding shares, and our executive officers, directors, and stockholders holding more than 5% of our outstanding capital stock, together with their affiliates, will beneficially own, in the aggregate, approximately 38.1% of our outstanding shares and control approximately 50.8% of the voting power of our outstanding shares. The holders of our outstanding Class B common stock will have the ability to control the outcome of matters submitted to our stockholders for approval, including the election of our directors and the approval of any change in control transaction. See the sections titled “Principal Stockholders” and “Description of Capital Stock” for additional information. Directed share program · At our request, the underwriters have reserved up to

本招股说明书发售的 1,500,000 股 A 类普通股，通过定向股份计划按首次公开发行价格向由我们管理层指定的特定人士及若干长期任职员工出售，其中可能包括与我们存在业务关系的各方以及管理层和该等员工的亲友。任何未按此方式认购的预留 A 类普通股将由承销商按与本招股说明书发售的其他 A 类普通股相同的条款向公众发售。详情请参见“承销商——定向股份计划”一节。若该等人士认购，该等股份将不受锁定期限制，但若该等股份的购买人因与我们之间的关系而另行受锁定期协议约束的除外。向公众发售的 A 类普通股数量将减去根据该计划售出的预留股份数量。

1,500,000 shares of Class A common stock offered by this prospectus, for sale at the initial public offering price through a directed share program to certain persons identified by our management and certain long-tenured employees, which may include parties with whom we have a business relationship and friends and family of management and such employees. Any reserved shares of Class A common stock that are not so purchased will be offered by the underwriters to the general public on the same terms as the other shares of our Class A common stock offered by this prospectus. See the section titled “Underwriters—Directed Share Program” for additional information. If purchased by these persons, these shares will not be subject to lock-up restrictions, except to the extent that the purchasers of such shares are otherwise subject to lock-up agreements as a result of their relationships with us. The number of shares of Class A common stock available for sale to the general public will be reduced by the number of reserved shares sold pursuant to this program.

风险因素 · 在决定是否投资我们的 A 类普通股之前，请参见“风险因素”一节及本招股说明书所载其他信息，以讨论您应审慎考虑的各项因素。 Nasdaq Global Select Market 交易代码

Risk factors · See the section titled “Risk Factors” and other information included in this prospectus for a discussion of factors you should carefully consider before deciding whether to invest in our Class A common stock. Nasdaq Global Select Market trading symbol

“CBRS”

“CBRS”

本招股说明书中，本次发行后我们普通股的流通股数基于截至 2025 年 12 月 31 日无 A 类普通股、185,110,345 股 B 类普通股及无 N 类普通股流通在外，并在使优先股转换、普通股重分类及 RSU 净额结算（定义见下文）生效后计算，且不包括：

In this prospectus, the number of shares of our common stock to be outstanding after this offering is based on no shares of our Class A common stock, 185,110,345 shares of our Class B common stock, and no shares of our Class N common stock outstanding as of December 31, 2025, after giving effect to the Preferred Stock Conversion, the Common Stock Reclassification, and the RSU Net Settlement (each as defined below), and excludes:

- 截至 2025 年 12 月 31 日行使流通在外股票期权可发行的 28,361,707 股 B 类普通股，加权平均行权价为每股 $4.97；

- 28,361,707 shares of our Class B common stock issuable upon the exercise of outstanding stock options as of December 31, 2025, with a weighted-average exercise price of $4.97 per share;

- 截至 2025 年 12 月 31 日流通在外、受服务归属条件和流动性归属条件约束的 RSU 归属及结算后可发行的 10,403,567 股 B 类普通股，该等 RSU 截至 2025 年 12 月 31 日尚未满足服务归属条件，且其流动性归属条件已在本次发行相关事项中满足，并已使 RSU 净额结算生效；

- 10,403,567 shares of our Class B common stock issuable upon the vesting and settlement of RSUs subject to service-based and liquidity-based vesting conditions outstanding as of December 31, 2025, for which the service-based vesting condition was not yet satisfied as of December 31, 2025 and for which the liquidity-based vesting condition was satisfied in connection with this offering, after giving effect to the RSU Net Settlement;

- 2025 年 12 月 31 日之后授予、受服务归属条件和流动性归属条件约束的 RSU 归属及结算后可发行的 5,290,573 股 B 类普通股，其流动性归属条件已在本次发行相关事项中满足，并已使 RSU 净额结算生效；

- 5,290,573 shares of Class B common stock issuable upon the vesting and settlement of RSUs subject to service-based and liquidity-based vesting conditions granted after December 31, 2025, for which the liquidity-based vesting condition was satisfied in connection with this offering, after giving effect to the RSU Net Settlement;

- 2025 年 12 月 31 日之后授予、受市场归属条件约束的 RSU（“PRSU”）归属及结算后可发行的 9,000,000 股 B 类普通股，该等 PRSU 截至 2025 年 12 月 31 日尚未满足市场归属条件（详情请参见“高管与董事薪酬——薪酬汇总表说明——股权激励——2026 年创始人 PRSU 奖励”一节）；

- 9,000,000 shares of Class B common stock issuable upon the vesting and settlement of RSUs subject to market-based vesting conditions (“PRSUs”) granted after December 31, 2025, for which the market-based vesting condition was not yet satisfied as of December 31, 2025 (see the section titled “Executive and Director Compensation—Narrative to Summary Compensation Table—Equity-Based Compensation— 2026 Founder PRSU Awards” for additional information);

- 33,445,026 股我们的 N 类普通股，可于行使截至 2025 年 12 月 31 日尚未行使的认股权证时发行，行权价为每股 $0.00001（即“OpenAI 认股权证”），但须满足归属条件（更多信息请参见标题为“资本化——OpenAI 认股权证项下股份的归属”的章节）；

- 33,445,026 shares of our Class N common stock issuable upon the exercise of a warrant outstanding as of December 31, 2025, with an exercise price of $0.00001 per share (the “OpenAI Warrant”), subject to satisfaction of vesting conditions (see the section titled “Capitalization—Vesting of Shares Underlying the OpenAI Warrant” for additional information);

- 2,696,678 股我们的 N 类普通股，可于行使 2025 年 12 月 31 日之后授权的认股权证时发行，行权价为每股 $100.00，但须满足归属条件；

- 2,696,678 shares of our Class N common stock issuable upon the exercise of a warrant authorized after December 31, 2025, with an exercise price of $100.00 per share, subject to satisfaction of vesting conditions;

- 3,682,000 股我们的 N 类普通股，于 2025 年 12 月 31 日之后发行；

- 3,682,000 shares of our Class N common stock issued after December 31, 2025;

- 42,650,268 股我们的 A 类普通股，预留用于根据我们的 2026 年激励奖励计划（即“2026 年计划”）未来发行，该计划于本招股说明书构成其一部分的注册声明生效日期前一日生效，其中包括根据 2016 年计划授予的、尚未行使的股权激励奖励（该计划项下尚未行使的该等奖励，即“先前计划奖励”）所对应的股份数量，该等股份因到期、被取消、被没收、被回购或被扣留而释放；以及

- 42,650,268 shares of our Class A common stock reserved for future issuance under our 2026 Incentive Award Plan (the “2026 Plan”), which became effective on the day immediately prior to the date of effectiveness of the registration statement of which this prospectus forms a part, including the number of shares underlying outstanding stock-based compensation awards granted under the 2016 Plan (such awards outstanding under such plan, the “Prior Plan Awards”) that expire, or are cancelled, forfeited, reacquired, or withheld; and

- 3,554,189 股我们的 A 类普通股，预留用于根据我们的 2026 年员工购股计划（即“ESPP”）未来发行，该计划于本招股说明书构成其一部分的注册声明生效日期前一日生效。

- 3,554,189 shares of our Class A common stock reserved for future issuance under our 2026 Employee Stock Purchase Plan (the “ESPP”), which became effective on the day immediately prior to the date of effectiveness of the registration statement of which this prospectus forms a part.

2026 年计划和 ESPP 还规定，其项下预留的股份数量每年自动增加。更多信息请参见标题为“高管和董事薪酬——股权激励计划”的章节。

The 2026 Plan and the ESPP also provide for automatic annual increases in the number of shares reserved thereunder. See the section titled “Executive and Director Compensation—Equity Compensation Plans” for additional information.

除另有说明外，本招股说明书中的所有信息均假设或反映以下事项的效力：

Except as otherwise indicated, all information in this prospectus assumes or gives effect to:

- 我们经修订和重述的公司章程的通过、备案和生效，以及我们经修订和重述的章程细则的通过，上述各项均将在本次发行完成前立即发生；

- the adoption, filing, and effectiveness of our amended and restated certificate of incorporation and the adoption of our amended and restated bylaws, each of which will occur immediately prior to the completion of this offering;

- 我们所有已发行的可赎回可转换优先股自动转换为合计 124,652,775 股我们新设立的 B 类普通股，该转换将在本次发行完成前发生（即“优先股转换”）；

- the automatic conversion of all outstanding shares of our redeemable convertible preferred stock into an aggregate of 124,652,775 shares of our newly created Class B common stock, which will occur prior to the completion of this offering (the “Preferred Stock Conversion”);

- 我们将已发行的 A 类普通股重新分类为新设立的 B 类普通股，并授权新的 A 类普通股，该事项将在本次发行完成前发生（即“普通股重新分类”）；

- the reclassification of our outstanding Class A common stock into a newly created Class B common stock and the authorization of a new Class A common stock, which will occur prior to the completion of this offering (the “Common Stock Reclassification”);

- 在归属和结算截至 2026 年 5 月 13 日尚未行使、受服务归属条件和流动性归属条件约束的 RSU 后，净发行 2,550,477 股我们的 B 类普通股，该等 RSU 的服务归属条件已于 2026 年 5 月 13 日满足，其流动性归属条件已就本次发行获得满足，且在扣除估计 2,249,088 股以履行估计的税款预扣和汇缴义务（基于个人税款预扣选择）后计算（即“RSU 净额结算”）；

- the net issuance of 2,550,477 shares of our Class B common stock issuable upon the vesting and settlement of RSUs subject to service-based and liquidity-based vesting conditions outstanding as of May 13, 2026, for which the service-based vesting condition was satisfied as of May 13, 2026 and for which the liquidity-based vesting condition was satisfied in connection with this offering, after giving effect to the withholding of an estimated 2,249,088 shares to satisfy estimated tax withholding and remittance obligations (based on individual tax withholding elections) (the “RSU Net Settlement”);

- 2025 年 12 月 31 日之后不回购我们已发行的股本股份；

- no repurchase of outstanding shares of our capital stock after December 31, 2025;

- 2025 年 12 月 31 日之后不行使已发行的股票期权或认股权证，也不结算已发行的 RSU，但 RSU 净额结算除外；

- no exercise of outstanding stock options or warrants or settlement of outstanding RSUs after December 31, 2025, except for the RSU Net Settlement;

- 我们的董事、高级管理人员或现有股东不在本次发行中购买我们的 A 类普通股股份，包括根据我们的定向股份计划购买；以及

- no purchase of shares of our Class A common stock in this offering, including pursuant to our directed share program, by our directors, officers, or existing stockholders; and

- 不行使承销商超额配售选择权向我们购买 4,500,000 股额外股份。

- no exercise of the underwriters’ over-allotment option to purchase 4,500,000additional shares from us.

与本次发行完成相关，合计约 10,819,379 股我们的 B 类普通股、20,225,735 股可因行使已发行股票期权而发行的 B 类普通股，以及 16,681,719 股可因满足基于服务和基于流动性归属条件的 RSU 归属和结算而发行的 B 类普通股（不考虑 RSU 净额结算），上述各项均为截至 2026 年 5 月 13 日已发行在外者，将转换为我们的 A 类普通股股份或 A 类普通股股份奖励（视情况而定）。本招股说明书未反映该等转换。该等股份和奖励已根据 2016 年计划发行或授予，并由我们部分现任或前任员工、顾问和服务提供商持有。将 B 类普通股股份转换为 A 类普通股股份，具有提高保留其股份的 B 类普通股持有人相对投票权的效果。

In connection with the completion of this offering, an aggregate of approximately 10,819,379 shares of our Class B common stock, 20,225,735 shares of our Class B common stock issuable upon the exercise of outstanding stock options, and 16,681,719 shares of Class B common stock issuable upon the vesting and settlement of RSUs subject to service-based and liquidity-based vesting conditions, without giving effect to the RSU Net Settlement, in each case, outstanding as of May 13, 2026, will be converted into shares of our Class A common stock or awards for shares of our Class A common stock, as applicable. This prospectus does not give effect to such conversion. Such shares and awards have been issued or granted under the 2016 Plan and are held by certain of our current or former employees, consultants, and service providers. Conversions of shares of our Class B common stock to shares of our Class A common stock have the effect of increasing the relative voting power of those holders of Class B common stock who retain their shares.

**汇总合并财务数据**

**Summary Consolidated Financial Data**

下表列示了我们的汇总合并财务数据。截至 2025 年 12 月 31 日和 2024 年 12 月 31 日止年度的汇总合并经营报表数据，取自本招股说明书其他部分所载我们经审计的合并财务报表。我们的历史业绩不一定预示未来可能预期的业绩。

The following tables set forth our summary consolidated financial data. The summary consolidated statements of operations data for the years ended December 31, 2025 and 2024 have been derived from our audited consolidated financial statements included elsewhere in this prospectus. Our historical results are not necessarily indicative of results that may be expected in the future.

您应将以下汇总合并财务数据与题为“管理层对财务状况和经营成果的讨论与分析”的章节以及本招股说明书其他部分所载我们的合并财务报表及相关附注一并阅读。本节中的汇总合并财务数据不旨在替代合并财务报表及相关附注，且其整体受该等合并财务报表及相关附注的限制。

You should read the following summary consolidated financial data in conjunction with the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and related notes included elsewhere in this prospectus. The summary consolidated financial data in this section are not intended to replace, and are qualified in their entirety by, the consolidated financial statements and related notes .

**截至 12 月 31 日止年度，**

**Year Ended December 31,**

2025 · 2024 (除每股

2025 · 2024 (in thousands, except per share

**金额外，以千计)**

**amounts)**

**合并经营报表：**

**Consolidated Statement of Operations:**

收入

Revenue

硬件 · $358,440 · $211,965 云及其他服务 · 151,551 · 78,287 总收入 · 509,991 · 290,252 收入成本(1) 硬件 · 204,746 · 137,310 云及其他服务 · 106,174 · 30,204 收入成本合计 · 310,920 · 167,514 毛利 · 199,071 · 122,738 经营费用 研发(1) · 243,319 · 158,234 销售与营销(1) · 70,645 · 20,980 一般及行政(1) · 30,969 · 44,962 经营费用合计 · 344,933 · 224,176 经营亏损 · (145,862) · (101,438) 其他收入（费用）净额 · 390,746 · (378,237) 所得税前收入（亏损） · 244,884 · (479,675) 所得税费用 · 7,057 · 1,927 净利润（亏损） · $237,827 · $(481,602) 减：归属于参与性证券的净利润 · 149,952 · — 减：发行 F-1 系列可赎回可转换优先股产生的视同股息 · — · 3,182 归属于普通股股东的净利润（亏损） · $87,875 · $(484,784) 归属于普通股股东的每股净利润（亏损）： 基本 · $1.64 · $(9.90) 稀释 · $1.38 · $(9.90) 用于每股计算的加权平均股数： 基本 · 53,616 · 48,972 稀释 · 171,821 · 48,972 归属于普通股股东的备考每股净利润，基本(3) · $0.48

Hardware · $358,440 · $211,965 Cloud and other services · 151,551 · 78,287 Total revenue · 509,991 · 290,252 Cost of revenue(1) Hardware · 204,746 · 137,310 Cloud and other services · 106,174 · 30,204 Total cost of revenue · 310,920 · 167,514 Gross profit · 199,071 · 122,738 Operating expenses Research and development(1) · 243,319 · 158,234 Sales and marketing(1) · 70,645 · 20,980 General and administrative(1) · 30,969 · 44,962 Total operating expenses · 344,933 · 224,176 Loss from operations · (145,862) · (101,438) Other income (expense), net · 390,746 · (378,237) Income (loss) before income taxes · 244,884 · (479,675) Income tax expense · 7,057 · 1,927 Net income (loss) · $237,827 · $(481,602) Less: Net income attributable to participating securities · 149,952 · — Less: Deemed dividend on issuance of Series F-1 redeemable convertible preferred stock · — · 3,182 Net income (loss) attributable to common shareholders · $87,875 · $(484,784) Net income (loss) per share attributable to common shareholders: Basic · $1.64 · $(9.90) Diluted · $1.38 · $(9.90) Weighted average shares used in per share computation: Basic · 53,616 · 48,972 Diluted · 171,821 · 48,972 Pro forma net income per share attributable to common stockholders, basic(3) · $0.48

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2025 · 2024 归属于普通股股东的备考每股净利润，稀释(3) · $0.42 用于计算归属于普通股股东的备考每股净利润的备考加权平均股数，基本(3) · 180,819 用于计算归属于普通股股东的备考每股净利润的备考加权平均股数，稀释(3) · 207,533 其他财务信息： 非 GAAP 经营亏损(4) · $(96,095) · $(42,874) 非 GAAP 净亏损(5) · $(75,742) · $(21,774) 经营活动提供（使用）的现金净额 · $(10,050) · $451,978

2025 · 2024 Pro forma net income per share attributable to common stockholders, diluted(3) · $0.42 Pro forma weighted-average shares used in calculating pro forma net income per share attributable to common stockholders, basic(3) · 180,819 Pro forma weighted-average shares used in calculating pro forma net income per share attributable to common stockholders, diluted(3) · 207,533 Other Financial Information: Non-GAAP operating loss(4) · $(96,095) · $(42,874) Non-GAAP net loss(5) · $(75,742) · $(21,774) Net cash provided by (used in) operating activities · $(10,050) · $451,978

_______________ (1) 包括如下股权激励费用：

_______________ (1) Includes stock-based compensation expense as follows:

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2025 · 2024 （单位：千美元） 收入成本 · $827 · $921 研发 · 32,154 · 41,397 销售与营销 · 9,950 · 8,723 一般及行政 · 6,836 · 7,523 股权激励费用合计 · $49,767 · $58,564

2025 · 2024 (in thousands) Cost of revenue · $827 · $921 Research and development · 32,154 · 41,397 Sales and marketing · 9,950 · 8,723 General and administrative · 6,836 · 7,523 Total stock-based compensation expense · $49,767 · $58,564

截至 2025 年 12 月 31 日和 2024 年 12 月 31 日止年度，股权激励费用中分别包含与各期二级交易相关的 14.1 百万美元和 30.7 百万美元。有关二级交易的更多详情，请参见本招股说明书其他部分所载我们经审计合并财务报表附注 14。(2) 有关我们基本和稀释每股净收益（亏损）所用计算方法以及计算每股金额所用加权平均股数的说明，请参见本招股说明书其他部分所载我们经审计合并财务报表附注 7。(3) 用于计算备考每股净亏损的备考加权平均股数已反映以下事项的影响：(i) 优先股转换，(ii) 普通股重分类，以及(iii) RSU 净额结算。用于计算备考每股净亏损的备考净亏损反映了我们将在本次发行完成时确认的约 150.5 百万美元股权激励费用，该费用与受服务期归属条件和流动性归属条件约束的 RSU 相关，这些 RSU 的服务期归属条件已于 2025 年 12 月 31 日满足，且其流动性归属条件已在本次发行相关事项中满足。(4) 有关更多信息以及非 GAAP 经营亏损与经营亏损（按美国公认会计原则（“GAAP”）计算和列报的最直接可比财务指标）之间的调节表，请参见下文“非 GAAP 经营亏损”。(5) 有关更多信息以及非 GAAP 净亏损与净亏损（按 GAAP 计算和列报的最直接可比财务指标）之间的调节表，请参见下文“非 GAAP 净亏损”。

Stock-based compensation expense included $14.1 million and $30.7 million for the years ended December 31, 2025 and 2024, respectively, related to secondary transactions in each period. See Note 14 to our audited consolidated financial statements included elsewhere in this prospectus for additional details on the secondary transactions. (2) See Note 7 to our audited consolidated financial statements included elsewhere in this prospectus for an explanation of the method used to calculate our basic and diluted net income (loss) per share and the weighted-average number of shares used in the computation of per share amounts. (3) The pro forma weighted-average shares used in computing pro forma net loss per share gives effect to (i) the Preferred Stock Conversion, (ii) the Common Stock Reclassification, and (iii) the RSU Net Settlement. The pro forma net loss used to calculate pro forma net loss per share reflects stock-based compensation expense of approximately $150.5 million that we will recognize upon the completion of this offering related to RSUs subject to service-based and liquidity-based vesting conditions for which the service-based vesting condition was satisfied as of December 31, 2025 and for which the liquidity-based vesting condition was satisfied in connection with this offering. (4) See “Non-GAAP Operating Loss” below for additional information and for a reconciliation of Non-GAAP operating loss to loss from operations, the most directly comparable financial measure calculated and presented in accordance with U.S. generally accepted accounting principles (“GAAP”). (5) See “Non-GAAP Net Loss” below for additional information and for a reconciliation of Non-GAAP net loss to net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP.

**截至 2025 年 12 月 31 日**

**As of December 31, 2025**

经调整(2) · 实际 · 备考(1) · 备考

As Adjusted(2) · Actual · Pro Forma (1) · Pro Forma

**（单位：千）**

**(in thousand s)**

合并资产负债表数据：

Consolidated Balance Sheet Data:

现金及现金等价物 · $701,706 · $701,706 · $5,694,129 营运资金(3) · 824,106 · 408,025 · 5,816,529 总资产 · 2,326,037 · 2,326,037 · 7,318,460 总负债 · 971,344 · 1,387,425 · 971,344 可赎回可转换优先股 · 1,933,348 · — · — 股东（赤字）权益 · $(578,655) · $938,612 · $6,347,116

Cash and cash equivalents · $701,706 · $701,706 · $5,694,129 Working capital(3) · 824,106 · 408,025 · 5,816,529 Total assets · 2,326,037 · 2,326,037 · 7,318,460 Total liabilities · 971,344 · 1,387,425 · 971,344 Redeemable convertible preferred stock · 1,933,348 · — · — Stockholders’ (deficit) equity · $(578,655) · $938,612 · $6,347,116

_______________ (1) 上表备考栏反映以下事项的影响：(i) 我们经修订和重述的公司章程的提交和生效，该事项将在本次发行完成前立即发生；(ii) 优先股转换；(iii) 普通股重新分类；(iv) RSU 净额结算；(v) 与 RSU 净额结算相关的估计代扣代缴税款及汇缴义务所导致的应计费用及其他流动负债增加，以及额外实收资本相应减少 $416.1 million；以及 (vi) 我们将在本次发行完成时确认的约 $150.5 million 股权激励费用，该费用与受服务期归属条件和流动性归属条件约束的 RSU 相关，这些 RSU 的服务期归属条件已于 2025 年 12 月 31 日满足，且其流动性归属条件已在本次发行相关事项中满足。(2) 上表备考经调整栏进一步反映以下事项的影响：(i) 上述备考调整；(ii) 我们按每股 $185.00 的首次公开发行价格在本次发行中发行并出售 30,000,000 股 A 类普通股，扣除承销折扣和佣金以及我们应付的估计发行费用后；以及 (iii) 使用本次发行净收益的一部分来履行与 RSU 净额结算相关的估计代扣代缴税款及汇缴义务。(3) 营运资金定义为流动资产总额减去流动负债总额。有关我们流动资产和流动负债的更多详情，请参阅本招股说明书其他部分包含的我们经审计合并财务报表及相关附注。

_______________ (1) The pro forma column above gives effect to (i) the filing and effectiveness of our amended and restated certificate of incorporation, which will occur immediately prior to the completion of this offering; (ii) the Preferred Stock Conversion; (iii) the Common Stock Reclassification; (iv) the RSU Net Settlement; (v) the increase in accrued expenses and other current liabilities and an equivalent decrease in additional paid-in capital of $416.1 million in connection with the estimated tax withholding and remittance obligations related to the RSU Net Settlement; and (vi) stock-based compensation expense of approximately $150.5 million that we will recognize upon the completion of this offering related to RSUs subject to service-based and liquidity-based vesting conditions for which the service-based vesting condition was satisfied as of December 31, 2025 and for which the liquidity-based vesting condition was satisfied in connection with this offering. (2) The pro forma as adjusted column above gives further effect to (i) the pro forma adjustments set forth above; (ii) the issuance and sale of 30,000,000 shares of Class A common stock by us in this offering at the initial public offering price of $185.00 per share, after deducting underwriting discounts and commissions and estimated offering expenses payable by us; and (iii) the use of a portion of the net proceeds from this offering to satisfy the estimated tax withholding and remittance obligations related to the RSU Net Settlement. (3) Working capital is defined as total current assets less total current liabilities. See our audited consolidated financial statements and the related notes thereto included elsewhere in this prospectus for further details regarding our current assets and current liabilities.

非 GAAP 财务指标 Non-GAAP Financial Measures

我们使用某些非 GAAP 财务指标来补充我们合并财务报表中按照 GAAP 列示的业绩指标。这些非 GAAP 财务指标包括非 GAAP 经营亏损和非 GAAP 净亏损。我们将这些非 GAAP 财务指标用于财务和经营决策，并作为协助我们评估各期间比较的手段。通过剔除某些可能无法反映我们经常性核心经营业绩的项目，我们认为非 GAAP 经营亏损和非 GAAP 净亏损提供了有关我们业绩的有意义的补充信息。因此，我们认为这些非 GAAP 财务指标对投资者和其他人士有用，因为它们提供了有关管理层在其财务和经营决策中所使用财务指标的额外信息，并且我们的机构投资者和分析师群体可能会使用这些指标来帮助他们分析我们业务的健康状况。然而，使用非 GAAP 财务指标存在若干局限性，这些非 GAAP 指标应与我们按照 GAAP 编制的财务业绩一并考虑，而不应作为其替代或孤立地看待。其他公司（包括我们行业中的公司）对这些非 GAAP 财务指标的计算方式可能不同，或可能根本不计算，这降低了它们作为比较指标的有用性。

We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include non-GAAP operating loss and non-GAAP net loss. We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons. By excluding certain items that may not be indicative of our recurring core operating results, we believe that non-GAAP operating loss and non-GAAP net loss provide meaningful supplemental information regarding our performance. Accordingly, we believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

#### 非 GAAP 经营亏损

#### Non-GAAP Operating Loss

我们将非 GAAP 经营亏损定义为按照 GAAP 列示的经营亏损，并调整以剔除股权激励费用。我们列示非 GAAP 经营亏损，是因为我们认为非 GAAP 经营亏损对于投资者和我们财务信息的其他使用者而言是一项有用的指标，可用于评估我们的经营业绩，因为它剔除了股权激励的影响，而股权激励是一项非现金费用，可能因期间不同而有所变化，因为此类变化与我们的核心经营业绩无关。该指标还为投资者和我们财务信息的其他使用者提供了一项额外工具，用于比较不同公司和不同期间的业务业绩，同时消除了可能因与核心经营业绩无关的原因而在不同公司之间存在差异的项目的影响。

We define non-GAAP operating loss as operating loss presented in accordance with GAAP, adjusted to exclude stock-based compensation expenses. We have presented non-GAAP operating loss because we consider non-GAAP operating loss to be a useful metric for investors and other users of our financial information in evaluating our operating performance because it excludes the impact of stock-based compensation, a non-cash charge that can vary from period to period as such variations are unrelated to our core operating performance. This metric also provides investors and other users of our financial information with an additional tool to compare business performance across companies and periods, while eliminating the effects of items that may vary for different companies for reasons unrelated to core operating performance.

我们的 GAAP 经营亏损（最直接可比的 GAAP 财务指标）与非 GAAP 经营亏损的对账列示如下：

A reconciliation of our GAAP operating loss, the most directly comparable GAAP financial measure, to non-GAAP operating loss is presented below:

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2025 · 2024 （单位：千美元） GAAP 经营亏损 · $(145,862) · $(101,438) 加：股权激励费用 · 49,767 · 58,564 非 GAAP 经营亏损 · $(96,095) · $(42,874)

2025 · 2024 (in thousands) GAAP operating loss · $(145,862) · $(101,438) Add: Stock-based compensation expense · 49,767 · 58,564 Non-GAAP operating loss · $(96,095) · $(42,874)

#### 非 GAAP 净亏损

#### Non-GAAP Net Loss

我们出于规划和业绩衡量的目的监控非 GAAP 净亏损。我们将非 GAAP 净亏损定义为我们合并经营报表中所报告的净亏损，但不包括股权激励费用以及远期合同负债公允价值变动（清偿）的影响。我们列示非 GAAP 净亏损，是因为我们认为剔除这些费用能够使我们的经营业绩与同行业其他公司进行更具相关性的比较，并且由于消除了与我们的整体经营业绩无关的某些因素的影响，有助于进行期间之间的比较。我们目前对非 GAAP 净亏损的计算未包含股权激励费用调整的税务影响，因为迄今为止该等税务影响并不重大。

We monitor non-GAAP net loss for planning and performance measurement purposes. We define non-GAAP net loss as net loss reported on our consolidated statements of operations, excluding the impact of stock-based compensation expenses and change in fair value (extinguishment) of forward contract liability. We have presented non-GAAP net loss because we believe that the exclusion of these charges allows for a more relevant comparison of our results of operations to other companies in our industry and facilitates period-to-period comparisons as it eliminates the effect of certain factors unrelated to our overall operating performance. Our calculation of non-GAAP net loss does not currently include the tax effects of the stock-based compensation expense adjustment because such tax effects have not been material to date.

我们的 GAAP 净亏损（最直接可比的 GAAP 财务指标）与非 GAAP 净亏损的对账列示如下：

A reconciliation of our GAAP net loss, the most directly comparable GAAP financial measure, to our non-GAAP net loss is presented below:

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2025 · 2024 （单位：千美元） GAAP 净利润（亏损） · $237,827 · $(481,602) 加：股权激励费用(1) · 49,767 · 58,564 加：远期合同负债公允价值变动（清偿） · (363,336) · 401,264 非 GAAP 净亏损 · $(75,742) · $(21,774)

2025 · 2024 (in thousands) GAAP net income (loss) · $237,827 · $(481,602) Add: Stock-based compensation expense(1) · 49,767 · 58,564 Add: Change in fair value (extinguishment) of forward contract liability · (363,336) · 401,264 Non-GAAP net loss · $(75,742) · $(21,774)

_______________ (1) 非 GAAP 净亏损未包含股权激励费用调整的税务影响，因为该等税务影响在所呈报期间并不重大。

_______________ (1) Non-GAAP net loss does not include the tax effects of the stock-based compensation expense adjustment because such tax effects were not material during the periods presented.

风险因素 Risk Factors

投资我们的 A 类普通股涉及高度风险。在决定是否投资我们的 A 类普通股之前，您应审慎考虑下文所述的风险，以及本招股说明书中的其他信息，包括我们的合并财务报表及其附注，以及题为“管理层对财务状况和经营成果的讨论与分析”的章节。下文所述任何事件或发展的发生均可能损害我们的业务、财务状况、经营成果和前景。在此情况下，我们的 A 类普通股价格可能下跌，您可能损失全部或部分投资。我们目前尚不知悉或目前认为不重大的其他风险和不确定性，也可能损害我们的业务、财务状况、经营成果和前景。

Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks described below as well as the other information in this prospectus, including our consolidated financial statements and the notes thereto, and the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” before deciding whether to invest in our Class A common stock. The occurrence of any of the events or developments described below may harm our business, financial condition, results of operations, and prospects. In such an event, the price of our Class A common stock could decline, and you may lose all or part of your investment. Additional risks and uncertainties not presently known to us or that we currently believe are not material may also harm our business, financial condition, results of operations, and prospects.

与我们的业务和行业相关的风险 Risks Related to Our Business and Our Industry

**我们可能无法维持增长率，也可能无法有效管理未来增长。**

**We may not sustain our growth rate, and we may not be able to manage future growth effectively.**

我们在短时间内经历了显著增长。我们的收入从截至 2024 年 12 月 31 日止年度的 $290.3 million 增至截至 2025 年 12 月 31 日止年度的 $510.0 million。我们在未来期间可能无法实现类似的增长率。您不应将我们任何过往季度或年度的经营业绩作为未来经营表现的指标。如果我们无法维持足够的收入增长，我们的财务业绩可能受损，我们的股价可能下跌。

We have experienced significant growth in a short period of time. Our revenue increased from $290.3 million for the year ended December 31, 2024 to $510.0 million for the year ended December 31, 2025. We may not achieve similar growth rates in future periods. You should not rely on our results of operations for any prior quarterly or annual periods as an indication of our future operating performance. If we are unable to maintain adequate revenue growth, our financial results could suffer, and our stock price could decline.

为成功管理我们的增长并履行作为上市公司的责任，我们认为必须有效开展以下事项（其中包括）：

To manage our growth successfully and handle the responsibilities of being a public company, we believe we must effectively, among other things:

- 为我们的工程、安全、运营、制造、云和数据中心活动招聘、雇用、培训和管理更多合格人员；

- recruit, hire, train, and manage additional qualified personnel for our engineering, security, operations, manufacturing, cloud, and data center activities;

- 继续对我们的新产品和现有产品进行重大投资；

- continue to make significant investments in our new and existing products;

- 投资于长期研发，以保持在创新前沿；

- invest in long-term research and development to remain at the forefront of innovation;

- 改进和扩展我们的销售、营销和上市推广职能；

- improve and scale our sales, marketing and go-to-market functions;

- 改进和扩展我们的制造、供应链、运营以及数据中心容量采购、装修和部署职能；以及

- improve and scale our manufacturing, supply chain, operations, and data center capacity procurement, fit-out, and deployment functions; and

- 改进和扩展我们的行政、财务、法律和合规职能，以及运营系统、流程和控制。

- improve and scale our administrative, financial, legal and compliance functions, and operational systems, procedures, and controls.

我们未来的增长取决于我们能否满足新客户的需求，以及随着现有客户对我们解决方案和服务使用量的增长而不断扩大的需求，同时也取决于我们能否按照既定的交付时间表履行现有订单。随着我们产品销售的不断增长，我们将需要投入更多资源来扩展、改进和维护我们的基础设施，包括我们的硬件、软件、网络安全和云基础设施，并与第三方应用以及合作伙伴平台和市场进行集成。此外，我们将需要适当扩展我们的内部业务系统和我们的服务组织（包括客户支持），以服务不断增长的客户群，并改进我们的 IT 和财务基础设施、运营和行政系统，以及我们有效管理员工人数、资本和流程的能力，包括通过降低成本和提高效率。重要的是，我们将需要大幅扩展我们的制造能力和供应链，并提高我们数据中心的产能和建设速度。上述努力若出现任何失败或延迟，都可能导致产品性能受损、客户满意度下降，在某些情况下还会导致我们违反合同义务，从而对我们的收入增长和声誉产生负面影响。我们可能无法成功开发或实施这些技术和业务运营。此外，规划、开发和测试我们的技术和基础设施改进需要大量时间和资本，我们可能无法准确预测需求或预测此类改进将带来的结果。在某些情况下，我们也可能选择通过收购互补业务和技术而非内部开发来扩展我们的技术，这可能会占用管理层的时间和资源。如果我们无法或未能有效扩展运营以满足不断增长的客户群的需求，并在客户扩大对我们产品的使用的同时保持性能和制造能力，我们将无法按预期速度增长，客户可能会减少或终止使用我们的解决方案，现有和潜在客户可能会寻求更易获得的替代方案，我们将无法有效竞争，我们的业务、财务状况、经营业绩和前景可能会受到损害。

Our future growth is dependent on our ability to meet the needs of new customers and the expanding needs of our existing customers as their use of our solutions and services grows, as well as our ability to fulfill existing orders on their committed delivery schedules. As sales of our offerings grow, we will need to devote additional resources to expanding, improving, and maintaining our infrastructure, including our hardware, software, cybersecurity, and cloud infrastructure, and integrating with third-party applications and partner platforms and marketplaces. In addition, we will need to appropriately scale our internal business systems and our services organization, including customer support, to serve our growing customer base, and to improve our IT and financial infrastructure, operating and administrative systems, and our ability to effectively manage headcount, capital, and processes, including by reducing costs and inefficiencies. Importantly, we will need to substantially expand our manufacturing capacity and supply chain, and increase our rate of data center capacity and build-out. Any failure of, or delay in, these efforts could result in impaired product performance and reduced customer satisfaction, and in some cases breach of our contractual obligations, which would negatively impact our revenue growth and our reputation. We may not be successful in developing or implementing these technologies and business operations. In addition, it takes a significant amount of time and capital to plan, develop, and test improvements to our technologies and infrastructure, and we may not be able to accurately forecast demand or predict the results we will realize from such improvements. In some circumstances, we may also choose to scale our technology through the acquisition of complementary businesses and technologies rather than through internal development, which may divert management’s time and resources. To the extent that we cannot or do not effectively scale our operations to meet the needs of our growing customer base and to maintain performance and manufacturing capacity as our customers expand their use of our offerings, we will not be able to grow as quickly as we anticipate, our customers may reduce or terminate use of our solutions, our current and potential customers may seek more readily available alternatives, and we will be unable to compete as effectively, and our business, financial condition, results of operations, and prospects may be harmed.

此外，我们的某些客户协议（包括与 OpenAI 签订的 MRA，定义见“管理层对财务状况和经营业绩的讨论与分析”一节）包含排他性条款，限制我们向此类客户的某些特定竞争对手提供支持、开展合作和/或销售某些产品和服务。这些限制可能使我们无法与作为 AI 行业主要参与者的大型科技公司寻求战略和收入机会，限制我们实现客户群和收入来源多元化的能力，并对我们的增长机会产生负面影响。

In addition, certain of our customer agreements, including the MRA with OpenAI (each as defined in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), contain exclusivity provisions that restrict us from supporting, collaborating with, and/or selling certain products and services to certain named competitors of such customers. These restrictions may prevent us from pursuing strategic and revenue opportunities with major technology companies that are leading participants in the AI industry, limit our ability to diversify our customer base and revenue streams, and negatively impact our growth opportunities.

如果我们无法有效管理增长，我们可能无法把握市场机会或开发新产品，也可能无法满足客户需求、维持产品质量、执行我们的商业计划或应对竞争压力，从而可能损害我们的业务、财务状况、经营业绩和前景。

If we are unable to manage our growth effectively, we may not be able to take advantage of market opportunities or develop new products, and we may fail to satisfy customer requirements, maintain product quality, execute our business plan, or respond to competitive pressures, which may harm our business, financial condition, results of operations, and prospects.

**我们历来产生净亏损，如果我们的费用增加而收入增长不足以匹配，我们可能无法在未来实现并维持盈利。**

**We have a history of generating net losses, and if we are unable to achieve adequate revenue growth while our expenses increase, we may not achieve and maintain profitability in the future.**

截至 2025 年 12 月 31 日和 2024 年 12 月 31 日的年度，我们分别实现净利润 $237.8 million 和产生净亏损 $481.6 million，但我们历来产生净亏损。在剔除股权激励费用以及远期合同负债公允价值变动（清偿）的影响后，我们 2025 年和 2024 年的非 GAAP 净亏损分别为 $75.7 million 和 $21.8 million。有关更多信息以及非 GAAP 净亏损与净利润（亏损）的调节表，请参见标题为“—非 GAAP 财务指标”的章节。截至 2025 年 12 月 31 日，我们的累计亏损为 $905.3 million。这些亏损和我们的累计亏损是我们为发展业务而进行大量投资的结果。我们预计成本将随时间推移而增加，如果成本的增加未能被收入的增加完全抵消，我们的亏损可能会持续。随着我们继续开发新产品，我们预计将继续投入大量额外资金用于扩展业务和研发活动。我们于 2024 年推出了基于云的推理服务，这需要对云基础设施和数据中心容量进行新的投资，而我们在硬件系统销售中历来不需要这些。我们预计将大幅增加对云基础设施和数据中心的投资，以支持我们推理服务的增长。我们还预计，由于我们的增长，将产生额外的管理费用，并且随着我们作为上市公司运营，我们预计成本将增加以支持我们的运营。此外，在本次发行完成的季度和年度内，我们将开始就授予服务提供商的 RSU 和 PRSU 确认股权激励费用，这些奖励通常在奖励到期日之前同时满足服务条件或市场条件以及流动性条件后方可归属。此类 RSU 和 PRSU 的流动性归属条件已在本次发行中满足，导致我们的股权激励费用大幅增加。

We earned net income of $237.8 million and incurred net loss of $481.6 million for the years ended December 31, 2025 and 2024, respectively, but have a history of generating net losses. We incurred non-GAAP net loss of $75.7 million in 2025 and $21.8 million in 2024, after excluding the impact of stock-based compensation expense and change in fair value (extinguishment) of forward contract liability from our GAAP net income (loss). For more information and for a reconciliation of non-GAAP net loss to net income (loss), see the section titled “— Non-GAAP Financial Measures.” As of December 31, 2025, we had an accumulated deficit of $905.3 million . These losses and our accumulated deficit are a result of the substantial investments we have made to grow our business. We expect our costs will increase over time and our losses may continue if such increases in costs are not more than fully offset by increases in our revenue. We expect to continue to invest significant additional funds in expanding our business and research and development activities as we continue to develop new products. We launched our cloud-based inference offering in 2024, which required new investments in cloud infrastructure and data center capacity that we historically did not need for hardware system sales. We expect to significantly increase our investments in cloud infrastructure and data centers to enable growth in our inference service. We also expect to incur additional general and administrative expenses as a result of our growth and expect our costs to increase to support our operations as a public company. Moreover, during the quarter and year in which this offering is completed, we will begin recording stock-based compensation expense for RSUs and PRSUs that we have granted to our service providers, which generally vest upon the satisfaction of both service-or market-based and liquidity-based vesting conditions occurring before the award’s expiration date. The liquidity-based vesting condition for such RSUs and PRSUs was satisfied in connection with this offering, resulting in significant increases to our stock-based compensation expense.

如果我们的收入或收入增长率下降，或我们的运营费用超出预期，我们的财务业绩将受到不利影响。我们需要在未来期间创造并维持更高的收入水平，才能实现并保持盈利。如果我们无法以超过业务相关成本的增速成功实现收入增长，我们将无法实现并保持盈利，A 类普通股的交易价格可能下跌。

If our revenue or revenue growth rate declines or our operating expenses exceed our expectations, our financial performance will be adversely affected. We will need to generate and sustain increased revenue levels in future periods in order to achieve and maintain profitability. If we cannot successfully grow our revenue at a rate that exceeds the costs associated with our business, we will not be able to achieve and maintain profitability, and the trading price of our Class A common stock could decline.

**我们在当前规模下的经营历史有限，在适当编制预算和调整费用方面，我们可能难以评估当前业务并准确预测未来收入。**

**We have a limited operating history at our current scale, and we may have difficulty evaluating our current business and accurately predicting our future revenue for the purpose of appropriately budgeting and adjusting our expenses.**

我们在当前规模下经营业务的历史相对较短，且在此期间增长迅速。我们成立于 2016 年，并于 2019 年开始产生收入。在 2023 年之前，我们的收入有限。我们在当前规模下有限的经营经验、我们所销售产品所处市场的动态性和快速演变、我们对有限数量客户的依赖、我们在构建和销售云平台访问权限方面有限的历史、大型硬件系统销售的时间安排、我们在评估、采购和运营数据中心方面有限的经验，以及众多我们无法控制的其他因素，都可能妨碍我们准确预测季度和年度收入的能力，并可能使评估我们当前业务、前景和其他趋势变得困难。我们已经并将继续遇到快速增长行业和领域中成长型公司经常面临的风险和不确定性，例如本文件所述的风险和不确定性。与我们拥有更长经营历史或在更可预测或更成熟的市场中经营相比，任何关于我们未来财务业绩的预测可能都不那么准确。因此，我们可能遇到预算和现金流管理问题、经营业绩的意外波动以及其他挑战，其中任何一项都可能使我们难以实现并保持盈利，并可能增加我们 A 类普通股价格的波动性。如果我们关于这些风险和不确定性的假设不正确，或因市场波动、AI 支出出现任何重大减少、适用监管框架变化、对专用 AI 云基础设施和定制 AI 加速器的需求变化或其他原因而发生变化，或者如果我们未能成功应对这些风险，我们的财务状况和经营业绩可能与我们的预期存在重大差异，我们的业务、财务状况、经营业绩和前景将受到不利影响。我们无法确保将成功应对这些以及我们未来可能面临的其他挑战。本文件所述当前宏观经济和地缘政治状况可能加剧经营历史有限所带来的相关风险。

We have a relatively short history operating our business at our current scale and have grown rapidly during that time. We were established in 2016 and began generating revenue in 2019. Prior to 2023, we had limited revenue. Our limited operating experience at our current scale, a dynamic and rapidly evolving market in which we sell our products, our dependence on a limited number of customers, our limited history building and selling access to our cloud-based platform, the timing of large hardware systems sales, our limited experience in evaluating, procuring and operating data centers, as well as numerous other factors beyond our control, could impede our ability to forecast quarterly and annual revenue accurately and may make it difficult to evaluate our current business, prospects, and other trends. We have encountered, and will continue to encounter, risks and uncertainties frequently experienced by growing companies in rapidly changing industries and sectors, such as the risks and uncertainties described herein. Any predictions about our future financial performance may not be as accurate as they would be if we had a longer operating history or operated in a more predictable or established market. As a result, we could experience budgeting and cash flow management problems, unexpected fluctuations in our results of operations, and other challenges, any of which could make it difficult for us to achieve and maintain profitability and could increase the volatility of the price of our Class A common stock. If our assumptions regarding these risks and uncertainties are incorrect or change due to fluctuations in our markets, any material reduction in AI spending, changes in applicable regulatory frameworks, changes in demand for specialized AI cloud infrastructure and custom AI accelerators, or otherwise, or if we do not address these risks successfully, our financial condition and results of operations could differ significantly from our expectations and our business, financial condition, results of operations, and prospects would be adversely affected. We cannot ensure that we will be successful in addressing these and other challenges we may face in the future. The risks associated with having a limited operating history may be exacerbated by current macroeconomic and geopolitical conditions discussed herein.

**我们的收入中相当大一部分一直并将继续由数量有限的客户驱动。任何重要客户（包括 OpenAI、G42、MBZUAI 和 AWS）的需求下降，或我们与其中任何一方的关系出现重大不利发展，或我们未能履行与 OpenAI 签订的 MRA 项下的义务，都将损害我们的业务、财务状况、经营业绩和前景。**

**A substantial portion of our revenue has been, and is expected to continue to be, driven by a limited number of customers. A reduction in demand from, or a material adverse development in our relationship with any of our significant customers, including OpenAI, G42, MBZUAI, and AWS, or our failure to meet our obligations under the MRA with OpenAI, would harm our business, financial condition, results of operations, and prospects.**

我们的收入中相当大一部分由数量有限的客户驱动。截至 2025 年 12 月 31 日和 2024 年 12 月 31 日止年度，Group 42 Holding Ltd（连同其关联方，简称“G42”）分别占我们总收入的 24.0% 和 85.0%；在截至 2025 年 12 月 31 日止年度，Mohamed bin Zayed University of Artificial Intelligence（“MBZUAI”）占我们总收入的 62.0%。2025 年 12 月，我们与 OpenAI 签订了 MRA，该协议占我们未来数年预计收入的相当大一部分。

A substantial portion of our revenue is driven by a limited number of customers. Group 42 Holding Ltd (together with its affiliates, “G42”) accounted for 24.0% and 85.0% of our total revenue for the years ended December 31, 2025 and 2024, respectively, and in the year ended December 31, 2025, Mohamed bin Zayed University of Artificial Intelligence (“MBZUAI”) accounted for 62.0% of our total revenue. In December 2025, we entered into the MRA with OpenAI, which represents a substantial portion of our projected revenues over the next several years .

我们对与 OpenAI、G42 和 MBZUAI 关系的依赖使我们面临多项风险。OpenAI、G42 或 MBZUAI 的需求出现任何不利变化，其履行与我们签订的合同的能力或意愿出现任何不利变化，适用于 OpenAI、G42 或 MBZUAI 或阿拉伯联合酋长国的法律或法规出现任何不利变化，或我们与 OpenAI、G42 或 MBZUAI 更广泛的战略关系出现任何不利变化，都将损害我们的业务、财务状况、经营业绩和前景。即使 OpenAI、G42 和 MBZUAI 仍对我们的产品和服务感到满意，它们也可能不再需要按以往相同的数量购买额外的 AI 算力或服务，或者其购买我们产品和服务的能力可能因超出其控制的原因而发生变化。OpenAI、G42 或 MBZUAI 也可能选择从我们的竞争对手处购买更多 AI 算力。

Our dependence on our relationships with OpenAI, G42, and MBZUAI subjects us to a number of risks. Any negative changes in demand from OpenAI, G42, or MBZUAI, in their ability or willingness to perform under their contracts with us, in laws or regulations applicable to OpenAI, G42 or MBZUAI, or the United Arab Emirates, or in our broader strategic relationship with OpenAI, G42, or MBZUAI would harm our business, financial condition, results of operations, and prospects. Even if OpenAI, G42, and MBZUAI remain satisfied with our offerings, it is possible that they will no longer need to purchase additional AI compute or services at the same quantity as prior periods, or that their ability to purchase our offerings may change for reasons outside of their control. OpenAI, G42, or MBZUAI may also choose to purchase more of their AI compute from our competitors.

此外，根据与 OpenAI 签订的 MRA，除非另有约定，我们须在达到若干基于时间的里程碑时，按指定的数据中心数量交付具有最低算力阈值的算力批次。若我们未能按既定时间表交付该等算力，或我们的服务水平出现一定程度的未达标情况，OpenAI 有权终止该协议的部分或全部。此外，根据与 OpenAI 签订的 MRA，我们获得了 $1.0 billion 的营运资金贷款（定义见“管理层对财务状况和经营成果的讨论与分析”一节）。该营运资金贷款到期日不晚于 December 31, 2032，并计划在初始 250 MW 算力的最后一批交付完成后，按三年期限等额分期摊还。未偿还本金余额按 6% 的年利率计息；但在特定情形下利息可予豁免。若 MRA 因 OpenAI 重大未补救违约以外的任何原因被终止，或发生某些触发事件，OpenAI 可指示银行停止按我们的指示处理营运资金贷款资金，并可转而控制该账户中资金的处置，且我们可能被要求立即偿还营运资金贷款的未偿还本金余额连同应计利息。我们未能履行 MRA 项下义务将对我们的业务、财务状况、经营成果和前景造成损害。

In addition, under the MRA with OpenAI, unless otherwise agreed to, we are required to deliver capacity tranches across specified numbers of data centers with minimum capacity thresholds upon certain time-based milestones. If we fail to deliver such capacity on the stated timelines, or if we experience a certain level of failure with respect to our service levels, OpenAI has the right to terminate a portion or all of the agreement. In addition, pursuant to the MRA with OpenAI, we received the $1.0 billion Working Capital Loan (as defined in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations”). The Working Capital Loan has a maturity date of no later than December 31, 2032, and is scheduled to be repaid in equal amortized installments over a three-year term, commencing after the delivery of the final tranche of the initial 250 MW of capacity. Interest accrues on the outstanding principal balance at a rate of 6% per annum; provided that interest may be waived under certain circumstances. If the MRA is terminated for any reason other than OpenAI’s material uncured breach, or if certain trigger events occur, OpenAI may direct the bank to cease complying with our instructions regarding the Working Capital Loan funds and may instead control the disposition of funds in the account, and we may be required to immediately repay the outstanding principal balance of the Working Capital Loan together with accrued interest. Our failure to perform under the MRA would harm our business, financial condition, results of operations, and prospects.

此外，截至 2025 年 12 月 31 日，一名客户（MBZUAI）占我们应收账款余额的 77.9%。截至 2024 年 12 月 31 日，一名客户（G42）占我们应收账款余额的 91.0%。该客户集中度增加了我们经营成果出现季度波动的风险，以及我们对重要客户所经历或我们与其关系中所发生的任何重大不利发展的敏感度。根据《会计准则汇编第 850 号——关联方披露》的定义，G42 与 MBZUAI 被视为彼此的关联方。失去任何重要客户、对其销售额大幅减少或该等客户付款违约，均将损害我们的业务、财务状况、经营成果和前景。

Further, as of December 31, 2025, one customer (MBZUAI) accounted for 77.9% of our accounts receivable balance. As of December 31, 2024, one customer (G42) accounted for 91.0% of our accounts receivable balance. This customer concentration increases the risk of quarterly fluctuations in our results of operations and our sensitivity to any material adverse developments experienced by, or in our relationships with, our significant customers. G42 and MBZUAI are considered related parties with respect to each other as defined by Accounting Standards Codification 850, Related Party Disclosures . The loss of, any substantial reduction in sales to, or the default on payments by, any of our significant customers would harm our business, financial condition, results of operations, and prospects.

2026 年 3 月，我们与 AWS 签署了一份条款清单，根据该条款清单，AWS 将成为首家在其自有数据中心部署 Cerebras 的超大规模云服务商。该条款清单在定价、排他性、最低容量以及有利于 AWS 的某些其他保护条款方面具有约束力，其设想开展一项为期多年的战略合作，以部署 AI 推理算力基础设施及相关服务，并包含一项具有约束力的初始多年期租赁。该条款清单还包含一项具有约束力的承诺，即我们将向 AWS 发行一份认股权证，以供其购买最多 2,696,678 股我们的 N 类普通股，行权价为每股 $100.00，其归属与远超初始租赁规模的产品采购量以及某些其他触发条件挂钩。尽管该条款清单在此类采购、租赁及认股权证条款方面具有约束力，我们仍须与 AWS 协商并签署最终协议。我们有可能在条款上存在分歧，其结果可能对我们不利，或导致未能达成最终协议。此外，如果 AWS 根据本协议进行的未来产品采购或租赁按我们对 AWS 的最低容量承诺所设想的那样增加，本协议可能在未来占我们收入的重大比例。在此情况下，我们与 AWS 关系的任何负面发展，包括销售额的任何下降或我们未能履行条款清单或最终协议项下的义务，都将损害我们的业务、财务状况、经营业绩和前景。

In March 2026, we signed a term sheet with AWS, under which AWS will become the first hyperscaler to deploy Cerebras in its own data centers. The term sheet, which is binding with respect to pricing, exclusivity, minimum capacity, and certain other protections in favor of AWS, contemplates a multi-year strategic collaboration to deploy AI inference compute infrastructure and related services, and includes a binding initial multi-year lease. The term sheet also includes a binding commitment for us to issue a warrant to purchase up to 2,696,678 shares of our Class N common stock to AWS, at an exercise price of $100.00 per share, with vesting tied to product purchases in volumes substantially beyond the initial lease, as well as certain other triggers. Although the term sheet is binding with respect to such purchasing, leasing, and warrant terms, we must still negotiate and execute definitive agreements with AWS. It is possible that we may have disagreement on the terms, the outcome of which may be unfavorable to us or result in the failure to reach a definitive agreement. In addition, if future product purchases or leases by AWS under this agreement increase as contemplated by our minimum capacity commitments to AWS, this agreement may account for a material percentage of our revenue in the future. In such case, any negative developments in our relationship with AWS, including any decrease in sales or our failure to perform under the term sheet or definitive agreements, would harm our business, financial condition, results of operations, and prospects.

**我们的收入历来来自硬件系统的销售。我们正处于提供云服务的早期阶段，该市场尚处于初期且快速演变，且需要大量数据中心容量和资本投入，我们预计将为此需要大量额外资本。无法保证我们能够维持或增加这些努力所带来的收入。**

**Our revenue historically has been derived from sales of our hardware systems. We are in the early stages of delivering our cloud-based offerings, the market for which is nascent and evolving rapidly, and which require significant data center capacity and capital investments for which we expect to require significant additional capital. There is no assurance that we will be able to sustain or increase revenue from these efforts.**

我们的收入历来来自硬件系统的销售。2024 年 8 月，我们推出了推理云服务。我们目前仅处于将云服务产品商业化的早期阶段，我们可能无法将这些业务发展为可持续的业务组成部分。此外，我们可能无法实现我们预期从云服务产品中获得的全部收益，或者实现这些收益的成本可能高于我们的预期，包括由于与数据中心和云基础设施相关的重大成本，这可能对我们的现金流和盈利能力产生负面影响。我们在算力容量的规划与分配方面已经遇到并将继续遇到挑战，同时，随着我们业务模式中产品组合的不断变化，准确的财务规划和预测也面临挑战。例如，本次发行的许多客户或潜在客户是初创企业，其资金需求密集，可能无法成功。此外，我们的数据中心合同期限较长、终止能力有限且通常包含重大违约金条款，而我们的推理客户协议通常是基于用量的定价或较短期的专用容量安排的混合形式，两者在合同期限上的差异进一步增加了我们经营业绩的不可预测性。此外，我们的云服务协议可能被终止、不再续约或以较不利的条款续约，从而需要我们尽快转售闲置容量。这可能导致我们的经营业绩逐季度波动，使其难以预测。

Our revenue historically has been derived from sales of our hardware systems. In August 2024, we introduced our inference cloud service. We are only in the early stages of monetizing our cloud-based offerings, and we may not be able to grow these efforts into a sustainable part of our business. Additionally, we may not realize all of the benefits from our cloud-based offerings that we expect to achieve, or it may be more costly to do so than we anticipate, including as a result of substantial costs associated with data center and cloud infrastructure, which could negatively impact our cash flows and profitability. We have encountered, and will continue to encounter, challenges in compute capacity planning and allocation, as well as accurate financial planning and forecasting with the changing mix of offerings in our business model. For example, many customers or prospective customers of this offering are startups, with capital intensive needs, that may not succeed. In addition, the difference in contract length for our data centers, which are longer term with limited ability to terminate and often include substantial liquidated damages clauses, versus our inference customer agreements, which are typically a mix of consumption-based pricing or shorter term dedicated capacity arrangements, creates further unpredictability in our results of operations. In addition, our cloud-based agreements may be terminated, not renewed, or renewed on less favorable terms, necessitating us to resell the idle capacity on an expedited basis. This may cause our results of operations to fluctuate from quarter to quarter, which makes them difficult to predict.

我们打算继续在基础设施以及与我们的云端产品相关的销售和营销工作上投入大量资金。此类投资需要大量资本及其他支出，我们预计这将在某些期间（尤其是近期）对我们的经营活动现金流、毛利、毛利率和经营利润率产生不利影响，且最终可能无法促进业务增长或实现长期盈利。我们预计将需要大量额外资本来为我们的云端产品提供资金并支持我们的增长。例如，为采购云端产品所必需的数据中心，过去已需要且未来可能继续需要大量前期成本、预付款和/或财务担保。额外融资可能无法以对我们有利的条款获得，甚至可能根本无法获得。尽管我们历史上能够通过经营活动产生的现金、来自某些客户的预付款和贷款以及股权融资来为资本支出提供资金，但许多因素可能大幅减少我们经营活动可用的现金、阻碍我们筹集额外资本的能力，或大幅增加我们的资本支出需求，从而可能导致我们无法为必要或期望水平的资本支出提供资金。根据与 OpenAI 签订的 MRA，OpenAI 已向我们提供 $1.0 billion 的营运资金贷款，以加速服务、技术和制造的开发与建设。如果 MRA 因 OpenAI 重大违约未获补救以外的任何原因被终止，或发生某些触发事件，OpenAI 可能指示银行停止按照我们关于营运资金贷款资金的指示行事，并可能在此类触发事件持续期间及依据 MRA 的条款控制账户中资金的处置，且我们可能被要求立即偿还营运资金贷款的未偿本金余额及应计利息。这可能对我们的业务、财务状况、经营业绩和前景产生不利影响。如果我们通过发行股权或可转换债务筹集额外资金，我们现有股东可能遭受重大稀释，且此类证券可能拥有优于我们 A 类普通股持有人的权利、优先权和特权。如果我们通过债务融资获得额外资金，我们可能无法以对我们有利的条款获得此类融资。此外，当前的全球宏观经济环境及本文讨论的其他因素可能使以有利条款筹集额外资本变得更加困难，甚至无法实现。此类条款可能包含限制性契约，使开展融资活动和寻求商业机会（包括潜在收购）变得困难。如果我们无法在需要时获得充足融资或以令我们满意的条款获得融资，我们继续支持业务增长和应对业务挑战的能力可能受到重大损害，我们的业务可能受到不利影响，从而需要我们推迟、缩减或取消部分或全部运营。

We intend to continue to invest significantly in infrastructure as well as sales and marketing efforts related to our cloud-based offerings. This investment requires significant capital and other expenditures, which we expect to adversely impact cash flows from operations, gross profit, gross margins, and operating margins in certain periods, particularly in the near term, and may not ultimately grow our business or result in long-term profitability. We expect to require significant additional capital to fund our cloud offerings and support our growth. For example, significant upfront costs, prepayments, and/or financial guarantees have been and may continue to be required to procure data centers that are necessary for our cloud offerings. Additional financing may not be available on terms favorable to us, if at all. While we have historically been able to fund capital expenditures from cash generated from operations, prepayments and loans from certain customers, and equity financings, many factors could materially reduce the cash available from our operations, impede our ability to raise additional capital, or significantly increase our capital expenditure requirements, which may result in the inability to fund the necessary or desired level of capital expenditures. Under the MRA with OpenAI, OpenAI has provided us with the $1.0 billion Working Capital Loan to accelerate the development and build out of services, technology, and manufacturing. If the MRA is terminated for any reason other than OpenAI’s material uncured breach, or if certain trigger events occur, OpenAI may direct the bank to cease complying with our instructions regarding the Working Capital Loan funds and may instead control the disposition of funds in the account during the continuance of such trigger events and pursuant to the terms of the MRA, and we may be required to immediately repay the outstanding principal balance of the Working Capital Loan together with accrued interest. This could adversely affect our business, financial condition, results of operations, and prospects. If we raise additional funds through equity or convertible debt issuances, our existing stockholders may suffer significant dilution and these securities could have rights, preferences, and privileges that are superior to those of holders of our Class A common stock. If we obtain additional funds through debt financing, we may not be able to obtain such financing on terms favorable to us. Further, the current global macroeconomic environment and other factors discussed herein could make it more difficult to raise additional capital on favorable terms, if at all. Such terms may involve restrictive covenants making it difficult to engage in capital raising activities and pursue business opportunities, including potential acquisitions. If we are unable to obtain adequate financing or financing on terms satisfactory to us when we require it, our ability to continue to support our business growth and to respond to business challenges could be significantly impaired and our business may be adversely affected, requiring us to delay, reduce, or eliminate some or all of our operations.

此外，我们数据中心的规模以及此类数据中心合同的总价值在短时间内大幅增长，并可能在近期继续增长。我们此前数据中心交易中所采用的融资安排类型、公司架构、合同条款及风险分配方式，可能并不适用于规模如此之大的承诺。数据中心协议的违约或提前终止会使我们面临巨额损害赔偿和提前终止费。无论规模大小，我们在评估数据中心提供商方面的经验均有限，包括其建设、运营及为物业融资的能力。此外，当前对数据中心容量的需求非常高，且在诸多情况下，开发商在数据中心项目各必要阶段缺乏可证明的经验，导致难以对项目时间安排和质量作出准确评估。我们过去曾与最终被证明不尽如人意的数据中心提供商签约，未来也可能如此，并曾与此类提供商发生纠纷。此类纠纷现在和将来都可能给我们带来高昂成本。与数据中心提供商的任何纠纷，以及数据中心停机、故障和就绪服务日期延迟，已经并可能再次导致我们产生诉讼费用、和解费用、损害赔偿，或因未能履行服务级别协议或承诺交付日期而向客户支付罚款。与数据中心提供商相关的任何不利进展，都可能导致我们无法履行对客户的交付义务和收入目标，并对我们的业务、财务状况、经营成果和前景产生负面影响。

In addition, the size of our data centers, and the total value of such data center contracts, have increased substantially over a short period of time, and may continue to increase in the near future. The types of financing arrangements, corporate structure, contract terms, and risk allocation for our prior data center transactions may not be appropriate for such larger commitments. Breaches or early terminations of data center agreements expose us to substantial damages and early termination fees. Regardless of size, we have limited experience evaluating data center providers, including their ability to build, operate, and finance their properties. In addition, demand for data center capacity is currently very high and in many cases, developers lack demonstrable experience across required phases of data center projects, making accurate assessments of project timing and quality difficult. We have in the past contracted, and may in the future contract, with data center providers that prove to be unsatisfactory, and have had disputes with such providers. Such disputes are and may continue to be costly to us. Any disputes with data center providers, and data center downtime, malfunctions, and delayed ready-for-service dates, have and may again cause us to incur litigation costs, settlement costs, damages, or penalties to our customers for missed service-level agreements or committed delivery dates. Any adverse developments with our data center providers may cause us to miss delivery obligations to our customers and revenue targets, and have negative impact on our business, financial condition, results of operations, and prospects.

**我们的云端产品面临某些风险与挑战。训练或推理云市场以及 AI 基础设施领域的不利或不确定状况，可能导致我们的经营成果出现波动。**

**Our cloud-based offerings are subject to certain risks and challenges. Unfavorable or uncertain conditions in the training or inference cloud market, as well as for AI infrastructure, may cause fluctuations in our results of operations.**

我们的产品包括一个基于云的平台，客户可以按消费型或专用容量模式购买我们的 AI 算力解决方案。该商业模式旨在让客户选择最符合其预算、安全和可扩展性要求的解决方案。基于云的商业模式的风险和挑战可能不同于销售用于本地部署的产品。例如，构建和扩展基于云的平台需要我们进行重大资本支出，以制造更多硬件系统、租赁具备充足电力和冷却基础设施的数据中心，并保持充足的在手设备，这需要从生产原本可销售给客户用于本地部署的设备中重新调配资源。为支持基于云的商业模式，我们还会产生额外的 IT 和人员成本，以服务和管理的我们的集群，包括管理和优化容量分配及利用率，并依赖第三方基础设施（例如 AWS）满足某些数据传输需求。我们基于云产品的成功还可能受到以下因素影响：我们能否获得或维持平台的行业安全认证，以及就公共部门客户而言，我们能否应对预算周期、采购规则、资格标准和国内优先规则等因素。无法保证对基于云平台的投资相比其他商业模式会带来收入增长。此外，我们于 2024 年推出了基于云的推理产品。该产品给我们带来新的额外风险，包括访问我们云平台的用户数量大幅增加，这可能增加网络安全和合规风险，以及因容量过剩或其他原因导致的服务中断风险。

Our offerings include a cloud-based platform, where customers can purchase our AI computing solutions on a consumption-based or dedicated capacity model. This business model is intended to allow customers to choose the solution that best aligns with their budgetary, security, and scalability requirements. The risks and challenges of a cloud-based business model may be different from selling our products for on-premises use. For instance, building and scaling a cloud-based platform requires us to make significant capital expenditures to manufacture more hardware systems, to lease data centers with sufficient power and cooling infrastructures, and to maintain sufficient units on hand, which requires resources to be reallocated from producing units that could otherwise be sold to customers for on-premises use. In order to support a cloud-based business model, we also incur additional IT and personnel costs to service and manage our clusters, including managing and optimizing capacity allocations and utilization rates, as well as rely on third-party infrastructure, such as AWS for certain data transmission needs. The success of our cloud-based offering may further be impacted by our ability to obtain or maintain industry security certifications for our platform and, with respect to public sector customers, our ability to navigate factors such as budget cycles, procurement rules, eligibility criteria, and domestic preference rules. There is no assurance that investments in our cloud-based platform will lead to increased revenue as compared to other business models. In addition, we introduced our cloud-based inference offering in 2024. Such product presents new and additional risks to us, including substantially increasing the number of users accessing our cloud, which may increase cybersecurity and compliance risk as well as risk of outages due to overcapacity or otherwise.

此外，如果国内和全球经济状况恶化，或者 AI 技术（尤其是目前主导市场的大模型）的采用、使用和商业化未按预期推进，整体支出可能减少，这可能对我们解决方案在云和 AI 基础设施市场的需求产生不利影响，我们可能无法实现预期的增长率。此外，有关数据跨境传输的数据隐私法律的变化，以及客户对数据驻留和数据主权的期望，可能对基于云的平台产生不成比例的影响。在此类情况下，我们可能面临云平台中过剩的设备以及无法终止或收回的数据中心租赁和成本。即使云和 AI 相关基础设施的需求按我们预期的方​​式或在预期的时间段内发展，如果我们没有及时、具有竞争力价格、市场接受的解决方案或人员来及时满足客户需求，我们可能错失重大机遇，我们的业务、财务状况、经营业绩和前景可能受到损害。

Additionally, if domestic and global economic conditions worsen, or adoption, use, and commercialization of AI technology, particularly of the large models that are currently dominating the market, do not progress as expected, overall spending may be reduced, which could adversely impact demand for our solutions in these cloud and AI infrastructure markets and we may not realize our expected growth rates. Furthermore, changes to data privacy laws regarding cross-border transmission of data, as well as customers’ data residency and data sovereignty expectations, may disproportionately impact cloud-based platforms. In such cases, we may be left with excess units in our clouds and data center leases and costs that we cannot terminate or recoup. Even if the demand for cloud and AI-related infrastructure develops in the manner or in the time periods we anticipate, if we do not have timely, competitively priced, market-accepted solutions or personnel available to timely meet our customers’ needs, we may miss a significant opportunity and our business, financial condition, results of operations, and prospects may be harmed.

**如果我们的数据中心提供商未能满足我们业务的要求，或者数据中心设施出现中断、损坏或安全漏洞，我们提供基础设施访问权限及维持网络性能的能力可能会受到负面影响。**

**If our data center providers fail to meet the requirements of our business, or if the data center facilities experience interruption, damage, or a security breach, our ability to provide access to our infrastructure and maintain the performance of our network could be negatively impacted.**

我们在位于美国和加拿大的第三方数据中心租赁空间或以其他方式获得使用许可，并正在向其他国家扩展。我们的业务依赖于这些数据中心设施。由于我们租赁或获得使用许可的是这些数据中心空间，我们并不控制这些第三方设施的运营。因此，我们可能因超出我们直接控制范围的原因而遭遇服务中断以及无法提供充分支持的情况。我们的数据中心设施和网络基础设施容易因多种来源而受损或中断，包括地震、洪水、火灾、断电、环境因素（如空气和水温、湿度及灰尘）、系统故障、计算机及其他网络安全漏洞、物理或电子入侵、人为错误、渎职或干扰（包括由员工、前员工或承包商实施）、恐怖主义行为及其他灾难性事件。

We lease space in or otherwise license use of third-party data centers located in the United States and Canada, and are in the process of expanding to other countries. Our business is reliant on these data center facilities. Because we lease or license use of this data center space, we do not control the operation of these third-party facilities. Consequently, we could be subject to service disruptions as well as failures to provide adequate support for reasons that are outside of our direct control. Our data center facilities and network infrastructure are vulnerable to damage or interruption from a variety of sources including earthquakes, floods, fires, power loss, environmental factors, such as air and water temperature, humidity, and dust, system failures, computer and other cybersecurity vulnerabilities, physical or electronic break-ins, human error, malfeasance or interference, including by employees, former employees, or contractors, as well terrorist acts and other catastrophic events.

我们以及我们租赁空间或获得使用许可的数据中心设施已经经历、且未来可能经历中断、宕机及其他性能问题，原因多种多样，包括电力供应或充足性、基础设施变更、环境因素及容量限制，有时是由于同时访问我们基础设施的客户数量过多。我们的第三方数据中心和网络基础设施还可能因外部方的行为或人为错误、渎职、内部威胁、系统错误或漏洞、网络安全控制不足、上述因素的组合或其他原因而遭受网络安全攻击（包括供应链攻击），这可能造成服务中断，并以其他方式影响我们提供解决方案和服务的能力。尽管我们会审查第三方数据中心的安全措施，但我们无法确保这些措施足以防止网络安全攻击，或在发生网络安全攻击时保护我们平台的持续运营，而对我们的解决方案和服务的任何影响也可能影响我们的业务、财务状况、经营业绩和前景。

We and the data center facilities we lease space in or license use of have experienced, and may in the future experience, disruptions, outages, and other performance problems due to a variety of factors, including availability or sufficiency of power, infrastructure changes, environmental factors, and capacity constraints, occasionally due to an overwhelming number of customers accessing our infrastructure simultaneously. Our third-party data centers and network infrastructure may also be subject to cybersecurity attacks, including supply chain attacks, due to the actions of outside parties or human error, malfeasance, insider threats, system errors or vulnerabilities, insufficient cybersecurity controls, a combination of these, or otherwise, which may cause service outages and otherwise impact our ability to provide our solutions and services. While we review the security measures of our third-party data centers, we cannot ensure that these measures will be sufficient to prevent a cybersecurity attack or to protect the continued operation of our platform in the event of a cybersecurity attack, and any impact to our solutions and services may also impact our business, financial condition, results of operations, and prospects.

承载我们网络基础设施的数据中心设施还可能受到地方行政措施、法律或许可要求变更、劳资纠纷、旨在停止、限制或延迟运营的诉讼以及其他法律挑战的影响，包括地方政府机构为执法或其他原因寻求访问客户账户。全球范围内关税、监管要求的实施以及对数据主权和数据本地化要求的日益关注，也可能影响我们在数据存储、管理和传输方面的业务模式，并可能影响我们选择租赁数据中心的地点，进而影响我们的国际扩张机会。此外，政府当局过去曾基于环境考虑寻求限制数据中心开发，并以能源使用方面的担忧为由对数据中心开发实施禁令，要求新建数据中心满足能效要求。我们可能因任何要求加强能效措施、改变冷却系统、限制能源使用、限制土地使用、限制备用电源或其他环境要求的法律而面临更高的成本。由于数据中心协议往往期限较长且前期成本较高，在投资数据中心之后发生的任何监管变化、政府行动、客户偏好变化或其他变化，都可能造成重大财务损失。此外，尽管我们已就数据中心空间、设备、维护和其他服务的租赁签订了各种协议，但这些第三方可能未能履行其在相关协议下的合同义务，包括向我们提供运营业务所需的某些数据、设备和公用事业信息的协议。此外，我们要求所租赁的数据中心具备某些高度特定的属性，以便有效运营我们的业务。例如，这些最先进的数据中心需要网络设备、高速互连、增强的电力接入以及液冷基础设施。在许多情况下，这些第三方数据中心需要进行大量改造和改进工作，包括融入我们行业的新发展，这些工作耗时、昂贵，且效率低于我们租赁已为我们的运营而设计的空间，并且最终可能无法成功满足我们的所有要求。如果第三方未能成功达到此类性能要求，我们维持网络性能的能力将受到负面影响。此外，如果数据中心运营商延迟向我们提供设施，我们可能无法及时履行对客户的合同义务，从而给我们造成财务和声誉损害。

Data center facilities housing our network infrastructure may also be subject to local administrative actions, changes to legal or permitting requirements, labor disputes, litigation to stop, limit, or delay operations, and other legal challenges, including local government agencies seeking to gain access to customer accounts for law enforcement or other reasons. The imposition of tariffs, regulatory requirements, and increased focus on data sovereignty and data localization requirements around the world could also impact our business model with respect to the storage, management, and transfer of data, and may impact where we choose to lease data centers, which can affect our opportunities for international expansion. Additionally, government authorities have in the past sought to restrict data center development based on environmental considerations and have imposed moratoria on data center development, citing concerns about energy usage, requiring new data centers to meet energy efficiency requirements. We may face higher costs from any laws requiring enhanced energy efficiency measures, changes to cooling systems, caps on energy usage, land use restrictions, limitations on back-up power sources, or other environmental requirements. Because data center agreements tend to have long terms and high upfront costs, any changes in regulations, government actions, customer preferences, or otherwise that occur after an investment is made into a data center could cause significant financial loss. In addition, while we have entered into various agreements for the lease of data center space, equipment, maintenance, and other services, those third parties could fail to deliver on their contractual obligations under those agreements, including agreements to provide us with certain data, equipment, and utilities information required to run our business. Furthermore, we require the data centers we lease to have certain highly specific attributes in order to effectively run our business. For example, these state-of-the art data centers require networking equipment, high-speed interconnects, enhanced access to power, and liquid cooling infrastructures. In many cases, these third-party data centers are required to undergo extensive retrofitting and improvement efforts, including to incorporate novel developments in our industry, which are time consuming, expensive, and less efficient than if we were to lease from spaces already designed for our operations, and which may not ultimately be successful in meeting all of our requirements. If third parties fail to successfully deliver on such performance requirements, our ability to maintain the performance of our network would be negatively impacted. In addition, if data center operators are delayed in making the facilities available to us, we may not be able to fulfill our customer contractual obligations in a timely manner, causing us financial and reputational harm.

可能影响我们平台交付、性能和可用性的其他因素（其中许多超出我们的控制范围）包括：

Other factors, many of which are beyond our control, that can affect the delivery, performance, and availability of our platform include:

- 互联网整体基础设施的开发、维护和运行；

- the development, maintenance, and functioning of the infrastructure of the internet as a whole;

- 第三方电信服务在提供可靠互联网接入和服务所需的速度、数据容量和安全性方面的性能和可用性；

- the performance and availability of third-party telecommunications services with the necessary speed, data capacity, and security for providing reliable internet access and services;

- 我们的冗余系统的成功或失败；

- the success or failure of our redundancy systems;

- 我们的灾难恢复和业务连续性计划的成功或失败；

- the success or failure of our disaster recovery and business continuity plans;

- 我们基础设施所在数据中心设施的所有者和运营者，或为我们提供网络带宽的全球电信服务提供商合作伙伴，决定终止与我们的合同、停止向我们提供服务、关闭运营或设施、提高价格、变更服务水平、限制带宽、宣布破产、违反与我们签订的合同，或优先处理其他方的流量；

- decisions by the owners and operators of the data center facilities where our infrastructure is installed or by global telecommunications service provider partners who provide us with network bandwidth to terminate our contracts, discontinue services to us, shut down operations or facilities, increase prices, change service levels, limit bandwidth, declare bankruptcy, breach their contracts with us, or prioritize the traffic of other parties;

- 我们能否根据业务需求、以可接受的条款并与可接受的交易对手签订数据中心协议和租约；

- our ability to enter into data center agreements and leases according to our business needs and on terms and with counterparties acceptable to us;

- 在数据隐私、数据主权和数据本地化方面不断变化的法规和客户偏好；以及

- changing regulations and customer preferences with respect to data privacy, sovereignty, and localization; and

- 政府监管机构对数据中心开发的态度变化，包括回应公众对环境影响以及开发和电力成本的担忧，这可能招致限制性的政府监管，或以其他方式影响未来额外数据中心的建设。

- changing sentiment by government regulators relating to data center development, including in response to public concerns regarding environmental impact and development and power costs, which may result in restrictive government regulation or otherwise impact the future construction of additional data centers.

此外，与 OpenAI 签订的 MRA 以及我们的大部分客户协议和服务条款均包含服务级别承诺和产能爬坡计划。如果我们因数据中心停机、性能问题或缺陷而无法满足所述服务级别承诺或产能爬坡计划，我们可能有合同义务向受影响客户提供服务抵扣或退款，或承担违约损害赔偿，这可能对发生任何问题并适用抵扣或退款期间或判予损害赔偿期间的经营业绩产生重大影响。由于服务降级和平台中断，我们已向部分受影响客户提供了服务抵扣和/或退款，并可能继续提供。根据 MRA，如果我们在此类服务水平方面出现一定程度的失败，OpenAI 有权终止部分或全部协议。我们还可能面临客户终止合同并退还预付款项的情况，这可能对我们的经营业绩产生重大影响。任何未能达到或维持 MRA 或其他客户协议所要求绩效标准的情况，都将损害我们的业务，并导致重大财务处罚、丧失合同保护、客户不满、声誉受损，以及对我们的业务、财务状况和经营业绩造成重大损害。

In addition, the MRA with OpenAI and most of our customer agreements and terms of service contain service-level commitments and capacity ramp schedules. If we are unable to meet the stated service-level commitments or capacity ramp schedules due to data center downtime, performance problems, or defects, we may be contractually obligated to provide the affected customers with service credits or refunds, or be subject to breach of contract damages, which could significantly affect our results of operations in the periods in which any issues occur and the credits or refunds are applied or when damages are awarded. As a result of degradation of service and interruptions to our platform, we have provided, and may continue to provide, service credits and/or refunds to certain of our affected customers. Under the MRA, if we experience a certain level of failure with respect to such service levels, OpenAI has the right to terminate a portion or all of the agreement. We could also face customer terminations with refunds of prepaid amounts, which could significantly affect our results of operations. Any failures to achieve or maintain the performance standards required under the MRA or other customer agreements would harm our business and result in substantial financial penalties, loss of contractual protections, customer dissatisfaction, damage to our reputation, and substantial harm to our business, financial condition, and results of operations.

上述任何因素的发生，或我们无法高效且经济地修复可能被发现的此类错误或其他问题，都可能损害我们的声誉、对我们的客户关系产生负面影响，或以其他方式对我们的业务、财务状况、经营业绩和前景造成重大损害。

The occurrence of any of these factors, or our inability to efficiently and cost-effectively fix such errors or other problems that may be identified, could damage our reputation, negatively impact our relationship with our customers, or otherwise materially harm our business, financial condition, results of operations, and prospects.

**如果我们无法在需要时以可负担的价格获得数据中心容量（包括电力成本），或未能准确规划和管理我们的基础设施容量需求，我们的业务、财务状况、经营业绩和前景可能会受到损害。**

**If we are unable to secure data center capacity when needed or at affordable rates, including the cost of power, or do not accurately plan for and manage our infrastructure capacity requirements, our business, financial condition, results of operations, and prospects may be harmed.**

我们根据对未来客户需求和未来预期增长率的估计，为我们的云服务产品规划投资水平。近期，我们的云服务和许可支持费用有所增长，以满足当前和预期对我们推理解决方案的需求，包括用于增加数据中心容量以及在新地理区域建立数据中心的投资。与这些投资相关，我们已与第三方数据中心提供商订立长期租赁承诺，并预计将继续订立此类承诺，同时与供应商订立其他重大承诺，包括对扩大合同制造商规模的投资。如果我们低估客户需求或数据中心容量需求，我们可能面临可用基础设施短缺，从而限制我们支持客户增长的能力，并可能导致我们在竞争中失去业务。反之，如果我们高估客户需求或数据中心容量需求，我们可能被锁定在多年期过剩数据中心空间的承诺中，或被要求支付高额合同终止费以提前退出此类义务。此外，我们通常按估计可使用年限对资产计提折旧，若我们的推理解决方案及相关战略发生变化，该年限可能缩短，从而可能损害我们的业务、财务状况、经营业绩和前景。

We plan investment levels for our cloud-based offerings based on estimates of future customer demand and future anticipated rates of growth. In recent periods, our cloud services and license support expenses have grown to meet current and expected demand for our inference solutions, including investments to increase our data center capacity and to establish data centers in new geographic locations. In connection with these investments, we entered, and expect to continue to enter, into long-term lease commitments with third-party data center providers and other significant commitments with suppliers, including investments in scaling up our contract manufacturers. If we underestimate customer demand or our data center capacity needs, we may face shortages of available infrastructure, limiting our ability to support customer growth and potentially causing us to lose business to competitors. Conversely, if we overestimate customer demand or our data center capacity needs, we could be locked into multi-year commitments for excess data center space, or be required to pay significant contract termination fees to early exit such obligations. Further, we typically depreciate our assets over their estimated useful lives, which could be shortened should our inference solutions and related strategy change, which could harm our business, financial condition, results of operations, and prospects.

与长期数据中心承诺相比，我们的云服务产品客户协议期限较短，这使得预测客户需求更加困难。例如，与 OpenAI 的 MRA 规定了多年期初始容量承诺以及潜在的多年期续约条款，但无法保证 OpenAI 会续签这些承诺，或者如果 OpenAI 选择不续约，我们能够充分利用该容量。此外，我们所处行业的波动性使我们和客户难以准确预测需求。我们所需地区的数据中心也可能无法在我们要求的时间、以商业上合理的条款或根本无法获得。根据 MRA，除非另有约定，我们须在指定数量的数据中心交付容量批次，且每个园区须达到最低容量门槛，这可能限制我们在选择数据中心位置和提供商方面的灵活性。我们还须在数据中心满足某些物理和网络安全要求，这也可能限制可用数据中心提供商的范围或增加我们的成本。

In contrast to the long-term data center commitments, our customer agreements for cloud-based offerings have shorter terms, which makes it more difficult to forecast customer demand. For example, the MRA with OpenAI provides for multi-year initial capacity commitments along with potential multi-year renewal terms, but there can be no assurance that OpenAI will renew these commitments or that we will be able to fully utilize the capacity if OpenAI elects not to renew. Further, the volatility of the industry we operate in makes it difficult for us and our customers to accurately forecast needs. Data centers in geographies that we desire may also be unavailable on the timing we require, on commercially reasonable terms, or at all. Under the MRA, unless otherwise agreed to, we are required to deliver capacity tranches across specified numbers of data centers with minimum capacity thresholds per campus, which may constrain our flexibility in selecting data center locations and providers. We are also required to achieve certain physical and cybersecurity requirements at data centers, which could also limit the pool of available data center providers or increase our costs.

此外，我们并不拥有这些数据中心，也未对其运营拥有完全控制权，这些数据中心可能因超出我们控制范围的事件而出现服务中断，包括政府行为、自然事件、断电、环境问题、人为失误、渎职或第三方干扰。数据中心提供商造成的停机或延迟，可能无法免除我们对客户承担的服务水平和交付义务，且数据中心提供商向我们支付的违约金在此类情形下可能不足以使我们完全弥补损失。此外，我们依赖第三方供应商及时提供配备这些数据中心所需的设备和组件，并依赖承包商提供服务。当前或未来的延迟，或无法满足客户需求（包括未能履行我们在 MRA 项下的产能交付义务），可能导致收入损失或延迟、合同违约金或合同终止，或增加我们的成本，所有这些都可能对我们的业务利润率产生不利影响。

Moreover, we do not own, or have complete control over the operations of, these data centers, and they may suffer interruptions in service from events beyond our control, including from acts of government, natural events, power loss, environmental issues, human error, malfeasance or interference by third parties. Downtime or delays caused by data center providers may not excuse our service level and delivery obligations to our customers, and penalties paid by data center providers to us may not make us whole in such situations. In addition, we rely on third-party suppliers to provide equipment and components required to outfit these data centers on a timely basis, as well as contractors for services. Ongoing or future delays or the inability to meet customer demand, including failure to meet our capacity delivery obligations under the MRA, could cause the loss or delay of revenue, contractual penalties or terminations, or increase our costs, all of which could adversely affect the margins of our business.

全球能源市场也正经历中断、通胀和波动压力，各种宏观经济和地缘政治因素加剧了不稳定和全球电力短缺，包括中东冲突。此外，运行这些数据中心的电力成本占整体运营费用的很大一部分。我们已面临并可能继续面临数据中心能源需求成本上升的问题。如果我们无法以合理价格采购电力，或我们的电力供应受到限制，我们的业务、财务状况、经营业绩和前景将受到损害。无法保证为识别和实施数据中心及用电成本优化措施而采取的任何措施能有效降低成本，也无法保证成本节约足以抵消能源价格上涨。

The global energy market is also experiencing disruption, inflation, and volatility pressures, with various macroeconomic and geopolitical factors contributing to the instability and global power shortage, including conflicts in the Middle East. Furthermore, the cost of power to run these data centers is a significant portion of the overall operating expenses. We have faced, and may continue to face, rising costs for data center energy demands. If we cannot procure power at reasonable prices or if our supply of power becomes constrained, our business, financial condition, results of operation, and prospects will be harmed. There can be no assurance that any measures taken to identify and implement cost-optimization measures for data center and power usage will be effective in reducing our costs or that the cost savings will be sufficient to offset rising energy prices .

我们未来可能自建数据中心，而非依赖第三方，这可能导致额外的困难。例如，我们数据中心基础设施的任何潜在扩建都将十分复杂，这些项目完工的意外延迟（包括许可、土地和施工问题以及组件供应问题）可能导致项目成本增加、运营效率低下，或平台交付中断或质量下降。此外，该基础设施可能存在在设计和实施的测试阶段未被发现的问题，这些问题可能只有在我们开始充分利用底层设备后才会显现，从而进一步降低平台性能或增加我们的成本。我们还必须投资于大型基础设施项目的专业能力，并招聘与我们现有员工队伍不同的合适人才。

We may develop our own data centers in the future, rather than relying on third parties, which may result in additional difficulties. For example, any potential expansion of our data center infrastructure would be complex, and unanticipated delays in the completion of those projects, including permitting, land and construction issues, and availability of components may lead to increased project costs, operational inefficiencies, or interruptions in the delivery or degradation of the quality of our platform. In addition, there may be issues related to this infrastructure that are not identified during the testing phases of design and implementation, which may only become evident after we have started to fully utilize the underlying equipment, that could further degrade our platform or increase our costs. We would also have to invest in expertise in large scale infrastructure projects and hire appropriate talent that are different from our current employee base.

**AI 算力解决方案市场竞争激烈、不断演变且需要规模，如果我们不能有效竞争，我们的业务、财务状况、经营业绩和前景可能会受到损害。**

**The market for AI computing solutions is competitive, evolving, and requires scale, and if we do not compete effectively, our business, financial condition, results of operations, and prospects may be harmed.**

AI 算力解决方案市场竞争激烈且不断演变。在我们参与竞争的市场中，新技术和新解决方案正迅速涌现。在硬件方面，我们与半导体公司竞争，包括占据市场主导地位的领导者 NVIDIA Corporation、Advanced Micro Devices, Inc.、Intel Corporation，以及超大规模云厂商和私营企业开发的 AI 加速器。我们还与提供全栈服务的云服务商竞争，如 Amazon.com, Inc.（AWS）、Microsoft Corporation（Azure）、Alphabet Inc.（Google Cloud Platform）和 Oracle Corporation，以及 CoreWeave, Inc. 等针对 AI 优化的专业云厂商和其他新兴云厂商。我们的部分竞争对手同时也是我们当前或潜在的客户。这些公司中的许多规模庞大、根基深厚，且拥有比我们更雄厚的财务资源。此外，许多公司（包括但不限于超大规模云厂商和基础模型开发商等潜在客户）已经或正在基于当前或新技术开发自己的 AI 算力解决方案，并在内部使用这些解决方案，同时将其向外部客户变现，这两种情形均与我们的产品和服务形成竞争。我们的许多当前和潜在竞争对手享有相对于我们的竞争优势，例如旨在阻止新市场进入者的知名且前沿的技术与软件栈、更高的品牌知名度、成熟的开发者社区、具备关键行业知识的成熟工程团队、更长的经营历史、更雄厚的财务资产、更强的随客户需求扩张和收缩的能力、更多的数据中心容量以及购买土地以更低电力成本建设更大、更定制化数据中心的能力、更丰富的产品组合、更大的销售和营销资源、更稳固的关系（包括 AI 生态系统参与者之间的关系和投资）、更广泛的地理覆盖或更大、更成熟的客户群、更全面和成熟的知识产权组合和专利保护、更稳健的供应链（包括与供应商的有利合同以及影响或完全锁定关键供应商的能力）以及其他资源。这些竞争对手还可能更有效地识别和把握新市场与客户趋势中的机会，更有能力确保供应商或可能拥有供应商的优先准入权，并获得比我们更充足的研发运营、设计、制造和代工解决方案、晶圆代工及封装测试产能，这可能损害我们的业务。拥有更雄厚财务资源的竞争对手可能能够提供比我们更低的价格，或者提供我们可能无法匹配的额外产品、服务或其他激励措施。此外，尽管我们与多方竞争，我们还在一个拥有占据主导地位的现有巨头的市场中运营。这带来了诸多竞争压力，包括更难让市场认知我们的产品，或获得市场份额。占据主导地位的现有巨头还有能力以对其有利的方式影响市场和用户社区的方向。在此类情况下，我们对准确预测市场方向的可见度较低，而该方向可能与我们的优势和路线图不一致。如果我们无法影响 AI 社区转而使用我们的产品，或者如果我们无法有效竞争，或无法转化新客户，我们的业务、财务状况、经营业绩和前景可能受到损害。

The market for AI computing solutions is highly competitive and evolving. New technologies and solutions are rapidly emerging in the markets in which we compete. With respect to hardware, we compete against semiconductor companies such as NVIDIA Corporation, a dominant market leader, Advanced Micro Devices, Inc., Intel Corporation, as well as AI accelerators developed by hyperscalers and private companies. We also compete against full-service cloud service providers such as Amazon.com, Inc. (AWS), Microsoft Corporation (Azure), Alphabet Inc. (Google Cloud Platform), and Oracle Corporation, as well as AI-optimized specialized clouds such as CoreWeave, Inc. and other neo-clouds. Certain of our competitors are also current or prospective customers. Many of these companies are large, well established, and have greater financial resources than we do. In addition, many companies, including potential customers such as, but not limited to, hyperscalers and foundation model builders, have developed or are developing their own AI computing solutions based on current or new technologies, and are using such solutions internally and monetizing them with external customers, in both instances in ways that compete with our product and service offerings. Many of our current and potential competitors benefit from competitive advantages over us, such as prominent and cutting-edge technology and software stacks designed to keep out new market entrants, greater name recognition, established developer communities, established engineering teams with key industry knowledge, longer operating histories, greater financial assets, greater ability to scale up and down with customer demand, more data center capacity and ability to purchase land to build larger and more custom data centers with lower cost of power, more varied product offerings, larger sales and marketing resources, more established relationships, including relationships and investments among AI ecosystem participants, wider geographic presence or larger, more established customer bases, more comprehensive and mature intellectual property portfolios and patent protections, a more robust supply chain, including favorable contracts with suppliers and ability to influence or fully capture our key suppliers, and other resources. These competitors may also be able to more effectively identify and capitalize upon opportunities in new markets and customer trends, be better able to secure suppliers or may have priority access to suppliers, and obtain sufficient research and development operations, design, manufacturing, and fabrication solutions, foundry and assembly and test capacity than we can, which may harm our business. Competitors with greater financial resources may be able to offer lower prices than us, or they may offer additional products, services, or other incentives that we may be unable to match. Additionally, while we compete against many parties, we also operate in a market with a dominant incumbent. This introduces a number of competitive pressures, including that it is more challenging to gain market awareness of our products, or gain market share. A dominant incumbent also has the ability to influence the direction of the market and user community in ways that are advantageous to them. In such cases, we have less visibility to be able to accurately predict the direction of the market, and such direction may not be consistent with our strengths and roadmap. If we cannot influence the AI community to engage with our offerings instead, or if we are unable to compete effectively, or are unable to convert new customers, our business, financial condition, results of operations, and prospects may be harmed.

此外，客户的期望与需求正在快速演变。因此，我们的一些竞争对手可能更有能力满足不断变化的客户需求并赢得设计订单。例如，我们的软件产品目前针对某些 AI 模型（如 LLM 和多模态视觉模型）进行了优化。如果 AI 模型架构发生重大变化，我们可能需要时间构建软件支持，在此期间我们可能会失去潜在或现有客户及开发者。

Additionally, customer expectations and requirements are rapidly evolving. As a result, some of our competitors may be better situated to meet changing customer needs and secure design wins. For example, our software offering is currently optimized around certain AI models, such as LLMs and multimodal vision models. Should AI model architectures significantly change, it may take us time to build out the software support, and we may lose potential or current customers and developers in the interim.

尽管我们相信当前的处理器设计及相关软件已针对多种 AI 和高性能计算工作负载进行了优化，包括我们通过投资当前架构持续扩展性能的能力，但算力领域的颠覆性技术（包括“超越摩尔”技术和创新）有可能严重颠覆当前的计算机处理技术，包括我们的技术。尽管我们持续投资于先进的系统和半导体技术及相关软件开发，但我们可能无法使我们的技术、知识产权和专业知识适应此类新范式，而我们成熟的竞争对手和专注于此类技术的新进入者可能能够做到。如果我们无法创新、参与并利用此类新领域，或者如果我们的解决方案与其他 AI 解决方案不兼容，我们的解决方案可能会过时，我们可能会失去市场份额和客户，我们的业务、财务状况、经营业绩和前景可能会受到损害。

While we believe that our current processor design and associated software are optimized for a variety of AI and high-performance computing workloads, including our ability to continue to scale performance through investments in our current architectures, disruptive technologies in compute, including “more than Moore” technologies and innovations, have the potential to severely disrupt current computer processing technologies, including ours. While we continue to invest in advanced system and semiconductor techniques, and related software development, we may not be able to adapt our technologies, intellectual property, and expertise to such new paradigms, while our established competitors and new entrants specializing in such technologies may. If we are unable to innovate, participate in, and leverage such new fields, or if our solutions are not compatible with other AI solutions, our solutions may become obsolete, we may lose market share and customers, and our business, financial condition, results of operations, and prospects may be harmed.

此外，我们销售的是高端解决方案，而按某些衡量标准，竞争对手的解决方案购买成本可能更低，这可能限制能够或愿意购买我们产品的客户数量。尽管我们所在的市场正在快速演变，但随着市场趋于成熟，AI 算力解决方案可能日益商品化，届时许多不同的解决方案都能满足客户需求。可能导致商品化的因素包括 AI 算力的进步、AI 模型架构的进步或简化（从而降低对复杂算力的需求）以及消费者偏好，这些因素单独或与其他因素共同作用可能导致价格侵蚀。如果我们无法建立并保持支持溢价定价的竞争领先地位，或无法通过增加销量来抵消价格下降，我们的业务、财务状况、经营业绩和前景可能会受到损害。

Further, we sell a premium solution, and our competitors’ solutions may be less expensive to purchase by certain measures, which may limit the number of customers who can or will buy our product. While the market in which we operate is evolving rapidly, as it matures, AI computing solutions may become increasingly commoditized, where many different solutions become sufficient for customer requirements. Factors that may contribute to commoditization include advances in AI compute, advances in or simplifications of AI model architectures that require less sophisticated compute, and consumer preferences, which alone or in combination with other factors may lead to price erosion. If we are unable to establish and maintain a competitive lead that supports premium pricing or offset price reductions with increased sales, our business, financial condition, results of operations, and prospects may be harmed.

我们还可能遭遇竞争对手的歧视性或反竞争行为，这可能阻碍我们的增长、导致我们产生额外费用，或以其他方式损害我们的业务。例如，其中一些竞争对手可能利用其市场力量劝阻潜在或现有客户向我们采购，或劝阻潜在或现有供应商与我们合作。我们的竞争对手还可能彼此之间或与第三方建立合作关系、对客户和合作伙伴进行股权投资，或收购提供与我们类似产品或服务的公司，从而增强其打造封闭生态系统或获取人才的能力。我们预计这一趋势将持续下去，因为各公司试图提高不断增长的研发成本的杠杆效应，并在不断演变的行业中强化或维持其市场地位。

We may also experience discriminatory or anti-competitive practices by our competitors that may impede our growth, cause us to incur additional expense, or otherwise harm our business. For example, some of these competitors may use their market power to dissuade potential or current customers from purchasing from us or potential or current suppliers from working with us. Our competitors may also establish cooperative relationships among themselves or with third parties, make equity investments in customers and partners, or acquire companies that provide similar products or services as ours, that further their ability to create a closed ecosystem or to acquire talent. We expect this trend to continue as companies attempt to improve the leverage of growing research and development costs, and strengthen or hold their market positions in an evolving industry.

我们的某些竞争对手拥有活跃的并购渠道，并拥有充足资金，可通过非有机方式加速其产品开发。此外，作为我们战略合作伙伴、供应商或客户的公司可能收购我们的竞争对手或与其结成联盟，从而减少与我们之间的业务往来。我们认为，行业整合已经并可能继续催生更强大的竞争对手，它们更有能力作为单一来源供应商与客户竞争。无法保证我们不会被迫采取降价或限制利润率的举措，或被迫增加广告及其他费用，以应对竞争压力来吸引和留住客户。任何这些因素，单独或与其他因素共同作用，都可能损害我们的业务、财务状况、经营业绩和前景，并导致市场份额流失和定价压力上升。

Certain of our competitors have active merger and acquisition pipelines and are well-funded to inorganically accelerate their product development. In addition, companies that are strategic partners, vendors, or customers may acquire or form alliances with our competitors, thereby reducing their business with us. We believe that industry consolidation has and may continue to result in stronger competitors that are better able to compete as sole-source vendors for customers. There can be no assurance that we will not be forced to engage in price-cutting or margin limiting initiatives, or to increase our advertising and other expenses to attract and retain customers in response to competitive pressures. Any of these factors, alone or in combination with others, may harm our business, financial condition, results of operations, and prospects, and result in a loss of market share and an increase in pricing pressure.

**AI 技术更广泛的采用、使用和商业化，以及 AI 领域持续快速的发展步伐，本质上具有不确定性。如果我们无法扩大我们产品的应用范围、跟上不断演变的 AI 技术要求，或者我们开发并推向市场的新产品不成功，我们的业务、财务状况、经营业绩和前景可能会受到损害。**

**The broader adoption, use, and commercialization of AI technology, and the continued rapid pace of developments in the AI field, are inherently uncertain. If we are unable to expand the application of our offerings, keep up with evolving AI technology requirements, or if new offerings we develop and introduce into the market are not successful, our business, financial condition, results of operations, and prospects may be harmed.**

我们的成功取决于我们能否吸引新客户和用户使用我们的产品，而这又取决于我们产品的竞争力和吸引力。AI 一直在快速发展，并持续演进和变化。随着对 AI 服务的需求持续增长，包括我们客户在内的 AI 提供商纷纷寻求更高的算力，以推动其 AI 模型的进步并满足终端用户的需求。我们预计，来自现有竞争对手和新市场进入者的竞争将会加剧，他们的产品或服务可能定价低于我们，可能比我们的产品更适合新兴技术，或者可能提供更优的性能或我们的产品或服务所不具备的附加功能。此外，潜在或现有客户可能会要求提供最适合其特定用例的功能，从而影响我们的产品路线图。如果我们无法适应以满足客户的要求，他们可能会使用有竞争力的产品或内部解决方案，从而不再依赖第三方提供商。此外，优先开发此类功能可能需要大量工程资源，并且可能与其他客户的要求不兼容，这可能会影响我们平台的整体采用。

Our success depends on our ability to attract new customers and users to our offerings, which in turn depends on the competitiveness and desirability of our offerings. AI has been developing at a rapid pace, and continues to evolve and change. As demand continues for AI services, AI providers, including our customers, have sought increased compute capacity to enable advancements in their AI models and service the demands of end users. We expect competition to increase from both existing competitors and new market entrants with products or services that may be lower priced than ours, may be better optimized than our offerings for emerging technologies, or may provide better performance or additional features not provided by our products or services. Additionally, prospective or existing customers may influence our product roadmap by requiring features optimal for their particular use case. If we are unable to adapt to meet customers’ requirements, they may use competitive offerings or internal solutions that eliminate reliance on third-party providers. Moreover, prioritizing development of such features may require significant engineering resources and may not be compatible with the requirements of other customers, which could impact overall adoption of our platform.

除发布现有产品的下一代版本外，我们的业务战略还可能涉及向市场推出新 offerings，这些 offerings 面临不同的风险和不确定性。无法保证此类新 offerings 会被广泛接受。例如，我们于 2024 年发布了推理解决方案，如果我们未能赢得广泛的客户采用，我们将无法参与 AI 市场的重要细分领域。我们的客户，尤其是对于我们基于云的 offerings，也可能无法准确预测其 AI 算力需求。因此，我们可能无法签订长期合同，或者即使签订了，如果客户情况发生变化，我们可能被客户要求后续修改合同。如果合同被终止、违约或未续签，我们的云中可能有大量闲置系统，需要时间转售。此外，如果对高速推理（包括实时、基于代理或其他类似应用）的市场需求不存在或未如预期增长，我们的推理解决方案可能不会成功。新产品或服务的竞争格局、客户偏好、市场压力以及技术和产品挑战可能与我们的现有 offerings 不同。我们无法保证新产品 offerings 能及时取得成功，或根本无法取得成功。不断演变的法律和监管环境也可能影响客户偏好。例如，与开源 AI 模型相比，潜在客户可能更青睐提供版权侵权索赔赔偿的闭源 AI 模型提供商，而随着当前一批 AI 版权侵权诉讼在法院推进，此类偏好可能会发生变化。如果我们的解决方案不允许我们或我们的客户遵守最新监管要求，我们向现有客户销售解决方案和服务可能会减少，新客户采用我们 offerings 的可能性也会降低。

In addition to releasing next generation versions of existing products, our business strategy may involve introducing new offerings to the market, which are subject to different risks and uncertainties. There can be no assurance that such new offerings will be broadly accepted. For instance, we released our inference solution in 2024, and if we fail to win broad customer adoption, we will be unable to participate in a significant segment of the AI market. Our customers, in particular for our cloud-based offerings, may also not be able to accurately forecast their AI compute needs. Accordingly, we may not be able to enter into long-term contracts or even if we do, we may be asked by customers to revise contracts later if their circumstances change. If contracts are terminated, breached, or not renewed, we may have large quantities of idle systems in our cloud, that take time to resell. In addition, if market demand for high-speed inference, including for real-time, agent-based, or other similar applications, does not exist or increase as expected, our inference solution may not be successful. The competitive landscape, customer preferences, market pressures, and technical and product challenges for new products or services may be different from our existing offerings. We can provide no assurance that new product offerings will achieve success on a timely basis, or at all. Evolving legal and regulatory landscape may also influence customer preferences. For example, prospective customers may favor closed-source AI model providers who provide indemnification against copyright infringement claims as compared to open source AI models, and such biases may change as the current cohort of AI copyright infringement litigation proceed through the courts. If our solutions do not allow us or our customers to comply with the latest regulatory requirements, sales of our solutions and services to existing customers may decrease and new customers will be less likely to adopt our offerings.

我们的许多竞争对手在其产品和服务中采用与我们所不同的半导体算力架构、平台、工具和技术栈，其中包括一些在行业内占据主导地位的技术，例如 GPU。AI 模型开发者已经并可能继续针对此类既有技术而非我们的解决方案来设计和优化 AI 模型。我们产品与服务相关的复杂性和费用通常需要漫长的客户教育、评估和审批流程。因此，我们可能产生大量费用，并投入大量管理精力和开支来开发潜在关系，而这些关系最终未能达成协议或产生收入，并可能使我们无法把握其他机会。潜在客户也可能不愿意或无法从传统 AI 解决方案转换到我们的解决方案，我们可能无法吸引新客户。如果出现限制或消除对像我们这样的 AI 云平台提供商依赖的新技术，或使我们的竞争对手能够以更低价格、更高效、更便捷或更安全地提供有竞争力的服务，此类技术可能对我们的竞争能力产生不利影响。如果我们的产品或服务与其他 AI 解决方案（包括竞争对手的解决方案）不兼容或无法结合使用，现有客户还可能感到不满或停止购买我们的产品与服务。

Many of our competitors use different semiconductor compute architectures, platforms, tools, and technology stacks from ours in their products and services, including some, like GPUs, that are dominant in the industry. AI model developers have and may continue to design and optimize AI models for such incumbent technologies rather than our solutions. The complexity and expense associated with our offerings generally require a lengthy customer education, evaluation, and approval process. Consequently, we may incur substantial expenses and devote significant management effort and expense to develop potential relationships that do not result in agreements or revenue and may prevent us from pursuing other opportunities. Potential customers may also be unwilling or unable to convert from legacy AI solutions to our solution, and we may be unable to attract new customers. If new technologies emerge that limit or eliminate reliance on AI cloud platform providers like us, or that enable our competitors to deliver competitive services at lower prices, more efficiently, more conveniently, or more securely, such technologies could adversely impact our ability to compete. Current customers may further be dissatisfied or stop purchasing our offerings if our products or services are not compatible with or able to be used in combination with other AI solutions, including those of our competitors.

此外，我们的硬件系统需要具备充足电力、设备和冷却基础设施的数据中心，而我们或我们的客户可能无法随时获得此类设施。就我们的云端产品而言，出于监管和性能方面的原因，客户可能要求我们的数据中心位于特定司法管辖区，而此类站点可能无法随时可用。这可能导致客户延迟采购或延迟接受此前已购货物的交付，从而可能损害我们的财务状况和经营业绩，包括收入确认的时点。

In addition, our hardware systems require data centers with sufficient power, equipment, and cooling infrastructures, which may not be readily available to us or our customers. In the case of our cloud-based offerings, customers may require our data centers to be located in certain jurisdictions for regulatory and performance reasons, which sites may not be readily available. This may cause customers to delay purchases or delay acceptance of delivery of previously purchased goods, which may harm our financial condition and results of operations, including timing of revenue recognition.

目前，我们的 AI 算力解决方案侧重于加速 GenAI 模型架构（包括 LLM 和多模态视觉模型）的训练和推理。我们的成功部分取决于我们能否将解决方案的应用扩展到其他使用领域，例如图像和视频生成模型、机器人模型和世界模型，以及尚未被发现的新 AI 应用领域，还有新的或扩展的垂直行业。如果我们无法服务并把握此类用例，我们可能失去市场份额，无法实现业务增长。

Currently, our AI computing solution is focused on accelerating training and inference for GenAI model architectures, including LLMs and multimodal vision models. Part of our success will depend on our ability to expand the application of our solution to other areas of use, such as image and video generation models, robotics models, and world models, and new AI application areas yet to be discovered, as well as new or expanded verticals. If we are unable to service and capture such use cases, we may lose market share and not be able to grow our business.

我们的产品还必须与各种网络、硬件、存储、基础设施和软件技术集成，例如在数据中心进行物理集成以及与客户产品进行 API 集成，并且我们需要持续修改和增强我们产品的能力，以适应这些技术的变化和创新。如果我们的客户广泛采用新技术或改变其产品供应，我们可能需要重新设计部分产品以适配这些新技术。这些开发工作可能需要大量的工程、营销和销售资源，所有这些都会影响我们的业务、财务状况、经营业绩和前景。如果我们的基础设施能力无法与未来技术和软件平台有效配合运行，可能会降低对我们产品的需求。如果我们无法以具有成本效益的方式及时应对这些变化，我们的产品可能会变得市场吸引力下降、竞争力减弱或被淘汰，我们的业务可能会受到损害。

Our offerings must also integrate with a variety of network, hardware, storage, infrastructure, and software technologies, such as physical integrations at the data centers and API integrations with customer products, and we need to continuously modify and enhance the capabilities of our offerings to adapt to changes and innovation in these technologies. If our customers widely adopt new technologies or change their product offerings, we may need to redesign parts of our offerings to work with those new technologies. These development efforts may require significant engineering, marketing, and sales resources, all of which would affect our business, financial condition, results of operations, and prospects. Any failure of our infrastructure’s capabilities to operate effectively with future technologies and software platforms could reduce the demand for our offerings. If we are unable to respond to these changes in a cost-effective and timely manner, our offerings may become less marketable and less competitive or obsolete, and our business may be harmed.

如果我们的产品未被广泛采用，或者如果我们无法成功开发和部署更多进入市场的方法，或扩大我们产品所竞争的功能领域，我们的业务、财务状况、经营业绩和前景可能会受到损害，我们将无法实现业务增长。

If our offerings are not widely adopted, or if we are unable to successfully develop and deploy additional go-to-market methods or expand the functional areas in which our offerings compete, our business, financial condition, results of operations, and prospects may be harmed, and we will be unable to grow our business.

**我们依赖第三方供应商，包括某些独家供应商，并且我们几乎所有的制造服务和组件均按采购订单采购，没有产能或数量承诺，这可能损害我们的竞争能力、满足客户需求的能力、履行客户合同或产品上市的能力，以及我们的声誉、业务、财务状况、经营业绩和前景。**

**We depend on third-party suppliers, including certain sole sources, and substantially all of our manufacturing services and components are procured on a purchase order basis without capacity or volume commitments, which may harm our ability to compete, meet customer demand, satisfy customer contracts or bring products to market, and our reputation, business, financial condition, results of operations, and prospects.**

我们采用无晶圆厂制造模式，利用第三方供应商，例如第三方晶圆代工厂，以及位于多个国家（包括美国境外）的系统组装和测试服务提供商。我们依赖一家第三方代工厂——台湾积体电路制造股份有限公司（“TSMC”）——利用其制造设备和技术生产我们的专有处理器。我们从第三方供应商处采购服务器、现场可编程门阵列、网络交换机、冷却单元、互连器件和机箱等众多组件。除我们内部执行的某些组装、封装和测试步骤外，我们不自行组装、测试或封装产品，而是与独立合同制造商签约。我们的大多数产品设计为采用特定工艺制造，通常是在某一家特定制造工厂、由特定供应商完成。此外，我们产品中使用的许多组件来自独家或单一来源供应商，或使用单一供应商执行产品制造中涉及的某些工序。与独家或单一来源供应商的任何争议都将严重损害我们制造产品的能力，进而损害我们的业务。此外，我们的某些组件（例如但不限于晶圆）交货周期较长。因此，我们高度依赖供应商，并依赖他们分配足够的制造产能以满足我们的需求、以可接受的良率开发质量可接受的产品，并及时向我们交付这些产品。

We operate a fabless manufacturing model that utilizes third-party suppliers, such as a third-party wafer foundry, as well as system assembly and test service providers in a number of countries, including outside the United States. We depend on one third-party foundry, Taiwan Semiconductor Manufacturing Company Limited (“TSMC”), to manufacture our proprietary processor using its fabrication equipment and techniques. We purchase components such as servers, field-programmable gate arrays, network switches, cooling units, interconnects, and chassis, among many others, from third-party providers. Except for certain assembly, packaging, and testing steps that we perform internally, we do not assemble, test, or package our products, but instead contract with independent contract manufacturers. Most of our products are designed to be manufactured in a specific process, typically at one particular fabrication facility with particular suppliers. In addition, we source a number of the components used in our products from sole or single-source suppliers, or use a single supplier to perform certain of the processes involved in the manufacture of the products. Any dispute with a sole or single-source supplier would materially harm our ability to manufacture our products and accordingly would harm our business. In addition, some of our components, such as, but not limited to, our wafer, have long lead times. As a result, we are highly reliant on our suppliers, and depend on them to allocate sufficient manufacturing capacity to meet our needs, develop products of acceptable quality at acceptable yields, and deliver those products to us on a timely basis.

此外，我们通常不与供应商（包括独家或单一来源供应商）签订长期产能承诺。目前，我们几乎所有的制造服务和组件订单均以采购订单方式进行交易，并且在许多情况下，我们针对每份采购订单单独协商定价，我们的承包商和供应商没有义务在任何特定期间、按任何特定数量或任何特定价格向我们提供服务或供应产品，除非特定采购订单中另有规定。我们供应商的其他客户可能比我们规模更大、资金更雄厚，或与这些供应商签有长期协议，他们可能促使这些供应商将产能重新分配给他们，这可能损害我们为产品确保所需制造、组装和测试产能的能力。此外，我们的竞争对手可能与我们的供应商签有长期产能承诺，在供应有限时，我们的供应商可能有义务根据这些协议优先考虑我们的竞争对手。我们规模较大的竞争对手还可能利用其市场影响力影响供应商，扰乱或限制制造服务和组件的供应，或导致市场上较小公司的供应和价格波动。

Further, we do not generally have long-term capacity commitments with our suppliers, including those that are sole or single-sourced. Substantially all of our manufacturing services and component orders are currently transacted on a purchase order basis, and in many instances we negotiate pricing separately for each purchase order, with our contractors and suppliers having no obligation to perform services or supply products to us for any specific period, in any specific quantities, or at any specific price, except as may be provided in a particular purchase order. It is possible that other customers of our suppliers that are larger and better financed than we are, or have long-term agreements with these suppliers, may induce these suppliers to reallocate capacity to them, which could impair our ability to secure manufacturing, assembly, and testing capacity that we need for our products. Further, our competitors may have long-term capacity commitments with our suppliers, and our suppliers may be obligated to prioritize our competitors under these agreements when supply is limited. Our larger competitors may also leverage their market power to influence suppliers and disrupt or limit the availability of manufacturing services and components or cause fluctuations in availability and price for smaller companies in the market.

我们的一些供应商在向我们交付产品和服务方面出现延迟或未能交付，原因包括所需原材料、组件和服务供应短缺或中断、物流和运输问题、争议、诉讼、禁令及其他法律程序，以及监管问题。我们依赖供应商的可用性和配合来制造和组装我们的产品，而我们的供应商并未保证未来能向我们提供充足的产能。我们的供应商（包括我们的独家或单一来源供应商）可能出于任何理由或无理由（包括因争议或谈判失败或停滞）选择停止向我们供应关键组件或服务。任何关键供应商关系的不利变化都可能导致我们停止制造和部署我们的产品和服务（包括无法按对客户的承诺交付日期交付），并对我们的业务、财务状况、经营业绩和前景造成重大损害。

Some of our suppliers have been delayed in delivering, or have failed to deliver, products and services to us, including due to shortages in or disruptions to the necessary supply of raw materials, components, and services, logistics and transport issues, disputes, litigation, injunction, and other legal processes, and regulatory issues. We are dependent on the availability and cooperation of our suppliers to manufacture and assemble our products, and our suppliers have not provided assurances that adequate capacity will be available to us in the future. Our suppliers, including our sole or single-sourced suppliers, may choose, for any reason or no reason, including due to a dispute or failed or stalled negotiations, to cease supplying critical components or services to us. An adverse change in any critical supplier relationship may cause us to discontinue the manufacture and deployment of our products and services, including against committed delivery dates to customers, and materially harm our business, financial condition, results of operations, and prospects.

如果我们的供应商运营受到限制或中断，或者如果他们终止与我们的业务关系，我们可能需要寻求替代供应来源，而替代来源可能并不存在。寻找、认证并在可接受的良率下与新供应商建立可靠生产所需的提前期通常很长，而且往往没有现成的替代供应商。此外，认证新供应商通常成本高昂，且他们开发和提供的产品或服务可能不如我们现有供应商那样具有成本效益，这可能损害我们以有竞争力的价格定价产品同时实现目标利润率的能力。这些短缺和中断反过来可能损害我们制造产品并及时向客户交付产品的能力，并可能导致我们违反与客户的协议。我们还曾不得不认证替代供应商，并在现有供应商因业务变化而不再支持我们的需求时，经历过产品交付延迟。如果一个或多个供应商不再制造我们的产品、未能及时履行其义务或未达到令人满意的质量水平、在受限环境中被要求优先考虑其他实体，或决定终止与我们的业务关系，那么我们将其产品推向市场并及时向客户交付产品的能力可能会受到损害。

If our suppliers’ operations are curtailed or disrupted, or if they discontinue their business relationship with us, we may need to seek alternate sources of supply, which may not exist. The lead time needed to identify, qualify, and establish reliable production at acceptable yields with a new supplier is typically lengthy, and there is often no readily available alternative supplier. In addition, qualifying new suppliers is often expensive, and they may not develop products or provide services as cost-effectively as our current suppliers, which could harm our ability to price our products competitively while achieving our desired margin. These shortages and disruptions may, in turn, harm our ability to manufacture and timely deliver our products to our customers, and may cause us to breach our agreements with our customers. We have also had to qualify alternative suppliers and have experienced delays in delivering our products when existing suppliers no longer supported our requirements due to changes in their business. If one or more of our suppliers no longer manufactures our products, fails to perform its obligations in a timely manner or at satisfactory quality levels, is obligated to prioritize other entities in a constrained environment, or decides to discontinue their business relationship with us, our ability to bring products to market and to timely deliver products to our customers may be harmed.

此外，如果我们的组件供应商停止或无法为我们制造某一组件，我们可能还被迫向现有供应商进行大规模的“全生命周期”采购，购买受影响的组件或部件，以便我们能够满足客户需求或重新设计产品。对此类停产组件进行大规模的全生命周期采购，可能大幅增加我们的库存和其他费用（例如保险费用），并使我们需要承担额外风险，例如产品可能随后无法从替代来源获得而导致的损失或损坏。在任何此类情况下，我们可能无法满足客户需求，可能无法履行合同义务，并可能需要重新设计产品。这可能导致我们向客户支付巨额损害赔偿，我们的收入可能下降，从而损害我们的业务、财务状况、经营业绩和前景。如果我们高估了“全生命周期”采购数量，我们还可能产生过剩库存，从而导致核销。

Additionally, if our component suppliers cease to, or become unable to, manufacture a component for us, we may also be forced to make a significant “lifetime” purchase of the affected component or part from an existing supplier, in order to enable us to meet our customer demand or to re-engineer a product. Significant lifetime purchases of such discontinued components could significantly increase our inventory and other expenses, such as insurance costs, and expose us to additional risks, such as the loss of, or damage to, products that may not subsequently be available to us from an alternative source. In any such circumstances, we may be unable to meet our customers’ demands and may fail to meet our contractual obligations and may need to redesign our products. This may result in the payment of significant damages by us to our customers and our revenue may decline, harming our business, financial condition, results of operations, and prospects. We may also have excess inventory if we overestimate the “lifetime” purchase quantity, which would result in write-offs.

我们产品中有某些组件（包括我们 WSE 所用的晶圆）的制造和交付需要较长的提前期。因此，我们必须在收入确定之前很早就对需求作出估计，并持有充足的营运资金来支付这些组件和其他组件的费用。此外，包括晶圆在内的组件良率存在波动，因此我们在采购组件时必须考虑一定数量的损耗。如果我们对客户需求的估计最终不准确（我们不时遇到这种情况），供需之间可能出现严重不匹配。这种不匹配在过去已经导致、未来也可能导致产品短缺和库存过剩，并对我们的经营业绩产生相应影响。如果我们低估了客户对我们产品的未来需求，我们的供应商可能没有足够的提前期或产能来增加生产，我们可能无法及时或以具有成本效益的方式获得足够的库存来满足订单。如果我们未能及时或完全履行客户订单，我们的客户关系可能受损，我们可能失去收入和市场份额，我们的声誉可能受到损害。如果我们高估了客户的未来需求，我们可能持有转售价值有限或毫无转售价值的过剩库存，这将损害我们的业务、财务状况、经营业绩和前景。如果我们为提高产能以满足产能预测而扩大制造能力，我们的营运资金需求也将增加。

There are certain components in our products that require long lead times to manufacture and deliver, including the wafer for our WSE. Accordingly, we must make estimates of demand well in advance of certainty of revenue and carry sufficient working capital to pay for these and other components. In addition, the yield on components, including our wafers, is variable and thus we must account for a certain amount of waste when purchasing components. If our estimates of customer demand are ultimately inaccurate, as we have experienced from time to time, there could be a significant mismatch between supply and demand. This mismatch has in the past resulted, and may in the future result, in both product shortages and excess inventory, with a corresponding impact to our results of operations. If we underestimate our customers’ future demand for our products, our suppliers may not have adequate lead-time or capacity to increase production and we may not be able to obtain sufficient inventory to fill orders on a timely basis or in a cost-effective manner. If we fail to fulfill our customers’ orders on a timely basis, or at all, our customer relationships could be damaged, we may lose revenue and market share and our reputation may be harmed. If we overestimate our customers’ future demand, we may have excess inventory with limited or no resale value, which would harm our business, financial condition, results of operations, and prospects. To the extent we increase our manufacturing capacity to fulfill capacity forecasts, our working capital needs will also increase.

我们的部分客户协议规定，且未来客户协议也可能要求，若我们未能及时或在特定日期前交付产品和服务，需承担某些补救措施。若我们的第三方供应商未能按预期时间表提供服务或交付组件（包括因不可抗力或其他超出其控制的原因），我们可能需向客户支付损害赔偿或承担其他责任。此外，我们的部分客户会预付硬件采购款，并在某些情况下有权要求退还该等预付款。

Some of our customer agreements provide for, and future customer agreements may also require, certain remedies if we do not deliver our products and services in a timely manner or by a certain date. If our third-party suppliers do not perform services or deliver components on our expected timeline, including due to force majeure or other reasons beyond their control, we may owe damages or incur other liabilities with our customers. In addition, certain of our customers prepay for hardware purchases and are entitled to refunds of such advances in certain situations.

在我们的晶圆级引擎之前，全晶圆尺寸处理器从未被成功制造并实现大规模商业化部署。我们与台积电合作开发了制造晶圆级引擎所需半导体晶圆所必需的工艺，该等工艺涉及诸多复杂性和专有技术。我们目前依赖台积电生产我们产品中使用的全部晶圆。我们与台积电并无正式的长期供应或分配承诺，且台积电亦为其他公司（包括我们的某些竞争对手）代工晶圆，其中许多竞争对手的规模远大于我们，向台积电采购的晶圆数量也远多于我们。台积电可能短时间通知即减少或终止向我们供货，或提高对我们的售价，所有这些均可能导致收入机会损失、损害我们与客户的关系，并对我们的经营业绩和毛利率造成不利影响。我们的许多供应商（包括台积电）位于地缘政治紧张地区（如台湾和韩国），或位于易发生自然灾害（如地震和台风）的地区。若台积电对我们的晶圆供应或我们所使用的其他合同制造服务因自然灾害、气候变化、水资源短缺、政治动荡、军事冲突、地缘政治动荡、贸易紧张、通货膨胀、政府命令、全球大流行病或健康危机、经济不稳定、设备故障或其他原因而出现任何重大中断，均可能损害我们的业务、财务状况、经营业绩和前景。

Prior to our wafer-scale engine, a full wafer-sized processor had not previously been successfully manufactured and commercially deployed in high volumes. We worked with TSMC to develop the processes necessary to manufacture the semiconductor wafers needed for our wafer-scale engine, which involve many complexities and proprietary technologies. We are currently dependent on TSMC to produce all of the wafers that we use in our products. We have no formalized long-term supply or allocation commitments from TSMC, and TSMC also fabricates wafers for other companies, including certain of our competitors, many of whom are significantly larger than us and purchase considerably more wafers from TSMC than we do. TSMC could reduce or eliminate deliveries to us on short notice, or raise their prices to us, all of which may result in loss of revenue opportunities, damage our relationships with our customers, and harm our results of operations and gross margin. Many of our suppliers, including TSMC, are located in areas of high geopolitical tension, such as Taiwan and South Korea, or in areas prone to natural disasters, such as earthquakes and typhoons. Any substantial disruption in TSMC’s supply of wafers to us, or in the other contract manufacturing services that we utilize, as a result of a natural disaster, climate change, water shortages, political unrest, military conflict, geopolitical turmoil, trade tensions, inflation, government orders, global pandemics or health crises, economic instability, equipment failure, or other causes, may harm our business, financial condition, results of operations, and prospects.

**我们的供应链漫长、复杂且遍布全球，存在诸多相互依赖关系。供需的任何重大波动或供应链中断均可能损害我们制造产品并向客户交付产品的能力。**

**Our supply chain is long, complex, and global, with many interdependencies. Any significant fluctuations of supply and demand or disruption to our supply chain may harm our ability to manufacture and deliver our products to our customers.**

我们的产品依赖于许多不同复杂程度的电子元件和原材料，以及用于产品设计的软件工具。因此，我们的供应链依赖于全球半导体行业的诸多方面，该行业具有高度周期性，并因快速的技术变革、产品的快速过时和价格侵蚀、不断演变的标准以及频繁的新产品推出等原因而出现供需的大幅波动。在近期的全球经济衰退期间，该行业经历了显著的低迷，其特征是产品需求减少、产能过剩和库存水平高企。半导体行业的任何好转都可能导致对供应商资源的竞争加剧。此外，行业整体趋势对特定细分领域和供应商的影响难以预测。

Our products depend on many different electronic components of varying complexity and raw materials, as well as software tools for the design of our products. Accordingly, our supply chain is dependent on many aspects of the global semiconductor industry, which is highly cyclical and subject to wide fluctuations of supply and demand as a result of rapid technological change, rapid product obsolescence and price erosion, evolving standards, and frequent new product introductions, among other reasons. The industry has experienced significant downturns during recent global recessions, characterized by diminished product demand, production overcapacity, and high inventory levels. Any upturn in the semiconductor industry could result in increased competition for access to suppliers. Additionally, the impact of industry-wide trends on specific segments and suppliers is difficult to predict.

我们产品的物料清单冗长且复杂，包含若干交货周期较长的组件，某些关键组件依赖单一来源供应商。例如，台积电制造我们的全部晶圆，而更换为其他代工厂将需要开发新的专有工艺和技术，这可能成本高昂并延长生产时间。我们的一些供应商规模较小，无法适应所需产能的波动。在其他情况下，我们的需求仅占供应商业务的一小部分，因此我们可能不是此类供应商的优先客户。

Our products have long and complex bills of materials, with several long lead time components and single-source suppliers for certain critical components. For example, TSMC fabricates all of our wafers, and switching to a different foundry would require development of new proprietary processes and technologies, which may be expensive and increase production time. Some of our suppliers are small and are unable to accommodate fluctuations in required capacity. In other cases, our requirements represent a small portion of a supplier’s business, and therefore we may not be a priority for such supplier.

我们的供应链还受到有关全球贸易（如进口、出口、关税和税收）的复杂且频繁变化的规则和法规的约束，同时也受到美国和外国政府针对半导体供应链的项目和举措以及其他地缘政治力量的影响。例如，美国和中国都设有旨在影响全球半导体行业未来的国家项目，而此类项目对我们业务的影响不易预测。

Our supply chain is also subject to complex and frequently changing rules and regulations regarding global trade, such as imports, exports, tariffs, and taxes, as well as the effects of U.S. and foreign government programs and initiatives regarding the semiconductor supply chain and other geopolitical forces. For example, both the United States and China have national programs directed toward influencing the future of the global semiconductor industry, and the effects of such programs on our business are not easily predictable.

此外，不可抗力以及我们和供应商无法控制的其他事件，例如 COVID-19 疫情和台湾地震等自然灾害，过去曾导致并未来可能继续导致我们部分供应链中断，包括难以及时采购晶圆和其他必要组件，供应商延长交货周期或将产品置于配给供应状态，要求承诺不可取消的采购并提高价格。此类事件可能免除某些供应商的履约义务，但不免除我们对客户的履约义务，这可能导致我们承担赔偿责任。

Further, force majeure and other events beyond our and our suppliers’ control, such as the COVID-19 pandemic and natural disasters such as earthquakes in Taiwan, have in the past and may in the future result in disruption to parts of our supply chain, including difficulty procuring wafers and other necessary components in a timely fashion, with suppliers increasing lead times or placing products on allocation, requiring committed, non-cancelable purchases and raised prices. Such events may excuse performance of certain suppliers but not excuse our performance to our customers, which may cause us to incur liabilities.

运输中断，例如可用货运能力或劳动力短缺、服务频率变化以及运输渠道中断，也可能增加材料和组件运至我们工厂、我们的产品转移至关键供应商的交付时间和成本，并可能影响我们及时向客户发货的能力。此外，有时我们承担组件从供应商处运输以及产品运至客户途中的损失风险。

Transportation disruptions, such as shortages in available cargo capacity or labor availability, changes in frequency of service, and shipping channel disruptions, may also increase delivery times and costs for materials and components to our facilities, transfers of our products to our key suppliers, and may affect our ability to timely ship our products to customers. In addition, sometimes we bear the risk of loss during transportation of components from our suppliers and products to our customers.

在业务状况出现广泛波动或变化的时期，很难评估其对我们业务的影响。我们的经营业绩已经历过大幅的期间波动，并且预计未来由于这些业务状况的变化，我们的经营业绩仍将出现期间波动。

In periods when broad fluctuations or changes in business conditions occur, it is difficult to assess the impact on our business. We have experienced substantial period-to-period fluctuations in our results of operations and expect, in the future, to experience period-to-period fluctuations in our results of operations due to these changes in business conditions.

**原材料和组件价格波动或某些原材料或组件供应减少，可能增加我们的产品成本，影响我们履行客户承诺的能力，并可能对我们的业务、财务状况、经营业绩和前景产生不利影响。**

**Raw material and component price fluctuations or decreased availability of certain raw materials or components can increase the cost of our products, impact our ability to meet customer commitments, and may adversely affect our business, financial condition, results of operations, and prospects.**

原材料和组件的成本是我们产品成本的关键要素，既直接体现，也通过供应商间接体现。若我们无法抵消材料价格上涨，可能损害我们的业务、财务状况、经营业绩和前景。尽管我们认为原材料和组件的供应来源总体充足，但难以预测未来短缺或价格上涨可能产生的影响。若我们无法满足供应需求，将危及我们履行合同义务的能力，进而可能导致销售额和利润下降、合同处罚或终止，并损害我们的客户关系。此外，某些原材料价格的上涨可能导致生产成本增加，并可能导致我们的毛利率下降。我们可能选择不将此类价格上涨转嫁给客户，也可能无法转嫁。另外，由于我们主要将产品制造外包，全球市场趋势（例如满足我们制造需求的产能短缺）也可能增加我们的原材料成本，从而降低我们的毛利率。

The cost of raw materials and components is a key element in the cost of our products, both directly and indirectly through our suppliers. Our inability to offset material price inflation may harm our business, financial condition, results of operations, and prospects. Although we believe that sources of supply for raw materials and components are generally adequate, it is difficult to predict what effects shortages or price increases may have in the future. Our inability to meet our supply needs would jeopardize our ability to fulfill obligations under our contracts, which could, in turn, result in reduced sales and profits, contract penalties or terminations, and damage to our customer relationships. Furthermore, increases in the price of certain raw materials may result in increased production costs and may result in a decrease in our gross margins. We may choose not to, or may not be able to, pass on such price increases to our customers. In addition, because we primarily outsource manufacturing of our products, global market trends such as shortage of capacity to fulfill our fabrication needs also may increase our raw material costs and thus decrease our gross margins.

**依赖第三方供应商及其技术来制造、组装、测试或设计我们的产品，会削弱我们对产品数量和质量、制造良率、开发、改进和产品交付进度的控制，并可能损害我们的业务。**

**Dependency on third-party suppliers and their technology to manufacture, assemble, test, or design our products reduces our control over product quantity and quality, manufacturing yields, development, enhancement, and product delivery schedules and could harm our business.**

除我们内部进行的某些组装、封装和测试环节外，我们依赖第三方供应商来制造、组装和测试我们的产品，并使用第三方开发工具进行新产品的设计、仿真和验证。此外，尽管我们主要在内部产生知识产权，但我们有时也会利用某些第三方进行软件开发。我们还面临与第三方供应商相关的其他若干风险，这些风险已经或可能对我们的满足客户需求和扩展供应链的能力产生不利影响，对产品和服务较长期的需求造成负面影响，并损害我们的业务或经营业绩，包括：

Except for certain assembly, packaging, and testing steps that we conduct internally, we depend on third-party suppliers to manufacture, assemble, and test our products, and utilize third-party development tools for design, simulation, and verification of new products. Further, while we primarily generate intellectual property internally, we have, on occasion, leveraged certain third parties for software development purposes. We also face several other risks related to our third-party suppliers that have adversely affected or could adversely affect our ability to meet customer demand and scale our supply chain, negatively impact longer-term demand for our products and services, and harm our business or results of operations, including:

- 缺乏晶圆、组件和产能的供应保证，或供应商取消承诺以及潜在的晶圆和组件价格上涨，原因包括交货周期长、需求预估不准确，以及未能及时向供应商下达足够数量的订单；

- lack of guaranteed supply of wafer, component, and capacity or decommitment and potential higher wafer and component prices, from long lead times, incorrectly estimating demand, and failing to place orders with our suppliers with sufficient quantities or in a timely manner;

- 我们的代工厂或供应商未能采购原材料，或未能为我们的产品提供充足水平的制造或测试产能；

- failure by our foundries or suppliers to procure raw materials or provide adequate levels of manufacturing or test capacity for our products;

- 我们的代工厂未能开发、获得或成功实施高质量的工艺技术，包括向更小几何尺寸工艺技术的过渡，例如制造我们产品所需的先进制程节点技术和存储器设计；

- failure by our foundries to develop, obtain, or successfully implement high quality process technologies, including transitions to smaller geometry process technologies such as advanced process node technologies and memory designs needed to manufacture our products;

- 我们的供应商未能遵守我们的政策和期望以及新兴的监管要求；

- failure by our suppliers to comply with our policies and expectations and emerging regulatory requirements;

- 全球供应商、代工厂、合同制造商、组装和测试服务提供商数量有限且地域集中；

- limited number and geographic concentration of global suppliers, foundries, contract manufacturers, assembly, and test providers;

- 在供应商流失、新增或变更的情况下，因认证新代工厂或其他供应商并开始量产或测试而导致供应商流失以及额外费用和/或生产延迟；

- loss of a supplier and additional expense and/or production delays as a result of qualifying a new foundry or other supplier and commencing volume production or testing in the event of a loss, addition, or change of a supplier;

- 与我们的供应商或潜在供应商之间或供应商相互之间的争议，包括涉及知识产权侵权或其他法律和监管事项的争议；

- disputes with or among our suppliers or prospective suppliers, including with respect to intellectual property infringement or other legal and regulatory matters;

- 对产品数量、质量和交付时间表缺乏直接控制；

- lack of direct control over product quantity, quality, and delivery schedules;

- 我们的产品在运输途中发生损失或损坏时的责任或缺乏追索途径；

- responsibility or lack of recourse for loss or damage incurred while our products are in transit;

- 我们的供应商或其供应商未能供应高质量产品和/或未经我们认证即更改其产品；

- failure of our suppliers or their suppliers to supply high-quality products and/or making changes to their products without our qualification;

- 如果我们的分包商或代工厂优先处理我们的竞争对手或其他客户的订单而非我们的订单，则会出现产品发货延迟、短缺、产品质量下降和/或费用上升；

- delays in product shipments, shortages, a decrease in product quality, and/or higher expenses in the event our subcontractors or foundries prioritize our competitors’ or other customers’ orders over ours;

- 在需求发生变化时须下达不可取消的订单，或须预先支付供应款项；

- requirements to place orders that are not cancellable upon changes in demand or requirements to prepay for supply in advance;

- 因我们的产品设计或代工厂专有工艺技术出现故障而导致制造良率低下；

- low manufacturing yields resulting from a failure in our product design or a foundry’s proprietary process technology;

- 因热浪、地震、火灾或其他自然灾害导致的停工以及节电措施，造成制造、组装及其他流程中断；以及

- disruptions in manufacturing, assembly, and other processes due to closures related to heat waves, earthquakes, fires, or other natural disasters and electricity conservation efforts; and

- 我们的第三方软件开发工具未能满足消费者对新产品或产品改进的设计、仿真和验证方面更高功能的需求。

- failure by our third-party software development tools to meet consumer demands for greater functionality from the design, simulation, and verification of new products or product enhancements.

**我们产品的复杂性可能导致客户采用延迟、产生不可预见的费用或未被发现的缺陷、漏洞或安全漏洞，这可能损害新产品和服务的市场接受度，损害我们在现有或潜在客户中的声誉，导致重大补救费用，并可能损害我们的业务、财务状况、经营业绩和前景。**

**The complexity of our offerings could result in delays in adoption by our customers, unforeseen expense or undetected defects, bugs, or security vulnerabilities, which may harm the market acceptance of new products and services, damage our reputation with current or prospective customers, cause significant remediation expenses, and may harm our business, financial condition, results of operations, and prospects.**

我们的 AI 计算解决方案（包括硬件和软件）设计高度复杂、制造难度大，涉及新颖的制造工艺，并可能因设计、制造、封装、材料或使用等多种原因而存在缺陷、漏洞或安全脆弱性，或出现故障或性能不达预期。我们的产品在首次推出时，或在发布新版本或增强功能时，可能存在缺陷；或者由于产品开发过程中出现不可预见的困难，其发布可能被延迟。我们于 2020 年交付了首套 CS-1 系统，于 2021 年交付了首套 CS-2 系统，于 2024 年首次推出 CS-3 系统及我们的推理解决方案，并于 2025 年首次对我们数据中心的规模进行了大幅扩展。因此，我们和我们的客户尚未有足够长的时间来评估我们产品的长期性能和可靠性。如果我们的 AI 解决方案、产品中使用的第三方组件、我们代表客户创建或训练的 AI 模型、我们在云中托管的第三方模型，或我们的推理输出存在缺陷、漏洞或脆弱性，或存在可靠性、质量或兼容性问题，我们可能无法成功设计出变通方案或及时解决该等问题。例如，我们托管或训练的 AI 模型可能无法生成客户想要或期望的响应，或可能存在其他缺陷，且我们的推理速度或吞吐量可能低于客户的期望。在我们的产品交付或发布之前，若在我们的产品（或产品中所含任何组件）中发现任何缺陷，可能延迟我们向客户交付产品或服务的能力。此外，我们的产品、服务、我们构建或协助训练的 AI 模型，或我们托管的 AI 模型中的缺陷，可能仅在产品或模型已交付、发布或由客户使用后才被发现。我们的产品还可能存在未被发现的脆弱性，可能被开发和部署病毒及其他恶意软件程序的黑客或其他无良第三方利用，从而使我们的客户面临潜在的不利后果。此外，我们的硬件产品可能难以在现场维修，可能需要运回我们的设施进行维修。我们的产品未能按规格运行（包括客户协议中有关服务级别承诺的某些性能要求，或由数据中心中断或故障引起的问题），或其他产品缺陷，已经并可能在未来导致我们产生重大的保修、支持及维修或更换成本（包括根据我们的服务级别承诺支付的补偿或赔偿），并使我们工程人员的注意力从产品开发工作转移到查找和纠正问题或设计变通方案上。此外，我们为客户开发或协助开发的 AI 模型，或我们在推理云中托管的 AI 模型出现问题或性能不佳，可能需要额外且意外的人员成本来补救。此外，产品交付或发布延迟，或 AI 模型训练或托管延迟，或新产品或软件在开始商业交付或发布后发现错误或缺陷，可能损害我们与客户的关系以及我们品牌的认知度，并可能导致我们的产品无法获得市场认可，损害我们的业务、财务状况、经营业绩和前景。

Our AI computing solutions, including both hardware and software, are highly complex to design and complicated to make, involve novel manufacturing processes, and may contain defects, bugs, or security vulnerabilities or experience failures or unsatisfactory performance due to a variety of issues, including design, fabrication, packaging, materials, or use. Our offerings may contain defects when they are first introduced or as new versions or enhancements are released, or their release may be delayed due to unforeseen difficulties during product development. We shipped our first CS-1 system in 2020 and our first CS-2 system in 2021, first introduced our CS-3 system and our inference solutions in 2024, and executed our first substantial scale-up of our data center footprint in 2025. As a result, we and our customers have not had a significant amount of time to gauge the long-term performance and reliability of our offerings. If our AI solutions, third-party components used in our products, the AI models we create or train on behalf of our customers, third-party models that we host in our cloud, or our inference output contain defects, bugs, or vulnerabilities or have reliability, quality, or compatibility problems, we may not be able to successfully design workarounds or resolve the issues in a timely manner. For example, the AI models that we host or train may not generate the responses that our customers want or expect, or may be otherwise flawed, and our inference speed or throughput may be lower than what customers desire. Any defects discovered in our offerings, or any components included in our products, prior to their shipping or release could delay our ability to deliver products or services to our customers. Further, defects in our products, services, the AI models we build or help train, or the AI models that we host, may only be discovered after a product or model has been shipped, released, or used by our customers. Our offerings may also have undiscovered vulnerabilities that could be exploited by hackers or other unscrupulous third parties who develop and deploy viruses and other malicious software programs, thereby exposing our customers to potential adverse consequences. Additionally, our hardware products may be difficult to repair in the field and may need to be shipped back to our facility for repair. Failures of our offerings to perform to specifications, including certain performance requirements with respect to service-level commitments in our customer agreements or issues caused by data center disruptions or failures, or other product defects, have caused us to incur, and could cause us to incur in the future, significant warranty, support, and repair or replacement costs, including credits or damages pursuant to our service-level commitments, and divert the attention of our engineering personnel from our product development efforts to find and correct the issue or to design workarounds. Further, issues with, or subpar performance of, AI models that we develop or help develop for customers, or that we host in our inference cloud, may require additional and unexpected personnel cost to remedy. In addition, delays in shipping or releasing products or training or hosting AI models or the discovery of an error or defect in new products or software after commencement of commercial shipment or release could harm our relationships with customers, as well as the perception of our brand, and may result in failure to achieve market acceptance of our offerings and harm our business, financial condition, results of operations, and prospects.

**我们产品的新的开发和增强需要大量投资。若我们未能及时有效地开发新产品或增强产品并将其推出，将削弱我们的竞争力。**

**New developments and enhancements of our offerings require significant investment. Our failure to develop new or enhanced offerings and introduce them in a timely and effective manner would undermine our competitiveness.**

我们已在 AI 算力解决方案的硬件和软件层面投入大量资源，并预计将继续投入。例如，我们会定期发布软件版本，其中可能包含重要的新功能或改进，这需要人员和 IT 资源进行开发和部署。同样，我们会定期开发和发布新版本的硬件，包括采用更小制程节点的新一代处理器以及采用最先进封装技术的系统，这同样需要大量的财务和工程资源，包括设计、制造、组装和测试成本。我们于 2024 年推出了推理解决方案，该方案采用了新的软件和新的计算技术，需要大量投资。

We have invested, and expect to continue to invest, significant resources in the development of our AI compute solutions, both at a hardware and software level. For example, we periodically publish software releases that may contain significant new features or improvements, which require personnel and IT resources to develop and deploy. Similarly, we periodically develop and release new versions of our hardware, including new generations of processors at smaller process nodes and systems with state-of-the-art packaging technologies, which also requires significant financial and engineering resources, including design, fabrication, assembly, and testing costs. We introduced our inference solution in 2024, which has new software and novel techniques in computation that required significant investment.

若我们未能预见或及时适应 AI 模型架构的变化以及 AI 技术的其他发展，可能导致我们当前和下一代产品无法满足最普遍的客户需求，从而造成客户流失和对我们产品需求的下降。例如，我们开发的软件内核和做出的硬件设计决策是针对基于自回归 Transformer 架构、算力需求更高的 AI 解决方案进行优化的。然而，AI 架构是一个快速演进的领域，而我们产品的设计周期可能较长。因此，无法保证我们的解决方案将针对未来的 AI 工作负载进行优化。我们的解决方案目前与 PyTorch 机器学习框架集成，以便为开发者提供熟悉的可编程性。新的深度学习框架会定期出现，虽然我们打算演进我们的解决方案以支持那些变得流行并被广泛采用的框架，但我们无法保证现有或未来版本的软件能够支持所有此类框架。同样，我们的推理解决方案最初设计为支持有限的一组领先的第三方基础模型，我们的推理云产品通过兼容 OpenAI 的 API 解决方案对外提供。虽然我们打算扩大支持的模型数量并与行业领先的模型 API 保持同步，但我们必须就热门基础模型和其他产品功能集成到我们解决方案中的顺序做出决策。若我们未能及时扩展推理解决方案以支持 AI 社区中变得流行的模型和产品功能，我们的推理产品可能会失去现有和潜在客户。

Our failure to anticipate or timely adapt to changes in AI model architecture and other developments in AI technologies could result in our current and next generation products not meeting the most prevalent customer needs, leading to the loss of customers and decreased demand for our offerings. For instance, we have developed software kernels and made hardware design decisions that optimize for AI solutions built on autoregressive transformer architectures with higher compute demand. However, AI architecture is a rapidly evolving field, and the design cycles for our products can be long. Therefore, there can be no assurance that our solutions will be optimized for future AI workloads. Our solution currently integrates with the PyTorch machine learning framework to enable familiar programmability for developers. New deep-learning frameworks emerge periodically, and while we intend to evolve our solution to support those that become popular and widely adopted, we can provide no assurance that we will be able to support all such frameworks with existing or future versions of our software. Likewise, our inference solution was initially designed to support a limited set of leading third-party foundational models and our inference cloud offering is exposed via an OpenAI-compatible API solution. While we intend to expand the number of supported models and keep pace with industry leading model API, we must make decisions as to the order in which popular foundational models and other product features will be integrated into our solution. If we do not timely expand our inference solution to support models and product features that become popular within the AI community, our inference product may lose current and potential customers.

与此同时，AI 算力市场面临快速的技术变革、产品过时、设计变更以及频繁的新产品推出和功能增强。例如，半导体技术的持续快速进步迫使算力提供商以固定的节奏发布新的和改进的产品。若未能及时推出利用计算或 AI 领域最新硬件和软件进展的新产品，可能导致相关性下降、竞争力减弱和市场份额流失，进而可能损害我们的声誉、业务、财务状况、经营业绩和前景。我们在向下一代系统过渡方面已经遇到并可能继续遇到困难，包括因采用先进制程节点技术和先进封装解决方案而产生的困难。我们通过客户推动其他产品使用的能力，也可能需要日益复杂、成本更高且更具差异化的销售工作，并导致销售周期延长。此外，采用新产品或增强功能可能给我们的客户支持或合规团队带来额外压力，这可能要求我们在进一步招聘和培训方面增加支出。再者，为紧跟 AI 和 AI 算力领域的创新所需的投资（包括研发和知识产权支出以及资本投资）规模巨大。如果我们错误地配置资源，可能损害我们的产品开发周期并削弱我们的竞争定位。资源约束还可能要求我们为支持新产品而停用现有产品或服务。此类商业模式变化的影响可能难以预测，且可能在很长一段时间内都不明显。如果我们选择聚焦错误的产品和服务，可能损害我们的业务、财务状况、经营业绩和前景。

At the same time, the AI compute market is subject to rapid technological change, product obsolescence, design changes, and frequent new product introductions and feature enhancements. For example, continuous and rapid advances in semiconductor technology compel providers of compute to release new and improved products at a regular cadence. Failure to timely introduce new offerings that leverage the latest hardware and software advancements in computing or in AI may result in diminished relevance, decreased competitiveness, and loss of market share, which may harm our reputation, business, financial condition, results of operations, and prospects. We have experienced, and may continue to experience, difficulties in transitioning to next generation systems, including due to adopting advanced process node technologies and advanced packaging solutions. Our ability to generate usage of additional products by our customers may also require increasingly sophisticated, more costly and differentiated sales efforts and result in longer sales cycles. In addition, adoption of new products or enhancements may put additional strain on our customer support or compliance teams, which could require us to make additional expenditures related to further hiring and training. Further, the investment required to stay abreast of innovations in AI and AI compute, including research and development and intellectual property expenditures and capital investments, is substantial. If we allocate our resources incorrectly, we may impair our product development cycle and erode our competitive positioning. Resource constraints may also require us to discontinue existing products or services to support new offerings. The effects of such business model changes may be difficult to predict and may not be evident for a long period of time. If we choose to focus on the wrong products and services, it may harm our business, financial condition, results of operations, and prospects.

由于 AI 技术的快速演进以及我们产品开发周期的长度，我们必须基于对未来哪些不断演进的 AI 技术可能被广泛采用的评估，就资源投向何处以及开发何种产品功能做出决策。我们能否成功竞争并持续增长业务，在很大程度上取决于我们能否及时且具有成本效益地开发、推出和销售新的及增强的产品，以及能否正确预判并回应不断变化的客户需求。如果我们的评估有误，我们将耗费可能无法产生收入的财务和工程资源，并且在我们对成为主流的用例缺乏足够解决方案的情况下，这可能损害我们的竞争地位。我们的新产品若因任何原因未获市场认可，可能危及我们收回大量研发支出的能力，并可能损害我们的声誉、业务、财务状况、经营业绩和前景。

As a result of the rapid evolutions in AI technologies and the length of our product development cycle, we must make decisions as to where to dedicate resources and develop product functionality based on our assessment of which evolving AI technologies we think are likely to become widely adopted in the future. Our ability to successfully compete and to continue to grow our business depends in significant part upon our ability to develop, introduce, and sell new and enhanced products on a timely and cost-effective basis, and to correctly anticipate and respond to changing customer requirements. If we are incorrect in our assessments, we will have expended financial and engineering resources that may not generate revenue, and which may harm our competitive position, to the extent we do not have adequate solutions for use cases that become prevalent. Lack of market acceptance for our new products for any reason could jeopardize our ability to recoup substantial research and development expenditures and may harm our reputation, business, financial condition, results of operations, and prospects.

我们在新产品的开发和推出过程中已经经历、且未来可能经历延迟和意外支出。未能开发出具备所需功能组合或性能标准的产品，或新产品或服务推迟上市，可能大幅降低我们的投资回报以及销售额，所有这些都可能损害我们的业务、财务状况、经营业绩和前景。新产品和服务或产品和服务增强功能的开发延迟，也可能使我们的竞争对手受益，并使其获得更大的市场份额。我们无法保证未来的产品开发工作将会成功，或开发出的产品能够获得市场认可。

We have experienced, and may experience in the future, delays and unanticipated expenses in the development and introduction of new products. A failure to develop products with required feature sets or performance standards or a delay in bringing a new product or service to market may significantly reduce our return on investment as well as our sales, all of which may harm our business, financial condition, results of operations, and prospects. Delays in the development of new products and services or product and service enhancements could also benefit our competitors and allow them to achieve greater market share. We cannot assure that our future product development efforts will be successful or result in products that gain market acceptance.

**如果我们的客户未来不从我们这里购买更多产品，或不扩大在我们这里的采购，我们的业务、财务状况、经营业绩和前景可能受到损害。**

**If our customers do not purchase additional products from us or expand their purchases with us in the future, our business, financial condition, results of operations, and prospects could be harmed.**

为维持或改善我们的经营业绩，我们的客户必须继续以类似或更优的条件购买我们的产品，并且我们必须增加客户购买的产品和服务。我们的本地部署系统采购通常以采购订单方式进行，客户并无义务向我们购买特定数量或额外数量的产品。同样，我们的云解决方案可由开发者按按需付费模式购买，无需任何长期承诺。即使客户同意向我们购买约定数量的硬件产品，我们通常也要等到发货或交付（视运输条款而定）之后，或在我们满足合同验收条款之后，才确认收入。因此，我们可能无法按预期的时间表实现预期收入。此外，在某些情况下，客户的购买力使其能够就定价和合同条款向我们提出更高的要求。我们预计这一趋势将持续下去，预计这将在短期内对我们的毛利率产生不利影响；如果我们未能履行这些安排，我们还可能承担重大金钱损失赔偿责任。如果我们维护和扩大与现有客户关系的努力不成功，我们的业务、财务状况、经营业绩和前景可能受到损害。

In order for us to maintain or improve our results of operations, it is important that our customers continue to purchase our offerings on similar or improved terms, and that we increase the products and services our customers purchase. Our on-premises system purchases are generally handled on a purchase order basis, and customers are not otherwise required to purchase specific or additional quantities of products from us. Likewise, our cloud solutions can be purchased by developers on a pay-as-you-go model without any long-term commitments. Even when customers agree to purchase an agreed quantity of hardware products from us, we generally do not recognize revenue until shipment or delivery, depending on shipping terms, or until we have met the contractual acceptance terms. As a result, we may not generate the amount of revenue on the timeline that we expect. Moreover, our customers’ purchasing power have, in some cases, given them the ability to make greater demands on us with regard to pricing and contractual terms. We expect this trend to continue, which we expect to adversely affect our gross margin in the near term and, should we fail to perform under these arrangements, we could also be liable for significant monetary damages. If our efforts to maintain and expand our relationships with our existing customers are not successful, our business, financial condition, results of operations, and prospects may be harmed.

**我们的销售周期可能漫长且不可预测，我们的销售工作耗费大量时间和费用。如果我们的销售周期延长，或我们投入大量资源去争取不成功的销售机会，我们的业务和经营业绩可能受到损害。**

**Our sales cycles can be long and unpredictable, and our sales efforts require considerable time and expense. If our sales cycle lengthens or we invest substantial resources pursuing unsuccessful sales opportunities, our business and results of operations may be harmed.**

我们的经营业绩可能发生波动，部分原因在于我们的销售工作具有资源密集型特点、我们产品的销售周期较长且存在差异，以及难以对运营费用进行短期调整。我们的销售时点难以预测。从初步评估到购买我们产品，我们的销售周期长度可能因客户不同而存在重大差异。我们的销售工作涉及向客户介绍我们解决方案的用途、技术能力和优势。客户往往会对我们的产品进行长时间的评估，评估对象可能不仅包括我们的解决方案，还包括竞争对手的解决方案。潜在客户已经并可能继续要求在购买前进行付费的概念验证试用，这可能耗费我们销售和技术人员大量时间，并占用原本可用于销售的算力。此外，向大型组织和政府机构以及高度监管行业销售往往需要更长时间才能完成，因为此类组织通常因其规模、组织结构和内部审批要求（包括广泛的信息安全要求）而需经历大量评估和漫长的谈判过程。我们可能在销售工作上投入大量时间、精力和资金，却无法保证这些努力能带来任何销售。因此，我们难以预测是否会或究竟何时能向潜在客户实现销售，也难以预测能否增加对现有客户的销售。新产品开发或发布可能导致我们客户关系的规模、数量和复杂性发生变化，使我们更难预测销售时点或对经营业绩的预期影响。如果我们的销售周期延长，或我们投入大量资源追求不成功的销售机会，我们的业务、财务状况和经营业绩可能受到损害。

Our results of operations may fluctuate, in part, because of the resource-intensive nature of our sales efforts, the length and variability of the sales cycle for our products, and the difficulty in making short-term adjustments to our operating expenses. The timing of our sales is difficult to predict. The length of our sales cycle, from initial evaluation to purchase of our product, can vary substantially from customer to customer. Our sales efforts involve educating our customers about the use, technical capabilities, and benefits of our solution. Customers often undertake a lengthy evaluation of our products, which may involve not only our solution but also those of our competitors. Potential customers have and may continue to request paid proof of concept trials prior to purchase, which can be time intensive for our sales and technical personnel, and use compute capacity that could otherwise have been sold. In addition, sales to large organizations and government agencies, and in highly regulated verticals, tend to take longer to conclude because such organizations typically go through a significant evaluation and lengthy negotiation process due to their size, organizational structure, and internal approval requirements, including extensive information security requirements. We may spend substantial time, effort, and money on sales efforts without any assurance that our efforts will produce any sales. As a result, it is difficult to predict if or exactly when we will make a sale to a potential customer, or if we can increase sales to our existing customers. New product developments or releases may lead to changes in the size, quantity and complexity of our customer relationships, making it more difficult for us to predict timing of our sales or the expected impact to our results of operations. If our sales cycle lengthens or we invest substantial resources pursuing unsuccessful sales opportunities, our business, financial condition, and results of operations may be harmed.

单笔销售占我们整体销售的比例往往较大，这影响了我们准确预测收入和现金流管理的能力。此外，在某些情况下，销售发生在晚于预期的季度，或根本未能发生，而在每个季度内，难以预测交易何时完成。因此，往往难以在此类期间临近结束时才确定我们能否达到季度或年度预期。我们的许多费用相对固定，或需要时间才能调整。如果对我们业务的预期不准确，我们可能无法及时调整成本结构，我们的利润率和现金流可能与预期存在差异。

Each individual sale tends to be large as a proportion of our overall sales, which has impacted our ability to accurately forecast revenue and manage cash flows. In addition, sales have, in some cases, occurred in later quarters than anticipated, or have not occurred at all, and within each quarter, it is difficult to predict when a transaction will close. Therefore, it is often difficult to determine whether we will meet our quarterly or annual expectations until near the end of such periods. Many of our expenses are relatively fixed or require time to adjust. If expectations for our business are not accurate, we may not be able to adjust our cost structure on a timely basis, and our margins and cash flows may differ from expectations.

**本招股说明书中包含的市场机会估计和市场增长预测可能被证明不准确，即使我们竞争所在的市场实现了预测的增长，我们的业务也可能不会以类似速度增长，或根本不会增长，或者我们可能无法充分服务这些市场。**

**The estimates of market opportunity and forecasts of market growth included in this prospectus may prove to be inaccurate, and even if the markets in which we compete achieve the forecasted growth, our business may not grow at similar rates, or at all, or we may not be able to service these markets in full.**

本招股说明书中包含的市场机会估计和增长预测（包括第三方市场研究和内部估计）存在重大不确定性，且基于可能被证明并不准确的假设和估计。尽管我们认为，我们据以作出市场机会估计和预测的信息总体上是可靠的，但此类信息本身并不精确，对于 AI 这样的新兴市场而言尤其如此。此外，即使我们参与竞争的市场达到了本招股说明书所包含的规模估计和增长预测，我们的业务也未必能以类似速度增长，甚至未必会增长。例如，我们按当前规模将解决方案商业化的进程仍处于早期阶段，无法保证我们能够占据相关市场的任何重要份额，或具备制造产能、数据中心承诺或其他依赖条件以充分服务该市场。我们客户协议中的排他性条款也限制了我们在这些市场中为某些方提供服务的能力。此外，高速训练和推理（包括实时系统和基于智能体的系统）的市场可能并不存在，或未必能如预期般增长。我们的增长受诸多因素影响，包括我们能否成功实施业务战略，而该战略存在许多风险和不确定性，包括本招股说明书所述的风险和不确定性。如果我们的市场机会估计或增长预测被证明不准确，我们未来的增长机会可能低于我们当前的预期。

Market opportunity estimates and growth forecasts included in this prospectus, including third-party market research and internal estimates, are subject to significant uncertainty and are based on assumptions and estimates which may not prove to be accurate. While we believe the information on which we base our market opportunity estimates and forecasts is generally reliable, such information is inherently imprecise and particularly so for a new market such as AI. Furthermore, even if the markets in which we compete meet the size estimates and growth forecasts included in this prospectus, our business may not grow at similar rates, or at all. For example, we are in the early stages of commercializing our solutions at its current scale, and there can be no assurance that we will be able to capture any significant part of the relevant market or have the manufacturing capacity, data center commitments or other dependencies to service the market in full. Exclusivity provisions in our customer agreements also limit our ability to service certain parties in these markets. Moreover, the market for high-speed training and inference, including real-time and agent-based systems, may not exist or increase as expected. Our growth is subject to many factors, including our success in implementing our business strategy, which has many risks and uncertainties, including those described herein. If our market opportunity estimates or growth forecasts prove to be inaccurate, our future growth opportunities may be lower than we currently expect.

**任何未能为客户提供高质量维护和支持服务、未能维持客户满意度的情形，都可能损害我们与客户的关系，进而损害我们的业务。**

**Any failure to offer high-quality maintenance and support services for our customers and maintain customer satisfaction may harm our relationships with our customers and, consequently, our business.**

我们的客户依赖我们的维护和支持团队来解决其本地部署产品和云产品的技术和运营问题。我们能否提供有效的客户维护和支持，取决于我们能否吸引、培养和留住具备 AI、软件编程、IT 和复杂硬件维护经验的合格人员。特别是，我们的硬件系统非常复杂，难以在现场维修，许多组件的升级难度大且成本高昂。当我们销售用于在客户设施本地安装的硬件单元时，我们在某些情况下可能提供备用单元，以便在维修停机期间使用。在我们还就所售硬件提供集群管理服务的情况下，我们的客户协议通常约定，如果我们未达到某些正常运行时间要求，我们将提供服务抵扣。我们基于云的客户协议也可能包含针对正常运行时间要求的服务抵扣。

Our customers depend on our maintenance and support teams to resolve technical and operational issues with respect to our on-premises and cloud products. Our ability to provide effective customer maintenance and support is dependent on our ability to attract, train, and retain qualified personnel with AI, software programming, IT, and complex hardware maintenance experience. In particular, our hardware systems are very complex and difficult to repair in the field, with many components that are challenging and expensive to upgrade. When we sell hardware units for installation on premises at our customers’ facilities, we may in certain circumstances provide spare units that may be used during repair downtime. Where we also provide cluster management services for hardware that we have sold, our customer agreements typically provide for service credits in the event we do not meet certain uptime requirements. Our cloud-based customer agreements may also include service credits for uptime requirements.

此外，我们客户群的增长给客户维护和支持团队带来了额外压力。我们的客户支持和云运营服务团队可能需要增加人员以响应客户需求。我们可能无法足够迅速地响应客户对服务的短期增长需求。如果我们无法提供高效、高质量的客户维护和支持服务，或者如果我们无法及时或高效地聘用足够的额外维护和支持人员，我们可能会产生重大的保修、支持、维修、更换或服务信用成本，我们的业务以及与客户的关系可能会受到损害。

Additionally, growth in our customer base puts additional pressure on our customer maintenance and support teams. Our customer support and cloud operations services teams may need additional personnel to respond to customer demand. We may be unable to respond quickly enough to accommodate short-term increases in customer demand for services. If we are unable to provide efficient, high-quality customer maintenance and support services or if we are unable to hire sufficient additional maintenance and support personnel in a timely or efficient manner, we may incur significant warranty, support, and repair, replacement, or service credit costs, and our business and our relationships with our customers may be harmed.

此外，随着我们持续扩大运营规模并向美国境外扩张，我们需要能够大规模地提供满足全球客户需求的高效服务，我们的客户支持和云运营服务团队可能面临额外挑战，包括与运营平台以及以英语以外的语言提供支持、培训和文档相关的挑战，以及在扩大的时区内提供服务的挑战。如果我们无法在全球范围内大规模提供高效的客户支持服务，我们扩大运营的能力可能会受到损害，我们可能需要聘用额外的服务人员，这可能会增加我们的费用，并对我们的业务、财务状况、经营业绩和前景产生负面影响。

In addition, as we continue to grow our operations and expand outside of the United States, we need to be able to provide efficient services that meet our customers’ needs globally at scale, and our customer support and cloud operations services teams may face additional challenges, including those associated with operating the platforms and delivering support, training, and documentation in languages other than English and providing services across expanded time-zones. If we are unable to provide efficient customer support services globally at scale, our ability to grow our operations may be harmed, and we may need to hire additional services personnel, which could increase our expenses, and negatively impact our business, financial condition, operating results, and prospects.

**如果我们无法维护和提升我们的声誉和品牌认知度，我们的业务、财务状况、经营业绩和前景可能会受到损害。**

**If we are not able to maintain and enhance our reputation and brand recognition, our business, financial condition, results of operations, and prospects may be harmed.**

我们认为，维护和提升我们的声誉和品牌认知度对于我们与现有客户的关系以及我们吸引新客户的能力至关重要。推广我们的品牌可能需要我们进行大量投资，我们预计，随着我们的市场竞争日益激烈，这些营销举措可能会变得越来越困难和昂贵。我们的营销活动可能不会成功或带来收入增长，而且即使这些活动带来收入增长，收入增长也可能无法抵消我们产生的费用，我们的经营业绩可能会受到损害。此外，任何损害我们或我们管理层声誉的因素，包括未能满足客户的期望以及公众或投资者的看法，都可能使我们吸引新客户变得困难得多。同样，由于我们的客户经常作为我们面向潜在新客户的推荐人，任何质疑我们或我们员工工作质量的现有客户都可能损害我们获得更多新客户的能力。如果我们未能成功维护和提升我们在客户中的声誉和品牌认知度，我们的业务可能无法增长，我们可能会失去这些关系，这可能会损害我们的业务、财务状况、经营业绩和前景。

We believe that maintaining and enhancing our reputation and brand recognition is critical to our relationships with existing customers and our ability to attract new customers. The promotion of our brand may require us to make substantial investments and we anticipate that, as our market becomes increasingly competitive, these marketing initiatives may become increasingly difficult and expensive. Our marketing activities may not be successful or yield increased revenue, and to the extent that these activities yield increased revenue, the increased revenue may not offset the expenses we incur, and our results of operations may be harmed. In addition, any factor that diminishes our reputation or that of our management, including failing to meet the expectations of our customers and public or investor perception, may make it substantially more difficult for us to attract new customers. Similarly, because our customers often act as references for us with prospective new customers, any existing customer that questions the quality of our work or that of our employees could impair our ability to secure additional new customers. If we do not successfully maintain and enhance our reputation and brand recognition with our customers, our business may not grow and we may lose these relationships, which may harm our business, financial condition, results of operations, and prospects.

**我们的半导体及硬件系统设计与制造流程涉及众多技术、运营和财务风险，包括与先进制程节点、流片及复杂封装技术相关的挑战，这些风险可能延误我们的产品路线图、增加我们的成本，并对我们的业务、财务状况、经营业绩和前景产生不利影响。**

**Our semiconductor and hardware system design and manufacturing processes involve numerous technical, operational, and financial risks, including challenges associated with advanced process nodes, tape-outs, and complex packaging technologies, that could delay our product roadmap, increase our costs, and adversely affect our business, financial condition, results of operations, and prospects.**

开发高性能处理器和系统要求我们持续向更先进的制程节点技术过渡，并投资于日益复杂的封装、供电、散热和集成解决方案。例如，WSE-2 采用台积电 7nm 制程技术制造，WSE-3 采用台积电 5nm 制程技术制造，我们预计未来产品将需要更先进的节点和封装方案。这些过渡对于保持竞争力至关重要，但涉及巨大的设计复杂性、大量工程资源以及艰难的权衡决策，包括与我们选择不采用的技术相关的机会成本。随着制程和封装技术的进步，与半导体设计相关的风险、成本和开发周期通常都会增加。

Developing high-performance processors and systems requires us to continuously transition to more advanced process node technologies and invest in increasingly complex packaging, power delivery, cooling, and integration solutions. For example, the WSE-2 was manufactured on TSMC’s 7nm process technology and the WSE-3 on TSMC’s 5nm process technology, and we expect future products to require even more advanced nodes and packaging approaches. These transitions are essential for maintaining competitiveness but involve substantial design complexity, significant engineering resources, and difficult trade-off decisions, including the opportunity costs associated with technologies we choose not to pursue. As process and packaging technologies advance, the risks, costs, and development timelines associated with semiconductor design generally increase.

我们在很大程度上依赖我们的代工合作伙伴（目前为台积电）来实现向下一代产品的成功过渡以及我们所有晶圆的制造。我们无法向您保证，台积电或任何未来的代工合作伙伴能够或愿意按照我们要求的时间表、以足以满足客户需求的产量、或无论如何支持我们的产品过渡。过渡到另一家代工厂将需要大量额外的开发工作，延长我们的上市时间，并可能引入新的技术和供应链风险。此外，我们曾经经历、并且可能继续经历在获取流片档期以及解决与新设计相关的技术问题方面的延误。流片标志着芯片设计在制造前的最终定稿，流片失败或延误的影响尤其重大，因为该过程需要大量工程时间、财务资源以及与代工厂的密切合作。流片失败，无论是由于设计缺陷、制造缺陷还是制程相关问题，都可能导致设计周期重启、增加成本、降低良率并延迟产品发布。

We rely heavily on our foundry partner, currently TSMC, for successful transitions to next generation products and for the manufacture of all of our wafers. We cannot assure you that TSMC or any future foundry partner will be able or willing to support our product transitions on the schedules we require, in sufficient volume to meet customer demand, or at all. Transitioning to another foundry would require substantial additional development effort, increase our time to market, and could introduce new technical and supply-chain risks. In addition, we have experienced, and may continue to experience, delays in securing tape-out slots and in resolving technical issues associated with new designs. Failures or delays at tape-out, which marks the finalization of a chip design prior to manufacturing, carry particularly high impact because the process requires significant engineering time, financial resources, and close cooperation with the foundry. Tape-out failures, whether due to design flaws, manufacturing defects, or process-related issues, can require restarts of the design cycle, increase costs, reduce yields, and delay product launches.

我们先进的晶圆级架构还需要在供电、散热、输入/输出集成以及先进封装的其他方面持续创新。随着我们不断突破功率密度、热管理和互连复杂度的极限，我们可能会遇到需要全新工程解决方案的根本性制约。如果我们未能在要求的时间表内开发出此类解决方案，或根本无法开发出此类解决方案，我们可能无法实现产品路线图目标或交付下一代产品。制造良率下降、产品交付延迟、开发和生产费用上升，或无法推出具有竞争力的下一代产品，都可能损害我们的客户关系、声誉、业务、财务状况、经营业绩和前景。

Our advanced wafer-scale architecture also requires continual innovation in power delivery, cooling, input/ output integration, and other aspects of advanced packaging. As we push the limits of power density, thermal management, and interconnect complexity, we may encounter fundamental constraints that require new engineering solutions. If we fail to develop such solutions on the required timeline, or at all, we may be unable to meet our product-roadmap objectives or deliver next-generation products. Reduced manufacturing yields, delays in product deliveries, higher development and production expenses, or an inability to introduce competitive next-generation products could harm our customer relationships, reputation, business, financial condition, results of operations, and prospects.

**与我们技术负责任使用相关的问题可能导致声誉或财务损害及责任。**

**Issues relating to the responsible use of our technologies may result in reputational or financial harm and liability.**

与许多新兴技术一样，AI 带来了风险与挑战，以及与其负责任使用相关的日益增多的伦理和法律关切，这些可能影响 AI 的采用，进而影响我们的业务。与在我们产品中负责任地使用新兴和不断演进的技术相关的关切，也可能导致声誉或财务损害及责任，并可能使我们产生解决此类问题的成本。例如，我们提供 AI 模型服务，在该服务中我们与客户共同并代表客户开发专有 AI 模型，以及我们或我们的客户向社区普遍提供的开源 AI 模型。我们可能无法洞察或控制我们的客户及其他第三方如何使用或部署我们训练或协助训练的、或使用我们的算力解决方案训练的、或我们以其他方式向客户提供的 AI 模型。我们无法控制他人（包括客户）如何使用我们开发或提供的 AI 模型。我们也无法完全控制用户如何与我们的推理解决方案交互，包括他们是否可能违反我们的使用条款或我们与之集成或托管的第三方模型提供商的使用条款。如果我们启用或提供的 AI 模型因其对社会被感知或实际的影响而引起争议，例如，包括具有意外后果、侵犯知识产权或形象权、传播非法、不准确、诽谤性或有害内容，或因其对人权、隐私、网络安全、就业或其他社会、经济或政治问题的影响而存在争议的 AI 模型，或者如果我们无法就 AI 模型的负责任开发和使用制定有效的内部政策和框架，我们可能遭受品牌或声誉损害、竞争损害、财务损害或法律责任。遵守来自不同司法管辖区的与 AI 相关的多项法律、法规、规章、指南、自律框架和行业标准，可能增加我们的经营成本，可能改变我们在某些司法管辖区的运营方式，或者如果我们无法遵守适用的法律要求，可能阻碍我们在某些司法管辖区提供某些产品和服务的能力。遵守现有和拟议的政府对 AI 的监管（包括在欧盟（“EU”）等司法管辖区）也可能增加相关研发和合规成本，并产生额外的报告或透明度要求。此外，全球范围内与 AI 相关的不断演进的法律和法规的不利发展，例如可能暂停或抑制 AI 持续开发或采用的法律，可能限制全球采用、减少对我们产品的需求、增加我们提供产品的成本、阻碍我们的战略，并对我们在此领域的长期预期产生负面影响。例如，鉴于欧盟《人工智能法案》（“AI 法案”）已于 2024 年 8 月生效，以及美国与 AI 相关的法律（包括科罗拉多州《人工智能法案》（“科罗拉多 AI 法案”））的通过，我们预计随着 AI 行业的持续发展，与 AI 相关的重要法律和法规将不断出台。AI 相关监管的变化可能对我们产生不成比例的影响和不利影响，并要求我们改变业务实践，这可能损害我们的经营业绩。我们、我们的客户或他人未能充分应对上述任何与负责任使用 AI 相关的关切或法规，可能削弱公众对 AI 的信心并减缓对我们产品的采用，或损害我们的声誉或业务、财务状况、经营业绩和前景。

As with many new emerging technologies, AI presents risks and challenges and increasing ethical and legal concerns relating to its responsible use that could affect the adoption of AI, and thus our business. Concerns relating to the responsible use of new and evolving technologies in our offerings may also result in reputational or financial harm and liability and may cause us to incur costs to resolve such issues. For instance, we offer AI model services in which we develop proprietary AI models with and on behalf of our customers, as well as open-source AI models that we or our customers make generally available to the community. We may not have insight into, or control over, how our customers and other third parties use or deploy the AI models that we trained or assisted in training, or that were trained using our computing solutions, or that we otherwise make available to customers. We do not control how others, including customers, use AI models that we develop or make available. We also cannot fully control how users interact with our inference solution, including whether they may breach our terms of use or that of third-party model providers with which we integrate or host. If we enable or offer AI models that draw controversy due to their perceived or actual impact on society, including, for example, AI models that have unintended consequences, infringe intellectual property rights or rights of publicity, disseminate illegal, inaccurate, defamatory, or harmful content, or are controversial because of their impact on human rights, privacy, cybersecurity, employment or other social, economic or political issues, or if we are unable to develop effective internal policies and frameworks relating to the responsible development and use of AI models, we may experience brand or reputational harm, competitive harm, financial harm, or legal liability. Complying with multiple laws, statutes, regulations, guidelines, self-regulatory frameworks, and industry standards from different jurisdictions related to AI could increase our cost of doing business, may change the way that we operate in certain jurisdictions, or may impede our ability to offer certain products and services in certain jurisdictions if we are unable to comply with applicable legal requirements. Compliance with existing and proposed government regulation of AI, including in jurisdictions such as the European Union (the “EU”), may also increase the cost of related research and development and compliance, and create additional reporting or transparency requirements. In addition, unfavorable developments with evolving laws and regulations worldwide related to AI, such as those laws that may pause or inhibit continued development or adoption of AI, may limit global adoption, reduce demand for our offerings, increase our costs to provide our offerings, impede our strategy, and negatively impact our long-term expectations in this area. For example, given the adoption of the EU’s Artificial Intelligence Act (the “AI Act”), which went into force in August 2024, and AI-related laws in the United States, including the Colorado Artificial Intelligence Act (the “Colorado AI Act”), we anticipate that there will continue to be significant developing laws and regulations with respect to AI as the AI industry continues to develop. Changes in AI-related regulation may disproportionately impact and disadvantage us and require us to change our business practices, which may harm our results of operations. Our, our customers, or others’ failure to adequately address any of the foregoing concerns or regulations relating to the responsible use of AI may undermine public confidence in AI and slow adoption of our offerings or harm our reputation or business, financial condition, results of operations, and prospects.

**我们无法控制的事件、不利的经济状况或经济不确定性可能损害我们的业务、财务状况、经营业绩和前景。**

**Events outside of our control, adverse economic conditions, or economic uncertainty may harm our business, financial condition, results of operations, and prospects.**

我们无法控制的破坏性和/或不可预测的全球事件（例如地缘政治冲突或恐怖主义，包括俄罗斯与乌克兰之间以及中东地区持续进行的冲突、全球大流行病或健康危机、自然灾害或劳工骚乱）可能加剧全球政治和经济波动，并可能导致对我们产品的需求在局部或大范围出现长期下降。特别是，我们的战略合作伙伴 G42 和 MBZUAI 总部所在地中东地区的战争，可能对我们的业务产生负面影响，包括使当地基础设施和运营面临更高风险。这种需求下降，视其范围和持续时间而定，可能在短期和长期内显著影响并损害我们的业务、财务状况、经营业绩和前景。

Disruptive and/or unpredictable global events beyond our control (such as geopolitical conflict or terrorism, including the ongoing conflicts between Russia and Ukraine and in the Middle East, global pandemics or health crises, natural disasters, or labor unrest) may increase the severity of political and economic volatility around the world, and could result in a protracted localized or widespread decrease in demand for our products. In particular, the war in the Middle East, where our strategic partners G42 and MBZUAI are headquartered, may negatively impact our business, including exposing local infrastructure and operations to heightened risk. This decrease in demand, depending on its scope and duration, could significantly impact and harm our business, financial condition, results of operations, and prospects over the short and long-term.

此外，我们的许多供应商，包括我们的晶圆独家供应商台积电（TSMC），位于地缘政治紧张局势高企的地区，例如台湾和韩国，或位于易发生地震和台风等自然灾害的地区。同样，中国大陆与台湾之间发生军事冲突的可能性可能对全球经济产生负面影响，包括影响来自台湾的半导体供应、推高能源价格并在全球资本市场造成不确定性。如果台积电对我们的晶圆供应或我们使用的其他供应服务因自然灾害、气候变化、水资源短缺、政治动荡、军事冲突、地缘政治动荡、贸易紧张局势、政府命令、流行病、经济不稳定、设备故障或其他原因而出现任何重大中断，可能严重扰乱我们的运营，并可能损害我们的客户关系、业务、财务状况、经营业绩和前景。此外，2025 年，我们收入的绝大部分来自总部位于阿拉伯联合酋长国的客户。中东地区近期的战争、政治不稳定和抗议活动已对许多行业造成严重扰乱。中东地区的冲突、政治不稳定和社会动荡、相关（包括美国政府和我们在其中运营的其他国家政府）政策变化，或公众对中东地区的负面情绪，可能严重损害我们的业务、财务状况、经营业绩和前景。

Additionally, many of our suppliers, including our sole source of wafers, TSMC, are located in areas of high geopolitical tension, such as Taiwan and South Korea, or in areas prone to natural disasters such as earthquakes and typhoons. Similarly, the potential for military conflict between China and Taiwan could have negative impacts on the global economy, including by affecting the supply of semiconductors from Taiwan, contributing to higher energy prices and creating uncertainty in the global capital markets. Any substantial disruption in TSMC’s supply of wafers to us, or in the other supply services that we utilize, as a result of a natural disaster, climate change, water shortages, political unrest, military conflict, geopolitical turmoil, trade tensions, government orders, medical epidemics, economic instability, equipment failure or other causes, could materially disrupt our operations, may harm our customer relationships, business, financial condition, results of operations, and prospects. Further, in 2025, a significant majority of our revenue was generated from customers headquartered in the United Arab Emirates. Recent wars, political instability, and protests in the Middle East have caused significant disruptions to many industries. Conflict, political instability, and social unrest in, policy changes (including by the U.S government as well as the governments of other countries in which we operate) with respect to, or negative public sentiment toward, the Middle East may significantly harm our business, financial condition, results of operations, and prospects.

此外，不利的宏观经济状况，包括美国或全球经济或特定地区或行业普遍放缓、通货膨胀、衰退、财政和货币政策变化、信贷收紧、利率上升、新的或增加的贸易关税，或与美国贸易伙伴的贸易紧张局势加剧，可能损害我们的业务、财务状况、经营业绩和前景。特别是，征收关税、贸易管制、边境税或其他贸易壁垒可能直接或间接影响我们的业务、财务状况、经营业绩和前景。例如，2025 年美国宣布对来自许多国家的进口商品征收关税，以及部分国家宣布报复性关税，加剧了市场波动，并已且可能继续对我们的成本产生负面影响。经济状况恶化可能导致我们的客户减少、推迟或放弃技术支出，包括对我们的产品的支出。显著的通货膨胀可能增加我们的成本和费用，我们可能选择不转嫁或无法转嫁给客户。此外，全球或区域经济状况的不确定性或下滑可能对我们的供应商产生重大影响，其中一些供应商位于美国境外。如果客户或潜在客户因经济疲软或通胀上升和成本增加或其他原因选择不购买我们的产品，或者我们的供应商无法继续供应我们的产品，我们的业务、财务状况、经营业绩和前景可能受到损害。无法保证我们能够减轻上述因素或全球贸易动态的任何未来变化对我们业务的影响。潜在影响包括金融不稳定、无法获得信贷为运营融资以及破产。

Further, adverse macroeconomic conditions, including a general slowdown in the United States or global economy or in a particular region or industry, inflation, recession, changes to fiscal and monetary policy, tighter credit, higher interest rates, new or increased trade tariffs, or an increase in trade tensions with United States trading partners, may harm our business, financial condition, results of operations, and prospects. In particular, the imposition of tariffs, trade controls, border taxes, or other barriers to trade may directly or indirectly impact our business, financial condition, results of operations, and prospects. For example, the 2025 U.S. announcement of tariffs on imported goods from many countries and the announcement of retaliatory tariffs from select countries has contributed to volatility in the markets, and has and may continue to negatively impact our costs. A deterioration in economic conditions may cause our customers to reduce, delay or forego technology spending, including spending on our products. Significant inflation may increase our costs and expenses, which we may choose not, or not be able to, pass on to our customers. In addition, uncertainty about, or a decline in, global or regional economic conditions may have a significant impact on our suppliers, some of which are located outside the United States. If customers or prospective customers elect not to purchase our offerings as a result of a weak economy or rising inflation and increased costs or otherwise, or our suppliers are unable to continue supplying our products, our business, financial condition, results of operations, and prospects may be harmed. There can be no assurance that we will be able to mitigate the impacts of the foregoing or any future changes in global trade dynamics on our business. Potential effects include financial instability, inability to obtain credit to finance operations and insolvency.

**我们现有产品当前一代的定价往往随时间推移而下降，这可能损害我们的业务、财务状况、经营业绩和前景。**

**Pricing for the current generation of our existing products often decreases over time, which may harm our business, financial condition, results of operations, and prospects.**

我们于 2024 年推出 CS-3，并已不再生产 CS-2。未来，我们预计将发布新一代 AI 算力系统，这可能要求我们在此类发布之前下调当时在售系统的价格。此外，客户可能会因预期我们发布下一代或更新、更先进的系统而推迟购买现有系统或与之相关的云算力容量。我们现有产品当前一代产品定价的下降可能会损害我们的业务、财务状况、经营业绩和前景。此外，随着我们目标市场竞争的加剧，我们可能因预期竞争性定价压力、我们或竞争对手推出新产品、此类现有产品的新一代产品或其他原因，而需要下调我们现有产品和服务的价格。如果我们无法通过提高销售量、降低成本，或推出具有更高利润率的新产品或服务或此类现有产品的新一代产品来抵消现有产品定价的任何下降，我们的业务、财务状况、经营业绩和前景可能会受到损害。为维持我们的经营业绩，我们必须及时开发并推出新产品和服务、下一代产品以及产品增强功能，并持续降低我们的成本以及客户的成本。未能做到这一点可能会损害我们的业务、财务状况、经营业绩和前景。

We launched the CS-3 in 2024 and no longer manufacture the CS-2. In the future, we expect to release new generations of our AI compute system, which may require us to reduce prices of then-current systems in anticipation of such releases. In addition, customers may delay purchasing an existing system, or cloud compute capacity associated therewith, in anticipation of our release of a next generation or newer, more advanced system. Our business, financial condition, results of operations, and prospects may be harmed by a decline in the pricing for the current generation of our existing products. Additionally, as competition increases in our target markets, we may need to reduce the prices of our existing products and services in anticipation of competitive pricing pressures, new product introductions by us or our competitors, new generations of such existing products, or for other reasons. If we are unable to offset any reductions in pricing for existing products by increasing our sales volumes, decreasing costs, or introducing new products or services or new product generations of such existing products with higher margins, our business, financial condition, results of operations, and prospects may be harmed. To maintain our results of operations, we must develop and introduce new products and services, next-generation products, and product enhancements on a timely basis and continually reduce our costs as well as our customers’ costs. Failure to do so may harm our business, financial condition, results of operations, and prospects.

与运营相关的风险 Risks Related to Operations

**我们的业务和运营经历了显著增长，如果我们不能有效管理增长，或无法改进我们的系统和流程，我们的业务、财务状况、经营业绩和前景将受到损害。**

**Our business and operations have experienced significant growth, and if we do not effectively manage our growth, or are unable to improve our systems and processes, our business, financial condition, results of operations, and prospects will be harmed.**

自 2016 年成立以来，我们实现了快速增长。例如，截至 2025 年 12 月 31 日，我们的员工总数已增至 708 人，员工分布于美国、加拿大、印度及其他国家。我们的客户群也有所扩大，我们预计其将继续增长。业务的快速增长和扩张对我们的管理、运营和财务资源持续构成重大压力。

We have grown rapidly since we were founded in 2016. For example, our total headcount has grown to 708 people as of December 31, 2025, and we have employees located in the United States, Canada, India, and other countries. Our customer base has also grown and we expect it to continue to grow. The rapid growth and expansion of our business places a continuous and significant strain on our management, operational, and financial resources.

为有效管理未来增长，我们将需要扩展和改进我们的运营、财务、IT 及其他行政系统、控制措施和流程，并继续以高效方式管理员工规模扩张和资本。我们可能无法及时或高效地成功实施对这些系统、流程、控制措施和流程的必要改进。若未能改进我们的系统和流程，或这些系统和流程未能按预期方式运行，无论是否因业务显著增长或其他原因所致，均可能导致我们无法管理业务增长，或无法准确预测收入、费用和盈利，或无法防止某些损失，或无法弥补因上述因素导致的延迟而未能获得的预期收入。此外，我们的系统和流程若出现故障，可能削弱我们提供准确、及时、可靠的经营业绩和财务状况报告的能力，并可能对财务报告内部控制的有效性产生不利影响。此外，我们的系统和流程可能无法防止或发现所有错误、遗漏或舞弊。因此，我们未来报告期的经营业绩可能低于投资者预期。

To manage future growth effectively, we will need to expand and improve our operating, financial, IT and other administrative systems, controls, and procedures, and continue to manage headcount expansion and capital in an efficient manner. We may not be able to successfully implement requisite improvements to these systems, processes, controls, and procedures in a timely or efficient manner. Any failure to improve our systems and processes, or their failure to operate in the intended manner, whether as a result of the significant growth of our business or otherwise, may result in our inability to manage the growth of our business or to accurately forecast our revenue, expenses and earnings, or to prevent certain losses or replace anticipated revenue that we do not receive as a result of delays arising from these factors. Moreover, the failure of our systems and processes could undermine our ability to provide accurate, timely, and reliable reports on our results of operations and financial condition and could adversely impact the effectiveness of our internal controls over financial reporting. In addition, our systems and processes may not prevent or detect all errors, omissions, or fraud. Accordingly, our results of operations in future reporting periods may be below the expectations of investors.

随着业务增长和扩张，我们还将面临更高的合规成本，尤其是在我们拓展新国家、政府客户数量增加以及我们成为上市公司的情况下。我们已经遇到并预计将继续遇到快速增长行业中的成长型公司经常面临的额外风险和困难，包括在持续发展业务的过程中有效管理不断增长的费用，以及分配宝贵的财务和其他资源。如果我们未能成功管理这些风险，我们的业务、财务状况、经营业绩和前景将受到损害。

We will also face increased compliance costs associated with growth and the expansion of business, particularly as we expand into new countries, if the number of our government customers increases, and as we become a public company. We have encountered and expect to continue to encounter additional risks and difficulties frequently experienced by growing companies in rapidly changing industries, including effectively managing increasing expenses, and allocating valuable financial and other resources as we continue to grow our business. If we do not manage these risks successfully, our business, financial condition, results of operations, and prospects will be harmed.

**我们面临在美国境外开展业务运营相关的风险，这可能损害我们的业务。**

**We are subject to the risks associated with conducting business operations outside the United States, which may harm our business.**

除美国业务外，我们亦有国际业务。我们在加拿大和印度设有子公司，并在包括阿联酋在内的其他若干国家拥有少量员工。此外，我们正计划将数据中心选址扩展至多个地区。我们亦不时在客户设施（包括位于美国境外的设施）提供服务，并在多个外国司法管辖区开展销售与营销活动。国际活动受国际业务经营相关不确定性的影响，包括全球法律法规、经济制裁、税法与法规、隐私法、进出口法规、关税、税费及其他贸易限制与壁垒、贸易政策变化、反腐败法律、外国政府法规、知识产权潜在脆弱性及保护力度减弱，以及我们获取和留住本地员工的能力，上述任何一项均可能损害我们的业务、财务状况、经营成果和前景。若发生政治冲突、经济危机、战争或其他影响我们子公司、制造商、供应商和客户所在国家的国际关系变化，我们的业务、财务状况、经营成果和前景亦可能受到损害。

In addition to our U.S. operations, we also have international operations. We have foreign subsidiaries in Canada and India, and a smaller number of employees in several other countries, including the United Arab Emirates. In addition, we are planning to expand our data center locations to multiple geographies. We also on occasion provide services at our customers’ facilities, including those not located in the United States, and engage in sales and marketing efforts in many foreign jurisdictions. International activities are subject to the uncertainties associated with international business operations, including global laws and regulations, economic sanctions, tax laws and regulations, privacy laws, export and import regulations, duties, tariffs, and other trade restrictions and barriers, changes in trade policies, anti-corruption laws, foreign governmental regulations, potential vulnerability of and reduced protection for intellectual property, and our ability to acquire and retain local employees, any of which may harm our business, financial condition, results of operations, and prospects. Our business, financial condition, results of operations, and prospects may also be harmed in the event of political conflicts, economic crises, wars, or other changes in international relations affecting countries where our subsidiaries, manufacturers, suppliers, and customers are located.

美国与我们拥有重大业务或销售的任何国家之间关系恶化，或该等国家实施政府法规，可能导致贸易限制的采用或扩大，包括经济制裁和出口许可要求，从而可能损害我们的业务。

A deterioration in relations between the United States and any country in which we have significant operations or sales, or the implementation of government regulations in such a country, may result in the adoption or expansion of trade restrictions, including economic sanctions and export license requirements, that may harm our business.

**我们计划扩展国际业务，包括扩展至我们运营经验有限且可能面临更高商业和经济风险的司法管辖区，这可能损害我们的财务状况和经营成果。**

**We plan to expand our international operations, including to jurisdictions where we have limited operating experience and may be subject to increased business and economic risks that may harm our financial condition and results of operations.**

我们计划继续扩展我们的国际业务经营。我们可能进入我们在营销、销售和部署我们的产品方面经验有限或毫无经验的新国际市场。若我们未能成功在这些国家部署或管理我们的运营，我们的业务和经营可能受损。此外，我们面临在国际经营中固有的多种风险，包括：

We plan to continue the international expansion of our business operations. We may enter new international markets where we have limited or no experience in marketing, selling, and deploying our offerings. If we fail to deploy or manage our operations in these countries successfully, our business and operations may suffer. In addition, we are subject to a variety of risks inherent in doing business internationally, including:

- 政治、社会和/或经济不稳定，包括因俄罗斯与乌克兰之间以及中东地区持续冲突所导致的不稳定；

- political, social, and/or economic instability, including as a result of the ongoing conflicts between Russia and Ukraine and in the Middle East;

- 与外国司法管辖区政府法规以及监管要求和执法意外变化相关的风险；

- risks related to governmental regulations in foreign jurisdictions and unexpected changes in regulatory requirements and enforcement;

- 现行贸易法律法规，包括与出口及视同出口美国技术相关的法律法规；

- existing trade laws and regulations, including those related to exports and deemed exports of U.S. technology;

- 贸易关系变化，包括实施新的贸易限制和制裁、贸易禁运、贸易保护措施、进出口要求、实体清单、关税、配额及其他贸易壁垒和限制，包括与中国和美国之间持续贸易争端相关的措施；

- changes in trade relationships, including the imposition of new trade restrictions and sanctions, trade embargoes, trade protection measures, export or import requirements, entity lists, tariffs, quotas, and other trade barriers and restrictions, including those related to the ongoing trade disputes between China and the United States;

- 汇率波动；

- fluctuations in currency exchange rates;

- 更高的信用风险和支付欺诈风险；

- higher levels of credit risk and payment fraud;

- 整合任何境外收购的难度加大；

- enhanced difficulties of integrating any foreign acquisitions;

- 遵守多种外国法律带来的负担；

- burdens of complying with a variety of foreign laws;

- 部分国家知识产权保护力度较弱，且在美国境外执行知识产权及其他权利存在实际困难；

- reduced protection for intellectual property rights in some countries and practical difficulties in enforcing intellectual property and other rights outside the United States;

- 全球运营的人员配备和管理困难，以及因多个国际地点和子公司而增加的差旅、基础设施和法律合规成本；

- difficulties in staffing and managing global operations and the increased travel, infrastructure and legal compliance costs associated with multiple international locations and subsidiaries;

- 新的、不同的竞争来源；

- new and different sources of competition;

- 在员工/雇主关系、工人委员会和工会的存在方面存在不同的法规和惯例，以及因距离、语言和文化差异造成的其他挑战，使得在某些国际司法管辖区开展业务更加困难；

- different regulations and practices with respect to employee/employer relationships, existence of workers’ councils and labor unions, and other challenges caused by distance, language, and cultural differences, making it harder to do business in certain international jurisdictions;

- 在不动产、数据中心租赁、电力和公用事业以及环境事项方面存在不同的法规和惯例；

- different regulations and practices with respect to real property, data center leases, power and utilities, and environmental matters;

- 遵守法定权益要求；以及

- compliance with statutory equity requirements; and

- 税务后果的管理。

- management of tax consequences.

如果我们无法成功管理全球运营的复杂性，我们的经营业绩和财务状况可能会受到损害。

If we are unable to manage the complexity of our global operations successfully, our results of operations and financial condition may be harmed.

**我们的业务和持续扩张依赖于吸引和留住合格人员，尤其是我们的工程和技术人员。**

**Our business and ongoing expansion depend on attracting and retaining qualified personnel, especially our engineering and technical personnel.**

我们的成功在很大程度上取决于我们吸引和留住高素质人才的能力。我们努力聘用优秀的工程和技术人员，以及高效的销售、市场营销、财务和支持员工，而所有这些人才都需求旺盛。维护我们的品牌和声誉，以及营造一个多元、包容、能让所有员工茁壮成长的工作环境，对于我们招聘和留住员工的能力至关重要。AI 行业对高素质技术人才的竞争十分激烈，尤其是在我们总部所在地旧金山湾区，以及我们设有办公室的加拿大多伦多和印度班加罗尔。我们采取多种措施，包括提供有竞争力的薪酬和福利以及股权激励计划，来吸引和留住我们有效运营和发展业务所需的人员。然而，这些措施可能并不足够，我们的员工可能会决定不再为我们工作，并且在离职时几乎或完全不提前通知。我们的许多竞争对手规模显著大于我们，拥有更多的财务资源和公开交易的股票，可能能够提供比我们更具吸引力的薪酬方案，尤其是在股权薪酬方面。因此，我们可能难以继续留住和激励这些员工，而他们所持股份的价值可能影响他们是否继续为我们工作的决定。我们吸引、留住和激励员工的能力可能会受到我们 A 类普通股价格下跌的不利影响。如果我们发行大量股权以吸引员工或留住现有员工，我们将产生大量额外的股权激励费用，我们现有股东的所有权将被进一步稀释。此外，我们的一些员工是以临时工作签证受雇于我们，美国或其他国家移民法律的任何变化若影响他们的身份或此类签证，可能使我们难以留住这些个人或聘用新人员。即使失去少数合格员工，或无法吸引、留住和激励更多高技能员工，也可能损害我们开发和销售产品的能力以及我们的经营业绩，并削弱我们扩展和发展业务的能力。

Our success depends in large part on our ability to attract and retain highly qualified personnel. We strive to employ talented engineering and technical personnel, as well as effective sales, marketing, finance, and support employees, all of which are in high demand. Maintaining our brand and reputation, as well as a diverse and inclusive work environment that enables all our employees to thrive, is important to our ability to recruit and retain employees. There is intense competition for highly qualified technologists in the AI industry, particularly in the San Francisco Bay Area, where our headquarters are located, as well as in Toronto, Canada and in Bangalore, India, where we also have offices. We use various measures, including offering competitive salaries and benefits and an equity incentive program, to attract and retain the personnel we require to operate and grow our business effectively. However, these measures may not be sufficient, and our employees may decide not to continue working for us and leave us with little or no notice. Many of our competitors are significantly larger than we are, with greater financial resources and publicly traded stock, and may be able to offer more attractive compensation packages than we can, particularly with regard to equity compensation. As a result, it may be difficult for us to continue to retain and motivate these employees, and the value of their holdings could affect their decisions about whether or not they continue to work for us. Our ability to attract, retain and motivate employees may be adversely affected by declines in the price of our Class A common stock. If we issue significant equity to attract employees or to retain our existing employees, we would incur substantial additional stock-based compensation expense and the ownership of our existing stockholders would be further diluted. In addition, some of our employees are employed with us on temporary work visas, and any change in U.S. or other countries’ immigration laws affecting their status or such visas may make it difficult to retain such individuals or hire new personnel. The loss of even a few qualified employees, or an inability to attract, retain and motivate additional highly skilled employees could harm our ability to develop and sell our products, as well as our results of operations, and impair our ability to expand and grow our business.

随着公司的发展和演变，我们可能需要实施更复杂的组织管理架构，调整我们的企业文化和办公环境，精简我们的组织，或调整我们员工的规模和结构，以面向未来进行规模化扩张并执行我们的长期增长计划。如果我们未能吸引新人员，或未能留住和激励现有人员，我们的业务、财务状况、经营业绩和前景可能会受到损害。

As our company grows and evolves, we may need to implement more complex organizational management structures, adapt our corporate culture and work environments, streamline our organization, or adjust the size and structure of our workforce to scale for the future and execute our long-term growth plan. If we fail to attract new personnel, or to retain and motivate our current personnel, our business, financial condition, results of operations, and prospects could be harmed.

**我们高级管理团队一名或多名成员的流失可能会损害我们的业务。**

**The loss of one or more members of our senior management team could harm our business.**

我们目前依赖高级管理团队、尤其是联合创始人的持续服务和贡献。我们的高级管理团队成员和联合创始人均为随意雇佣员工，这意味着每个人都可以随时以任何理由辞职或被解雇。高级管理团队成员对公司的管理至关重要，并对我们的技术开发和战略方向发挥关键作用；如果其中一人或多人因任何原因停止为我们工作，我们不太可能立即找到合适的替代人选。我们也没有购买任何关键人员人寿保险。失去他们中任何一人、其他高级管理人员或高级技术人员的服务，都可能扰乱我们的运营、妨碍我们实施业务战略的能力，并损害我们的业务、财务状况、经营业绩和前景。

We currently depend on the continued services and contributions of our senior management team, particularly the services of our co-founders. The members of our senior management team and co-founders are at-will employees, which means that each person could resign or could be terminated for any reason at any time. Members of our senior management team are critical to the management of our company and instrumental in the development of our technology and our strategic direction, and should one or more of such persons stop working for us for any reason, it is unlikely that we would be able to immediately find a suitable replacement. We also do not maintain any key person life insurance policies. The loss of the services of any of them, other members of senior management, or members of our senior technology personnel, could disrupt our operations, hamper our ability to implement our business strategy, and harm our business, financial condition, results of operations, and prospects.

**我们可能寻求通过收购互补业务或技术来扩展业务。任何未来的收购和投资都可能扰乱我们的业务，并损害我们的财务状况和经营业绩。**

**We may seek to expand our business through the acquisition of complementary businesses or technologies. Any future acquisitions and investments may disrupt our business and harm our financial condition and results of operations.**

我们可能寻求通过收购互补业务和技术来扩展我们的业务、我们提供的产品和服务，或我们的员工队伍。我们还可能与其他企业建立关系以扩展我们的平台，这可能涉及优先或独家许可、额外分销渠道、折扣定价或对其他公司的投资。谈判这些交易可能耗时、困难且昂贵，而我们完成这些交易的能力可能取决于我们无法控制的批准，包括与外国投资和收购相关的批准。此外，我们此前未曾收购过其他业务。即使我们能够确定合适的收购或投资目标，我们也可能无法以商业上合理的条款完成收购，或根本无法完成。对于最终未能完成的收购，我们可能花费大量时间、产生大量自付费用，并分散管理层的注意力。如果被收购业务未能达到我们的预期，我们的业务、财务状况、经营业绩和前景可能会受到损害。

We may seek to expand our business and the products and services we offer, or our employee base through the acquisition of complementary businesses and technologies. We also may enter into relationships with other businesses to expand our platform, which could involve preferred or exclusive licenses, additional channels of distribution, discount pricing, or investments in other companies. Negotiating these transactions can be time-consuming, difficult, and expensive, and our ability to close these transactions may be subject to approvals that are beyond our control, including approvals related to foreign investments and acquisitions. In addition, we have not previously acquired another business. Even if we are able to identify a suitable acquisition or investment target, we may not be able to complete the acquisition on commercially reasonable terms or at all. We may expend a significant amount of time and incur significant out-of-pocket costs, as well as divert management attention, in connection with an acquisition that is not ultimately completed. If an acquired business fails to meet our expectations, our business, financial condition, results of operations, and prospects may be harmed.

如果我们确实完成了收购，我们将因此面临多项风险，包括：

In the event we do consummate an acquisition, we face a number of risks as a result, including:

- 管理层时间和注意力的分散；

- diversion of management time and focus;

- 研发与销售和营销职能的协调；

- coordination of research and development and sales and marketing functions;

- 被收购公司关键员工的留任和激励；

- retention and motivation of key employees from the acquired company;

- 与被收购公司员工整合相关的文化挑战；

- cultural challenges associated with integrating employees from the acquired company;

- 被收购公司会计、管理信息、人力资源及其他行政系统和流程的整合；

- integration of the acquired company’s accounting, management information, human resources, and other administrative systems and processes;

- 难以实现交易的预期协同效应；

- difficulty achieving the anticipated synergies of the transaction;

- 就收购前被收购公司的活动承担责任，包括知识产权侵权、违规或盗用索赔、违反法律、商业纠纷、税务责任及其他已知和未知的责任；以及

- liability for activities of the acquired company before the acquisition, including intellectual property infringement, violation, or misappropriation claims, violations of laws, commercial disputes, tax liabilities and other known and unknown liabilities; and

- 与被收购公司相关的诉讼或其他索赔，包括来自被解雇员工、用户、前股东或其他第三方的索赔。

- litigation or other claims in connection with the acquired company, including claims from terminated employees, users, former stockholders or other third parties.

我们未能应对这些风险或与收购相关的其他问题，可能导致我们无法实现这些收购的预期收益，导致我们承担未预期的责任，并总体上损害我们的业务。未来的收购还可能导致我们股权证券的稀释性发行、产生大量债务（其条款可能对我们的业务施加重大限制）、或有负债、摊销费用、增量运营费用或商誉减值，其中任何一项都可能损害我们的业务、财务状况、经营业绩和前景。

Our failure to address these risks or other problems encountered in connection with acquisitions could cause us to fail to realize the anticipated benefits of these acquisitions, cause us to incur unanticipated liabilities and harm our business generally. Future acquisitions could also result in dilutive issuances of our equity securities, the incurrence of substantial amounts of debt, which could have terms that impose significant restrictions on our business, contingent liabilities, amortization expenses, incremental operating expenses, or the impairment of goodwill, any of which may harm our business, financial condition, results of operations, and prospects.

**我们的业务面临地震、火灾、停电、洪水及其他自然灾害和灾难性事件的风险，以及战争和恐怖主义等人为问题的干扰。**

**Our business is subject to the risks of earthquakes, fire, power outages, floods, and other natural disasters and catastrophic events, and to interruption by man-made problems such as war and terrorism.**

重大自然灾害或其他灾难性事件，如地震、火灾、洪水、停电、电信故障、网络攻击、战争、恐怖袭击、蓄意破坏、其他故意破坏或不当行为、地缘政治事件、大流行病或其他公共卫生危机，或其他灾难性事件，可能损害我们的业务、财务状况、经营业绩和前景。我们的主要公司办公室和大量员工，以及我们部署产品的数据中心，均位于旧金山湾区，该地区以地震活动著称。中国大陆与台湾之间的地缘政治变化也可能扰乱我们位于台湾的第三方晶圆代工厂及其他供应商的运营，对产品交付产生负面影响，并损害我们的业务、财务状况、经营业绩和前景。此外，地缘政治紧张局势的升级，包括因俄罗斯与乌克兰之间以及中东地区持续冲突升级所导致的情况，可能影响我们的业务，尤其是考虑到我们的客户集中度以及在阿拉伯联合酋长国的人员。这些冲突还可能产生更广泛的影响，蔓延至我们开展业务的其他市场，从而可能损害我们的业务、供应商、合作伙伴、客户或整体经济。尽管我们可能采取任何预防措施，自然灾害或其他意外问题的发生仍可能导致我们的服务长时间中断，或扰乱我们的活动或我们的供应商、制造商、合作伙伴、客户的活动，或整体经济。如果我们的灾难恢复计划被证明不充分，上述所有风险可能进一步加剧。我们购买的营业中断保险不足以补偿我们可能遭受的重大损失，包括因我们提供产品和服务的能力中断而可能对我们的业务造成的潜在损害。任何此类自然灾害或人为问题都可能损害我们的业务、财务状况、经营业绩和前景。

A significant natural disaster or other catastrophic event, such as an earthquake, fire, flood, power outage, telecommunications failure, cyber-attack, war, terrorist attack, sabotage, other intentional acts of vandalism or misconduct, geopolitical event, pandemic, or other public health crisis, or other catastrophic occurrence may harm our business, financial condition, results of operations, and prospects. Our principal corporate offices and a significant number of our employees, as well as data centers in which we have deployed our products, are located in the San Francisco Bay Area, a region known for seismic activity. Geopolitical changes between China and Taiwan could also disrupt the operations of our Taiwan-based third-party wafer foundry and other suppliers, negatively impact delivery of products, and harm our business, financial condition, results of operations, and prospects. Furthermore, escalation of geopolitical tensions, including as a result of escalations in the ongoing conflicts between Russia and Ukraine and in the Middle East, could impact our business, especially given our customer concentration and personnel in the United Arab Emirates. These conflicts could also have a broader impact that expands into other markets where we do business, which may harm our business, vendors, partners, customers, or the economy as a whole. Despite any precautions we may take, the occurrence of a natural disaster or other unanticipated problems could result in lengthy interruptions in our services or disruptions in our activities or the activities of our suppliers, manufacturers, partners, customers, or the economy as a whole. All of the aforementioned risks may be further increased if our disaster recovery plans prove to be inadequate. We do not carry business interruption insurance sufficient to compensate us for the potentially significant losses, including the potential harm to our business that may result from interruptions in our ability to provide our products and services. Any such natural disaster or man-made problem may harm our business, financial condition, results of operations, and prospects.

与 IT 系统、网络安全和知识产权相关的风险 Risks Related to IT Systems, Cybersecurity, and Intellectual Property

**我们的业务依赖于我们内部业务流程和 IT 系统（包括我们数据中心内的系统）的正常运行，此类系统的修改或中断可能扰乱我们的业务、流程和内部控制。**

**Our business is dependent upon the proper functioning of our internal business processes and IT systems, including those in our data centers, and modification or interruption of such systems may disrupt our business, processes, and internal controls.**

我们依赖多项内部业务流程和 IT 系统来支持关键业务职能，包括我们的供应链和库存管理系统，而这些流程和系统的高效运行对我们的业务至关重要。我们的业务流程和 IT 系统需要具备足够的可扩展性以支持我们业务的增长，并可能需要进行修改或升级，而这会使我们面临多项运营风险。因此，我们的 IT 系统将持续演进和调整，以满足我们的业务需求。这些变化可能成本高昂并对我们的运营造成扰乱，还可能对管理层的时间提出大量要求。这些变化还可能要求我们变更 IT 系统、修改内部控制程序、对员工和第三方进行大量培训，以及投入其他资源。我们持续通过整合和标准化工作来简化我们的 IT 系统和应用。无法保证我们的业务和运营不会因这一过渡而经历任何中断。我们的 IT 系统以及我们第三方 IT 提供商或业务合作伙伴的 IT 系统，还可能因我们无法控制的情形而易于遭受损坏或中断，包括灾难性事件、电力异常或停电、自然灾害、病毒或恶意软件、网络攻击、内部威胁攻击、未经授权的系统或数据修改、数据泄露以及计算机系统或网络故障，从而使我们面临重大成本、声誉损害以及业务中断或损害。此外，随着我们的 IT 环境持续演进，我们正在采用新的方式，使用移动化和云等方法在内部以及与客户和合作伙伴在外部进行沟通和共享数据，这些方式可以提升业务效率。然而，这些做法也可能导致 IT 环境更加分散，使我们更难保持对内部和外部用户的可见性和控制，并满足可扩展性和管理要求。如果我们的安全控制无法跟上这些变化的速度，或者我们无法满足监管和合规要求，或者我们无法解决上述任何问题，我们的业务、财务状况、经营业绩和前景可能会受到损害。

We rely on a number of internal business processes and IT systems to support key business functions, including our supply chain and inventory management systems, and the efficient operation of these processes and systems is critical to our business. Our business processes and IT systems need to be sufficiently scalable to support the growth of our business and may require modifications or upgrades that expose us to a number of operational risks. As such, our IT systems will continually evolve and adapt in order to meet our business needs. These changes may be costly and disruptive to our operations and could impose substantial demands on management time. These changes may also require changes in our IT systems, modification of internal control procedures and significant training of employees and third parties, as well as other resources. We continuously work on simplifying our IT systems and applications through consolidation and standardization efforts. There can be no assurance that our business and operations will not experience any disruption in connection with this transition. Our IT systems, and those of our third-party IT providers or business partners, may also be vulnerable to damage or disruption caused by circumstances beyond our control including catastrophic events, power anomalies or outages, natural disasters, viruses or malware, cyber-attacks, insider threat attacks, unauthorized system or data modifications, data breaches and computer system or network failures, exposing us to significant cost, reputational harm and disruption or damage to our business. In addition, as our IT environment continues to evolve, we are embracing new ways of communicating and sharing data internally and externally with customers and partners using methods such as mobility and the cloud that can promote business efficiency. However, these practices can also result in a more distributed IT environment, making it more difficult for us to maintain visibility and control over internal and external users, and meet scalability and administrative requirements. If our security controls cannot keep pace with the speed of these changes or if we are not able to meet regulatory and compliance requirements, or if we are unable to address any of the concerns described above, our business financial condition, results of operations, and prospects may be harmed.

**我们的 IT 系统或我们的一个或多个 IT 服务提供商、业务合作伙伴、供应商、供货商或其他第三方服务提供商（包括数据中心提供商）的 IT 系统发生任何故障，或此类第三方在向我们提供服务方面发生任何其他失误，都可能对我们的客户关系产生负面影响并损害我们的业务。**

**Any failure of our IT systems or those of one or more of our IT service providers, business partners, vendors, suppliers, or other third-party service providers, including data center providers, or any other failure by such third parties to provide services to us may negatively impact our relationships with customers and harm our business.**

我们的业务依赖于各类 IT 系统和外包 IT 服务。我们依赖第三方 IT 服务提供商、业务合作伙伴、供应商、供货商及云服务提供商提供关键的 IT 系统、企业基础设施及其他服务，并且必然依赖其充分应对针对其自身系统的网络安全威胁以及其他漏洞、缺陷或不足。这包括电子通信、财务、营销和招聘平台等基础设施，以及 IT 网络开发和网络监控等服务，还包括由第三方数据中心托管我们供内部及客户使用的系统。我们并不拥有或控制用于提供此类服务的第三方设施或设备的运营。我们的第三方供应商和服务提供商没有义务以商业上合理的条款与我们续约，甚至可能完全不续约。如果我们无法以商业上合理的条款（包括在服务水平和成本方面）续约，或根本无法续约，我们可能被要求迁移至新的提供商，并可能因此产生重大成本及可能的服务中断。此外，此类服务提供商可能决定在未向我们发出充分通知的情况下关闭其设施或变更或暂停其服务 offerings。而且，此类供应商或云服务提供商面临的任何财务困难（例如破产），其性质和程度难以预测，可能对我们的业务造成损害。由于我们难以更换供应商和云服务提供商，我们当前提供商的任何中断都将影响我们的运营，我们的业务可能受到损害。此外，在发生重大业务中断时，我们的灾难恢复系统及此类第三方的灾难恢复系统可能无法按预期运作，或可能无法充分保护我们的业务信息。我们的第三方 IT 提供商、业务合作伙伴、供应商、供货商及云服务提供商的任何此类系统或服务的终止、故障或其他中断，都可能导致运营效率低下或中断，从而可能损害我们的业务、财务状况、经营业绩和前景。

Our business depends on various IT systems and outsourced IT services. We rely on third-party IT service providers, business partners, vendors, suppliers, and cloud-based service providers to provide critical IT system, corporate infrastructure, and other services and are, by necessity, dependent on them to adequately address cybersecurity threats to, and other vulnerabilities, defects, or deficiencies of or in their own systems. This includes infrastructure such as electronic communications, finance, marketing, and recruiting platforms and services such as IT network development and network monitoring, and third-party data center hosting of our systems for our internal and customer use. We do not own or control the operation of the third-party facilities or equipment used to provide such services. Our third-party vendors and service providers have no obligation to renew their agreements with us on commercially reasonable terms or at all. If we are unable to renew these agreements on commercially reasonable terms, including with respect to service levels and cost, or at all, we may be required to transition to a new provider, and we may incur significant costs and possible service interruption in connection with doing so. In addition, such service providers could decide to close their facilities or change or suspend their service offerings without adequate notice to us. Moreover, any financial difficulties, such as bankruptcy, faced by such vendors or cloud-based service providers, the nature and extent of which are difficult to predict, may harm on our business. Since we cannot easily switch vendors and cloud-based service providers, any disruption with respect to our current providers would impact our operations and our business may be harmed. Furthermore, our disaster recovery systems and those of such third parties may not function as intended or may fail to adequately protect our business information in the event of a significant business interruption. Any termination, failure, or other disruption of any of such systems or services of our third-party IT providers, business partners, vendors, suppliers, and cloud-based service providers could lead to operating inefficiencies or disruptions, which could harm our business, financial condition, results of operations, and prospects.

**产品、IT 系统安全、网络和数据保护方面的违规行为，以及网络攻击、事件或其他未经授权访问、披露或其他处理我们的专有、机密或敏感信息（包括个人信息）的行为，可能扰乱我们的运营、降低我们的预期收入、增加我们的费用，并损害我们的业务和声誉。**

**Product, IT system security, network, and data protection breaches, as well as cyber-attacks, incidents, or other unauthorized access to, or disclosure or other processing of, our proprietary, confidential, or sensitive information, including personal information, may disrupt our operations, reduce our expected revenue, increase our expenses, and harm our business and reputation.**

在我们业务的正常开展过程中，我们及我们的第三方服务提供商收集、存储并以其他方式处理机密和敏感信息，包括有关个人（如我们的员工和客户）的个人信息，以及专有商业信息和知识产权。我们还处理客户和用户向我们提供的训练和推理数据，其中可能包含个人信息。这些数据（包括个人信息）在我们的 IT 系统以及我们为云基础设施、加密和身份验证技术、员工电子邮件及其他功能等关键服务所依赖的某些第三方提供商提供的系统上进行处理。

In the ordinary course of our business, we and our third-party providers collect, store, and otherwise process confidential and sensitive information, including personal information about individuals such as our employees and customers as well as proprietary business information and intellectual property. We also process training and inference data provided to us by our customers and users, which may include personal information. This data, including the personal information, is processed on our IT systems as well as those provided by certain third-party providers upon whom we rely for critical services such as cloud-based infrastructure, encryption and authentication technology, employee email and other functions.

我们及我们的服务提供商面临各种不断演变的网络安全风险，这些风险威胁着我们处理或代表我们处理的 IT 系统和数据（包括敏感信息、专有信息和个人信息）的机密性、完整性和可用性。这些风险包括物理或电子入侵、安全或网络安全漏洞、事件和中断、计算机恶意软件、社会工程攻击/网络钓鱼、勒索软件、拒绝服务攻击、员工盗窃、滥用或内部人员的其他不当行为、人为或技术错误（如软件缺陷、服务器故障、硬件或软件故障）、数据或其他 IT 资产丢失，以及威胁行为者实施的其他网络攻击。

We and our providers face various evolving cybersecurity risks that threaten the confidentiality, integrity, and availability of our IT systems and data, including sensitive, proprietary, and personal information, that we process or that is processed on our behalf. These risks include physical or electronic break-ins, security or cybersecurity breaches, incidents and disruptions, computer malware, social-engineering attacks/phishing, ransomware, denial-of-service attacks, employee theft, misuse, or other malfeasance by insiders, human or technological error (such as software bugs, server malfunctions, hardware, or software failures), loss of data or other IT assets, and other cyber-attacks by threat actors.

个人、黑客团体以及包括民族国家和民族国家支持的行为者、恐怖分子、犯罪分子、竞争对手和其他威胁行为者在内的复杂组织已经实施并预计将继续实施网络攻击。此类攻击所采用的技术（例如使用新兴 AI 技术）可能直到针对目标发动时才被我们发现，或者可能在很长一段时间内难以被发现，这些技术变化频繁且日益复杂，使我们更难成功检测、防御或实施充分的预防措施。我们还可能遭遇可能在很长一段时间内未被发现的网络安全漏洞。即使被发现，由于攻击者越来越多地使用旨在规避控制、避免检测以及删除或混淆取证证据的工具和技术，我们可能无法充分调查或补救事件或漏洞。此类网络攻击和其他网络安全漏洞、事件或中断在频率、复杂程度和数量上可能继续演变，并可能在很长一段时间内难以被发现。上述任何漏洞、事件或中断都可能危及我们的网络、IT 系统或应用程序，或在此类系统上收集或处理的数据，造成中断、延迟、丢失或其他运营故障，进而可能损害我们的业务、财务状况、经营业绩和前景。

Individuals, groups of hackers, and sophisticated organizations, including nation-states and nation-state-supported actors, terrorists, criminals, competitors, and other threat actors, have engaged and are expected to continue to engage in cyber-attacks. The techniques employed in such attacks (such as the use of emerging AI technologies), which we may not recognize until launched against a target or which may be difficult to discover for an extended period, change frequently and are becoming increasingly sophisticated, making it more difficult to successfully detect, defend against them or implement adequate preventative measures. We may also experience cybersecurity breaches that may remain undetected for an extended period. Even if identified, we may be unable to adequately investigate or remediate incidents or breaches due to attackers increasingly using tools and techniques that are designed to circumvent controls, to avoid detection, and to remove or obfuscate forensic evidence. Such cyber-attacks and other cybersecurity breaches, incidents, or disruptions may continue to evolve in frequency, sophistication, and volume, and may be difficult to detect for long periods of time. Any of the foregoing breaches, incidents, or disruptions may compromise our networks, IT systems, or applications, or the data collected or processed on such systems, causing interruptions, delays, loss, or other operational malfunctions, which in turn could harm our business, financial condition, results of operations, and prospects.

有效网络安全的某些方面取决于我们的员工、承包商或其他第三方服务提供商是否保护我们的敏感信息并遵守我们的安全政策和访问控制机制，而我们可能因该等员工、承包商或其他第三方服务提供商的错误或故意不当行为而面临网络安全威胁。我们公司（以及许多第三方提供商）的远程和混合办公安排也增加了网络安全风险，原因是管理远程计算资产存在挑战，且许多非企业网络和家庭网络中存在安全漏洞。此外，由于地缘政治冲突以及在战争或其他重大冲突时期，我们和我们所依赖的第三方可能更容易受到网络攻击风险加剧的影响，这可能严重扰乱我们提供服务和产品的能力。

Certain aspects of effective cybersecurity are dependent upon our employees, contractors, or other third-party service providers safeguarding our sensitive information and adhering to our security policies and access control mechanisms, and we may face cybersecurity threats due to error or intentional misconduct by such employees, contractors, or other third-party service providers. Remote and hybrid working arrangements at our company (and at many third-party providers) also increase cybersecurity risks due to the challenges associated with managing remote computing assets and security vulnerabilities that are present in many non-corporate and home networks. Additionally, due to geopolitical conflicts and during times of war or other major conflicts, we and the third parties we rely upon may be vulnerable to a heightened risk of cyber-attacks that could materially disrupt our ability to provide services and products.

与许多其他公司一样，我们和我们的第三方提供商过去曾经历、未来也可能经历实际或未遂的安全事件、网络攻击，或其他未经授权访问、披露或以其他方式处理我们的专有、机密或敏感信息的情况，包括因未能妥善处理 IT 系统及通过其处理的数据（包括个人信息）或未能遵守我们的安全政策和访问控制机制而产生的情况；尽管迄今为止尚无此类事件对我们的业务造成重大不利影响，但无法保证我们未来不会发生重大不利事件。为防御安全事件，我们必须持续设计更安全的产品并增强安全性和可靠性功能。我们还必须继续发展我们的安全措施，包括培训计划和安全意识举措以及供应商管理流程，旨在确保我们和我们的供应商采取适当的安全措施，并持续满足客户不断变化的安全要求、适用的行业标准和政府法规。尽管我们投资于培训计划和安全意识举措并采取措施检测和修复漏洞，但我们可能并不总能阻止威胁或检测并缓解我们的安全控制、系统或软件（包括我们已安装的第三方软件）中的所有漏洞，因为此类威胁和技术变化频繁，且可能在安全事件发生后才被发现。

Like many other companies, we and our third party providers have in the past, and may experience in the future, actual or attempted security incidents, cyber-attacks, or other unauthorized access to, or disclosure or other processing of, our proprietary, confidential or sensitive information, including arising from a failure to properly handle IT systems and the data that is processed through them, including personal information, or to adhere to our security policies and access control mechanisms and, although no such events have had a material adverse effect on our business to date, there can be no assurance that we will not have a materially adverse incident in the future. To defend against security incidents, we must continuously engineer more secure products and enhance security and reliability features. We must also continue to develop our security measures, including training programs and security awareness initiatives, as well as vendor management processes, designed to ensure that we and our suppliers have appropriate security measures in place, and continue to meet the evolving security requirements of our customers, applicable industry standards, and government regulations. While we invest in training programs and security awareness initiatives and take steps to detect and remediate vulnerabilities, we may not always be able to prevent threats or detect and mitigate all vulnerabilities in our security controls, systems, or software, including third-party software we have installed, as such threats and techniques change frequently and may not be detected until after a security incident has occurred.

此外，我们无法保证我们供应链或我们合作伙伴供应链中的第三方及基础设施未被入侵，也无法保证其不包含可被利用的漏洞、缺陷或错误，从而可能导致我们的 IT 系统（包括我们的产品和服务）或支持我们服务的第三方 IT 系统遭到入侵或中断。我们还可能将第三方数据纳入我们的 AI 算法，或使用开源数据集来训练我们的算法。这些数据集可能存在缺陷、不充分或包含某些有偏见的信息，包含第三方未获得适当权利的信息（包括知识产权以及保密、专有或个人信息），并且可能在其他方面容易受到安全事件的影响，或对我们 AI 算力解决方案的安全性、安全防护及其他功能产生负面影响。我们可能对第三方供应商（包括涉及我们 AI 模型的供应商）的数据隐私或安全实践了解有限。我们监控这些第三方信息安全实践的能力有限，且他们可能未制定充分的信息安全或法律合规措施，或对底层数据不享有使其可供使用的充分权利。此外，若我们的某一第三方供应商发生安全事件，我们的响应可能受限或更为困难，因为我们可能无法直接访问其系统、日志及其他与安全事件相关的信息。最后，我们在开发和部署旨在解决我们 IT 系统或第三方供应商 IT 系统上所发现漏洞的补救措施方面可能出现延迟。这些漏洞若被利用，可能导致安全事件。

Further, we cannot guarantee that third parties and infrastructure in our supply chain or our partners’ supply chains have not been compromised or that they do not contain exploitable vulnerabilities, defects, or bugs that could result in a breach of or disruption to our IT systems, including our products and services, or the third-party IT systems that support our services. We may also incorporate third-party data into our AI algorithms or use open-source datasets to train our algorithms. These datasets may be flawed, insufficient, or contain certain biased information, contain information (including intellectual property and confidential, proprietary, or personal information) for which the third party did not have appropriate rights, and may otherwise be vulnerable to security incidents, or negatively affect safety, security, and other functioning of our AI compute solutions. We may have limited insight into the data privacy or security practices of third-party suppliers, including with respect to our AI models. Our ability to monitor these third parties’ information security practices is limited, and they may not have adequate information security or legal compliance measures in place or sufficient rights in the underlying data to make them available. In addition, if one of our third-party suppliers suffers a security incident, our response may be limited or more difficult because we may not have direct access to their systems, logs and other information related to the security incident. Finally, we may experience delays in developing and deploying remedial measures designed to address identified vulnerabilities on our IT systems or those of our third-party providers. These vulnerabilities could, if exploited, result in a security incident.

我方或第三方实际或据称违反我们的安全措施，或未经批准访问、传播我们或第三方的专有、机密或敏感信息（包括个人信息），可能使我们及受影响方面临信息丢失或滥用的风险，可能导致诉讼（包括集体诉讼）及随之而来的责任、监管问询或行动（包括潜在处罚和罚款）、额外报告要求或其他监督、数据处理限制、赔偿义务、被要求提供信用监控或身份盗用防范服务、资金挪用、管理层注意力分散、财务损失、数据丢失、我们的系统和运营、供应链以及生产、销售和分销我们产品的能力发生重大中断、品牌和声誉受损或对我们安全措施有效性的信心受到侵蚀，或产生重大事件响应、系统恢复或补救成本以及未来合规成本或其他损害，进而可能损害我们的业务、财务状况、经营业绩和前景。适用的数据隐私和安全义务还可能要求我们就安全事件通知相关利益相关方，包括受影响的个人、客户、监管机构和投资者，而对此类事件的调查和强制性披露可能成本高昂并导致负面宣传。

Actual or perceived breaches of our security measures or unapproved access to our dissemination of proprietary, confidential, or sensitive information, including personal information, about or by us or third parties, could expose us and the parties affected to a risk of loss, or misuse of this information, potentially resulting in litigation (including class actions) and subsequent liability, regulatory inquiries or actions including potential penalties and fines, additional reporting requirements or other oversight, restrictions on processing data, indemnification obligations, being required to provide credit monitoring or identity-theft prevention services, diversion of funds, diversion of management attention, financial loss, loss of data, material disruptions in our systems and operations, supply chain, and ability to produce, sell and distribute our offerings, damage to our brand and reputation or erosion confidence in the effectiveness of our security measures, or significant incident response, system restoration or remediation, and future compliance costs or other harms, which may harm our business, financial condition, results of operations, and prospects. Applicable data privacy and security obligations may also require us to notify relevant stakeholders, including affected individuals, customers, regulators, and investors, of security incidents, and investigations into and mandatory disclosures with respect to such incidents could be costly and lead to negative publicity.

尽管我们的保险保单包含对其中某些事项的责任承保，但须遵守可能数额巨大的自留额，如果我们遭遇重大安全漏洞、事件或中断，我们可能面临超出保险承保范围的责任或其他损害，且我们无法确定此类保险保单能否继续以经济合理的条款向我们提供，或根本无法提供，也无法确定任何保险公司不会对任何未来索赔拒绝承保。针对我们成功提出的一项或多项超出可用保险承保范围的巨额索赔，或我们的保险保单发生变更（包括保费上涨或施加巨额免赔额或共保要求），可能对我们的业务、财务状况、经营业绩和前景产生不利影响。

While our insurance policies include liability coverage for certain of these matters, subject to retention amounts that could be substantial, if we experience a significant security breach, incident or disruption, we could be subject to liability or other damages that exceed our insurance coverage and we cannot be certain that such insurance policies will continue to be available to us on economically reasonable terms, or at all, or that any insurer will not deny coverage as to any future claim. The successful assertion of one or more large claims against us that exceed available insurance coverage, or the occurrence of changes in our insurance policies, including premium increases or the imposition of large deductible or co-insurance requirements, could adversely affect our business, financial condition, results of operations, and prospects.

**未能取得、维持、保护或执行我们的知识产权可能损害我们的品牌、业务和经营业绩。**

**Failure to obtain, maintain, protect, or enforce our intellectual property rights could harm our brand, business, and results of operations.**

我们将保护知识产权视为成功的关键。我们致力于通过综合运用美国及国际上的专利法、商标法、商业秘密法、著作权法、反不正当竞争法及其他相关法律，并结合保密程序和合同条款，来保护和确立我们的知识产权权利，包括我们的专有技术和诀窍。我们投入大量资源监控和保护我们的知识产权，包括监控对我们产品的未经授权使用，但即使投入大量支出，我们仍可能无法保护对我们业务具有价值的知识产权。特别是，我们无法预测或保证：

We regard the protection of our intellectual property as critical to our success. We strive to protect our intellectual property rights by relying on a combination of patent, trademark, trade secret, copyright, unfair competition and other related laws in the United States and internationally as well as confidentiality procedures and contractual provisions to protect and establish our rights in our intellectual property, including our proprietary technologies and know-how. We spend significant resources to monitor and protect our intellectual property rights, including monitoring the unauthorized use of our products, but even with significant expenditures, we may not be able to protect the intellectual property rights that are valuable to our business. In particular, we are unable to predict or assure that:

- 我们的知识产权不会失效或被无效、被规避、被质疑，或者就许可给我们的第三方知识产权而言，不会被许可给他人；

- our intellectual property rights will not lapse or be invalidated, circumvented, challenged, or, in the case of third-party intellectual property rights licensed to us, be licensed to others;

- 我们的知识产权将为我们提供竞争优势；

- our intellectual property rights will provide competitive advantages to us;

- 第三方先前就许可或转让给我们的知识产权所授予的权利（包括组合交叉许可）不会妨碍我们主张我们的知识产权或阻碍当前未决或未来争议的解决；

- rights previously granted by third parties to intellectual property licensed or assigned to us, including portfolio cross-licenses, will not hamper our ability to assert our intellectual property rights or hinder the settlement of currently pending or future disputes;

- 我们任何未决或未来的专利、著作权或商标申请将会获得授权或具有最初寻求的保护范围；

- any of our pending or future patent, copyright, or trademark applications will be issued or have the coverage originally sought;

- 我们能够在竞争激烈或法律保护可能薄弱的某些司法管辖区执行我们的知识产权；或

- we will be able to enforce our intellectual property rights in certain jurisdictions where competition is intense or where legal protection may be weak; or

- 我们拥有足够的知识产权来保护或继续提供我们的产品/服务或运营我们的业务。

- we have sufficient intellectual property rights to protect or continue to offer our offerings or operate our business.

我们在美国及若干境外司法管辖区就我们的专利、商标、服务标志和域名办理注册。我们无法保证任何现有或未来的待决专利申请能够获得最初寻求的保护范围；即使待决专利申请获得授权，授予我们的权利也可能不具有实质意义，或无法为我们提供任何商业优势。此外，我们的专利可能被竞争对手提出异议、争议、限缩、规避、质疑、放弃或绕开设计，也可能在司法或行政程序中被宣告无效或不可执行。专利申请流程费用高昂、耗时且复杂，我们过去未能、未来也可能无法以合理成本或及时地提交、审查、维持、执行或授权所有必要或理想的专利申请。由于我们可能没有足够的资源或资金为可专利技术寻求专利注册，如果我们未能以商业秘密方式充分保护此类技术，竞争对手可能获得竞争优势，从而开发类似技术并就该等技术寻求并获得专利注册，进而排除我们继续使用该专利技术，即使该技术最初为我们专有。我们也有可能未能及时识别研发成果中可专利的方面，从而无法获得专利保护。未能及时为产品或技术寻求专利保护，通常会使我们无法就这些产品或技术寻求未来的专利保护。即使我们及时寻求专利保护，专利申请中所主张的保护范围在专利授权前也可能被大幅缩减，其范围在授权后也可能被重新解释，因此我们无法保证我们已授权或未来可能授权的任何专利将保护我们当前和未来产品或服务的所有重要方面或组成部分、将为我们提供任何竞争优势，或将来不会被质疑、无效或规避。此外，由于此类专利申请和已授权专利所主张的标的属于公有领域的公开内容，我们可能无法获得或维持专利申请和已授权专利。此外，专利到期后，我们将失去其原本为我们提供的保护和竞争优势。

We pursue the registration of our patents, trademarks, service marks, and domain names in the United States and in certain foreign jurisdictions. We cannot guarantee that any current or future pending patent applications will be issued to have the coverage originally sought, and even if the pending patent applications are granted, the rights granted to us may not be meaningful or provide us with any commercial advantage. Additionally, our patents could be opposed, contested, narrowed, circumvented, challenged, abandoned, or designed around by our competitors or be declared invalid or unenforceable in judicial or administrative proceedings. The patent prosecution process is expensive, time-consuming, and complex, and we have not in the past, and may not in the future be able to file, prosecute, maintain, enforce, or license all necessary or desirable patent applications at a reasonable cost or in a timely manner. Since we may not have sufficient resources or capital to pursue patent registration for our patentable technology, our competitors could gain a competitive advantage if we fail to adequately protect such technologies as trade secrets such that a competitor could develop similar technologies and pursue and obtain patent registration for those technologies that would exclude us from continuing to use the patented technology, even if the technology was initially proprietary to us. It is also possible that we will fail to identify patentable aspects of our research and development output in time to obtain patent protection. Failure to timely seek patent protection on products or technologies generally precludes us from seeking future patent protection on these products or technologies. Even if we do timely seek patent protection, the coverage claimed in a patent application can be significantly reduced before a patent is issued, and its scope can be reinterpreted after issuance, and as a result we can give no assurance that any patents that we have issued or may have issued in the future will protect all significant aspects or components of our current and future products or services, will provide us with any competitive advantage, or will not be challenged, invalidated or circumvented in the future. Furthermore, we may not be able to obtain or maintain patent applications and issued patents due to the subject matter claimed in such patent applications and issued patents being in disclosures in the public domain. In addition, when patents expire, we lose the protection and competitive advantages they originally provided to us.

此外，我们认为，我们的成功还取决于我们在产品设计、测试和制造方面所积累的技术专长，并且我们依赖保密和专有信息来发展和维持我们的竞争地位。因此，我们通常还会与员工、承包商和业务合作伙伴签订保密和发明转让协议，以限制他人访问、披露和使用我们的专有信息。然而，我们无法保证已与每一家曾经或可能曾经接触我们商业秘密、保密或专有信息或技术（包括我们的 AI 产品）的各方签订此类协议。即使已签订此类协议，这些合同安排以及我们为保护知识产权所采取的其他措施，仍可能无法防止我们的保密或专有信息或技术（包括我们的 AI 解决方案、商业秘密或知识产权）被侵占、侵权、违反、稀释或披露，也无法阻止他人独立开发类似或竞争性技术。我们已与供应商、客户和合作伙伴签订并可能继续签订共同开发或合作协议，在此类协议中我们与对方密切合作，可能向对方暴露我们的知识产权，或接触到对方的知识产权。尽管此类协议可能对可能共同或看似共同构思的知识产权的风险分配和所有权作出安排，但我们与对方仍可能就此类条款如何适用于具体事实或高度集成的产品产生争议。此类争议可能导致诉讼、禁令或其他法律程序，并损害我们的知识产权和业务。

Additionally, we believe that our success also depends on the technical expertise we have developed in designing, testing, and manufacturing products, and we rely on confidential and proprietary information to develop and maintain our competitive position. As a result, we also typically enter into confidentiality and invention assignment agreements with our employees, contractors, and business partners in order to limit access to, and disclosure and use of, our proprietary information. However, we cannot guarantee we have entered into such agreements with each party that has or may have had access to our trade secrets, confidential or proprietary information, or technology, including our AI offerings. Even if entered into, these contractual arrangements and the other steps we have taken to protect our intellectual property may not prevent the misappropriation, infringement, violation, dilution, or disclosure of our confidential or proprietary information or technology, including our AI solutions, trade secrets, or intellectual property rights, or deter independent development of similar or competing technologies by others. We have entered into, and may continue to enter into, co-development or collaboration agreements with vendors, customers, and partners where we collaborate closely with such counterparty and may expose our intellectual property to such counterparty or be exposed to their intellectual property. While such agreements may contemplate the allocation of risk and ownership of intellectual property that may be jointly, or appear to be jointly, conceived, we and our counterparty may dispute how such provisions are applied to specific facts or tightly integrated products. Such disputes may lead to litigation, injunctions, or other legal proceedings, and harm our intellectual property rights and business.

获取和维护有效的知识产权（包括维护自身权利的成本）代价高昂。我们已获得多项临时专利申请和已授权专利，并正在寻求额外的专利保护，同时在美国及若干外国司法管辖区申请注册商标和域名。这些程序成本高昂，且未必能在所有司法管辖区或针对每一项此类申请取得成功，我们也可能不会在所有可能相关的司法管辖区寻求此类保护。此外，在我们提供产品或服务的每个国家，未必都能获得有效的知识产权保护；即便存在此类保护，这些国家的法律也可能不承认知识产权，或提供的保护程度不及美国同等法律。另外，知识产权法律的任何变化或意外解释，都可能削弱我们执行商业秘密和知识产权的能力。上述任何情形都可能使我们难以制止对我们知识产权的侵权、盗用、淡化或其他侵害行为，也难以制止竞争产品或服务的营销；未能获得或维持对商业秘密或其他知识产权的充分保护，可能损害我们的竞争地位，并可能损害我们的业务、财务状况、经营成果和前景。

Obtaining and maintaining effective intellectual property rights, including the costs of defending our rights is expensive. We have obtained a number of provisional and issued patents, and are seeking additional patent protection, and to register our trademarks and domain names in the United States and in certain foreign jurisdictions. These processes are expensive and may not be successful in all jurisdictions or for every such application, and we may not pursue such protections in all jurisdictions that may be relevant. Further, effective intellectual property protections may not be available in every country in which we offer our products or services, and even where present, the laws of such countries may not recognize intellectual property rights or protect them to the same extent as their equivalents in the United States. Additionally, any changes in, or unexpected interpretations of, intellectual property laws may compromise our ability to enforce our trade secret and intellectual property rights. Any of the foregoing could make it difficult for us to stop the infringement, misappropriation, dilution or other violation of our intellectual property or marketing of competing products or services, and any failure to obtain or maintain adequate protection of our trade secrets or other intellectual property rights may harm our competitive position and may harm our business, financial condition, results of operations, and prospects.

为执行我们的知识产权、保护我们的专有权利，或确定他人主张的专有权利的有效性和范围，可能需要进行诉讼。任何此类实际发生或威胁提起的诉讼，无论结果或是非曲直如何，都可能产生巨额成本，并分散管理层和技术资源，其中任何一项都可能损害我们的业务、财务状况、经营成果和前景。此外，我们认为商标权的保护是产品识别、保护品牌和维护商誉的重要因素；如果我们未能充分保护商标权免受侵害，我们在这些商标上积累的任何商誉都可能丧失或受损，从而可能损害我们的品牌和业务。与我们商标相似的其他商标所有人可能提起潜在的商号或商标侵权索赔，因此，我们在针对试图模仿“Cerebras”品牌及其他有价值商标和服务商标的主体执行商标权时，可能产生重大成本。如果我们未能维护、保护和强化我们的知识产权，我们的品牌、业务和经营成果可能受到损害。

Litigation may be necessary to enforce our intellectual property rights, protect our proprietary rights, or determine the validity and scope of proprietary rights claimed by others. Any actual or threatened litigation of this nature, regardless of outcome or merit, could result in substantial costs and diversion of management and technical resources, any of which may harm our business, financial condition, results of operations, and prospects. In addition, we believe that the protection of our trademark rights is an important factor in product recognition, protecting our brand and maintaining goodwill and if we do not adequately protect our rights in our trademarks from infringement, any goodwill that we have developed in those trademarks could be lost or impaired, which may harm our brand and our business. There may be potential trade name or trademark infringement claims brought by owners of other trademarks that are similar to our trademarks, and as a result, we may incur significant costs in enforcing our trademarks against those who attempt to imitate the “Cerebras” brand and other valuable trademarks and service marks. If we fail to maintain, protect, and enhance our intellectual property rights, our brand, business, and results of operations may be harmed.

此外，我们可能收购拥有受某些许可义务或限制约束的知识产权的公司。在任何此类潜在收购完成后，这些许可义务可能延伸至我们自身的知识产权，并可能限制我们主张、保护、执行或以其他方式使用我们知识产权的能力。我们可能不时提起诉讼以主张我们的知识产权，包括在某些情况下针对我们的客户和供应商提起诉讼，前提是我们认为其侵犯、盗用或以其他方式违反了我们的任何知识产权。反之，第三方过去曾对我们提起知识产权诉讼，未来也可能继续提起。上述任何主张还可能损害我们与制造商和客户的关系，并可能使未来的制造商和客户不愿与我们开展业务。此外，任何此类法律诉讼中的不利裁决可能导致重大费用，并限制我们主张或执行知识产权的能力，限制我们产品和服务的价值，进而可能损害我们的业务、财务状况、经营成果和前景。

Further, we may acquire companies with intellectual property that is subject to certain licensing obligations or restrictions. These licensing obligations may extend to our own intellectual property following any such potential acquisition and may limit our ability to assert, protect, enforce, or otherwise use our intellectual property rights. From time to time, we may pursue litigation to assert our intellectual property rights, including, in some cases, against our customers and suppliers, where we believe they have infringed, misappropriated, or otherwise violated any of our intellectual property rights. Conversely, third parties have in the past pursued and may in the future pursue intellectual property litigation against us. Claims of any of the foregoing could also harm our relationships with our manufacturers and customers and might deter future manufacturers and customers from doing business with us. Furthermore, an adverse decision in any such legal action may result in material expense and limit our ability to assert or enforce our intellectual property rights and limit the value of our products and services, which may otherwise harm our business, financial condition, results of operations, and prospects.

**我们及时设计和推出新产品的能力包括对某些第三方知识产权的使用。**

**Our ability to design and introduce new offerings in a timely manner includes the use of certain third-party intellectual property.**

在设计和开发新产品和增强型产品（包括 AI 算力解决方案）时，我们依赖某些第三方知识产权，例如用于某些硬件和软件的开发和测试工具。此外，我们有时利用第三方进行软件开发，并就硬件和工艺开发的某些方面与供应商合作。此外，我们的某些产品功能可能依赖于从第三方获得并整合到我们硬件或软件中的知识产权。为满足客户对半导体产品更多功能和更强性能的需求所必需的设计要求，可能超出我们可用的第三方知识产权或开发或测试工具的能力。如果我们使用的第三方知识产权变得不可用、无法在所需时间范围内或以所需价格点提供所需功能或性能、未能产生满足客户需求的设计，或者通过的法律影响我们在某些地区或产品中使用第三方知识产权，我们的业务、财务状况、经营成果和前景可能受到损害。

In the design and development of new and enhanced offerings, including AI computing solutions, we rely on certain third-party intellectual property, such as development and testing tools for certain hardware and software. Further, we have, on occasion, leveraged third parties for software development and have partnered with vendors on aspects of hardware and process development. Furthermore, certain of our product features may rely on intellectual property acquired from third parties that incorporate into our hardware or software. The design requirements necessary to meet customer demand for more features and greater functionality from semiconductor products may exceed the capabilities of the third-party intellectual property or development or testing tools available to us. If the third-party intellectual property that we use becomes unavailable, is not available with required functionality or performance in the time frame or price point needed for our new products or fails to produce designs that meet customer demands, or laws are adopted that affect our use of third party intellectual property in certain regions or products, our business, financial condition, results of operations, and prospects may be harmed.

**我们可能面临知识产权侵权、盗用、稀释或其他违规行为的索赔，这些索赔的辩护或和解可能耗时或成本高昂，导致丧失重要权利，或损害我们与客户的关系及在行业中的声誉。**

**We may face claims of intellectual property infringement, misappropriation, dilution, or other violations, which could be time-consuming or costly to defend or settle, result in the loss of significant rights or harm our relationships with our customers or reputation in the industry.**

第三方过去曾主张、且未来可能主张其对我们业务中使用或对我们业务具有重要影响的技术或信息享有专利权及其他知识产权，抗辩或和解此类主张可能耗时且成本高昂，并可能导致旷日持久的诉讼和禁令，从而限制我们销售产品和开展业务的能力。我们过去曾收到、未来也可能收到他人来函，指控我们侵犯、盗用、稀释或以其他方式违反知识产权，尤其是作为一家知名度与曝光度不断提升的上市公司。知识产权主张可能由第三方、供应商、客户或合作伙伴提出，并可能直接针对我们提出，也可能针对我们的供应商、客户或合作伙伴提出。针对我们供应商的主张也可能导致我们的产品面临侵权风险，而针对我们客户的主张可能导致赔偿请求，此类赔偿请求通常不设上限。此外，若我们从其他公司（包括某些潜在竞争对手）招募员工或承包商，且该等员工或承包商参与开发与其曾协助前雇主开发的产品相似的产品，我们可能面临该等员工或承包商未经授权使用或披露商业秘密或其他专有信息的主张。未来我们还可能面临第三方供应商、员工或承包商因其代表我们所做的工作而主张对我们已授权专利、待审专利申请或其他知识产权（包括我们的 AI 解决方案）享有所有权，或面临因第三方侵权或其他主张而向我们客户提出的赔偿请求。

Third parties have in the past, and may in the future, assert against us their patent and other intellectual property rights to technologies or information that are used in or are important to our business, which may be time consuming and costly to defend or settle, and may result in lengthy trials and injunctions that limit our ability to sell our products and conduct our business. We have in the past received, and may receive in the future, particularly as a public company with an increased profile and visibility, communications from others alleging our infringement, misappropriation, dilution, or other violation of intellectual property rights. Intellectual property claims may be asserted by third parties, vendors, customers, or partners, and may be asserted against us directly or against our vendors, customers, or partners. Claims against our vendors may also lead to infringement exposure of our products, and claims against our customers may lead to indemnification claims, which are often uncapped. In addition, in the event that we recruit employees or contractors from other companies, including certain potential competitors, and these employees or contractors are involved in the development of products that are similar to the products they assisted in developing for their former employers, we may become subject to claims that such employees or contractors have used or disclosed trade secrets or other proprietary information in an unauthorized manner. We may also in the future be subject to claims by our third-party suppliers, employees, or contractors asserting an ownership right in our issued patents, pending patent applications or other intellectual property, including our AI solutions, as a result of the work they performed on our behalf, or claims for indemnification by our customers who are subject to infringement or other claims by third parties.

尽管我们并非以营利为目的进行许可、出售访问权限或以其他方式直接从 AI 模型的使用中获取收入，但我们与许多其他 AI 模型开发者类似，已在公开可用的数据集上训练 AI 模型，并根据某些开源许可证向社区发布了其中某些模型。我们还向客户提供 AI 模型服务，在此过程中我们利用自身专业知识帮助客户使用其选择的架构、参数规模、数据集和数据类型（可能包括公开可用或专有数据集，或二者的组合）训练其模型。此类训练行为必然涉及在我们系统上传输和使用某些数据。与其他因 AI 模型的训练、微调、使用或开发而面临诉讼及其他争议的 AI 模型开发者一样，我们目前以及未来可能面临诉讼，指控我们未经相关版权所有者授权，复制、拷贝、展示、分发或制作衍生作品，或以其他方式滥用受版权保护的材料来训练我们或我们客户的 AI 模型，或在训练数据中侵犯第三方专有权利（包括公开权）。然而，这在美国法律中仍属未决领域，美国法院目前正在审理多起诉讼，这些诉讼主张为训练 AI 模型而复制数据，或使用基于受版权保护数据训练的 AI 模型，侵犯了版权持有人的权利。此外，我们已对某些第三方 AI 模型进行微调，并可能继续这样做。尽管我们认为我们遵守了此类模型的适用许可条款，但此类许可的解释可能存在差异，我们可能面临违反此类许可条款的索赔。

While we do not license for profit, sell access to, or otherwise derive revenue directly from the use of AI models, we have trained AI models on publicly available datasets, similar to many other developers of AI models, and released certain of such models to the community under certain open-source licenses. We also provide AI model services to our customers, where we leverage our expertise to help customers train their models with architectures, parameter sizes, and data sets and types of their choosing, which may include publicly available or proprietary data sets or a combination of both. The act of such training necessarily involves transmission and use of certain data on our systems. Like other developers of AI models who are subject to litigation and other disputes arising from the training, fine-tuning, use, or development of AI models, we are currently and may in the future be subject to lawsuits alleging that we reproduced, copied, displayed, distributed, or made derivative works of, or otherwise misused copyrighted materials to train our or our customers’ AI models without the authorization of the relevant copyright owners, or otherwise infringed third-party proprietary rights in training data, including rights of publicity. However, this remains an unsettled area of U.S. law and U.S. courts are currently weighing a number of lawsuits involving claims that the reproduction of data for training AI models, or the use of AI models trained on copyrighted data, infringes the rights of copyright holders. In addition, we have and may continue to fine-tune certain third-party AI models. While we believe we are in compliance with the applicable license terms of such models, the interpretation of such licenses may vary, and we may be subject to claims that we have violated the terms of such licenses.

关于我们的产品、服务或流程侵犯、盗用、稀释或以其他方式违反第三方知识产权的索赔，无论其是否有理或如何解决，抗辩或和解都可能耗时或成本高昂，并可能分散管理层和技术人员的精力和注意力。侵权索赔还可能损害我们与客户的关系，并可能阻止未来客户与我们开展业务。鉴于知识产权诉讼中复杂的技术问题和固有的不确定性，我们不知道我们是否会在这些程序中胜诉。如果任何待决或未来的程序导致不利结果，我们可能被要求：

Claims that our offerings or processes infringe, misappropriate, dilute, or otherwise violate third-party intellectual property rights, regardless of their merit or resolution, could be time-consuming or costly to defend or settle and could divert the efforts and attention of our management and technical personnel. Infringement claims also could harm our relationships with our customers and might deter future customers from doing business with us. We do not know whether we would prevail in these proceedings given the complex technical issues and inherent uncertainties in intellectual property litigation. If any pending or future proceedings result in an adverse outcome, we could be required to:

- 停止制造、使用或销售侵权的产品、服务或流程；

- cease the manufacture, use, or sale of the infringing offerings or processes;

- 支付因侵权、盗用、稀释或其他违规行为产生的巨额损害赔偿，包括对任何故意侵权的加重损害赔偿；

- pay substantial damages for infringement, misappropriation, dilution, or other violation, including enhanced damages for any willful infringement;

- 投入大量资源开发非侵权的产品、服务或流程，而这可能不会成功；

- expend significant resources to develop non-infringing offerings or processes, which may not be successful;

- 从主张侵权的第三方获得某些组件或数据的许可，而该许可可能无法以商业上合理的条款获得，或根本无法获得；

- license certain components or data from the third-party claiming infringement, which license may not be available on commercially reasonable terms, or at all;

- 将我们的产品、服务交叉许可给竞争对手以解决侵权索赔，这可能削弱我们与该竞争对手竞争的能力；或

- cross-license our offerings to a competitor to resolve an infringement claim, which could weaken our ability to compete with that competitor; or

- 向我们的客户或最终用户支付巨额损害赔偿，以使其停止使用已向其出售的侵权产品或工艺，或在可行的情况下以非侵权产品或工艺予以替换。

- pay substantial damages to our customers or end-users to discontinue their use of or to replace infringing product or process sold to them with non-infringing offerings or processes, if available.

此外，即使在任何此类程序中胜诉，我们在自身产品及其他知识产权中的权利仍可能被宣告无效、受到权利负担、被限缩或以其他方式被削弱。而且，听证结果、动议或其他临时程序或进展可能会被公开公告，若证券分析师或投资者认为这些结果不利，可能对我们 A 类普通股的价格造成重大不利影响。上述任何结果均可能损害我们的业务、财务状况、经营成果和前景。因第三方知识产权侵权主张而针对我们客户提起的诉讼，可能触发我们部分协议项下的赔偿义务，从而给我们带来重大费用，并可能对我们的业务、财务状况、经营成果和前景造成重大损害。

Additionally, even if successful in any such proceedings, our rights in our offerings and other intellectual property may be invalidated, encumbered, narrowed, or otherwise diminished. Moreover, there could be public announcements of the results of hearings, motions, or other interim proceedings or developments, and if securities analysts or investors perceive these results to be negative, it could have a substantial adverse effect on the price of our Class A common stock. Any of the foregoing results may harm our business, financial condition, results of operations, and prospects. Litigation against our customers as a result of third-party claims of intellectual property infringement could trigger indemnification obligations under some of our agreements, which could result in substantial expense to us, and which may materially harm our business, financial condition, results of operations, and prospects.

**我们的部分知识产权已经并可能继续依据与美国政府实体签订的研究协议进行开发，并可能在某些情况下受联邦法规约束，从而限制我们的排他性权利。**

**Certain of our intellectual property has been and may be developed under research agreements with U.S. government entities, and may be subject to federal regulations that limit our exclusive rights in certain circumstances.**

我们某些通常与 AI 计算市场中所提供产品之外的应用相关的知识产权，已经并可能继续根据与美国政府实体签订的合同进行开发。因此，根据经修订的 1980 年《拜杜法案》（“《拜杜法案》”）或我们的合同安排的其他要求，美国政府可能对我们当前或未来产品中使用的知识产权享有某些权利。根据《拜杜法案》，美国政府对此类合同下开发的某些“标的发明”享有的权利包括：为任何政府目的使用该等发明的非排他性、不可转让且不可撤销的全球许可。此外，如果美国政府认定：(i) 未采取充分措施将该发明商业化；(ii) 政府行动对于满足公共卫生或安全需要是必要的；(iii) 政府行动对于满足联邦法规下的公共使用要求是必要的；或 (iv) 使用或销售该等发明的权利被排他性许可给美国境内实体，且该等发明主要在美国境外制造而未获得美国政府事先批准，则美国政府有权要求我们或该等发明的受让人或排他性被许可人向美国政府或第三方授予该等发明的许可。如果我们未能遵守有关标的发明的报告义务、未在规定期限内提交专利保护申请，或未能遵守《拜杜法案》的其他相关限制，我们可能会丧失知识产权的排他性。如果我们的任何知识产权受到美国政府或第三方根据《拜杜法案》或相关合同安排可行使的权利或救济的约束，我们知识产权的价值可能会受损，我们的业务可能会受到损害。

Certain of our intellectual property that generally pertain to applications outside of our offerings in the AI computing market has been and may be developed under contracts with U.S. government entities. As a result, the U.S. government may have certain rights to intellectual property that we use in our current or future products pursuant to the Bayh-Dole Act of 1980, as amended (the “Bayh-Dole Act”) or as otherwise required by our contractual arrangements. Under the Bayh-Dole Act, U.S. government rights in certain “subject inventions” developed under such contracts include a nonexclusive, non-transferable, and irrevocable worldwide license to use inventions for any governmental purpose. In addition, the U.S. government has the right to require us, or an assignee or exclusive licensee to such inventions, to grant licenses to these inventions to the U.S. government or a third party if the U.S. government determines that: (i) adequate steps have not been taken to commercialize the invention; (ii) government action is necessary to meet public health or safety needs; (iii) government action is necessary to meet requirements for public use under federal regulations; or (iv) the right to use or sell such inventions is exclusively licensed to an entity within the United States and substantially manufactured outside the United States without the U.S. government’s prior approval. We may lose exclusivity to our intellectual property rights if we fail to comply with reporting obligations regarding subject inventions, fail to file for patent protection within specified time limits, or fail to comply with other relevant Bayh-Dole Act restrictions. If any of our intellectual property becomes subject to the rights or remedies available to the U.S. government or third parties pursuant to the Bayh-Dole Act or related contractual arrangements, the value of our intellectual property may be impaired and our business may be harmed.

**我们使用第三方开源软件可能会对我们的专有软件和服务构成风险，从而可能损害我们的业务。**

**Our use of third-party open-source software may pose risks to our proprietary software and services in a manner that may harm our business.**

我们的某些软件以及我们供应商或合作伙伴的某些软件可能使用或衍生自“开源”软件，此类软件通常由其作者或其他第三方公开提供。某些开源软件许可要求使用、分发或通过网络提供包含开源软件的软件和服务的最终用户，根据特定开源许可的条款，公开提供或以无偿方式许可该等软件的全部或部分（在某些情况下可能包括有价值的专有代码、该开源软件的此类衍生作品）。该等义务可能要求我们向公众提供衍生作品的源代码，或根据特定类型的许可授予该等衍生作品的许可，而非我们通常授予客户及其用户的较为有限的访问权。此类许可可能使我们面临披露有价值的专有软件代码的风险。

Certain of our software, as well as that of our vendors or partners, may use or be derived from “open-source” software that is generally made available to the public by its authors or other third parties. Some open-source software licenses require end-users, who use, distribute or make available across a network software and services that include open-source software, to make publicly available or to license at no cost all or part of such software (which in some circumstances may include valuable proprietary code, such derivative works of the open-source software) under the terms of the particular open-source license. These obligations may require us to make source code for the derivative works available to the public or license such derivative works under a particular type of license rather than the more limited access rights we customarily grant our customers and their users. This type of licensing may subject us to disclosure of valuable, proprietary software code.

尽管我们的政策和流程旨在使我们能够监控并遵守第三方开源软件的许可要求并保护我们宝贵的专有源代码，但我们仍可能在无意中以某种方式使用第三方开源软件，从而使我们不仅面临自身专有软件被强制披露的风险，还面临被主张未遵守第三方许可条款的索赔，包括侵权或违约索赔。我们无法确保所有开源软件在用于我们的运营或平台之前均已被识别、审查或提交审批。此外，如今开源软件许可类型日益增多，而这些许可可能尚未在法院经历法律挑战，从而无法为用户在避免法律问题方面提供指引。如果我们收到关于未遵守任何此类许可条款的索赔，不仅我们自身源代码的潜在暴露会对我们极为不利，我们还可能被要求投入大量时间和资源来重新设计部分软件，或以对我们不利的条款获得替代软件的许可。上述任何情形均可能扰乱并损害我们的知识产权、业务、财务状况、经营业绩和前景。

While our policies and processes are intended to enable us to monitor and comply with the licenses of third-party open-source software and protect our valuable proprietary source code, we may inadvertently use third-party open-source software in a manner that exposes us not only to the risk of a forced disclosure of our own proprietary software, but also to claims of non-compliance with the terms of third-party licenses, including claims of infringement or for breach of contract. We cannot be sure that all open-source software is identified, reviewed, or submitted for approval prior to use in our operations or platform. Also, there exists today an increasing number of types of open-source software licenses, and those licenses may not yet have faced legal challenges in courts that could result in guidance to users in their efforts to avoid legal issues. If we were to receive a claim of non-compliance with the terms of any of these licenses, not only would the potential exposure of our own source code be very harmful to us, but we may be required to invest substantial time and resources to re-engineer some of our software or license alternative software on terms unfavorable to us. Any of the foregoing may disrupt and harm our intellectual property, business, financial condition, results of operations, and prospects.

此外，使用某些开源软件可能比使用第三方商业软件带来更大的风险，因为开源许可方通常不对软件的功能或来源提供保证或控制，也不提供有关侵权索赔或许可代码质量（包括安全性和架构漏洞方面）的其他合同保护。开源软件通常没有可用的支持，且此类软件通常按“现状”提供，我们无法确保此类开源软件的作者会实施或推送更新以应对安全风险，也不会放弃进一步的开发和维护。与使用开源软件相关的许多风险，例如缺乏对所有权或性能的保证或担保，无法消除，若未妥善处理，可能对我们的业务产生负面影响。使用开源软件还可能带来额外的安全风险，因为此类软件的公开可用性可能使黑客和其他第三方更容易确定如何攻破我们的服务。此外，我们使用任何使用或包含开源软件的 AI 解决方案可能会加剧上述任何风险。任何此类风险都可能难以消除或管理，若未加以处理，可能损害我们的业务、财务状况、经营业绩和前景。

Additionally, the use of certain open-source software can lead to greater risks than use of third-party commercial software, as open-source licensors generally do not provide warranties or controls on the functionality or origins of software or other contractual protections regarding infringement claims or the quality of the licensed code, including with respect to security and architectural vulnerabilities. There is typically no support available for open-source software and such software is ordinarily provided on an “as-is” basis, and we cannot be sure that the authors of such open-source software will implement or push updates to address security risks or will not abandon further development and maintenance. Many of the risks associated with the use of open-source software, such as the lack of warranties or assurances of title or performance, cannot be eliminated, and could, if not properly addressed, negatively affect our business. Use of open-source software may also present additional security risks because the public availability of such software may make it easier for hackers and other third parties to determine how to compromise our services. Further, our use of any AI solutions that use or incorporate any open-source software may heighten any of the foregoing risks. Any of these risks could be difficult to eliminate or manage, and, if not addressed, may harm our business, financial condition, results of operations, and prospects.

与法律和监管事项相关的风险 Risks Related to Legal and Regulatory Matters

**我们的业务及我们的产品受各类政府法规约束，遵守该等法规可能使我们产生重大费用。若我们未能遵守适用法规，我们可能面临行政、民事和/或刑事处罚。**

**Our business and our offerings are subject to various governmental regulations, and compliance with these regulations may cause us to incur significant expense. If we fail to comply with applicable regulations, we could be subject to administrative, civil, and/or criminal penalties.**

我们的业务及我们的产品受各类国内和国际法律及其他法律要求约束，包括包装、产品内容和劳动法规。此外，我们受各类政府出口和进口管制约束，该等管制可能使我们承担责任或削弱我们在市场上的竞争能力，包括由美国商务部工业与安全局（“BIS”）管理的《美国出口管理条例》（“EAR”），以及经济和贸易制裁，包括由美国财政部外国资产控制办公室（“OFAC”）实施的制裁。美国出口管制法律和法规限制或禁止向受限制的国家、政府、个人和实体出口、再出口和境内转移某些商品、软件和技术（包括某些 AI 技术）。此外，我们还受其他司法管辖区（包括但不限于欧盟和加拿大）类似的出口管制法律和法规约束，并可能进一步受其他司法管辖区出口管制法律和法规的约束。

Our business and our offerings are subject to various domestic and international laws and other legal requirements, including packaging, product content, and labor regulations. Further, we are subject to various governmental export and import controls that could subject us to liability or impair our ability to compete in our markets, including the U.S. Export Administration Regulations (“EAR”), which are administered by the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”), as well as economic and trade sanctions, including those administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”). U.S. export control laws and regulations restrict or prohibit the export, re-export, and in-country transfer of certain commodities, software, and technology (including certain AI technologies) to restricted countries, governments, persons, and entities. In addition, we are subject to similar export control laws and regulations in other jurisdictions, including, without limitation, the EU and Canada, and could become subject to further export controls laws and regulations in other jurisdictions.

我们经营所在或拥有客户的司法管辖区对制裁或进出口限制的变更，可能进一步影响我们在世界某些地区开展业务以及与某些个人或实体开展业务的能力，这可能对我们的业务、经营业绩、财务状况和未来前景产生不利影响。BIS 已变更且可能随时再次变更出口管制规则，并可能对我们产品的某些组件施加额外的出口管制限制和更高的许可要求。例如，我们正在关注 BIS 于 2024 年 1 月发布的一项拟议规则，该规则将要求（其中包括）美国基础设施即服务（“IaaS”）产品提供商及该等产品的经销商核实其外国客户的身份，并要求某些 IaaS 产品提供商在外国个人与该提供商或其经销商之一进行交易以训练具有潜在能力、可用于恶意网络活动的大型 AI 模型时，向美国商务部长提交报告。若该等法规按拟议内容生效并被认定适用于我们的业务，我们可能被要求投入大量资源以遵守核实、报告、记录保存和转售执法要求，且我们的客户群可能受到限制。我们还在关注某些立法动态，包括但不限于《远程访问安全法案》，该法案可能影响第三方对我们算力基础设施的访问。

Changes to sanctions or export or import restrictions in the jurisdictions in which we operate or have customers could further impact our ability to do business in certain parts of the world and to do business with certain persons or entities, which could adversely affect our business, operating results, financial condition, and future prospects. BIS has changed and may again change the export control rules at any time and may impose additional export control restrictions and elevated licensing requirements on certain components of our products. For example, we are monitoring a proposed rule that BIS issued in January 2024, which would require, among other things, U.S. providers of Infrastructure-as-a-Service (“IaaS”) products, and resellers of such products, to verify the identity of their foreign customers, and providers of certain IaaS products to submit a report to the U.S. Secretary of Commerce when a foreign person transacts with that provider or one of its resellers to train a large AI model with potential capabilities that could be used in malicious cyber-enabled activity. If the regulations go into effect as proposed and are deemed to apply to our business, we may be required to expend substantial resources to comply with the verification, reporting, recordkeeping, and resale enforcement requirements and may be restricted in our customer base. We also are monitoring certain legislative developments, including, without limitation, the Remote Access Security Act, which may impact third party access to our compute infrastructure.

我们的产品发生变更，或新的出口或进口法规发生变更或颁布，可能延迟我们的产品进入国际市场，使具有国际业务的客户无法在全球部署我们的产品，或在某些情况下，完全阻止我们的产品向某些国家、政府或人员出口或进口。出口或进口法规、经济制裁或相关立法的任何变更，现有法规或经济制裁的执行或范围的转变，或此类法规或经济制裁所针对的国家、政府、人员或技术的变更，可能导致收入减少或损失，包括无法向现有或潜在客户销售现有产品。我们也可能无法开发不受许可和其他要求约束的替代产品。我们无法保证，对中东关系（包括总部位于该地区的公司）以及该地区 AI 雄心的高度关注，不会导致美国政府通过新法规，或拒绝向我们提供必要的监管批准，从而限制我们在该地区销售产品的能力，或导致品牌或声誉损害、竞争损害或财务损害。

Changes in our offerings, and changes in, or promulgation of, new export or import regulations, may delay the introduction of our offerings into international markets, prevent our customers with international operations from deploying our offerings globally or, in some cases, prevent the export or import of our offerings to certain countries, governments, or persons altogether. Any change in export or import regulations, economic sanctions, or related legislation, shift in the enforcement or scope of existing regulations or economic sanctions, or change in the countries, governments, persons, or technologies targeted by such regulations or economic sanctions could result in decreased or loss of revenue, including an inability to sell existing offerings to existing or potential customers. We also may not be able to develop replacement offerings not subject to licensing and other requirements. We cannot provide assurance that heightened attention on relations with the Middle East, including companies based therein, and such region’s AI ambitions, will not cause the U.S. government to adopt new regulations, or deny us necessary regulatory approvals, that limit our ability to sell our offerings there or result in brand or reputational harm, competitive harm, or financial harm.

此外，美国、中国、台湾、中东及其他司法管辖区之间各自关系的任何恶化，可能导致对此类国家、地区和特定个人或实体实施额外制裁或出口管制，这可能影响我们向此类地区销售或从此类地区采购组件的能力，或以其他方式对我们的业务产生负面影响。此外，针对某一国家或实体的贸易法规或其他政府行动可能影响其他国家或实体。我们的产品销售额的任何下降，或我们出口或销售产品能力的任何限制，都将对我们的业务、财务状况、经营业绩和前景产生不利影响。贸易或国家安全保护政策、关税、额外税费、出口限制或其他贸易壁垒的进一步变化，可能阻碍该行业的供应链。额外限制还可能引发外国政府的回应，从而对我们的供应链产生负面影响，限制我们获得额外组件或原材料并生产产品的能力，增加我们的销售和/或制造成本，降低利润率，降低我们产品的竞争力，降低我们销售产品的能力，或降低我们获得政府机构批准投资或并购的能力，其中任何一项都可能损害我们的业务、财务状况、经营业绩和前景。

In addition, any deterioration in the respective relations between the United States, China, Taiwan, the Middle East, and other jurisdictions could lead to additional sanctions or export controls on such countries, regions, and specific individuals or entities, which could impact our ability to sell to or source components from such locales or otherwise negatively impact our business. In addition, trade regulations or other governmental actions targeted at one country or entity may impact other countries or entities. Any decreased sales of our offerings, or limitation on our ability to export or sell our offerings, would adversely affect our business, financial condition, results of operations, and prospects. Further changes in trade or national security protection policy, tariffs, additional taxes, restrictions on exports, or other trade barriers could impede the supply chain in this industry. Additional restrictions could also provoke responses from foreign governments that negatively impact our supply chain, limit our ability to obtain additional components or raw materials and produce products, increase our selling and/or manufacturing costs, decrease margins, reduce the competitiveness of our offerings, reduce our ability to sell offerings, or reduce our ability to have investments or mergers and acquisitions approved by governmental agencies, any of which may harm our business, financial condition, results of operations, and prospects.

我们还须遵守反腐败法律，包括美国《反海外腐败法》，近年来这些法律得到了积极执行。尽管我们已实施旨在支持遵守相关经济制裁、出口管制和反腐败法律的政策和程序，但无法保证我们的员工、合作伙伴、承包商或代理人不会违反该等法律法规或我们的政策和程序。我们若未能遵守该等法律或法规，可能对我们产生不利后果，包括声誉受损、政府调查、可能丧失出口或进口特权，以及重大民事和刑事处罚。我们可能须承担重大费用以遵守或补救违反该等法规的行为。

We are also subject to anti-corruption laws, including the U.S. Foreign Corrupt Practices Act, which have been enforced aggressively in recent years. Although we have implemented policies and procedures designed to support compliance with relevant economic sanctions, export controls, and anti-corruption laws, there can be no assurance that our employees, partners, contractors, or agents will not violate such laws and regulations or our policies and procedures. Any failure by us to comply with these laws or regulations may have adverse consequences for us, including reputational harm, government investigations, possible loss of export or import privileges, and substantial civil and criminal penalties. We may be required to incur significant expense to comply with, or to remedy violations of, these regulations.

我们的产品供应或制造标准也可能受到新增或修订的环境规则和法规或其他社会倡议的影响，例如欧盟《限制有害物质指令》、欧盟《废弃电气电子设备指令》以及美国冲突矿产法规。遵守该等法规可能增加经营成本，任何不合规行为都可能使我们面临不利后果，例如处罚、调查以及强制重新设计我们的产品。

Our offerings or manufacturing standards may also be impacted by new or revised environmental rules and regulations or other social initiatives, such as the EU Directive on Restriction of Hazardous Substances, the EU Waste Electrical and Electronic Equipment Directive, and U.S. conflict mineral regulations. Compliance with such regulations may increase the cost of doing business and any failure in compliance may subject us to adverse consequences such as penalties, investigations, and mandatory re-designs of our offerings.

**我们的产品供应受美国出口管制约束，只有在取得所需出口许可证或通过许可证例外的情况下方可出口至美国境外。我们无法保证未来能够成功取得所有所需许可证。如果我们无法取得出口产品所需的许可证，我们的业务、财务状况、经营业绩和前景可能受到损害。**

**Our offerings are subject to U.S. export controls and may be exported outside the United States only with the required export license or through a license exception. We cannot guarantee that we will be successful in obtaining all required licenses in the future. If we are unable to obtain licenses to export our offerings, our business, financial condition, results of operations, and prospects may be harmed.**

我们的产品供应受美国出口管制约束，通常只有在事先获得 BIS 许可的情况下，方可出口给位于特定国家的客户。特别是，2023 年 10 月，BIS 宣布了针对向 EAR 国家组 D:1、D:4（其中包括我们的战略合作伙伴 G42 和 MBZUAI 总部所在的阿拉伯联合酋长国）和 D:5 中的国家出口某些半导体和其他物项（包括我们产品的某些组件）的更新许可要求。该等许可要求同样适用于向总部位于 D:5 国家组或最终母公司总部位于 D:5 国家组的当事方出口该等物项。2025 年 1 月，BIS 发布了《人工智能扩散框架》，该框架建立了一个用于 AI 和先进计算集成电路扩散和使用的全球生态系统。尽管 BIS 已宣布不会执行该等规则，并计划未来就这些产品的出口发布新规则，但目前尚无法获知具体细节。

Our offerings are subject to U.S. export controls, and generally may only be exported to customers located in certain countries with prior licensing from the BIS. In particular, in October 2023, BIS announced updated licensing requirements for exports of certain semiconductors and other items, including certain components of our products, to countries in the EAR’s Country Groups D:1, D:4 (which includes the United Arab Emirates, where our strategic partners, G42 and MBZUAI, are headquartered), and D:5. The licensing requirements also apply to the export of these items to a party headquartered in, or with an ultimate parent headquartered in, Country Group D:5. In January 2025, BIS published its Framework for Artificial Intelligence Diffusion, which implemented a worldwide ecosystem for the diffusion and use of AI and advanced computing integrated circuits. Although BIS has announced that it will not enforce these rules, and plans to issue new rules on the export of these products in the future, the details are not currently available.

许可流程耗时较长，且从历史上看，在特定地区办理困难，并受制于不断变化的政府政策。无法保证 BIS 会授予我们将产品出口给客户或潜在客户的许可证。由于出口许可流程存在不确定性，我们产品的潜在客户可能会寻求能够更便捷地获得许可证的替代供应商，或购买无需出口许可的竞争性产品或服务。

The licensing process is time-consuming and historically has been difficult with respect to certain regions and subject to shifting governmental policies. There is no assurance that BIS will grant licenses to export our offerings to our customers or prospective customers. Because the export license process is uncertain, prospective customers of our offerings may seek alternative suppliers who can more readily obtain a license or sell competitive products or services that do not require a license to export.

即使我们能够就我们的产品从 BIS 获得出口许可证，该许可证也可能施加我们或我们的客户无法接受的繁重条件，和/或要求在安全与合规方面进行重大投资。例如，我们已就 CS-2、CS-3 及未来的 CS-4 系统获得向阿拉伯联合酋长国的 G42 和 MBZUAI 出口的许可证，但适用许可证要求我们和我们的客户承担某些严格的安全与合规义务，以防止我们的技术被转移和滥用。管理这些义务将需要在流程、技术和人员方面进行额外投资，且如果我们或我们的客户未能遵守这些条件，出口许可证可能被撤销（包括在我们已制造相关产品之后），我们可能面临民事罚款、刑事制裁及其他行政处罚（例如丧失出口特权），这可能损害我们的声誉、业务、财务状况、经营业绩和前景。随着我们在美国境外拓展业务，我们在这些法律法规以及我们运营或计划运营的其他国家/地区类似法律下的风险将会增加。

Even if we are able to obtain an export license from BIS with respect to our products, the license may impose burdensome conditions that we or our customer cannot accept and/or that require significant investment with respect to security and compliance. For example, we have obtained export licenses for our CS-2, CS-3, and future CS-4 systems for export to G42 and MBZUAI in the United Arab Emirates, but the applicable licenses require that we and our customer undertake certain rigorous security and compliance obligations to prevent diversion and abuse of our technology. Managing these obligations will require additional investment in processes, technology and personnel, and if we or our customers fail to comply with these conditions, the export license may be revoked, including after we have manufactured the applicable products, and we may be subject to civil monetary fines, criminal sanctions, and other administrative penalties (such as loss of export privileges), which may harm our reputation, business, financial condition, results of operations, and prospects. To the extent we increase our business outside the United States, our risks under these laws and regulations, as well as comparable laws in other countries where we operate or plan to operate, would increase.

尽管我们已实施某些程序以促进对适用法律法规的遵守，但我们无法确保这些程序完全有效，也无法确保我们或我们无法控制的第三方在此方面已遵守所有法律或法规。我们的员工、代表、承包商、合作伙伴、代理人、中间人或其他第三方（包括我们的客户）未能遵守适用法律法规也可能给我们带来负面后果，包括声誉损害、政府调查、丧失出口特权和处罚。随着我们在美国境外拓展业务，我们在这些法律法规下的风险将会增加。

While we have implemented certain procedures to facilitate compliance with applicable laws and regulations, we cannot ensure that these procedures are fully effective or that we, or third parties who we do not control, have complied with all laws or regulations in this regard. Failure by our employees, representatives, contractors, partners, agents, intermediaries, or other third parties (including our customers) to comply with applicable laws and regulations also could have negative consequences to us, including reputational harm, government investigations, loss of export privileges and penalties. To the extent we increase our business outside the United States, our risks under these laws and regulations would increase.

这些国际贸易法律、法规和政策可能使我们在竞争中处于不利地位，而竞争对手销售的产品或服务不受美国出口管制限制，或者其能够为其产品取得我们无法获得的许可证。如果 BIS 出口管制发生进一步变化，包括进一步扩大适用于我们产品的管制的地理范围、客户范围或产品范围，如果客户从竞争对手处购买产品，如果客户开发自己的内部解决方案以避免购买我们的产品，如果我们无法提供合同保证或其他延长的服务义务，如果 BIS 未能及时授予许可证或拒绝与重要客户相关的许可证，或者如果我们产生重大过渡成本，我们的竞争地位和未来业绩可能在长期内受到进一步损害。即使 BIS 授予所申请的许可证，该等许可证也可能是临时性的、在数量或数额上受到限制，或施加我们或我们的客户或最终用户无法或选择不履行的繁重条件。该等许可要求可能使某些在政府中拥有更多影响力和影响力的竞争对手受益，并促使客户寻求我们产品的替代方案，包括位于中国、欧洲和以色列的半导体供应商。如果我们无法管理新的许可证和其他要求，或无法在未来获得出口许可证，我们的业务、财务状况、经营业绩和前景可能受到损害。

These international trade laws, regulations, and policies may disadvantage us relative to competitors who sell products or services that are not subject to U.S. export control restrictions or who may be able to acquire licenses for their products that we are not able to obtain. Our competitive position and future results may be further harmed over the long-term if there are further changes in BIS export controls, including further expansion of the geographic, customer, or product scope of the controls applicable to our products, if customers purchase products from competitors, if customers develop their own internal solutions to avoid the need to purchase our products, if we are unable to provide contractual warranty or other extended service obligations, if BIS does not grant licenses in a timely manner or denies licenses relating to significant customers, or if we incur significant transition costs. Even if BIS grants requested licenses, the licenses may be temporary, limited in volume or quantity, or impose burdensome conditions that we or our customers or end users cannot or choose not to fulfill. The licensing requirements may benefit certain of our competitors who have more presence and influence with the government, and encourage customers to pursue alternatives to our products, including semiconductor suppliers based in China, Europe, and Israel. If we are unable to manage new licenses and other requirements or obtain export licenses in the future, our business, financial condition, results of operations, and prospects may be harmed.

**向政府实体和高度受监管组织销售面临诸多挑战和风险。**

**Sales to government entities and highly regulated organizations are subject to a number of challenges and risks.**

我们过去曾向政府机构或实体以及医疗保健和金融服务等高度受监管行业的客户销售我们的产品，未来也可能继续如此。向此类实体销售可能竞争激烈、成本高昂且耗时较长，通常需要投入大量前期时间和费用，且无法保证这些努力能够促成销售。此外，政府对我们产品的需求和付款受到政府更迭、公共部门预算周期和资金授权的影响，且政府合同要求可能不时变化，其中任何一项都可能限制我们向政府部门销售的能力。在某些外国司法管辖区，我们赢得业务的能力可能受到与我们在市场中的竞争地位无关的政治或其他因素的制约。

We have sold in the past, and may sell in the future, our offerings to governmental agencies or entities and customers in highly regulated industries, such as healthcare and financial services. Selling to such entities can be highly competitive, expensive, and time consuming, often requiring significant upfront time and expense without any assurance that these efforts will generate a sale. In addition, government demand and payment for our offerings are affected by changes in administration, public sector budgetary cycles and funding authorizations, and government contracting requirements may change from time to time, any of which can limit our ability to sell into the government sector. In certain foreign jurisdictions, our ability to win business may be constrained by political or other factors unrelated to our competitive position in the market.

此外，政府及其他受高度监管的实体可能拥有更为复杂的 IT 和数据环境，且其实施或部署周期往往长于其他客户。它们已经并可能继续要求采用不同于我们标准安排的合同条款，这些条款可能不如与其他私营部门客户达成的条款有利，并且它们可能期望获得更大的付款灵活性。政府合同可能包含赋予政府实质性权利和救济的条款，其中许多条款在商业合同中并不常见，包括与知识产权“介入”权、优惠定价、退款权、义务变更、美国制造要求、出口管制以及因资金可用性而终止或不续约相关的条款。

Further, government and other highly regulated entities can have more complex IT and data environments, and often have longer implementation or deployment cycles than others. They have and may continue to demand contract terms that differ from our standard arrangements and may be less favorable than terms agreed with other private sector customers, and may expect greater payment flexibility. Government contracts may contain provisions that give the government substantial rights and remedies, many of which are not typically found in commercial contracts, including provisions relating to intellectual property “march-in” rights, preferential pricing, refund rights, obligation modifications, U.S. manufacturing requirements, export control, and termination or non-renewal due to funding availability.

政府合同要求可能发生变化，从而在我们获得任何所需的政府认证之前限制我们向政府部门销售的能力。此外，为了与某些政府机构签订合同，我们的一些员工可能需要持有安全许可。获得并维持此类安全许可是一个漫长的过程。如果我们的员工无法获得或维持此类许可，或者我们无法招聘到持有此类许可的员工，将损害我们向此类政府机构销售或与其合作的能力，进而可能损害我们的业务、经营业绩和财务状况。政府对我们产品的需求和付款受公共部门预算周期和资金授权的影响，资金削减或延迟会对公共部门对我们解决方案的需求产生不利影响。

Government contracting requirements may change and in doing so restrict our ability to sell into the government sector until we have obtained any required government certifications. Further, to contract with certain government agencies, some of our employees may be required to have security clearances. Obtaining and maintaining such security clearances is a lengthy process. If our employees are unable to obtain or maintain such clearances, or we cannot recruit employees with such clearances, it would harm our ability to sell to, or work with, such government agencies, which may harm our business, results of operations, and financial condition. Government demand and payment for our offerings are affected by public sector budgetary cycles and funding authorizations, with funding reductions or delays adversely affecting public sector demand for our solutions.

作为政府承包商或分包商，我们必须遵守与政府合同的形成、管理和履行相关的法律、法规和合同条款，所有这些都可能给我们的业务带来额外成本。政府会定期调查和审计政府承包商的行政流程，任何不利的审计结果都可能导致政府拒绝继续购买我们的产品。此外，由于实际或被认为未遵守政府合同法、法规或合同条款，我们可能面临非例行的审计和内部调查，这可能给我们的业务带来高昂的财务成本、分散管理层的注意力或限制我们继续向政府客户销售产品的能力。未能遵守这些或其他适用的法规和要求，可能导致损害赔偿索赔、合同价格下调或退款义务、民事或刑事处罚，以及合同终止和在特定期限内被政府机构暂停或禁止参与政府承包。任何此类损害赔偿、处罚、业务中断或与政府开展业务能力的限制，都将损害我们的声誉、业务、财务状况、经营业绩和前景。

As a government contractor or subcontractor, we must comply with laws, regulations, and contractual provisions relating to the formation, administration, and performance of government contracts, all of which may impose additional costs on our business. Governments routinely investigate and audit government contractors’ administrative processes, and any unfavorable audit could result in the government refusing to continue purchasing our offerings. In addition, as a result of actual or perceived noncompliance with government contracting laws, regulations, or contractual provisions, we may be subject to non-ordinary course audits and internal investigations which may prove costly to our business financially, divert management attention or limit our ability to continue selling our offerings to our government customers. Failure to comply with these or other applicable regulations and requirements could lead to claims for damages, downward contract price adjustments or refund obligations, civil or criminal penalties, and termination of contracts and suspension or debarment from government contracting for a period of time with government agencies. Any such damages, penalties, disruption of, or limitation in our ability to do business with a government would harm our reputation, business, financial condition, results of operations, and prospects.

**我们的全球运营使我们受到众多法律和监管要求的约束，未能遵守该等要求（包括该等要求的意外变化）可能损害我们的经营业绩。**

**Our global operations expose us to numerous legal and regulatory requirements and failure to comply with such requirements, including unexpected changes to such requirements, may harm our results of operations.**

我们在全球范围内为客户提供服务。我们须遵守美国及外国国家、州和省当局在反腐败、贸易限制、关税、税务、制裁、反竞争、知识产权、数据安全和隐私等众多事项上众多且有时相互冲突的法律制度。美国法律在重大方面可能与我们开展业务所在国家或我们或我们的客户可能进入的国家的法律不同，迫使企业在遵守相互冲突的法律制度之间做出选择。我们还可能寻求在新兴市场司法管辖区扩展业务，而当地的法律体系较不发达或我们对其较不熟悉。

We service our customers around the world. We are subject to numerous, and sometimes conflicting, legal regimes of the United States and foreign national, state, and provincial authorities on matters as diverse as anti-corruption, trade restrictions, tariffs, taxation, sanctions, anti-competition, intellectual property, data security, and privacy. U.S. laws may be different in significant respects from the laws of countries where we operate or we or our customers may enter, forcing businesses to choose between compliance with conflicting legal regimes. We also may seek to expand operations in emerging market jurisdictions where legal systems are less developed or familiar to us.

此外，无法保证我们开展业务所在司法管辖区与税务（包括所得税和预扣税）、外汇、出口管制、经济制裁或其他方面相关的法律或行政实践不会发生变化。部分司法管辖区税法的变化还可能具有追溯效力，且我们可能被认定在该等司法管辖区缴纳的税款低于应缴金额。遵守多样化的法律要求成本高昂、耗时且需要大量资源。在我们开展业务过程中违反一项或多项该等法规，可能导致重大罚款、对我们或我们高管人员的刑事制裁、禁止开展业务以及声誉受损。在履行我们对客户的义务过程中违反该等法规，还可能导致重大金钱损害赔偿、罚款或刑事起诉的责任、不利的公众舆论及其他声誉损害，以及客户指控我们未履行合同义务。由于我们开展业务所在国家法律体系的发展程度各不相同，当地法律可能不足以保护我们的权利。

In addition, there can be no assurance that the laws or administrative practices relating to taxation (including with respect to income and withholding taxes), foreign exchange, export controls, economic sanctions, or otherwise in the jurisdictions where we have operations will not change. Changes in tax laws in some jurisdictions may also have a retroactive effect and we may be found to have paid less tax than required in such jurisdictions. Compliance with diverse legal requirements is costly, time consuming and requires significant resources. Violations of one or more of these regulations in the conduct of our business could result in significant fines, criminal sanctions against us or our officers, prohibitions on doing business and damage to our reputation. Violations of these regulations in connection with the performance of our obligations to our customers also could result in liability for significant monetary damages, fines or criminal prosecution, unfavorable publicity and other reputational damage, and allegations by our customers that we have not performed our contractual obligations. Due to the varying degrees of development of the legal systems of the countries in which we operate, local laws might be insufficient to protect our rights.

**我们的全球运营以及对专有、机密和敏感信息（包括个人信息）的收集、存储、使用和其他处理，使我们受到众多与数据隐私和安全相关的数据隐私和安全法律、法规、合同要求及其他义务的约束，而实际或被认为未能遵守该等义务（包括该等义务的意外变化）可能损害我们的业务、财务状况、经营业绩和前景。**

**Our global operations and collection, storage, use and other processing of proprietary, confidential, and sensitive information, including personal information, expose us to numerous data privacy and security laws, regulations, contractual requirements, and other obligations relating to data privacy and security, and the actual or perceived failure to comply with such obligations, including unexpected changes to such obligations, may harm our business, financial condition, results of operations, and prospects.**

个人信息的处理，包括我们员工和客户的个人信息，使我们或可能使我们受到复杂且不断演变的数据隐私和安全法律的约束，而这些法律并非总能得到统一解释。此外，我们可能受到适用于我们收集、存储、传输、使用及其他处理专有、机密和敏感信息（包括个人信息）的合同要求的约束，并可能受到或被认为受到与处理此类信息相关的自律或其他行业标准的约束，或自愿遵守该等标准。这些法律、规则、法规、行业标准、合同要求及其他义务不断演变，我们预计我们将继续受到美国和我们经营所在的其他司法管辖区新提出的法律、规则、法规、行业标准、合同要求及其他义务的约束。这种演变除其他事项外，可能给我们的业务带来不确定性；影响我们或我们的合作方、服务提供商和承包商在某些司法管辖区运营或收集、存储、传输、使用和共享个人信息的能力；使我们有必要在合同中接受更繁重的义务；导致责任；或给我们带来额外成本；使我们有必要更改我们的 IT 系统以及代表我们处理个人信息的任何第三方的 IT 系统和做法，或要求我们改变我们的业务模式。无法保证监管机构或消费者会认同我们的合规做法，任何未能或被视为未能遵守适用的数据隐私或安全法律或法规的行为都可能损害我们的业务、财务状况、经营业绩和前景。

The processing of personal information, including the personal information of our employees and customers, makes us, or may make us, subject to a complex patchwork of evolving data privacy and security laws that are not always interpreted uniformly. Additionally, we may be bound by contractual requirements applicable to our collection, storage, transmission, use and other processing of proprietary, confidential, and sensitive information, including personal information, and may be bound or asserted to be bound by, or voluntarily comply with, self-regulatory or other industry standards relating to the processing of such information. These laws, rules, regulations, industry standards, contractual requirements and other obligations are constantly evolving, and we expect that we will continue to become subject to new proposed laws, rules, regulations, industry standards, contractual requirements and other obligations in the United States and other jurisdictions where we operate. This evolution, among other things, may create uncertainty in our business; affect us or our collaborators’, service providers’ and contractors’ ability to operate in certain jurisdictions or to collect, store, transfer, use and share personal information; necessitate the acceptance of more onerous obligations in our contracts; result in liability; or impose additional costs on us; necessitate changes to our IT systems, and practices and to those of any third parties that process personal information on our behalf, or require us to change our business model. There is no guarantee that regulators or consumers will agree with our approach to compliance and any failure, or perceived failure, to comply with applicable data privacy or security laws or regulations may harm our business, financial condition, results of operations, and prospects.

在美国，众多州和联邦法律、法规、标准及其他法律义务（包括消费者保护法律和法规）管辖个人信息的收集、传播、使用、访问、保密、安全及其他处理，其中包括某些健康相关信息，这些法律义务适用于我们的运营或我们客户、第三方服务提供商或合作伙伴的运营。例如，我们受联邦贸易委员会（“FTC”）授权颁布的规则和法规的约束，FTC 与许多州总检察长一样，有权对商业中或影响商业的不公平或欺骗性行为或做法进行监管和执法，包括与隐私、数据保护和网络安全有关的行为和做法。根据 FTC 的规定，未能采取适当措施保护消费者个人信息的安全，可能构成违反《联邦贸易委员会法》第 5(a) 条的商业中或影响商业的不公平行为或做法。FTC 期望公司的数据安全措施在其所持消费者信息的敏感性和数量、业务的规模和复杂性以及可用于提高安全性和减少漏洞的工具的成本等方面是合理且适当的。国会也已审议并将继续审议许多关于全面的国家隐私、数据保护和网络安全立法的提案，包括与 AI 有关的提案，如果颁布，我们可能会受到其约束。

In the United States, numerous state and federal laws, regulations, standards, and other legal obligations, including consumer protection laws and regulations, which govern the collection, dissemination, use, access to, confidentiality, security, and other processing of personal information, including certain health-related information, apply to our operations or the operations of our customers, third-party service providers, or partners. For example, we are subject to the rules and regulations promulgated under the authority of the Federal Trade Commission (“FTC”), which, together with many state Attorneys General, has the authority to regulate and enforce against unfair or deceptive acts or practices in or affecting commerce, including acts and practices with respect to privacy, data protection and cybersecurity. According to the FTC, failing to take appropriate steps to keep consumers’ personal information secure can constitute unfair acts or practices in or affecting commerce in violation of Section 5(a) of the Federal Trade Commission Act. The FTC expects a company’s data security measures to be reasonable and appropriate in light of the sensitivity and volume of consumer information it holds, the size and complexity of its business, and the cost of available tools to improve security and reduce vulnerabilities. Congress also has considered, and continues to consider, many proposals for comprehensive national privacy, data protection, and cybersecurity legislation, including with respect to AI, to which we may become subject if enacted.

此外，1996 年《健康保险流通与责任法案》及据此颁布的法规（“HIPAA”）对受涵盖实体以及代表其处理某些健康相关信息的业务关联方施加了隐私、安全和违规通知义务。视事实和情况而定，如果我们被认定违反 HIPAA，我们可能会受到重大的民事、刑事和行政罚款和处罚，和/或额外的报告和监督义务。

Additionally, the Health Insurance Portability and Accountability Act of 1996, and regulations promulgated thereunder (“HIPAA”) imposes privacy, security, and breach notification obligations on covered entities, as well as their business associates that process certain health-related information on their behalf. Depending on the facts and circumstances, we could be subject to significant civil, criminal, and administrative fines and penalties and/or additional reporting and oversight obligations if found to be in violation of HIPAA.

美国某些州也已通过类似的数据隐私与安全法律法规，规范个人信息的隐私、处理与保护。此类法律法规将由各法院及其他政府机关进行解释，从而可能给我们及我们未来的客户和战略合作伙伴带来潜在复杂的合规问题。例如，经《加州隐私权法案》修订的《加州消费者隐私法》（合称“CCPA”）为加州居民规定了强化的隐私权，并要求处理加州居民个人信息的受涵盖企业，除其他事项外：(i) 就企业对加州居民个人信息的收集、使用和披露向加州居民提供特定披露；(ii) 接收并回应加州居民关于访问、删除和更正其个人信息，或选择退出其个人信息某些披露的请求；以及 (iii) 与代表企业处理加州居民个人信息的服务提供商签订特定合同条款。CCPA 由加州总检察长和加州隐私保护局（“CPPA”）负责执行，并对某些违规行为规定了民事处罚，同时就某些数据泄露事件规定了私人诉讼权，这可能增加数据泄露诉讼的可能性及相关风险。此外，众多其他州已颁布、或正在颁布或考虑颁布与 CCPA 具有相似之处的综合性州级隐私、数据保护和网络安全法律、规则和法规，这可能导致美国国内隐私法相互重叠但各有不同的拼凑局面。此外，全部 50 个州均有法律要求就个人信息泄露向受影响个人、州官员或其他方提供通知。不遵守 HIPAA、FTC 规则和法规、CCPA 或其他美国隐私法可能导致执法行动、诉讼或其他争议，并使我们承担额外责任，这可能损害我们的业务、财务状况、经营业绩和前景。

Certain U.S. states have also adopted comparable data privacy and security laws and regulations, which govern the privacy, processing, and protection of personal information. Such laws and regulations will be subject to interpretation by various courts and other governmental authorities, thus creating potentially complex compliance issues for us and our future customers and strategic partners. For example, the California Consumer Privacy Act, as amended by the California Privacy Rights Act (collectively, the “CCPA”), provides for enhanced privacy rights for California residents and requires covered businesses that process the personal information of California residents to, among other things: (i) provide certain disclosures to California residents regarding the business’s collection, use, and disclosure of their personal information; (ii) receive and respond to requests from California residents to access, delete, and correct their personal information, or to opt out of certain disclosures of their personal information; and (iii) enter into specific contractual provisions with service providers that process California resident personal information on the business’s behalf. The CCPA is enforced by the California Attorney General and the California Privacy Protection Agency (“CPPA”), and provides for civil penalties for certain violations, as well as a private right of action for certain data breaches that may increase the likelihood of and risks associated with data breach litigation. In addition, numerous other states have enacted, or are in the process of enacting or considering, comprehensive state-level privacy, data protection and cybersecurity laws, rules and regulations that share similarities with the CCPA, which creates the potential for a patchwork of overlapping but different domestic privacy laws. In addition, all 50 states have laws that require the provision of notification for breaches of personal information to affected individuals, state officers or others. Noncompliance with HIPAA, FTC rules and regulations, the CCPA, or other U.S. privacy laws may result in enforcement actions, litigation, or other disputes and expose us to additional liability, which could harm our business, financial condition, results of operations, and prospects.

我们还受到不断演变的有关 Cookie、跟踪技术、营销、广告以及通过电话、电子邮件、移动设备和互联网开展的其他活动的隐私法律的约束，以及类似的州消费者保护和通信隐私法律（如加利福尼亚州的《侵犯隐私法》）的约束。对 Cookie 及类似技术的监管可能导致对我们的营销和个性化活动以及营销效果施加更广泛的限制。此类法规可能对我们的业务产生负面影响。我们还可能面临罚款、损害赔偿和其他处罚，以及与此类法律法规相关的诉讼。Cookie 或其他在线跟踪技术作为识别和定位潜在客户的手段的衰落，可能增加我们经营业务的成本并导致收入下降。此外，有关 Cookie 和其他跟踪技术合法性的法律不确定性可能增加监管审查，并增加数据保护法或消费者保护法下的潜在民事责任。我们过去曾收到、未来可能收到称我们违反此类法律的索赔。称我们违反此类法律的索赔，无论是否有依据，诉讼成本都可能很高，并可能使我们面临巨额法定损害赔偿或高昂的和解费用。

We are also subject to evolving privacy laws on cookies, tracking technologies, marketing, advertising, and other activities conducted by telephone, email, mobile devices, and the internet, and similar state consumer protection and communication privacy laws, such as California’s Invasion of Privacy Act. Regulation of cookies and similar technologies may lead to broader restrictions on our marketing and personalization activities, as well as the effectiveness of our marketing. Such regulations may have a negative effect on our business. We may also be subject to fines, damages, and other penalties, and litigation relating to such laws and regulations. The decline of cookies or other online tracking technologies as a means to identify and target potential customers may increase the cost of operating our business and lead to a decline in revenue. In addition, legal uncertainties about the legality of cookies and other tracking technologies may increase regulatory scrutiny and increase potential civil liability under data protection or consumer protection laws. We have in the past received, may in the future receive, claims that we have violated such laws. Claims that we have violated such laws could be costly to litigate, whether or not they have merit, and could expose us to substantial statutory damages or costly settlements.

我们还被要求或可能被要求遵守我们设有办事处或开展业务的司法管辖区的外国数据隐私和安全法律。例如，在欧洲，《欧盟通用数据保护条例》及适用的各国补充法律（统称“GDPR”）对处理欧洲经济区（“EEA”）内个人的个人数据或针对 EEA 内活动提出了严格要求。英国退出欧盟后，我们还可能受《英国通用数据保护条例》和《2018 年数据保护法》（统称“英国 GDPR”）约束。GDPR 和英国 GDPR 范围广泛，对处理个人数据的公司施加了众多额外要求，包括对个人数据处理提出特殊要求、要求在特定情形下取得个人数据相关个人的同意、要求就信息处理活动向个人作出额外披露、要求实施保障措施以保护个人数据的安全性和保密性、在特定情形下设定强制性的数据泄露通知要求，以及在聘用第三方处理者时要求落实特定措施（包括合同要求）。GDPR 和英国 GDPR 还赋予个人对其个人数据的各项权利，包括访问、删除、可携带、更正、限制和反对的权利。未能遵守 GDPR 和英国 GDPR 可能导致巨额罚款和其他责任。欧洲数据保护机构已表现出对不合规企业处以巨额罚款并发布禁止处理个人信息的命令的意愿，并已就违反 GDPR 的行为处以罚款，某些情况下高达数亿欧元。尽管英国 GDPR 目前施加的义务与 GDPR 实质相同，但英国政府近期颁布了《2025 年数据使用与访问法》，该法于 2025 年 6 月成为法律，并将在 2026 年期间继续分阶段实施。这项新立法引入了与欧盟 GDPR 不同的改革，可能要求我们在新框架下实施额外的合规措施。这些变化带来了平行制度出现分歧的风险及相关不确定性，并可能增加受影响企业的合规成本和风险，因为我们已无法在 EEA 和英国采取统一做法。

We are also required or may be required to comply with foreign data privacy and security laws in jurisdictions in which we have offices or conduct business. For example, in Europe, the EU General Data Protection Regulation and applicable national supplementing laws (collectively, the “GDPR”) impose strict requirements for processing the personal data of individuals within the European Economic Area (“EEA”) or for activities within the EEA. Following the withdrawal of the UK from the EU, we may also be subject to the UK General Data Protection Regulations and Data Protection Act 2018 (collectively, the “UK GDPR”). The GDPR and UK GDPR are wide-ranging in scope and impose numerous additional requirements on companies that process personal data, including imposing special requirements in respect of the processing of personal data, requiring that consent of individuals to whom the personal data relates is obtained in certain circumstances, requiring additional disclosures to individuals regarding information processing activities, requiring that safeguards are implemented to protect the security and confidentiality of personal data, creating mandatory data breach notification requirements in certain circumstances and requiring that certain measures (including contractual requirements) are put in place when engaging third-party processors. The GDPR and UK GDPR also provide individuals with various rights in respect of their personal data, including rights of access, erasure, portability, rectification, restriction, and objection. Failure to comply with the GDPR and the UK GDPR can result in significant fines and other liability. European data protection authorities have shown a willingness to impose significant fines and issue orders preventing the processing of personal information on non-compliant businesses and have imposed fines for GDPR violations up to, in some cases, hundreds of million s of Euros. While the UK GDPR currently imposes substantially the same obligations as the GDPR, the UK government recently enacted the Data Use and Access Act 2025, which became law in June 2025 and will continue to be phased in through 2026. This new legislation introduces reforms that diverge from the EU GDPR, and may require us to implement additional compliance measures under the new framework. These changes create risk of divergent parallel regimes and related uncertainty, along with the potential for increased compliance costs and risks for affected businesses, as we are no longer able to take a unified approach across the EEA and UK.

除其他要求外，GDPR 还对将受 GDPR 或英国 GDPR 管辖的个人数据传输至 EEA 和英国境外的所谓第三国进行监管，这些第三国未被相关数据保护机构认定为此类个人数据提供充分保护水平，包括美国；而 EEA 与美国之间现行传输机制的有效性和持久性仍存在不确定性。欧盟法院的判例法表明，仅依赖标准合同条款——一种经欧盟委员会批准作为充分个人数据传输机制的标准合同形式——在所有情形下未必足够，且传输必须逐案评估。2023 年 7 月，欧盟委员会通过了关于新的欧盟-美国数据隐私框架（“DPF”）的充分性决定，使 DPF 作为 GDPR 传输机制生效，适用于由根据 DPF 自我认证的美国实体从 EEA 传输至美国的个人数据。2023 年 10 月，经英国政府批准，DPF 的英国扩展生效，作为从英国向根据 DPF 自我认证的美国实体传输数据的机制。然而，DPF 充分性决定并不排除、且很可能面临未来的法律挑战，国际数据传输方面持续存在的法律不确定性可能增加我们的成本以及我们高效处理来自 EEA 或英国的个人数据的能力。除 EEA 或英国数据传输方面持续存在的法律不确定性外，为实施必要保障措施以遵守 GDPR 和英国 GDPR，可能需要产生额外成本，而潜在的关于数据跨境流动的新规则和限制可能增加在某些市场开展业务的成本和复杂性。如果我们的政策与做法，或我们第三方供应商、服务提供商、承包商或顾问的政策与做法不足或被认为不足，或者如果我们的客户或其他方对我们从 EEA 或英国向美国传输个人数据存在担忧，我们可能面临执法行动或调查（包括由个别欧盟或英国数据保护机构发起的），或私人当事方提起的诉讼。欧盟和英国以外的其他司法管辖区同样在引入或加强隐私、数据保护和网络安全法律、规则和法规，这可能增加我们的合规成本以及与不合规相关的风险。我们尚无法完全确定这些或未来的法律、规则和法规可能对我们的业务或运营产生的影响。这些法律、规则和法规可能因司法管辖区而异、受到不同解释，并可能被解释为与我们的做法相冲突。

Among other requirements, the GDPR regulates transfers of personal data subject to the GDPR or UK GDPR to so-called third countries outside the EEA and the UK that have not been determined by the relevant data protection authorities to provide an adequate level of protection to such personal data, including the United States, and the efficacy and longevity of current transfer mechanisms between the EEA, and the United States remains uncertain. Case law from the Court of Justice of the EU indicates that reliance on the standard contractual clauses—a standard form of contract approved by the European Commission as an adequate personal data transfer mechanism—alone may not necessarily be sufficient in all circumstances and that transfers must be assessed on a case-by-case basis. In July 2023, the European Commission adopted an adequacy decision in relation to the new EU-U.S. Data Privacy Framework (“DPF”) rendering the DPF effective as a GDPR transfer mechanism for personal data transferred from the EEA to the U.S. by U.S. entities self-certified under the DPF. In October 2023, the UK Extension to the DPF came into effect, as approved by the UK government, as a data transfer mechanism from the UK to U.S. entities self-certified under the DPF. However, the DPF adequacy decisions do not foreclose, and are likely to face, future legal challenges and the ongoing legal uncertainty with respect to international data transfers may increase our costs and our ability to efficiently process personal data from the EEA or the UK. In addition to the ongoing legal uncertainty with respect to data transfers from the EEA or the UK, additional costs may need to be incurred in order to implement necessary safeguards to comply with the GDPR and the UK GDPR, and potential new rules and restrictions on the flow of data across borders could increase the cost and complexity of conducting business in some markets. If our policies and practices or those of our third-party vendors, service providers, contractors or consultants are, or are perceived to be, insufficient, or if our customers or others have concerns regarding our transfer of personal data from the EEA or the UK to the United States, we could be subject to enforcement actions or investigations, including by individual EU or UK data protection authorities, or lawsuits by private parties. Other jurisdictions outside the EU and the UK are similarly introducing or enhancing privacy, data protection and cybersecurity laws, rules, and regulations, which could increase our compliance costs and the risks associated with noncompliance. We cannot yet fully determine the impact these or future laws, rules, and regulations may have on our business or operations. These laws, rules and regulations may be inconsistent from one jurisdiction to another, subject to differing interpretations and may be interpreted to conflict with our practices.

尽管我们已实施各项措施，以帮助确保我们的政策、流程和系统在收集、存储、使用及其他处理专有、机密和敏感信息（包括个人信息）方面符合我们的法律义务，但任何无法或被认为无法充分解决隐私问题或遵守适用法律的情况，即使毫无根据，也可能导致重大监管和第三方责任、成本增加、业务和运营中断，以及客户信任丧失和其他声誉损害。此外，随着新的隐私相关法律法规的实施，我们寻求遵守该等法律法规所需的时间和资源持续增加。

While we have implemented various measures to help ensure that our policies, processes, and systems are in compliance with our legal obligations with respect to our collection, storage, use and other processing of proprietary, confidential and sensitive information, including personal information, any inability, or perceived inability, to adequately address privacy concerns or comply with applicable laws, even if unfounded, may result in significant regulatory and third-party liability, increased costs, disruption of our business and operations, and a loss of client confidence and other reputational damage. Furthermore, as new privacy-related laws and regulations are implemented, the time and resources needed for us to seek compliance with such laws and regulations continues to increase.

**AI 行业受制于复杂、不断演变的监管、法定及其他要求，遵守这些要求可能困难且成本高昂，并可能对我们的业务产生负面影响。**

**The AI industry is subject to complex, evolving regulatory, statutory, and other requirements that may be difficult and expensive to comply with and that could negatively impact our business.**

我们各项产品（包括我们的 AI 算力解决方案和 AI 模型服务）的监管框架正在迅速演变，因为许多联邦、州和外国政府机关和机构已经出台或正在考虑出台与 AI 相关的更多法律法规。此外，现有法律法规的解释方式可能影响我们或我们客户的运营，或影响我们在所经营市场中提供 AI 产品的能力。因此，在可预见的未来，实施标准和执法实践很可能仍不确定，我们尚无法确定未来的法律、法规、标准或市场对其要求的认知可能对我们的业务产生的影响，且我们可能无法充分预见或应对这些不断演变的法律或法规。此外，由于 AI 相关技术本身高度复杂且发展迅速，无法预测我们使用该等技术可能产生的所有法律或监管风险。该领域的新法律、指引或裁决可能提供新的监管框架，可能要求我们调整和改变我们的运营，从而可能降低我们的运营效率，导致运营成本增加和/或阻碍我们改进产品的能力。

The regulatory framework for our offerings, including our AI computing solutions and AI model services, is rapidly evolving as many federal, state, and foreign government bodies and agencies have introduced or are currently considering additional laws and regulations related to AI. Additionally, existing laws and regulations may be interpreted in ways that would affect our or our customers’ operations, or our ability to offer our AI offerings in the markets in which we operate. As a result, implementation standards and enforcement practices are likely to remain uncertain for the foreseeable future, and we cannot yet determine the impact future laws, regulations, standards, or market perception of their requirements may have on our business, and we may not be able to adequately anticipate or respond to these evolving laws or regulations. In addition, because AI-related technologies are themselves highly complex and rapidly developing, it is not possible to predict all of the legal or regulatory risks that may arise relating to our use of such technologies. New laws, guidance or decisions in this area could provide a new regulatory framework that may require us to adjust and make changes to our operations that may decrease our operational efficiency, resulting in an increase to operating costs and/or hindering our ability to improve our offerings.

目前，某些现行法律制度（包括与数据隐私和网络安全相关的制度）已对 AI 模型和自动化决策的某些方面进行监管，美国与欧盟也已有多部规范 AI 技术的新法律生效。例如，在美国，现任总统行政当局于 2025 年撤销了前任行政当局于 2023 年实施的、有关 AI 技术安全与可靠开发的一项行政命令。随后，该行政当局发布了一项新的行政命令，其中要求某些机构制定并向总统提交行动计划，以“维持并增强美国在全球 AI 领域的主导地位”，并特别要求审查并在可能的情况下撤销依据被撤销的行政命令所制定的规则。2025 年 7 月，现任行政当局进一步发布了《美国 AI 行动计划》，聚焦创新、基础设施以及 AI 领域的国际外交与安全三大支柱，以及七项基本原则。现任行政当局可能继续撤销其他与 AI 技术相关的现有联邦命令和/或行政政策，或可能在未来实施与 AI 技术相关的新行政命令和/或其他规则制定。联邦层面的任何此类变化都可能要求我们投入大量资源来修改我们的产品、服务或运营，以确保符合旧有框架或满足新的义务。美国目前尚无关于 AI 的使用、开发或部署的综合性联邦立法。尽管缺乏综合性立法，联邦监管机构仍在依据现行联邦法律持续推进与 AI 相关的执法行动。此外，与 AI 相关的立法已在州层面颁布并正在推进。例如，犹他州通过了《AI 政策法》，于 2024 年 5 月生效，对 AI 的使用规定了某些披露要求；科罗拉多州颁布了《科罗拉多 AI 法》，将于 2026 年 6 月生效。此外，加利福尼亚州近期最终确定了 CCPA 项下关于自动化决策使用的法规，并已颁布多项与 AI 相关的法律，包括要求某些 AI 提供商实施透明度和安全措施的法律。任何此类法规或任何类似法规，都可能在未来影响 AI 的开发、使用和商业化。

Already, certain existing legal regimes (including, those related to data privacy and cybersecurity) regulate certain aspects of AI models and automated decision-making, and new laws regulating AI technologies have entered into force in the United States and the EU. For example, in the United States, the current presidential administration rescinded in 2025 an executive order relating to the safe and secure development of AI technologies that was previously implemented by the former administration in 2023. The administration then issued a new executive order that, among other things, requires certain agencies to develop and submit to the President action plans to “sustain and enhance America’s global AI dominance,” and to specifically review and, if possible, rescind rulemaking taken pursuant to the rescinded executive order. In July 2025, the current administration further issued America’s AI Action Plan, focusing on the three pillars of innovation, infrastructure, and international diplomacy and security in AI, and seven underlying principles. The current administration may continue to rescind other existing federal orders and/or administrative policies relating to AI technologies, or may implement new executive orders and/or other rule making relating to AI technologies in the future. Any such changes at the federal level could require us to expend significant resources to modify our products, services, or operations to ensure compliance with old frameworks or meet new obligations. There is currently no comprehensive federal legislation in the United States concerning the use, development, or deployment of AI. Despite the lack of comprehensive legislation, federal regulators are continuing to pursue AI-related enforcement actions under existing federal laws. In addition, legislation related to AI has both been enacted and is advancing at the state level. For example, Utah passed the AI Policy Act, which took effect in May 2024, imposing certain disclosure requirements on the use of AI, and Colorado enacted the Colorado AI Act, which will take effect in June 2026. In addition, California recently finalized regulations under the CCPA regarding the use of automated decision-making, and has enacted several AI-related laws, including laws requiring certain AI providers to implement transparency and safety measures. Any of such regulations, or any similar regulations, may impact the development, use, and commercialization of AI in the future.

此外，在欧洲，《人工智能法案》为欧盟市场的人工智能建立了一套全面、基于风险的治理框架，适用于在欧盟市场投放、投入使用或在欧盟使用的人工智能系统或通用人工智能模型的提供者、进口者和分销者等主体。《人工智能法案》于 2024 年 8 月生效，其中大部分实质性要求将于 2026 年生效。《人工智能法案》建立了一套基于风险的治理框架，用于监管高风险人工智能系统，并根据人工智能系统预期用途相关风险将其归类为造成“不可接受”、“高”或“有限”风险。《人工智能法案》还对欧盟境内人工智能系统的提供者、进口者、分销者和使用者规定了各项要求，包括在透明度、合格评定与监测、风险评估、人工监督、安全性与准确性、通用人工智能模型和基础模型方面的要求，并引入了最高可达全球收入 7% 的重大处罚。尽管《人工智能法案》尚未开始执行，但我们当前或未来的产品可能须承担《人工智能法案》项下更严格的义务，要求我们遵守《人工智能法案》的适用要求，这可能给我们带来额外成本、增加我们的责任风险或对我们的业务造成不利影响。即使我们的产品未被《人工智能法案》归类为“不可接受”或“高”风险，我们仍可能须承担针对人工智能系统提供者、分销者或进口者的额外透明度及其他义务，这可能要求我们投入资源以遵守该等义务。GDPR 项下还就自动化决策的使用规定了具体义务。《人工智能法案》和 GDPR 可能对人工智能的监管方式产生重大影响，上述法规不断发展的解释与适用，以及该领域不断发展的指引和/或决定，可能影响我们涉及人工智能开发和/或使用的计划业务活动。此外，我们的客户可能须遵守该等即将出台的人工智能法规，这可能导致人工智能技术的商业化延迟或受阻，并可能导致对我们客户人工智能系统的需求下降。美国及其他非美国司法辖区很可能将出台更多新的法律法规，或者现有法律法规（包括竞争法和反垄断法）可能被以限制我们或我们的客户使用人工智能的方式解释，或以对我们的产品、服务和业务表现产生负面影响的方式解释。如果各司法辖区的法律、法规或决定不一致，我们可能需要投入资源以调整我们在某些司法辖区的人工智能产品。此外，遵守该等法律、法规或决定和/或解释现有法律的指引的成本可能很高，并将增加我们的经营费用（例如通过施加额外报告义务）。该等经营费用的增加，以及任何实际或被认为未能遵守该等法律法规的情形，均可能对我们的业务、财务状况、经营业绩和前景造成不利影响。围绕人工智能技术实施的监管环境可能对我们生产和出口产品的能力造成不利影响，进而可能损害我们的声誉、业务、财务状况、经营业绩和前景。

Further, in Europe, the AI Act, which establishes a comprehensive, risk-based governance framework for AI in the EU market applies to, amongst other entities, providers, importers, and distributors of AI systems or general-purpose AI models that are placed on the EU market or put into service or used in the EU. The AI Act entered into force in August 2024, with the majority of the AI Act’s substantive requirements coming into effect in 2026. The AI Act establishes a risk-based governance framework for regulating high-risk AI systems and categorizes AI systems based on the risks associated with such AI systems’ intended purposes as creating “unacceptable,” “high,” or “limited” risks. The AI Act also includes various requirements for providers, importers, distributors, and users of AI systems in the EU, including with respect to transparency, conformity assessments and monitoring, risk assessments, human oversight, security and accuracy, general-purpose AI models, and foundation models, and introduces significant penalties of up to 7% of global revenue. While the AI Act has yet to be enforced, there is a risk that our current or future offerings may be subject to heightened obligations under the AI Act, requiring us to comply with the applicable requirements of the AI Act, which may impose additional costs on us, increase our risk of liability or adversely affect our business. Even if our offerings are not categorized as “unacceptable” or “high” risk under the AI Act, we may be subject to additional transparency and other obligations for providers, distributors, or importers of AI systems, which may require us to expend resources to comply with such obligations. There are also specific obligations regarding the use of automated decision-making under the GDPR. The AI Act and GDPR may have a material impact on the way AI is regulated, and developing interpretation and applications of the foregoing, together with developing guidance and/or decisions in this area, may affect our planned business activities involving the development and/or use of AI. Additionally, our customers may become subject to such upcoming AI regulations, which could cause a delay or impediment to the commercialization of AI technologies and could lead to a decrease in demand for our customers’ AI systems. It is likely that further new laws and regulations will be adopted in the United States and in other non-U.S. jurisdictions, or that existing laws and regulations, including competition and antitrust laws, may be interpreted in ways that would limit ours or our customers’ ability to use AI or in a manner that negatively affects the performance of our products, services, and business. We may need to expend resources to adjust our AI offerings in certain jurisdictions if the laws, regulations, or decisions are not consistent across jurisdictions. Further, the cost to comply with such laws, regulations, or decisions and/or guidance interpreting existing laws could be significant and would increase our operating expenses (such as by imposing additional reporting obligations). Such an increase in operating expenses, as well as any actual or perceived failure to comply with such laws and regulations, could adversely affect our business, financial condition, results of operations, and prospects. The regulatory environment surrounding the implementation of AI technologies may adversely affect our ability to produce and export our offerings and as a result may cause harm to our reputation, business, financial condition, results of operations, and prospects.

**我们可能面临诉讼、调查或其他行动，这可能使我们承担重大成本，并损害我们的业务和股东利益。**

**We may be subject to litigation, investigations, or other actions, which may lead us to incur significant costs and harm our business and our stockholders.**

我们在正常经营过程中已经并可能成为诉讼和索赔的一方，这些诉讼和索赔可能包括推定集体诉讼或其他诉讼、调查或其他索赔，涉及知识产权、开源软件、客户事项、我们的营销和销售实践、合同、雇佣事项、监管合规或我们业务的其他方面。

We are, and may become, party to lawsuits and claims arising in the normal course of business, which may include putative class action suits or other lawsuits, investigations or other claims relating to intellectual property, open-source software, customer matters, our marketing and sales practices, contracts, employment matters, regulatory compliance, or other aspects of our business.

半导体行业的许多公司拥有大量专利、版权、商标、域名和商业秘密，并经常基于侵权、盗用或其他违反知识产权或其他权利的指控提起诉讼。随着我们面临日益激烈的竞争并获得更高的知名度，针对我们的知识产权主张的可能性也在增加。

Many companies in the semiconductor industry own large numbers of patents, copyrights, trademarks, domain names, and trade secrets, and frequently enter into litigation based on allegations of infringement, misappropriation, or other violations of intellectual property or other rights. As we face increasing competition and gain a higher profile, the possibility of intellectual property rights claims against us grows.

为任何诉讼进行辩护，即使是由无依据的主张构成，成本也很高，并可能给管理层和员工带来重大负担、分散其注意力，并损害我们的声誉。由于诉讼本质上不可预测，我们无法向您保证任何潜在索赔或争议不会损害我们的业务、财务状况、经营业绩和前景。任何索赔或诉讼，即使获得全额赔偿或保险，也可能使我们更难有效竞争或在未来获得足够的保险。我们作为一方的任何诉讼可能导致繁重或不利的判决，且该判决可能无法在上诉时被推翻，或导致支付巨额金钱损害赔偿或罚款，或者我们可能决定以同样不利的条款和解诉讼，这可能损害我们的业务、财务状况、经营业绩和前景。在知识产权案件中若出现不利结果，我们还可能被要求：

Defending any lawsuit, even when comprised of unmeritorious claims, is costly and can impose a significant burden on, and divert the attention of, management and employees, and harm our reputation. As litigation is inherently unpredictable, we cannot assure you that any potential claims or disputes will not harm our business, financial condition, results of operations, and prospects. Any claims or litigation, even if fully indemnified or insured, may make it more difficult to effectively compete or to obtain adequate insurance in the future. Any litigation to which we are a party may result in an onerous or unfavorable judgment that may not be reversed upon appeal, or in the payment of substantial monetary damages or fines, or we may decide to settle lawsuits on similarly unfavorable terms, which may harm our business, financial condition, results of operations, and prospects. In the case of an unfavorable outcome in intellectual property case, we could also be required to:

- 就过去、现在和未来对侵权技术的使用支付巨额损害赔偿；

- pay substantial damages for past, present, and future use of the infringing technology;

- 停止使用侵权产品（或组件），这可能涉及重新设计产品或组件部件以使其不侵权；

- cease use of an infringing product (or component), which may involve redesigning a product or component part so that it does not infringe;

- 投入大量资源开发非侵权技术；

- expend significant resources to develop non-infringing technology;

- 从主张侵权的第三方获得技术许可，而该许可可能无法以商业上合理的条款获得，或根本无法获得；

- license technology from the third-party claiming infringement, which license may not be available on commercially reasonable terms, or at all;

- 与我们的竞争对手签订交叉许可，这可能削弱我们整体知识产权组合以及我们在特定产品类别中的竞争能力；

- enter into cross-licenses with our competitors, which could weaken our overall intellectual property portfolio and our ability to compete in particular product categories;

- 对我们的客户进行赔偿；

- indemnify our customers;

- 向我们的直接客户或最终客户支付巨额损害赔偿，以停止使用或以非侵权技术替代侵权技术；或

- pay substantial damages to our direct or end customers to discontinue use or replace infringing technology with non-infringing technology; or

- 如果我们的某项或多项专利权利要求被认定为无效或无法执行，则放弃与该等权利要求相关的知识产权。

- relinquish intellectual property rights associated with one or more of our patent claims if such claims are held invalid or otherwise unenforceable.

上述任何结果均可能损害我们的业务、财务状况、经营业绩和前景。

Any of the foregoing results may harm our business, financial condition, results of operations, and prospects.

**我们可能面临保修索赔和产品责任。**

**We may be subject to warranty claims and product liability.**

我们不时可能因产品缺陷或被认为存在的缺陷、或我们集成到产品中的第三方组件缺陷而面临保修或产品责任索赔，这可能带来重大费用。如果客户的设备在使用中发生故障，客户可能产生重大费用以及收入损失。客户可能主张我们产品的缺陷导致了设备故障，并针对我们提出索赔以追回金钱损害赔偿，包括间接和后果性损害赔偿。在复杂系统中识别缺陷产品或潜在缺陷产品的过程可能耗时漫长且需要大量资源，我们可能产生重大更换成本以及来自客户的合同损害赔偿索赔。在某些情况下，我们可能考虑承担与召回我们某一产品相关的成本或费用，以避免在客户因设计或制造工艺缺陷而遭受故障时可能提出的潜在索赔。任何此类责任可能远远超过我们从相关产品获得的任何收入。我们就保修和产品责任索赔产生或支付的费用、款项或损害赔偿可能超出我们的产品责任保险覆盖范围或保修准备金，并可能损害我们的业务、财务状况、经营业绩和前景。

From time to time, we may be subject to warranty or product liability claims arising from defects or perceived defects in our products or in third-party components that we integrate into our products, which may lead to significant expenses. If a customer’s equipment fails in use, the customer may incur significant expenses, as well as lost revenue. The customer may claim that a defect in our product caused the equipment failure and assert a claim against us to recover monetary damages, including indirect and consequential damages. The process of identifying a defective or potentially defective product in complex systems may be lengthy and require significant resources, and we may incur significant replacement costs and contract damage claims from our customers. In certain situations, we may consider incurring the costs or expenses related to a recall of one of our products in order to avoid the potential claims that may be raised should customer suffer a failure due to a design or manufacturing process defect. Any such liabilities may greatly exceed any revenue we receive from the relevant products. Costs, payments, or damages incurred or paid by us in connection with warranty and product liability claims could exceed our product liability insurance coverage, or warranty reserves, and could harm our business, financial condition, results of operations, and prospects.

**与冲突矿物相关的法规可能导致我们产生额外费用，并可能限制我们产品制造中所用某些金属的供应并提高其成本。**

**Regulations related to conflict minerals may cause us to incur additional expenses and may limit the supply and increase the costs of certain metals used in the manufacturing of our products.**

我们须遵守 2010 年《多德-弗兰克华尔街改革和消费者保护法》的要求，该法要求我们对源自某些国家和地理区域的某些冲突矿物是否为我们产品的制造或功能所必需进行尽职调查并予以披露。这些要求的实施可能对我们产品所用组件制造中所用材料的采购、可用性和定价产生不利影响。此外，我们将产生额外成本以遵守潜在的披露要求，包括与开展尽职调查程序以确定可能用于或为生产我们产品所必需的矿物来源相关的成本，以及在适用情况下因该等尽职调查活动而可能对产品、工艺或供应来源作出的潜在变更。如果我们确定我们的任何产品含有未被认定为不含冲突矿物的矿物，或如果我们无法改变我们的产品、工艺或供应来源以避免此类材料，我们也可能面临声誉损害。

We are subject to requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, requiring us to conduct due diligence on and disclose whether certain conflict minerals originating from certain countries and geographic regions are necessary for the manufacture or functionality of our products. The implementation of these requirements could adversely affect the sourcing, availability, and pricing of the materials used in the manufacture of components used in our products. In addition, we will incur additional costs to comply with the potential disclosure requirements, including costs related to conducting diligence procedures to determine the sources of minerals that may be used or necessary to the production of our products and, if applicable, potential changes to products, processes, or sources of supply as a consequence of such due diligence activities. It is also possible that we may face reputational harm if we determine that any of our products contain minerals not determined to be free of conflict minerals or if we are unable to alter our products, processes, or sources of supply to avoid such materials.

与财务和会计事项相关的风险 Risks Related to Financial and Accounting Matters

**我们在财务报告内部控制中识别出重大缺陷。如果我们无法整改这些重大缺陷，或者未来识别出其他重大缺陷，或者未能维持有效的内部控制体系，我们可能无法准确或及时地报告我们的财务状况或经营成果，这可能对投资者对我们的信心产生不利影响，并因此影响我们 A 类普通股的价值。**

**We identified material weaknesses in our internal control over financial reporting. If we are unable to remediate these material weaknesses, or if we identify additional material weaknesses in the future or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect investor confidence in us and, as a result, the value of our Class A common stock.**

在本次发行完成之前，自成立以来我们一直是一家私营公司，因此，我们未曾承担上市公司所要求的内部控制和财务报告要求。在编制财务报表的过程中，我们在财务报告内部控制中识别出某些重大缺陷，包括最近截至 2025 年 12 月 31 日和 2024 年 12 月 31 日止年度的重大缺陷。重大缺陷是指财务报告内部控制中的一项缺陷或多项缺陷的组合，使得我们的财务报表存在重大错报而无法被及时防止或发现的可能性合理存在。

Prior to the completion of this offering, we have been a private company since our inception and, as such, we have not had the internal control and financial reporting requirements that are required of a publicly traded company. In connection with the preparation of our financial statements, we identified certain material weaknesses in our internal control over financial reporting, including most recently for the years ended December 31, 2025 and 2024 . A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our financial statements will not be prevented or detected on a timely basis.

我们识别出的重大缺陷涉及：(i) 具备适当专业水平的资源不足或缺失，无法及时复核账户调节并识别、选择和应用与若干财务报表领域相关的美国公认会计原则（“GAAP”），这些领域包括收入确认、存货管理和成本核算、数据中心资产会计以及股权管理；(ii) 未能维持充分的 IT 一般控制，包括职责分离无效。

The material weaknesses that we identified relate to (i) inadequate or missing resources who possess an appropriate level of expertise to timely review account reconciliations and identify, select, and apply U.S. generally accepted accounting principles (“GAAP”) pertaining to several financial statement areas, including revenue recognition, inventory management and costing, data center assets accounting, and equity administration and (ii) the failure to maintain adequate IT general controls, including ineffective segregation of duties.

针对已识别出的重大缺陷，我们已开始增加额外资源、规范流程并实施新的控制。我们已聘用并将继续聘用更多会计和财务人员，我们认为其专业能力适当，以加强我们在账户调节复核、GAAP 应用和 IT 环境方面的整体控制。我们打算继续采取措施整改这些重大缺陷。在管理层设计并实施有效控制且该等控制运行足够长的时间，并且管理层通过测试得出结论认为该等控制有效之前，这些重大缺陷不会被视为已整改。我们的管理层将监控整改计划的有效性，并作出其认为适当的变更。

In response to the identified material weaknesses, we have begun adding additional resources, formalizing processes, and implementing new controls. We have hired, and continue to hire, additional accounting and finance personnel with expertise we believe to be appropriate to strengthen our overall controls over the review of account reconciliations, the application of GAAP, and the IT environment. We intend to continue to take steps to remediate these material weaknesses. The material weaknesses will not be considered remediated until management designs and implements effective controls that operate for a sufficient period of time and management has concluded, through testing, that these controls are effective. Our management will monitor the effectiveness of our remediation plans and will make changes determined to be appropriate.

我们无法保证我们已采取及计划在未来采取的措施能够弥补已识别的重大缺陷，也无法保证未来不会因未能实施并维持对财务报告的充分内部控制或规避这些控制而出现任何额外的重大缺陷或财务业绩重述。如果我们采取的措施未能及时纠正这些重大缺陷，我们将无法得出结论认为我们对财务报告维持了有效的内部控制。因此，我们的财务报表存在重大错报而未能被及时防止或发现的可能性仍可能持续存在。我们在实施作为上市公司运营所必需的系统和控制方面经验有限。如果这些新系统或控制及相关流程变更未能产生我们预期的效益，或未能按预期运作，可能会损害我们的财务报告系统和流程、我们及时编制准确财务报告的能力，或财务报告内部控制的有效性。

We can give no assurance that the measures we have taken and plan to take in the future will remediate the material weaknesses identified or that any additional material weaknesses or restatements of financial results will not arise in the future due to a failure to implement and maintain adequate internal control over financial reporting or circumvention of these controls. If the steps we take do not correct these material weaknesses in a timely manner, we will be unable to conclude that we maintain effective internal control over financial reporting. Accordingly, there could continue to be a reasonable possibility that a material misstatement of our financial statements would not be prevented or detected on a timely basis. We have limited experience with implementing the systems and controls that will be necessary to operate as a public company. If these new systems or controls and the associated process changes do not give rise to the benefits that we expect or do not operate as intended, it may harm our financial reporting systems and processes, our ability to produce timely and accurate financial reports or the effectiveness of internal control over financial reporting.

如果我们未能弥补现有的重大缺陷或识别出财务报告内部控制中的新重大缺陷，如果我们无法及时遵守《萨班斯-奥克斯利法案》第 404 条的披露和鉴证要求，如果我们无法得出结论认为我们的财务报告内部控制有效，或者当我们不再是一家新兴成长型公司时我们的独立注册公共会计师事务所无法得出结论认为我们的财务报告内部控制有效，投资者可能会对我们的财务报告的准确性和完整性失去信心，我们 A 类普通股的价格可能会受到负面影响。因此，我们还可能受到纳斯达克股票市场有限责任公司（“纳斯达克”）、SEC 或其他监管机构的调查，并面临股东的诉讼，这可能损害我们的声誉和财务状况，或使财务和管理资源从我们的日常业务活动中分流。

If we fail to remediate our existing material weaknesses or identify new material weaknesses in our internal control over financial reporting, if we are unable to comply with the disclosure and attestation requirements of Section 404 of the Sarbanes-Oxley Act in a timely manner, if we are unable to conclude that our internal control over financial reporting is effective, or if our independent registered public accounting firm is unable to conclude that our internal control over financial reporting is effective when we are no longer an emerging growth company, investors may lose confidence in the accuracy and completeness of our financial reports and the price of our Class A common stock could be negatively affected. As a result, we could also become subject to investigations by the Nasdaq Stock Market LLC (“Nasdaq”), the SEC, or other regulatory authorities, and become subject to litigation from stockholders, which could harm our reputation and financial condition or divert financial and management resources from our regular business activities.

此外，即使我们成功加强了控制和程序，未来这些控制和程序也可能不足以防止或识别违规或错误，或促进我们财务报表的公允列报。

In addition, even if we are successful in strengthening our controls and procedures, in the future those controls and procedures may not be adequate to prevent or identify irregularities or errors or to facilitate the fair presentation of our financial statements.

**如果我们未能维持有效的披露控制和财务报告内部控制体系，我们及时编制准确财务报表或遵守适用法规的能力可能会受到损害。**

**If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations may be harmed.**

作为一家上市公司，我们将受到《交易法》、《萨班斯-奥克斯利法案》以及证券交易所上市要求的报告要求约束。我们预计这些规则和法规的要求将继续增加我们的法律、会计和财务合规成本，使某些活动更加困难、耗时和昂贵，并对我们的人员、系统和资源造成重大压力。

As a public company, we will be subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, and the stock exchange listing requirements. We expect that the requirements of these rules and regulations will continue to increase our legal, accounting, and financial compliance costs, make some activities more difficult, time-consuming, and costly, and place significant strain on our personnel, systems, and resources.

《萨班斯-奥克斯利法案》要求我们（除其他事项外）维持有效的披露控制与程序以及对财务报告的内部控制。我们正在持续制定和完善我们的披露控制及其他程序，这些程序旨在确保我们向 SEC 提交的报告中要求披露的信息，在 SEC 规则和表格规定的期限内被记录、处理、汇总和报告，并确保根据《交易法》在报告中要求披露的信息被汇总并传达给我们的主要执行官和财务官。我们也在持续改进我们对财务报告的内部控制，包括增聘会计和财务人员以实施该等流程和控制。

The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal control over financial reporting. We are continuing to develop and refine our disclosure controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we will file with the SEC is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms and that information required to be disclosed in reports under the Exchange Act is accumulated and communicated to our principal executive and financial officers. We are also continuing to improve our internal control over financial reporting, which includes hiring additional accounting and financial personnel to implement such processes and controls.

我们过去曾发现对财务报告的内部控制存在重大缺陷，最近一次是在截至 2025 年 12 月 31 日的年度，我们无法向您保证未来我们的内部控制不会存在重大缺陷或重要缺陷。为维持并提高我们的披露控制与程序以及对财务报告的内部控制的有效性，我们已投入并将预计继续投入大量资源，包括与会计相关的成本、新的内部流程和程序以及大量的管理层监督。如果这些新的或改进的控制和系统未能如预期运行，我们的控制可能会进一步出现缺陷。

We have identified material weaknesses in our internal control over financial reporting in the past, most recently for the year ended December 31, 2025, and cannot assure you that there will not be material weaknesses or significant deficiencies in our internal controls in the future. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting, we have expended, and anticipate that we will continue to expend, significant resources, including accounting-related costs, new internal processes and procedures, and significant management oversight. If any of these new or improved controls and systems do not perform as expected, we may experience further deficiencies in our controls.

我们现有的控制措施以及我们未来制定的任何新控制措施，都可能因业务状况的变化而变得不充分。此外，在我们收购其他业务的情况下，被收购公司可能不具备足够健全的控制体系，我们可能会发现其存在缺陷。任何未能制定或维持有效控制措施的情况，或在实施或改进这些措施过程中遇到的任何困难，都可能损害我们的经营业绩，或导致我们无法履行报告义务，并可能导致我们对前期财务报表进行重述。任何未能实施和维持有效的财务报告内部控制的情况，也可能对定期管理层评估以及独立注册会计师事务所关于我们财务报告内部控制有效性的年度鉴证报告的结果产生不利影响，而我们最终将被要求将这些内容纳入向 SEC 提交的定期报告中。无效的披露控制与程序以及财务报告内部控制也可能导致投资者对我们报告的财务及其他信息失去信心，这很可能导致我们的 A 类普通股价格下跌。此外，如果我们无法继续满足这些要求，我们可能无法继续在证券交易所上市。我们目前无需遵守实施《萨班斯-奥克斯利法案》第 404 条的 SEC 规则，因此无需为此目的对我们的财务报告内部控制有效性进行正式评估。作为一家上市公司，我们将被要求自第二份 Form 10-K 年度报告起，提供关于我们财务报告内部控制有效性的年度管理层报告。

Our current controls and any new controls that we develop may become inadequate because of changes in conditions in our business. Further, to the extent we acquire other businesses, the acquired company may not have a sufficiently robust system of controls and we may discover deficiencies. Any failure to develop or maintain effective controls or any difficulties encountered in their implementation or improvement may harm our results of operations or cause us to fail to meet our reporting obligations and may result in a restatement of our financial statements for prior periods. Any failure to implement and maintain effective internal control over financial reporting also may adversely affect the results of periodic management evaluations and annual independent registered public accounting firm attestation reports regarding the effectiveness of our internal control over financial reporting that we will eventually be required to include in our periodic reports that will be filed with the SEC. Ineffective disclosure controls and procedures and internal control over financial reporting could also cause investors to lose confidence in our reported financial and other information, which would likely cause the price of our Class A common stock to decline. In addition, if we are unable to continue to meet these requirements, we may not be able to remain listed on a stock exchange. We are not currently required to comply with the SEC rules that implement Section 404 of the Sarbanes-Oxley Act and are therefore not required to make a formal assessment of the effectiveness of our internal control over financial reporting for that purpose. As a public company, we will be required to provide an annual management report on the effectiveness of our internal control over financial reporting commencing with our second annual report on Form 10-K.

在成为上市公司后，尤其是在我们不再属于“新兴成长型公司”之后，我们预计我们的独立注册会计师事务所将被要求对我们的财务报告内部控制有效性进行正式鉴证。届时，如果我们的独立注册会计师事务所对我们财务报告内部控制的记录、设计或运行水平不满意，其可能会出具不利意见的报告。任何未能维持有效的披露控制与财务报告内部控制的情况，都可能损害我们的业务、财务状况、经营业绩和前景，并可能导致我们的 A 类普通股价格下跌。

Upon becoming a public company, and particularly after we are no longer an “emerging growth company,” we expect our independent registered public accounting firm will be required to formally attest to the effectiveness of our internal control over financial reporting. At such time, our independent registered public accounting firm may issue a report that is adverse in the event it is not satisfied with the level at which our internal control over financial reporting is documented, designed, or operating. Any failure to maintain effective disclosure controls and internal control over financial reporting may harm our business, financial condition, results of operations, and prospects, and may cause the price of our Class A common stock to decline.

**我们未来使用部分或全部净经营亏损结转的能力可能有限。**

**We may have a limited ability to use some or all of our net operating loss carryforwards in the future.**

如果我们发生第 382 条所指的“所有权变更”，我们利用净经营亏损结转（“NOLs”）抵减未来年度应纳税所得额的能力可能受到经修订的《1986 年美国国内税收法典》（“法典”）第 382 条的重大限制；或者，如果法典相关规则被修订，该等 NOLs 的价值可能被减少。如果直接或间接持有我们普通股 5% 或以上、或根据法典第 382 条及据此颁布的法规在其他方面被视为“5% 股东”的股东，其在测试期内（通常为潜在所有权变更之前的三年期间）任何时点所持股票的最低百分比基础上，合计持股比例增加超过 50 个百分点，则除其他情形外，我们将发生所有权变更。我们过去可能已经发生所有权变更，未来也可能发生所有权变更。州税法下可能存在类似规则。

Our ability to utilize our net operating loss carryforwards (“NOLs”) to reduce taxable income in future years could become subject to significant limitations under Section 382 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) if we undergo an “ownership change” within the meaning of Section 382, or the value of such NOLs could be reduced in the event that the relevant rules under the Code were to be revised. We would undergo an ownership change if, among other things, the stockholders who own, directly or indirectly, 5% or more of our common stock, or are otherwise treated as “5% shareholders” under Section 382 of the Code and the regulations promulgated thereunder, increase their aggregate percentage ownership of our stock by more than 50 percentage points over the lowest percentage of the stock owned by these stockholders at any time during the testing period, which is generally the three-year period preceding the potential ownership change. We may have experienced ownership changes in the past and may experience ownership changes in the future. Similar rules may apply under state tax laws.

还存在一项风险：由于监管变化（例如暂停使用 NOLs）或其他原因，我们现有的 NOLs 可能到期或在其他方面无法用于抵减未来所得税负债，包括用于州税目的。基于这些原因，即使我们实现盈利，我们可能无法利用资产负债表上反映的 NOLs 的实质性部分，这可能潜在地导致我们未来税负增加，并可能损害我们的经营业绩和财务状况。

There is also a risk that due to regulatory changes, such as suspensions on the use of NOLs or other reasons, our existing NOLs could expire or otherwise be unavailable to reduce future income tax liabilities, including for state tax purposes. For these reasons, we may not be able to utilize a material portion of the NOLs reflected on our balance sheet, even if we attain profitability, which may potentially result in increased future tax liability to us and may harm our results of operations and financial condition.

**我们有效税率的意外变化及额外税务负债可能影响我们的经营业绩。**

**Unanticipated changes in our effective tax rate and additional tax liabilities may impact our results of operations.**

我们在美国及某些外国司法管辖区须缴纳税款。由于经济和政治状况，包括美国在内的各司法管辖区的税率可能发生变化。例如，美国政府可能对商业实体的税收作出重大变更，包括但不限于永久性提高企业所得税税率、提高适用于“净 CFC 测试所得”的税收，以及对某些类型的所得征收最低税或附加税。我们未来的有效税率可能受到以下因素的影响：在法定税率不同的国家之间盈利构成的变化、递延所得税资产和负债估值的变化，以及税法或其解释的变化。

We are subject to taxes in the United States and certain foreign jurisdictions. Due to economic and political conditions, tax rates in various jurisdictions, including the United States, may be subject to change. For example, the U.S. government may enact significant changes to the taxation of business entities, including, among others, a permanent increase in the corporate income tax rate, an increase in the tax applicable to “net CFC tested income” and the imposition of minimum taxes or surtaxes on certain types of income. Our future effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities and changes in tax laws or their interpretation.

我们还可能因联邦、州或外国税法变化、税务机关的行政解释、决定、政策和立场变化、税务检查结果、和解或司法裁决、会计原则变化、业务运营变化（包括收购）以及因新信息评估导致对前期所采取的税务立场作出调整，而承担额外的税务负债和罚款。我们目前无法预测此类变化是否会发生，以及若发生，对我们税务负债的最终影响。由此导致的税务义务或现金税款增加，可能损害我们的现金流和经营业绩。

We may also be subject to additional tax liabilities and penalties due to changes in non-income based taxes resulting from changes in federal, state, or foreign tax laws, changes in taxing jurisdictions’ administrative interpretations, decisions, policies and positions, results of tax examinations, settlements or judicial decisions, changes in accounting principles, changes to the business operations, including acquisitions, as well as the evaluation of new information that results in a change to a tax position taken in a prior period. We are currently unable to predict whether such changes will occur and, if such changes occur, the ultimate impact on our tax liabilities. Any resulting increase in our tax obligation or cash taxes paid may harm our cash flows and results of operations.

**我们预计将需要大量额外资本以支持业务增长，而该等资本可能无法在需要时以有利条件获得，或根本无法获得。**

**We expect to require significant additional capital to support business growth, and this capital might not be available when needed on favorable terms or at all.**

我们打算继续进行投资以支持业务增长，并可能需要额外资金以应对业务挑战和机遇，包括开发新产品或服务、增强现有产品、强化运营基础设施、拓展国际业务以及收购互补业务和技术的需要。为实现这些目标，我们预计未来将需要大量额外资本资源，并可能决定筹集额外资金。如果我们通过未来发行股权或可转换债务证券筹集额外资金，现有股东可能遭受重大稀释，且我们发行的任何新股权证券可能拥有优于 A 类普通股持有人的权利、优先权和特权。此外，产生债务（包括在标题为“管理层对财务状况和经营成果的讨论与分析”一节中定义的循环信贷安排项下的债务）将增加我们的固定义务，并可能包含阻碍我们管理运营能力的契约或其他限制。我们可能无法在需要时以对我们有利的条件获得额外融资，或根本无法获得。当我们有需求时，若无法获得充足融资或按令我们满意的条件获得融资，可能严重限制我们持续支持业务增长以及应对业务挑战和机遇的能力。

We intend to continue to make investments to support our business growth and may require additional funds to respond to business challenges and opportunities, including the need to develop new products or services, enhance our existing offerings, enhance our operating infrastructure, expand internationally, and acquire complementary businesses and technologies. In order to achieve these objectives, we expect to require significant additional capital resources in the future, and may determine to raise additional funds. If we raise additional funds through future issuances of equity or convertible debt securities, our existing stockholders could suffer significant dilution, and any new equity securities we issue could have rights, preferences, and privileges superior to those of holders of our Class A common stock. In addition, the incurrence of indebtedness, including under the Revolving Credit Facility (as defined in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), would increase our fixed obligations, and may include covenants or other restrictions that impede our ability to manage our operations. We may not be able to obtain additional financing on terms favorable to us when needed, or at all. Our inability to obtain adequate financing or financing on terms satisfactory to us, when we require it, could significantly limit our ability to continue supporting our business growth and responding to business challenges and opportunities.

我们的部分供应商向我们提供信贷额度，以满足我们正常经营需求。我们的多数供应商会对其在任何给定时间向我们提供的商业信用设定金额上限。如果我们的供应商停止以商业信用条件向我们销售，或大幅降低其为我们赊销账户设定的信用限额，我们将需要加快向这些供应商付款，从而对我们的现金资源造成额外需求，或者我们需要为这些货物寻找其他来源。此外，部分客户会根据其采购订单向我们预付资金，我们必须以信托方式持有该等资金，且仅可用于该采购订单指定的用途。在特定情况下，我们可能被要求在收到请求时退还尚未用于指定用途的预付资金部分，而在需要偿还该部分预付资金时，我们可能没有足够的可用现金或无法获得融资。客户还可能取得使用预付资金购买的组件的所有权。此外，我们可能需要在就使用预付资金购买的组件确认任何收入之前，就客户预付款缴纳税款。我们无法在需要时偿还预付资金，或在确认收入之前需要缴纳税款，可能损害我们的业务、财务状况、经营业绩和前景。

Some of our suppliers provide us with a line of credit to meet the needs of our normal business requirements. Most of our suppliers set dollar limits on the trade credit they will afford us at any given time. If our suppliers were to cease to sell to us on trade credit terms or were to substantially lower the credit limits they have set on our open accounts, we would need to accelerate our payments to those suppliers, creating additional demands on our cash resources, or we would need to find other sources for those goods. Further, some of our customers advance us funds pursuant to their purchase order, which we are required to hold in trust to be used only for the purposes specified in such purchase order. Under certain circumstances, we may be required to refund the portion of the advanced funds that has not yet been used for the specified purposes on demand, and we may not have enough available cash or be able to obtain financing at the time we are required to repay the portion of the advanced funds. The customer may also take title to the components purchased using the advanced funds. Additionally, we may have to pay taxes on the customer advances before we have recognized any revenue from the components purchased with the advanced funds. Our inability to repay the advanced funds when required, or the requirement to pay taxes prior to recognizing revenue may harm our business, financial condition, results of operations, and prospects.

**我们的经营业绩可能因财务会计准则的变化，或因现有或未来会计准则适用于我们不断发展的业务而受到损害。**

**Our results of operations may be harmed by changes in financial accounting standards or by the application of existing or future accounting standards to our business as it evolves.**

我们报告的经营业绩受到 SEC 和会计准则制定机构颁布的会计准则，以及我们在应用会计政策时所使用的方法、估计和判断的影响。会计准则的变化可能对我们报告的经营业绩产生重大影响，甚至可能影响对变更公告或生效之前已完成交易的报告。会计准则变化的频率可能加快，包括向统一的国际会计准则转换。会计准则的任何未来变化都可能导致我们的经营业绩波动。

Our reported results of operations are impacted by the accounting standards promulgated by the SEC and accounting standards bodies and the methods, estimates, and judgments that we use in applying our accounting policies. A change in accounting standards may have a significant effect on our reported results of operations and may even affect the reporting of transactions completed before the announcement or effectiveness of a change. The frequency of accounting standards changes could accelerate, including conversion to unified international accounting standards. Any future changes to accounting standards may cause our results of operations to fluctuate.

随着我们增强、扩展和多元化我们的业务、产品和服务，现有或未来财务会计准则的适用可能损害我们的经营业绩或财务状况。

As we enhance, expand, and diversify our business, products, and services, the application of existing or future financial accounting standards may harm our results of operations or financial condition .

**未来的杠杆可能对我们的财务状况、我们筹集额外资本为运营提供资金的能力、我们经营业务的能力以及我们对经济或行业变化作出反应的能力产生不利影响，并可能使我们的经营现金流被用于偿债而减少，以及使我们无法履行债务义务。**

**Future leverage could adversely affect our financial condition, our ability to raise additional capital to fund our operations, our ability to operate our business, and our ability to react to changes in the economy or our industry, as well as divert our cash flow from operations for debt payments and prevent us from meeting our debt obligations.**

2026 年 4 月，我们签订了循环信贷融资。若我们提取该融资，我们的杠杆可能对我们的业务和财务状况产生不利影响，包括：

In April 2026, we entered into the Revolving Credit Facility. To the extent we draw down this facility, our leverage could have an adverse effect on our business and financial condition, including:

- 要求将经营活动现金流的相当一部分用于支付我们债务的本金和利息，从而削弱我们利用现金流为运营和资本支出提供资金以及寻求未来商业机会的能力；

- requiring a substantial portion of cash flow from operations to be dedicated to the payment of principal and interest on our indebtedness, thereby reducing our ability to use our cash flow to fund our operations and capital expenditures and pursue future business opportunities;

- 使我们更难履行与债务相关的义务，且任何未能遵守任何债务工具义务（包括限制性契约）的行为，都可能导致违约事件，从而加速我们的债务偿还义务；

- making it more difficult for us to satisfy our obligations with respect to our indebtedness, and any failure to comply with the obligations of any of our debt instruments, including restrictive covenants, could result in an event of default that accelerates our obligation to repay indebtedness;

- 限制我们进行战略性收购；

- restricting us from making strategic acquisitions;

- 限制我们为营运资金、资本支出、产品开发、满足偿债要求、收购以及一般公司或其他目的获得额外融资的能力；

- limiting our ability to obtain additional financing for working capital, capital expenditures, product development, satisfaction of debt service requirements, acquisitions, and general corporate or other purposes;

- 增加我们对不利的经济、行业或竞争动态的脆弱性；以及

- increasing our vulnerability to adverse economic, industry, or competitive developments; and

- 限制我们规划或应对业务或市场状况变化的灵活性，并使我们在与竞争对手相比时处于竞争劣势，而竞争对手可能更有能力利用我们现有债务使其无法开发的机遇。

- limiting our flexibility in planning for, or reacting to, changes in our business or market conditions and placing us at a competitive disadvantage compared to our competitors who may be better positioned to take advantage of opportunities that our existing indebtedness prevents us from exploiting.

我们未来可能产生重大债务。尽管循环信贷融资对产生债务和订立某些其他类型的交易设有 限制，但这些限制受到若干限定和例外情况的约束。在遵守这些限制的情况下产生的债务可能规模重大。在我们产生债务的范围内，上述杠杆风险将会加剧。

We may incur significant indebtedness in the future. Although the Revolving Credit Facility contains restrictions on the incurrence of indebtedness and entering into certain types of other transactions, these restrictions are subject to a number of qualifications and exceptions. Indebtedness incurred in compliance with these restrictions could be substantial. To the extent we incur indebtedness, the leverage risks described above would be exacerbated.

我们若无法产生足够的现金流来履行未来义务，或无法按商业上合理的条款（或在必要范围内根本无法）对任何债务进行再融资，将对我们的业务、经营业绩和财务状况产生不利影响。

Our inability to generate sufficient cash flow to satisfy future obligations, or to refinance any indebtedness on commercially reasonable terms or at all (to the extent necessary), would result in an adverse effect on our business, results of operations, and financial condition.

**循环信贷融资的条款限制了我们当前和未来的运营，特别是我们应对变化或采取某些行动的能力。**

**The terms of the Revolving Credit Facility restrict our current and future operations, particularly our ability to respond to changes or to take certain actions.**

在第二阶段生效日（定义见“管理层对财务状况和经营业绩的讨论与分析”一节）及之后，循环信贷协议（定义见“管理层对财务状况和经营业绩的讨论与分析”一节）对我们施加运营和财务限制，并可能限制我们从事可能符合我们长期最佳利益的行为，包括对我们以下能力的限制（每种情况均受某些例外情况约束）：

On and after the Phase Two Effective Date (as defined in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), the Revolving Credit Agreement (as defined in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations”) imposes operating and financial restrictions on us and may limit our ability to engage in acts that may be in our long-term best interests, including restrictions (in each case, subject to certain exceptions) on our ability to:

- 产生或担保额外债务；

- incur or guarantee additional indebtedness;

- 支付股息和进行其他资本股票分配，或赎回或回购资本股票；

- pay dividends and make other distributions on, or redeem or repurchase, capital stock;

- 进行某些投资；

- make certain investments;

- 设立某些留置权；

- incur certain liens;

- 与关联方进行交易；

- enter into transactions with affiliates;

- 合并或整合；

- merge or consolidate;

- 签订限制子公司进行某些公司间股息、分配、付款或转让能力的协议；以及

- enter into agreements that restrict the ability of subsidiaries to make certain intercompany dividends, distributions, payments, or transfers; and

- 转让或出售资产，包括我们的知识产权。

- transfer or sell assets, including our intellectual property.

由于上述限制，我们的业务经营方式将受到限制，我们可能无法筹集额外的债务或股权融资以有效竞争或把握新的商业机会。我们未来可能产生的任何债务的条款可能包含更具限制性的契约。我们无法向您保证，我们未来能够持续遵守这些契约，也无法保证在未能遵守的情况下，我们能够获得贷款人的豁免或修改契约。

As a result of the restrictions described above, we will be limited as to how we conduct our business, and we may be unable to raise additional debt or equity financing to compete effectively or to take advantage of new business opportunities. The terms of any future indebtedness we may incur could include more restrictive covenants. We cannot assure you that we will be able to maintain compliance with these covenants in the future and, if we fail to do so, that we will be able to obtain waivers from the lenders or amend the covenants.

我们未能遵守上述限制性契约以及我们未来可能不时产生的任何债务的条款，可能导致违约事件，若该违约事件未得到补救或豁免，可能导致我们被要求在借款到期日之前偿还这些借款。

Our failure to comply with the restrictive covenants described above as well as the terms of any future indebtedness we may incur from time to time could result in an event of default, which, if not cured or waived, could result in our being required to repay these borrowings before their due date.

与本次发行及我们 A 类普通股所有权相关的风险 Risks Related to this Offering and Ownership of Our Class A Common Stock

**我们经修订和重述的公司章程所载的股本多类别结构，具有将投票控制权集中于本次发行前持有我们证券的股东（包括我们的高级管理人员、员工和董事及其关联方）的效果，并限制您影响公司事务的能力，这可能对我们的 A 类普通股价格产生不利影响。**

**The multi-class structure of our capital stock as contained in our amended and restated certificate of incorporation has the effect of concentrating voting control with those stockholders who held our securities prior to this offering, including our executive officers, employees, and directors and their affiliates, and limiting your ability to influence corporate matters, which could adversely affect the price of our Class A common stock.**

我们的 B 类普通股每股拥有 20 票投票权，而我们本次首次公开发行所发售的 A 类普通股每股拥有 1 票投票权。本次发行完成后，基于截至 2026 年 3 月 31 日的实益所有权，我们已发行的 B 类普通股持有人将持有本次发行后我们已发行股本约 99.2%的投票权，而我们的董事、高级管理人员以及持有我们已发行股本 5%以上的股东连同其关联方，将合计实益拥有我们已发行各类普通股约 38.1%的股份，但将控制我们已发行普通股约 50.8%的投票权。更多信息请参见标题为“主要股东”的章节。因此，在可预见的未来，我们的高级管理人员、董事以及本次发行前持有我们证券的股东将对我们的管理和事务以及所有需要股东批准的事项（包括选举董事和重大公司交易，如合并或其他出售公司或我们资产的交易）具有重大影响力，且其利益可能与您的利益不同，并可能以您不同意且可能对您不利的方式进行投票。

Our Class B common stock has 20 votes per share, and our Class A common stock, which is the stock we are offering in this initial public offering, has one vote per share. Following the completion of this offering, based on beneficial ownership as of March 31, 2026, the holders of our outstanding Class B common stock will hold approximately 99.2% of the voting power of our outstanding capital stock following this offering, and our directors, executive officers, and stockholders holding more than 5% of our outstanding capital stock, together with their affiliates, will beneficially own approximately 38.1% of our outstanding classes of common stock as a whole, but will control approximately 50.8% of the voting power of our outstanding common stock. For more information, see the section titled “Principal Stockholders.” As a result, our executive officers, directors, and those stockholders who held our securities prior to this offering will have significant influence over our management and affairs and over all matters requiring stockholder approval, including election of directors and significant corporate transactions, such as a merger or other sale of the company or our assets, for the foreseeable future, and may have interests that differ from yours and may vote in a way with which you disagree and which may be adverse to your interests.

此外，我们 B 类普通股的持有人合计将继续能够控制提交给我们股东批准的所有事项，即使其持股占我们已发行普通股的比例低于 50%。由于我们 B 类普通股与 A 类普通股之间 20 比 1 的投票比例，即使 B 类普通股占我们已发行 A 类普通股和 B 类普通股的比例低至 5%，B 类普通股持有人合计仍将继续控制我们普通股合并投票权的多数。这种集中的控制权将在可预见的未来限制您影响公司事务的能力，因此，我们 A 类普通股的市场价格可能受到不利影响。

In addition, the holders of our Class B common stock collectively will continue to be able to control all matters submitted to our stockholders for approval even if their stock holdings represent less than 50% of the outstanding shares of our common stock. Because of the 20-to-1 voting ratio between our Class B common stock and Class A common stock, the holders of our Class B common stock collectively will continue to control a majority of the combined voting power of our common stock even when the shares of Class B common stock represent as little as 5% of the outstanding shares of our Class A common stock and Class B common stock. This concentrated control will limit your ability to influence corporate matters for the foreseeable future, and, as a result, the market price of our Class A common stock could be adversely affected.

B 类普通股持有人未来转让股份通常会导致该等股份转换为 A 类普通股，随着时间推移，这将产生提高长期持有其股份的 B 类普通股持有人相对投票权的效果。然而，根据将在本次发行完成前立即生效的经修订并重述的公司章程所规定的某些允许的转让，不会导致 B 类普通股自动转换为 A 类普通股。因此，随着其他 B 类普通股持有人出售或以其他方式将其股份转换为 A 类普通股，持有我们 B 类普通股的一名或多名人士或实体有可能获得重大的投票控制权。此外，B 类普通股转换为 A 类普通股将在 A 类普通股内部的投票权方面稀释 A 类普通股持有人，包括在本次发行中购买股份的持有人。

Future transfers by holders of shares of Class B common stock will generally result in those shares converting to shares of Class A common stock, which will have the effect, over time, of increasing the relative voting power of those holders of Class B common stock who retain their shares in the long term. However, certain permitted transfers, as specified in our amended and restated certificate of incorporation that will be in effect immediately prior to the completion of this offering, will not result in shares of Class B common stock automatically converting to shares of Class A common stock. As a result, it is possible that one or more of the persons or entities holding our Class B common stock could gain significant voting control as other holders of Class B common stock sell or otherwise convert their shares into Class A common stock. In addition, the conversion of Class B common stock to Class A common stock would dilute holders of Class A common stock, including holders of shares purchased in this offering, in terms of voting power within the Class A common stock.

本次发行完成后，任何股东或股东集团均不会控制我们已发行股本超过 50% 的投票权。然而，如果未来某一股东或股东集团控制我们已发行股本超过 50% 的投票权，我们可能有资格就纳斯达克上市公司公司治理规则选择适用“受控公司”豁免。如果我们是一家“受控公司”，我们将不被要求董事会多数成员为独立董事，也不被要求设立薪酬委员会或独立的提名与公司治理委员会。如果我们未来选择利用“受控公司”地位，我们作为“受控公司”的地位可能导致我们的 A 类普通股对某些投资者的吸引力下降，且我们的 A 类普通股市场价格可能下跌。

Immediately following the completion of this offering, no stockholder or group of stockholders will control over 50% of the voting power of our outstanding capital stock. However, if in the future a stockholder or group of stockholders controls over 50% of the voting power of our outstanding capital stock, we may be eligible to elect the “controlled company” exemptions to the Nasdaq corporate governance rules for publicly listed companies. If we are a “controlled company,” we would not be required to have a majority of our board of directors be independent, nor would we be required to have a compensation committee or an independent nominating and corporate governance committee. If we chose to take advantage of the “controlled company” status in the future, our status as a “controlled company” could cause our Class A common stock to be less attractive to certain investors and the market price of our Class A common stock could decline.

此外，某些股票指数提供商将拥有多类别资本结构的公司排除在外或限制其被纳入某些指数。多家股东顾问公司和大型机构投资者也反对使用多类别结构。由于我们股本的多类别结构，我们可能被排除在某些指数之外，且我们无法向您保证其他股票指数不会采取类似行动。鉴于投资资金持续流入旨在跟踪某些指数的被动策略，被排除在某些股票指数之外可能阻碍许多此类基金的投资，并可能使我们的 A 类普通股对其他投资者的吸引力下降。我们的多类别结构还可能导致股东顾问公司发布关于我们公司治理实践的负面评论，或以其他方式寻求促使我们改变资本结构。股东顾问公司或机构投资者批评我们公司治理实践或资本结构的任何行动或出版物也可能对我们的 A 类普通股价值和流动性产生不利影响。

Further, certain stock index providers exclude or limit the ability of companies with multi-class capital structures from being added to certain of their indices. Several shareholder advisory firms and large institutional investors also oppose the use of multi-class structures. Due to the multi-class structure of our capital stock, we may be excluded from certain indices and we cannot assure you that other stock indices will not take similar actions. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, exclusion from certain stock indices may preclude investment by many of these funds and could make our Class A common stock less attractive to other investors. Our multi-class structure may also cause shareholder advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to cause us to change our capital structure. Any actions or publications by shareholder advisory firms or institutional investors critical of our corporate governance practices or capital structure could also adversely affect the value of our Class A common stock and liquidity.

**我们 A 类普通股的价格可能波动，且可能不论我们的经营业绩如何而下跌，您可能损失全部或部分投资。**

**The price of our Class A common stock may be volatile and may decline regardless of our operating performance, and you may lose all or part of your investments.**

我们 A 类普通股的价格可能因众多因素而大幅波动，其中许多因素超出我们的控制，包括：

The price of our Class A common stock may fluctuate significantly in response to numerous factors, many of which are beyond our control, including:

- 股票市场和/或上市半导体公司的整体表现。

- overall performance of the equity markets and/or publicly listed semiconductor companies.

- 我们财务和经营指标的实际或预期波动；

- actual or anticipated fluctuations in our financial and operating metrics;

- 我们与 OpenAI 或 AWS 关系的不利发展、我们与 G42 和 MBZUAI 战略合作伙伴关系的不利发展、OpenAI、G42、MBZUAI 或 AWS 采购量的大幅减少，或此类事件的预期；

- an adverse development in our relationship with OpenAI or AWS, an adverse development in our strategic partnerships with G42 and MBZUAI, a material reduction in purchases by OpenAI, G42, MBZUAI, or AWS, or the anticipation of such events;

- 我们向公众提供的财务预测发生变化，或我们未能达到这些预测；

- changes in the financial projections we provide to the public or our failure to meet these projections;

- 证券分析师未能启动或维持对我们的覆盖、跟踪本公司的任何证券分析师对财务估计的调整，或我们未能达到投资者或分析师的估计或预期；

- failure of securities analysts to initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow our company, or our failure to meet the estimates or the expectations of investors or analysts;

- 整体经济状况及我们所在行业的市场状况；

- the economy as a whole and market conditions in our industry;

- 涉及我们或我们行业内其他公司的传闻和市场猜测，以及经营业绩和预测；

- rumors and market speculation, and operating results and forecasts, involving us or other companies in our industry;

- 我们或我们的竞争对手宣布重大创新、收购、战略合作、合资企业或资本承诺；

- announcements by us or our competitors of significant innovations, acquisitions, strategic partnerships, joint ventures, or capital commitments;

- 适用于我们业务的新法律或法规，或对现有法律或法规的新解释；

- new laws or regulations or new interpretations of existing laws or regulations applicable to our business;

- 针对我们提起或威胁提起的诉讼；

- lawsuits threatened or filed against us;

- 关键人员的招聘或离职；

- recruitment or departure of key personnel;

- 美国监管环境的变化，影响我们可与之开展交易的司法管辖区；

- changes in the U.S. regulatory environment impacting jurisdictions with which we can transact;

- 其他事件或因素，包括战争、恐怖主义事件或对这些事件的应对所导致的事件或因素；

- other events or factors, including those resulting from war, incidents of terrorism, or responses to these events;

- B 类普通股或无表决权 N 类普通股转换为 A 类普通股；以及

- conversions of shares of Class B common stock or non-voting Class N common stock into shares of Class A common stock; and

- 我们普通股的预期出售，包括本招股说明书其他部分所述锁定期解除以及锁定期协议或市场禁售条款到期时的出售。

- anticipated sales of our common stock, including upon lock-up releases and the expiration of lock-up agreements or market standoff provisions described elsewhere in this prospectus.

此外，股票市场的极端价格和成交量波动已经并继续影响许多半导体、AI 和科技公司的股价。这些公司的股价经常以与公司经营业绩无关或不成比例的方式波动。AI 行业也经历了快速增长并出现了高估值，导致股价因对行业未来增长和业绩的投机而波动。过去，股东曾在市场波动期后提起证券集体诉讼。如果我们卷入证券诉讼，可能使我们承担巨额成本，分散资源和管理层对业务的注意力，并损害我们的业务。此外，由于这些波动，逐期比较我们的经营业绩可能没有意义。您不应依赖我们的过往业绩作为我们未来业绩的指示。这种可变性和不可预测性还可能导致我们在任何期间未能达到行业或金融分析师或投资者的预期。如果我们的收入或经营业绩低于分析师或投资者的预期，或低于我们可能向市场提供的任何预测，或者如果我们向市场提供的预测低于分析师或投资者的预期，我们的 A 类普通股价格可能大幅下跌。即使我们已达到此前公开声明的、我们可能提供的任何收入或盈利预测，这种股价下跌仍可能发生。

In addition, extreme price and volume fluctuations in the stock markets have affected and continue to affect many semiconductor, AI, and technology companies’ stock prices. Often, their stock prices have fluctuated in ways unrelated or disproportionate to the companies’ operating performance. The AI industry has also experienced rapid growth and seen high valuations that have caused stock price volatility related to speculation of the industry’s future growth and performance. In the past, stockholders have filed securities class action litigation following periods of market volatility. If we were to become involved in securities litigation, it could subject us to substantial costs, divert resources and the attention of management from our business and harm our business. Moreover, because of these fluctuations, comparing our results of operations on a period-to-period basis may not be meaningful. You should not rely on our past results as an indication of our future performance. This variability and unpredictability could also result in our failing to meet the expectations of industry or financial analysts or investors for any period. If our revenue or results of operations fall below the expectations of analysts or investors or below any forecasts we may provide to the market, or if the forecasts we provide to the market are below the expectations of analysts or investors, the price of our Class A common stock could decline substantially. Such a stock price decline could occur even when we have met any previously publicly stated revenue or earnings forecasts that we may provide.

**我们的普通股目前不存在公开市场，且本次发行后可能不会形成或维持活跃的流动性市场。**

**No public market for our common stock currently exists and an active liquid market may not develop or be sustained following this offering.**

我们的普通股目前不存在公开市场。本次发行结束后，我们的 A 类普通股可能不会形成活跃的公开交易市场，或者即使形成，也可能无法维持。缺乏活跃市场可能损害您在希望出售股份时或以您认为合理的价格出售股份的能力。缺乏活跃市场还可能降低您股份的公允价值。不活跃的市场还可能损害我们通过出售证券筹集资金以持续为运营提供资金的能力，并可能损害我们通过使用证券作为对价收购其他公司或技术的能力。

No public market for our common stock currently exists. An active public trading market for our Class A common stock may not develop following the closing of this offering or, if developed, it may not be sustained. The lack of an active market may impair your ability to sell your shares at the time you wish to sell them or at a price that you consider reasonable. The lack of an active market may also reduce the fair value of your shares. An inactive market may also impair our ability to raise capital to continue to fund operations by selling securities and may impair our ability to acquire other companies or technologies by using our securities as consideration.

**我们的 A 类普通股未来在公开市场的出售可能导致我们普通股的价格下跌。**

**Future sales of our Class A common stock in the public market could cause the price of our common stock to decline.**

在公开市场大量出售我们的 A 类普通股，尤其是由我们的董事、高级管理人员和主要股东进行的出售，或市场认为此类出售可能发生，可能导致我们的 A 类普通股价格下跌，并可能损害我们通过出售额外股权证券筹集资金的能力。

Sales of a substantial number of shares of our Class A common stock in the public market, particularly sales by our directors, executive officers, and principal stockholders, or the perception that these sales might occur, could cause the price of our Class A common stock to decline and could impair our ability to raise capital through the sale of additional equity securities.

我们、我们全体董事和高级管理人员，以及我们几乎全部已发行在外 A 类普通股和可行使或可转换为 A 类普通股的证券的持有人，已与承销商签订锁定期协议和/或签订含有市场禁售条款的协议，限制我们及上述持有人出售或转让我们的股本股份以及可转换为、可行使或可交换为股本股份的证券，限制期截至以下两者中较早者：(i) 我们发布截至 2026 年 9 月 30 日止季度业绩后的第二个交易日美国东部时间上午 6:00，或(ii) 本招股说明书日期后 180 天（“锁定期”），但须遵守若干惯常例外情形及允许在锁定期内提前解禁我们部分证券的规定。就上述提前解禁规定而言，我们估计在锁定期内合计最多约 171.1 百万股将自锁定期协议或市场禁售条款中解禁，其中包括最多约 15.0 百万股由受《交易法》第 16 条申报要求约束的董事和高级管理人员持有的股份。此外，根据锁定期协议和市场禁售条款的若干例外情形，我们部分 A 类普通股将有资格在锁定期内通过卖出补税交易在公开市场出售，以满足与 RSU 结算相关的代扣税义务。根据上述例外情形，我们估计合计最多(i) 0.2 百万股和(ii) 0.4 百万股可能分别于 2026 年 6 月 24 日和 2026 年 8 月 18 日前后在公开市场出售（对应基于服务的 RSU 的季度归属），用于履行上述代扣税义务（基于假设的 46.9%代扣税率）。此外，锁定期协议和市场禁售条款的若干例外情形允许股票期权持有人为支付与行使该等期权相关的税务义务或应付款项而在公开市场出售我们的 A 类普通股。截至 2026 年 4 月 30 日，合计约有 21.5 百万份已归属且尚未行使的股票期权。Morgan Stanley & Co. LLC、Citigroup Global Markets Inc.和 Barclays Capital Inc.代表承销商，可在遵守适用通知要求的前提下随时解禁受该等锁定期协议和市场禁售条款约束的任何证券。有关例外情形及允许在锁定期内出售的提前解禁规定的讨论，请参见“未来可出售股份”和“承销商”章节。在锁定期内及锁定期届满时出售大量股份，或市场认为可能发生此类出售，可能导致我们的 A 类普通股价格下跌，或使投资者更难在投资者认为适当的时间和价格出售我们的 A 类普通股。董事、高级管理人员和其他关联方持有的股份将受经修订的 1933 年《证券法》（“《证券法》”）第 144 条规定的成交量限制约束。

We, all of our directors and executive officers, and the holders of substantially all of our shares of Class A common stock outstanding and securities exercisable for or convertible into shares of our Class A common stock, have entered into lock-up agreements with the underwriters and/or agreements with market standoff provisions that restrict our and their ability to sell or transfer shares of our capital stock and securities convertible into or exercisable or exchangeable for shares of our capital stock, for a period ending on the earlier of (i) 6:00 a.m. Eastern Time on the second trading day following our release of earnings for the quarter ending September 30, 2026 or (ii) 180 days after the date of this prospectus (the “Lock-up Period”), subject to certain customary exceptions and provisions that provide for the early release of certain of our securities during the Lock-up Period. In connection with such early-release provisions, we estimate an aggregate of up to approximately 171.1 million shares will be released from lock-up agreements or market standoff provisions during the Lock-up Period, including up to approximately 15.0 million shares held by our directors and officers subject to reporting under Section 16 of the Exchange Act. Furthermore, pursuant to certain exceptions to the lock-up agreements and market standoff provisions, certain shares of our Class A common stock will be eligible for sale in the open market during the Lock-up Period in sell-to-cover transactions in order to satisfy tax withholding obligations in connection with the settlement of RSUs. Pursuant to such exceptions, we estimate up to an aggregate of (i) 0.2 million shares and (ii) 0.4 million shares may be sold in the open market on or around June 24, 2026 and August 18, 2026, respectively (representing quarterly vesting of service-based RSUs), in connection with such tax withholding obligations (based on an assumed 46.9% tax withholding rate). In addition, certain exceptions to the lock-up agreements and market standoff provisions permit holders of stock options to sell shares of our Class A common stock on the open market to cover the tax obligations or payments due in connection with the exercise of such options. As of April 30, 2026, there were an aggregate of approximately 21.5 million vested stock options outstanding. Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., and Barclays Capital Inc., on behalf of the underwriters, may release any of the securities subject to these lock-up agreements and market standoff provisions at any time, subject to the applicable notice requirements. See the sections titled “Shares Eligible for Future Sale” and “Underwriters” for a discussion of exceptions and the early-release provisions that allow for sales during the Lock-up Period. Sales of a substantial number of shares during the Lock-up Period and upon the expiration of the Lock-up Period or the perception that such sales may occur could cause the price of our Class A common stock to fall or make it more difficult for an investor to sell our Class A common stock at a time and price that an investor deems appropriate. Shares held by directors, executive officers, and other affiliates will be subject to volume limitations under Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”).

此外，截至 2025 年 12 月 31 日，在使普通股重新分类和 RSU 净额结算生效后，我们尚未行使的股票期权若全部行使，将导致发行 28,361,707 股我们的 B 类普通股，以及 10,403,567 股我们的 B 类普通股可在尚未归属的 RSU 归属时发行。我们拟根据《证券法》提交一份或多份 S-8 表格注册声明，以注册截至本招股说明书日期受尚未行使的股票期权和 RSU 约束的普通股股份，以及根据我们股权激励计划未来授予的奖励将可发行的股份。一旦我们注册这些股份，它们可在发行后在公开市场自由出售，但须遵守适用的归属要求、关联方遵守第 144 条规则以及适用计划和/或与参与者签订的奖励协议条款规定的其他限制。

In addition, as of December 31, 2025, after giving effect to the Common Stock Reclassification and the RSU Net Settlement, we had stock options outstanding that, if fully exercised, would result in the issuance of 28,361,707 shares of our Class B common stock and 10,403,567 shares of our Class B common stock issuable upon vesting of outstanding RSUs. We intend to file one or more registration statements on Form S-8 under the Securities Act to register the shares of our common stock subject to outstanding stock options and RSUs, as of the date of this prospectus and shares that will be issuable pursuant to future awards granted under our equity incentive plans. Once we register these shares, they can be freely sold in the public market upon issuance, subject to applicable vesting requirements, compliance by affiliates with Rule 144, and other restrictions provided under the terms of the applicable plan and/or the award agreements entered into with participants.

本次发行后，合计最多约 147.7 百万股我们普通股的持有人（不包括已发行或可因行使 OpenAI 认股权证而发行的 N 类普通股股份）将享有在某些条件约束下要求我们提交注册声明以公开转售该等股份转换后可发行的 A 类普通股股份的权利，或要求将该等股份纳入我们可能为我们或其他股东提交的注册声明中的权利。我们为注册额外股份而提交的任何注册声明，无论是因注册权还是其他原因，均可能导致我们 A 类普通股的价格下跌或波动。

Following this offering, the holders of up to an aggregate of approximately 147.7 million shares of our common stock (excluding shares of our Class N common stock issued or issuable upon the exercise of the OpenAI Warrant) will have rights, subject to some conditions, to require us to file registration statements for the public resale of shares of the Class A common stock issuable upon conversion of such shares or to include such shares in registration statements that we may file for us or other stockholders. Any registration statement we file to register additional shares, whether as a result of registration rights or otherwise, could cause the price of our Class A common stock to decline or be volatile.

**如果您在本次发行中购买我们的 A 类普通股股份，您将立即遭受重大稀释。**

**If you purchase shares of our Class A common stock in this offering, you will incur immediate and substantial dilution.**

首次公开发行价格大幅高于本次发行后立即按我们的有形资产总值减总负债计算的我们 A 类普通股每股备考净有形账面价值。因此，如果您在本次发行中以每股 $185.00 的首次公开发行价格购买我们的 A 类普通股，您将立即遭受每股 $155.49 的稀释，即您为我们的 A 类普通股支付的每股价格与截至 2025 年 12 月 31 日我们每股备考净有形账面价值之间的差额，该差额已使我们在本次发行中发行 A 类普通股股份、优先股转换、普通股重新分类和 RSU 净额结算生效。此外，如果尚未行使或我们未来可能发行的股票期权、RSU、PRSU、认股权证（包括 OpenAI 认股权证）、股票增值权（“SARs”）或其他购买我们普通股的权利被行使、归属或转换，或者我们以低于当时净有形账面价值的价格发行额外普通股股份，您还可能遭受额外稀释。

The initial public offering price is substantially higher than the pro forma net tangible book value per share of our Class A common stock immediately following this offering based on the total value of our tangible assets less our total liabilities. Therefore, if you purchase our Class A common stock in this offering at the initial public offering price of $185.00 per share, you will experience immediate dilution of $155.49 per share, the difference between the price per share you pay for our Class A common stock and our pro forma net tangible book value per share as of December 31, 2025, after giving effect to the issuance by us of shares of our Class A common stock in this offering, the Preferred Stock Conversion, the Common Stock Reclassification, and the RSU Net Settlement. In addition, you may also experience additional dilution if stock options, RSUs, PRSUs, warrants (including the OpenAI Warrant), stock appreciation rights (“SARs”), or other rights to purchase our common stock that are outstanding or that we may issue in the future are exercised, vest, or are converted or we issue additional shares of our common stock at prices lower than our net tangible book value at such time.

**我们在本次发行净收益的使用方面拥有广泛的自主权，且可能无法有效使用该等净收益。**

**We have broad discretion in the use of the net proceeds from this offering and may not use them effectively.**

我们将在本次发行所得净收益的用途上拥有广泛的自主决定权，包括用于标题为“所得收益用途”一节中所述的任何目的，而您作为投资决策的一部分，将没有机会评估净收益是否被恰当使用。由于决定我们使用本次发行净收益的因素数量众多且存在不确定性，我们的最终用途可能与目前预期的用途存在重大差异。投资者将需要依赖我们管理层对所得收益用途的判断。在收益使用之前，我们可能将本次发行所得净收益投资于短期、投资级、计息证券，例如货币市场基金、公司票据和债券、存单、商业票据以及美国政府的担保债务，这些投资可能不会为我们的股东带来高收益。如果我们未能有效使用本次发行所收到的净收益，我们的业务、财务状况、经营业绩和前景可能受到损害，我们的 A 类普通股价格可能下跌。

We will have broad discretion in the application of the net proceeds to us from this offering, including for any of the purposes described in the section titled “Use of Proceeds,” and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used appropriately. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, our ultimate use may vary substantially from our currently intended use. Investors will need to rely on the judgment of our management with respect to the use of proceeds. Pending use, we may invest the net proceeds from this offering in short-term, investment-grade, interest-bearing securities, such as money market funds, corporate notes and bonds, certificates of deposit, commercial paper, and guaranteed obligations of the U.S. government that may not generate a high yield for our stockholders. If we do not use the net proceeds that we receive in this offering effectively, our business, financial condition, results of operations, and prospects could be harmed, and the price of our Class A common stock could decline.

**由于作为上市公司运营，我们将产生更高的成本，我们的管理层将被要求投入大量时间以支持遵守我们作为上市公司的责任和公司治理实践。**

**We will incur increased costs as a result of operating as a public company, and our management will be required to devote substantial time to support compliance with our public company responsibilities and corporate governance practices.**

作为上市公司，我们将产生重大的财务、法律、会计及其他费用，包括董事和高级职员责任保险，这些费用在我们作为私营公司时并未产生，并且我们预计在我们不再属于“新兴成长型公司”后这些费用将进一步增加。《萨班斯-奥克斯利法案》、《多德-弗兰克华尔街改革和消费者保护法案》、证券交易所上市要求以及其他适用的证券规则和法规对美国上市公司施加了各种要求。我们的管理层和其他人员预计将投入大量时间以支持遵守这些要求。此外，这些规则和法规将增加我们的法律和财务合规成本，包括聘用额外人员，并将使某些活动更加耗时和昂贵。我们无法预测或估计作为上市公司将产生的额外成本金额或此类成本的具体时间。

As a public company, we will incur significant finance, legal, accounting, and other expenses, including director and officer liability insurance, that we did not incur as a private company, and which we expect to further increase after we are no longer an “emerging growth company.” The Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, stock exchange listing requirements, and other applicable securities rules and regulations impose various requirements on public companies in the United States. Our management and other personnel are expected to devote a substantial amount of time to support compliance with these requirements. Moreover, these rules and regulations will increase our legal and financial compliance costs, including hiring additional personnel, and will make some activities more time-consuming and costly. We cannot predict or estimate the amount of additional costs we will incur as a public company or the specific timing of such costs.

**我们目前没有计划就我们的普通股支付股息。**

**We currently have no plans to pay dividends on our common stock.**

我们从未就我们的股本股份宣布或派发任何现金股息。我们目前拟将所有可用资金及任何未来收益留存用于经营我们的业务，且预计在可预见的未来不会派发任何股息。未来是否派发股息的任何决定将由我们的董事会酌情作出，并将取决于诸多因素，包括我们的财务状况、经营业绩、盈利、资本需求、业务扩张机会、负债水平、适用于股息派发的法定及合同限制，以及我们董事会认为相关的其他考量因素。此外，循环信贷协议对我们就 A 类普通股派发现金股息的能力作出了限制。我们派发股息的能力可能进一步受到我们未来可能签订的协议的限制。因此，您可能只能依赖在股价上涨后出售我们的 A 类普通股来实现投资的任何未来收益，而股价上涨可能永远不会发生。

We have never declared or paid any cash dividends on shares of our capital stock. We currently intend to retain all available funds and any future earnings for use in the operation of our business and do not anticipate paying any dividends in the foreseeable future. Any determination to pay dividends in the future will be at the discretion of our board of directors and will depend on many factors, including our financial condition, results of operations, earnings, capital requirements, business expansion opportunities, level of indebtedness, statutory and contractual restrictions applying to the payment of dividends, and other considerations that our board of directors deem relevant. In addition, the Revolving Credit Agreement contains restrictions on our ability to pay cash dividends on our Class A common stock. Our ability to pay dividends may be further restricted by agreements we may enter into in the future. Accordingly, you may need to rely on sales of our Class A common stock after price appreciation, which may never occur, as the only way to realize any future gains on your investment.

**如果证券或行业分析师不发布研究报告，或发布关于我们业务的不准确或不利的研究报告，我们的股价和交易量可能会下降。**

**If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.**

我们 A 类普通股的交易市场将受到行业或财务分析师发布的关于我们或我们业务的研究和报告的影响。我们无法控制这些分析师或他们报告中包含的内容和观点。作为一家新上市公司，我们吸引研究覆盖的速度可能较慢，而发布关于我们 A 类普通股信息的分析师对公司的了解相对较少，这可能影响他们准确预测我们业绩的能力，并使我们更有可能无法达到他们的预期。如果我们获得行业或财务分析师的覆盖，而任何覆盖我们的分析师就我们的股价发布不准确或不利的意见，我们的股价可能会下降。此外，技术行业许多公司的股价在未能达到或超过这些公司公开宣布的财务指引或分析师预期后大幅下跌。如果我们的经营业绩未能达到或超过我们宣布的指引或分析师或公众投资者的预期，分析师可能会下调我们 A 类普通股的评级或发布关于我们的不利研究报告，而我们的 A 类普通股价格可能因未能达到我们的指引或分析师预期而下降。如果一名或多名此类分析师停止覆盖我们的 A 类普通股或未能定期发布关于我们的报告，我们在金融市场中的可见度可能会降低，进而可能导致我们的股价或交易量下降。

The trading market for our Class A common stock will be influenced by the research and reports that industry or financial analysts publish about us or our business. We do not control these analysts or the content and opinions included in their reports. As a new public company, we may be slow to attract research coverage, and the analysts who publish information about our Class A common stock will have had relatively little experience with our company, which could affect their ability to accurately forecast our results and make it more likely that we fail to meet their estimates. In the event we obtain industry or financial analyst coverage, if any of the analysts who cover us issues an inaccurate or unfavorable opinion regarding our stock price, our stock price may decline. In addition, the stock prices of many companies in the technology industry have declined significantly after those companies have failed to meet, or exceed, the financial guidance publicly announced by the companies or the expectations of analysts. If our results of operations fail to meet, or exceed, our announced guidance or the expectations of analysts or public investors, analysts could downgrade our Class A common stock or publish unfavorable research about us, and the price of our Class A common stock would likely decline as a result of such failure to meet our guidance or analyst expectations. If one or more of these analysts cease coverage of our Class A common stock or fail to publish reports on us regularly, our visibility in the financial markets could decrease, which in turn could cause our stock price or trading volume to decline.

**只要我们仍是一家新兴成长型公司，我们就不需要遵守适用于其他上市公司的某些报告要求，包括与会计准则及高管薪酬披露相关的要求。**

**For as long as we are an emerging growth company, we will not be required to comply with certain reporting requirements, including those relating to accounting standards and disclosure about our executive compensation, that apply to other public companies.**

我们是一家《JOBS 法案》所定义的“新兴成长型公司”，我们可能利用适用于其他非“新兴成长型公司”上市公司的多项报告要求豁免，包括第 404 条的审计师鉴证要求、在定期报告和委托书中关于高管薪酬的披露义务减免，以及豁免就高管薪酬举行不具约束力的咨询性投票和就任何未经事先批准的黄金降落伞付款寻求股东批准的要求。根据《JOBS 法案》第 107 条，作为新兴成长型公司，我们已选择采用延长的过渡期来遵守新的或修订的会计准则，直至这些准则原本适用于私营公司之时。因此，我们的合并财务报表可能无法与须遵守适用于上市公司的新的或修订会计准则生效日期的发行人的财务报表进行比较，这可能使我们的 A 类普通股对投资者吸引力下降。此外，如果我们不再是新兴成长型公司，我们将不再能够使用延长的过渡期来遵守新的或修订的会计准则。

We are an “emerging growth company,” as defined in the JOBS Act, and we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies,” including the auditor attestation requirements of Section 404, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Pursuant to Section 107 of the JOBS Act, as an emerging growth company, we have elected to use the extended transition period for complying with new or revised accounting standards until those standards would otherwise apply to private companies. As a result, our consolidated financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective dates for new or revised accounting standards that are applicable to public companies, which may make our Class A common stock less attractive to investors. In addition, if we cease to be an emerging growth company, we will no longer be able to use the extended transition period for complying with new or revised accounting standards.

我们将一直作为新兴成长型公司，直至以下最早发生之日：(1) 本次发行五周年之后的当年最后一天；(2) 我们的年度总收入达到 $1.235 billion 或以上的首个年度的最后一天；(3) 我们在此前滚动三年期间发行超过 $1.0 billion 不可转换债务证券之日；以及 (4) 我们符合“大型加速申报人”资格、且非关联方持有的股权证券至少达到 $700 million 之日。

We will remain an emerging growth company until the first to occur of: (1) the last day of the year following the fifth anniversary of this offering; (2) the last day of the first year in which our annual gross revenue is $1.235 billion or more; (3) the date on which we have, during the previous rolling three-year period, issued more than $1.0 billion in non-convertible debt securities; and (4) the date we qualify as a “large accelerated filer,” with at least $700 million of equity securities held by non-affiliates.

我们无法预测，如果我们选择依赖这些豁免，投资者是否会认为我们的 A 类普通股吸引力下降。例如，如果我们不采用新的或修订的会计准则，我们未来的经营业绩可能无法与同行业中采用该等准则的某些其他公司的经营业绩进行比较。如果部分投资者因此认为我们的 A 类普通股吸引力下降，我们的 A 类普通股交易市场可能不够活跃，我们的股价可能更加波动。

We cannot predict if investors will find our Class A common stock less attractive if we choose to rely on these exemptions. For example, if we do not adopt a new or revised accounting standard, our future results of operations may not be as comparable to the results of operations of certain other companies in our industry that adopted such standards. If some investors find our Class A common stock less attractive as a result, there may be a less active trading market for our Class A common stock, and our stock price may be more volatile.

**我们经修订和重述的公司章程以及经修订和重述的公司细则中所载的反收购条款，以及特拉华州法律的规定，可能妨碍收购尝试。**

**Anti-takeover provisions contained in our amended and restated certificate of incorporation and amended and restated bylaws, as well as provisions of Delaware law, could impair a takeover attempt.**

我们经修订和重述的公司章程以及经修订和重述的公司细则将于本次发行完成前立即生效，其中包含的条款以及特拉华州法律的规定，可能产生使我们的董事会认为不可取的收购变得更加困难、延迟或阻止的效果。这些条款将规定以下内容：

Our amended and restated certificate of incorporation and amended and restated bylaws, which will become effective immediately prior to the completion of this offering, contain, and Delaware law contains, provisions which could have the effect of rendering more difficult, delaying, or preventing an acquisition deemed undesirable by our board of directors. These provisions will provide for the following:

- 我们资本股的多类别结构，使我们的 B 类普通股持有人能够对需要股东批准的事项的结果产生重大影响，即使他们拥有的股份远少于我们已发行资本股的多数；

- our multi-class structure of our capital stock, which provides holders of our Class B common stock with the ability to significantly influence the outcome of matters requiring stockholder approval, even if they own significantly less than a majority of the shares of our outstanding capital stock;

- 采用交错三年任期的分类董事会，这可能延迟股东更换我们董事会多数成员的能力；

- a classified board of directors with staggered three-year terms, which may delay the ability of stockholders to change the membership of a majority of our board of directors;

- 董事选举中不采用累积投票制，这限制了少数股东选举董事候选人的能力；

- no cumulative voting in the election of directors, which limits the ability of minority stockholders to elect director candidates;

- 我们董事会的专属权利，即确定董事会规模并任命董事填补任何原因产生的空缺，包括通过扩大董事会；

- the exclusive right of our board of directors to establish the size of the board of directors and to appoint a director to fill a vacancy, however occurring, including by expanding the board of directors;

- 我们董事会授权发行优先股股份并确定该等股份的价格和其他条款（包括投票权或其他权利或优先权）的能力，无需股东批准，这可能被用于大幅稀释敌意收购方的所有权；

- the ability of our board of directors to authorize the issuance of shares of preferred stock and to determine the price and other terms of those shares, including voting or other rights or preferences, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquiror;

- 我们董事会无需获得股东批准即可修改我们经修订和重述的章程的能力；

- the ability of our board of directors to alter our amended and restated bylaws without obtaining stockholder approval;

- 修改我们经修订和重述的公司注册证书和经修订和重述的章程中某些条款的绝对多数投票要求；

- supermajority voting requirement to amend certain provisions in our amended and restated certificate of incorporation and amended and restated bylaws;

- 禁止股东通过书面同意采取行动，这迫使股东行动须在我们的股东年度会议或特别会议上采取；

- a prohibition on stockholder action by written consent, which forces stockholder action to be taken at an annual or special meeting of our stockholders;

- 股东特别会议只能由我们的首席执行官或当时在任的董事会多数成员召集的要求，这可能延迟我们股东迫使审议提案或采取行动（包括罢免董事）的能力；

- the requirement that a special meeting of stockholders may be called only by our Chief Executive Officer or a majority of our board of directors then in office, which may delay the ability of our stockholders to force consideration of a proposal or to take action, including the removal of directors;

- 股东为向我们的董事会提名候选人或在股东会议上提出待采取行动的事项而必须遵守的提前通知程序，这可能阻碍或阻止潜在收购方进行代理权征集以选举收购方自己的董事名单或以其他方式试图获得对我们的控制；以及

- advance notice procedures that stockholders must comply with in order to nominate candidates to our board of directors or to propose matters to be acted upon at a stockholders’ meeting, which may discourage or deter a potential acquiror from conducting a solicitation of proxies to elect the acquiror’s own slate of directors or otherwise attempting to obtain control of us; and

- 对我们董事和高级管理人员的责任限制和赔偿条款。

- the limitation of liability of, and provision of indemnification to, our directors and officers.

这些条款单独或共同可能延迟或阻止敌意收购和控制权变更或我们管理层的变更。

These provisions, alone or together, could delay or prevent hostile takeovers and changes in control or changes in our management.

作为一家特拉华州公司，我们还受特拉华州法律条款的约束，包括《特拉华州普通公司法》（“《特拉华州普通公司法》”）第 203 条，该条禁止某些持有我们已发行普通股超过 15% 的股东在未经我们绝大多数已发行普通股持有人批准的情况下进行某些业务合并。有关我们股本的描述，请参见标题为“股本描述”的章节。

As a Delaware corporation, we are also subject to provisions of Delaware law, including Section 203 of the General Corporation Law of the State of Delaware (the “Delaware General Corporation Law”), which prevents some stockholders holding more than 15% of our outstanding common stock from engaging in certain business combinations without approval of the holders of substantially all of our outstanding common stock. For a description of our capital stock, see the section titled “Description of Capital Stock.”

我们的经修订和重述的公司章程、经修订和重述的章程细则或特拉华州法律的任何条款，如果具有延迟或阻止控制权变更的效果，可能会限制我们的股东就其持有的 A 类普通股获得溢价的机会，也可能影响某些投资者愿意为我们的 A 类普通股支付的价格。

Any provision of our amended and restated certificate of incorporation, amended and restated bylaws, or Delaware law that has the effect of delaying or deterring a change in control could limit the opportunity for our stockholders to receive a premium for their shares of our Class A common stock, and could also affect the price that some investors are willing to pay for our Class A common stock.

**我们的董事和高级管理人员提出的赔偿请求可能会减少我们可用于应对针对我们的成功第三方索赔的可用资金，并可能减少我们可用的资金金额。**

**Claims for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount of money available to us.**

我们的经修订和重述的公司章程和经修订和重述的章程细则将在本次发行完成前立即生效，其中规定我们将按照特拉华州法律允许的最大限度对我们的董事和高级管理人员进行赔偿。

Our amended and restated certificate of incorporation and amended and restated bylaws, which will become effective immediately prior to the completion of this offering, provide that we will indemnify our directors and officers, in each case to the fullest extent permitted by Delaware law.

此外，根据《特拉华州普通公司法》第 145 条的允许，我们将在本次发行完成前立即生效的经修订和重述的章程细则，以及我们已与或拟与我们的董事和高级管理人员签订的赔偿协议规定：

In addition, as permitted by Section 145 of the Delaware General Corporation Law, our amended and restated bylaws to be effective immediately prior to the completion of this offering, and our indemnification agreements that we have entered or intend to enter into with our directors and officers provide that:

- 我们将按照特拉华州法律允许的最大限度，对我们的董事和高级管理人员以该等身份为我们服务或应我们请求为其他企业提供服务进行赔偿。特拉华州法律规定，如果该等人员本着善意行事，并以该人员合理认为符合或至少不违背注册人最佳利益的方式行事，且在任何刑事诉讼中，没有合理理由相信该人员的行为违法，则公司可以对该等人员进行赔偿；

- we will indemnify our directors and officers for serving us in those capacities or for serving other business enterprises at our request to the fullest extent permitted by Delaware law. Delaware law provides that a corporation may indemnify such person if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the registrant and, with respect to any criminal proceeding, had no reasonable cause to believe such person’s conduct was unlawful;

- 在适用法律允许赔偿的情况下，我们可以自行决定对员工和代理人进行赔偿；

- we may, in our discretion, indemnify employees and agents in those circumstances where indemnification is permitted by applicable law;

- 我们需要在董事和高级管理人员就抗辩程序发生费用时预支该等费用，但前提是该等董事或高级管理人员承诺，如果最终确定该人员无权获得赔偿，则将偿还该等预支款项；

- we are required to advance expenses, as incurred, to our directors and officers in connection with defending a proceeding, except that such directors or officers will undertake to repay such advances if it is ultimately determined that such person is not entitled to indemnification;

- 我们的经修订和重述的章程细则所赋予的权利并非排他性的，我们有权与我们的董事、高级管理人员、员工和代理人签订赔偿协议，并购买保险以对该等人员进行赔偿；以及

- the rights conferred in our amended and restated bylaws are not exclusive, and we are authorized to enter into indemnification agreements with our directors, officers, employees, and agents and to obtain insurance to indemnify such persons; and

- 我们不得追溯修订我们的经修订和重述的章程细则条款，以减少我们对董事、高级管理人员、员工和代理人的赔偿义务。

- we may not retroactively amend our amended and restated bylaw provisions to reduce our indemnification obligations to directors, officers, employees, and agents.

尽管我们维持着董事和高级管理人员责任保险，但此类保险可能不足以覆盖我们可能产生的全部责任，这可能减少我们可用于满足第三方索赔的资金，并可能损害我们的业务和财务状况。

While we maintain a directors’ and officers’ insurance policy, such insurance may not be adequate to cover all liabilities that we may incur, which may reduce our available funds to satisfy third-party claims and may harm our business and financial position.

**我们经修订和重述的公司章程以及经修订和重述的章程细则将规定，对于我们与股东之间的某些争议，特拉华州衡平法院为专属管辖法院，并规定美国联邦地区法院为就《证券法》项下诉讼请求提出任何投诉的专属管辖法院。**

**Our amended and restated certificate of incorporation and amended and restated bylaws will provide for an exclusive forum in the Court of Chancery of the State of Delaware for certain disputes between us and our stockholders, and that the federal district courts of the United States will be the exclusive forum for the resolution of any complaint asserting a cause of action under the Securities Act.**

我们修订并重述的公司章程以及修订并重述的公司细则将于本次发行完成前立即生效，其中规定：(i) 除非我们书面同意选择替代法院，否则在法律允许的最大范围内，特拉华州衡平法院（或若该法院不具有标的管辖权，则为特拉华州联邦地区法院）将是以下事项的唯一且专属法院：(A) 代表公司提起的任何派生诉讼或程序，(B) 任何主张基于或依据我们现任或前任董事、高级管理人员、其他员工、代理人或股东对公司或我们的股东所负信托义务之违反的索赔的诉讼，包括但不限于主张协助和教唆该等违反信托义务的索赔，(C) 任何依据《特拉华州普通公司法》任何条款或我们的公司章程或细则对公司或我们现任或前任董事、高级管理人员、员工、代理人或股东提出索赔的诉讼，或《特拉华州普通公司法》赋予特拉华州衡平法院管辖权的诉讼，或 (D) 任何主张与公司相关或涉及公司且受内部事务原则管辖的索赔的诉讼；(ii) 除非我们书面同意选择替代法院，否则在法律允许的最大范围内，美国联邦地区法院将是解决任何依据《证券法》及其下颁布的规则和法规提出的诉讼请求的唯一且专属法院；(iii) 任何购买或以其他方式取得或持有公司股本股份任何权益的个人或实体将被视为已注意到并同意这些规定；以及 (iv) 未能执行上述规定将对我们造成不可弥补的损害，我们将有权获得衡平法救济，包括禁令救济和具体履行，以执行上述规定。我们当前的公司章程或细则或我们修订并重述的公司章程或修订并重述的公司细则中的任何内容，均不妨碍依据《交易法》提出索赔的股东在《交易法》赋予该等索赔专属联邦管辖权的情况下（受适用法律约束）向联邦法院提出该等索赔。

Our amended and restated certificate of incorporation and amended and restated bylaws, which will become effective immediately prior to the completion of this offering, will provide, that: (i) unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if such court does not have subject matter jurisdiction thereof, the federal district court of the State of Delaware) will, to the fullest extent permitted by law, be the sole and exclusive forum for: (A) any derivative action or proceeding brought on behalf of the company, (B) any action asserting a claim for or based on a breach of a fiduciary duty owed by any of our current or former directors, officers, other employees, agents, or stockholders to the company or our stockholders, including without limitation a claim alleging the aiding and abetting of such a breach of fiduciary duty, (C) any action asserting a claim against the company or any of our current or former directors, officers, employees, agents, or stockholders arising pursuant to any provision of the Delaware General Corporation Law or our certificate of incorporation or bylaws or as to which the Delaware General Corporation Law confers jurisdiction on the Court of Chancery of the State of Delaware, or (D) any action asserting a claim related to or involving the company that is governed by the internal affairs doctrine; (ii) unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States will, to the fullest extent permitted by law, be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act, and the rules and regulations promulgated thereunder; (iii) any person or entity purchasing or otherwise acquiring or holding any interest in shares of capital stock of the company will be deemed to have notice of and consented to these provisions; and (iv) failure to enforce the foregoing provisions would cause us irreparable harm, and we will be entitled to equitable relief, including injunctive relief and specific performance, to enforce the foregoing provisions. Nothing in our current certificate of incorporation or bylaws or our amended and restated certificate of incorporation or amended and restated bylaws precludes stockholders that assert claims under the Exchange Act, from bringing such claims in federal court to the extent that the Exchange Act confers exclusive federal jurisdiction over such claims, subject to applicable law.

法院选择条款可能限制股东就与我们或我们现任或前任董事、高级管理人员、其他员工、代理人或股东之间的争议在其认为有利的司法法院提出索赔的能力，这可能阻碍针对我们或我们现任或前任董事、高级管理人员、其他员工、代理人或股东的该等索赔，并导致投资者提出索赔的成本增加。

The choice of forum provisions may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or any of our current or former directors, officers, other employees, agents, or stockholders, which may discourage such claims against us or any of our current or former directors, officers, other employees, agents, or stockholders and result in increased costs for investors to bring a claim.

**关于前瞻性陈述的特别说明**

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

本招股说明书包含有关我们及我们所处行业的前瞻性陈述，这些陈述涉及重大风险和不确定性。除本招股说明书所载历史事实陈述外，所有陈述均为前瞻性陈述，包括有关我们的战略、未来财务状况、未来经营、预计成本、前景、计划、管理层目标及预期市场增长的陈述。在某些情况下，您可以通过诸如“可能”“将”“应”“应当”“预期”“计划”“预计”“能够”“打算”“目标”“预测”“考虑”“认为”“估计”“预判”“潜在”“目的”“宗旨”“寻求”或“继续”等词语，或这些词语的否定形式，或其他涉及我们预期、战略、计划或意图的类似术语或表述，来识别前瞻性陈述。本招股说明书所载前瞻性陈述包括但不限于以下方面的陈述：

This prospectus contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this prospectus, including statements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management and expected market growth, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this prospectus include, but are not limited to, statements about:

- 我们未来的财务表现，包括我们对收入、现金流、费用、毛利率及其他经营业绩的预期；

- our future financial performance, including our expectations regarding our revenue, cash flows, expenses, gross margins, and other results of operations;

- 我们获取新客户并扩大客户群的能力；

- our ability to acquire new customers and grow our customer base;

- 我们成功留存现有客户（包括 OpenAI、G42、MBZUAI、AWS 及其他重要客户）并在现有客户群内扩大销售的能力；

- our ability to successfully retain existing customers, including OpenAI, G42, MBZUAI, AWS, and other significant customers, and expand sales within our existing customer base;

- 我们对我们各项产品表现的预期；

- our expectations with respect to the performance of our offerings;

- 我们以商业上合理的条款、在我们期望的地域和时间表内获取并融资数据中心容量的能力；

- our ability to procure and finance data center capacity in geographies and on the timelines we desire on commercially reasonable terms;

- 我们成功维持与第三方供应商和制造商关系的能力；

- our ability to successfully maintain our relationships with our third-party suppliers and manufacturers;

- 推出新产品、增加新产品功能以及我们的技术和产品路线图；

- launching new offerings, adding new product capabilities, and our technology and product roadmap;

- 未来在开发和提升我们业务方面的投资；

- future investments in developing and enhancing our business;

- 我们对自身扩张能力的预期；

- our expectations regarding our ability to expand;

- 设计、制造或产品缺陷；

- design, manufacturing, or product defects;

- 我们有效管理增长的能力；

- our ability to effectively manage our growth;

- 对我们业务的投资、我们预期的资本支出以及我们对资本需求的估计；

- investments in our business, our anticipated capital expenditures, and our estimates regarding our capital requirements;

- 我们可触达市场机会的估计规模；

- the estimated size of our addressable market opportunity;

- 经济和行业趋势、预测增长或趋势分析，尤其是与 AI 算力相关的部分；

- economic and industry trends, projected growth, or trend analysis, particularly as it relates to AI compute;

- 我们在销售和营销方面的投入；

- investments in our sales and marketing efforts;

- 我们与现有竞争对手和新市场进入者有效竞争的能力；

- our ability to compete effectively with existing competitors and new market entrants;

- 我们对高级管理团队的依赖，以及我们识别、招聘和留住技能人才的能力；

- our reliance on our senior management team and our ability to identify, recruit, and retain skilled personnel;

- 我们获取、维持、保护和执行知识产权的能力及与此相关的任何成本；

- our ability to obtain, maintain, protect, and enforce our intellectual property rights and any costs associated therewith;

- 我们遵守目前适用于或将要适用于我们在美国和海外业务的法律法规的能力；

- our ability to comply with laws and regulations that currently apply or become applicable to our business both in the United States and internationally;

- 经济趋势和其他宏观经济因素，例如关税、电力成本、利率波动和通胀上升；

- economic trends and other macroeconomic factors, such as tariffs, the cost of power, fluctuating interest rates and rising inflation;

- 地缘政治变化或紧张局势、政治冲突以及其他全球金融、经济和政治事件及战争对我们的行业、客户、业务、财务状况、经营业绩和前景的影响，以及任何全球大流行病或健康危机；

- the impact of geopolitical changes or tensions, political conflicts, and other global financial, economic, and political events and wars on our industry, customers, business, financial condition, results of operations, and prospects and any global pandemics or health crises;

- 我们对本次发行募集资金用途的预期；以及

- our expected use of proceeds from this offering; and

- 本招股说明书中描述的其他风险和不确定性，包括标题为“风险因素”一节中所述的风险和不确定性。

- other risks and uncertainties described in this prospectus, including those under the section titled “Risk Factors.”

我们提醒您，上述列表并未包含本招股说明书中作出的全部前瞻性陈述。

We caution you that the foregoing list does not contain all of the forward-looking statements made in this prospectus.

您不应将前瞻性陈述作为对未来事件的预测加以依赖。本招股说明书所载前瞻性陈述主要基于我们当前对未来事件和趋势的预期、估计、预测和推测，我们认为这些事件和趋势可能影响我们的业务、财务状况、经营成果和前景。尽管我们相信本招股说明书所载各项前瞻性陈述均有合理依据，但我们无法保证前瞻性陈述所反映的未来结果、活动水平、业绩或事件和情况能够实现或发生。这些前瞻性陈述所述事件的结果受制于题为“风险因素”一节及本招股说明书其他部分所述的风险、不确定性和其他因素。此外，我们经营所处的环境竞争激烈且瞬息万变。新的风险和不确定性不时出现，我们无法预测所有可能对本招股说明书所载前瞻性陈述产生影响的风险和不确定性。前瞻性陈述所反映的结果、事件和情况可能无法实现或发生，实际结果、事件或情况可能与前瞻性陈述所述内容存在重大差异。

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this prospectus primarily on our current expectations, estimates, forecasts, and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. Although we believe that we have a reasonable basis for each forward-looking statement contained in this prospectus, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur at all. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section titled “Risk Factors” and elsewhere in this prospectus. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this prospectus. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

本招股说明书所作的前瞻性陈述仅涉及截至该等陈述作出之日的事件。除法律要求外，我们不承担任何义务更新本招股说明书所作的任何前瞻性陈述，以反映本招股说明书日期之后的事件或情况，或反映新信息或意外事件的发生。我们可能实际上无法实现前瞻性陈述所披露的计划、意图或预期，您不应过度依赖我们的前瞻性陈述。我们的前瞻性陈述不反映我们可能进行的任何未来收购、合并、处置、合资或投资的潜在影响。

The forward-looking statements made in this prospectus relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this prospectus to reflect events or circumstances after the date of this prospectus or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.

此外，“我们认为”及类似表述反映了我们对相关事项的信念和意见。这些陈述基于截至本招股说明书日期我们可获得的信息，尽管我们相信该等信息构成此类陈述的合理依据，但该等信息可能有限或不完整，我们的陈述不应被解读为表明我们已对全部潜在可获得的相关信息进行了详尽调查或审阅。这些陈述本身具有不确定性，敬请留意不要过度依赖这些陈述。

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this prospectus, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and you are cautioned not to unduly rely upon these statements.

您应完整阅读本招股说明书、本招股说明书中引用的文件以及我们已作为注册声明附件提交的文件（本招股说明书构成该注册声明的一部分），并理解我们未来的实际结果可能与我们的预期存在重大差异。我们以这些警示性声明对本招股说明书中的所有前瞻性陈述作出限定。

You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of the forward-looking statements in this prospectus with these cautionary statements.

市场与行业数据 Market and Industry Data

本招股说明书包含有关我们行业和业务的估计、预测及其他信息，以及由我们管理层编制的市场调研、估计和预测相关数据。基于估计、预测、推测、市场调研或类似方法的信息本身存在不确定性，实际事件或情况可能与此类信息所假设的事件或情况存在重大差异。我们经营的行业因多种因素而面临高度不确定性和风险，包括“风险因素”一节所述的因素。除另有明确说明外，我们获取本行业、业务、市场及其他数据的来源包括市场调研公司及其他第三方编制的报告、研究调查、研究和类似数据、行业及一般出版物、政府数据和类似来源。有关行业、业务、市场及其他数据的预测和其他前瞻性信息，受本招股说明书中其他前瞻性陈述所适用的相同限定条件及额外不确定性的约束。更多信息请参见“关于前瞻性陈述的特别说明”一节。

This prospectus contains estimates, projections, and other information concerning our industry and our business, as well as data regarding market research, estimates, and forecasts prepared by our management. Information that is based on estimates, forecasts, projections, market research, or similar methodologies is inherently subject to uncertainties, and actual events or circumstances may differ materially from events and circumstances that are assumed in this information. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section titled “Risk Factors.” Unless otherwise expressly stated, we obtained this industry, business, market, and other data from reports, research surveys, studies, and similar data prepared by market research firms and other third parties, industry and general publications, government data, and similar sources. Forecasts and other forward-looking information with respect to industry, business, market, and other data are subject to the same qualifications and additional uncertainties regarding the other forward-looking statements in this prospectus. See the section titled “Special Note Regarding Forward-Looking Statements” for additional information.

除其他来源外，我们引用了以下行业来源编制的估计数据：

Among others, we refer to estimates compiled by the following industry sources:

- Artificial Analysis, Inc.；

- Artificial Analysis, Inc.;

- Bloomberg Intelligence；

- Bloomberg Intelligence;

- Dell'Oro Group，《数据中心 IT 资本支出五年预测报告》，2026 年 1 月；

- Dell’Oro Group, Data Center IT Capex Five-year Forecast Report, January 2026;

- Digital Education Council，《Digital Education Council 2024 年全球 AI 学生调查》，2024 年 8 月；

- Digital Education Council, Digital Education Council Global AI Student Survey 2024, August 2024;

- Gallup, Inc.，《工作中 AI 使用率上升》，2025 年 12 月 14 日；

- Gallup, Inc., AI Use at Work Rises, December 14, 2025;

- International Data Corporation（“IDC”），《IDC 预测：到 2030 年 AI 解决方案与服务将产生 22.3 万亿美元的全球影响》，2025 年 4 月 1 日；

- International Data Corporation (“IDC”), IDC Predicts AI Solutions & Services will Generate Global Impact of $22.3 Trillion by 2030, April 1, 2025;

- McKinsey & Company（“McKinsey”），《2025 年 AI 现状：智能体、创新与转型》，2025 年 11 月 5 日；

- McKinsey & Company (“McKinsey”), The state of AI in 2025: Agents, innovation, and transformation, November 5, 2025;

- Pew Research Center，《美国人如何看待 AI 及其对人与社会的影响》，2025 年 9 月；以及

- Pew Research Center, How Americans View AI and Its Impact on People and Society, September 2025; and

- SonarSource Sàrl，《代码现状开发者调查报告》，2026 年 1 月。

- SonarSource Sàrl, State of Code Developer Survey report, January 2026.

募集资金用途 Use of Proceeds

我们估计，按每股 185.00 美元的首次公开发行价格计算，并在扣除承销折扣及佣金和我们应付的估计发行费用后，我们将从本次发行中获得约 5,408.5 百万美元（若承销商悉数行使超额配售选择权，则为 6,221.4 百万美元）的净收益。

We estimate that we will receive net proceeds from this offering of approximately $5,408.5 million (or $6,221.4 million if the underwriters’ over-allotment option is exercised in full), based on the initial public offering price of $185.00 per share, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

本次发行的主要目的是获取额外资本以支持我们的运营、为我们的 A 类普通股建立公开市场、便利我们未来进入公开股权市场，并提高潜在合作伙伴和员工对我们公司的认知度。我们目前拟将本次发行的净收益连同我们现有的现金、现金等价物和投资用于一般公司用途，包括营运资金、经营费用和资本支出。我们也可能将部分净收益用于引进许可、收购或投资于互补性技术、资产、业务或知识产权。我们会定期评估战略机会；但是，我们目前并无任何承诺进行任何此类收购或作出任何此类投资。

The principal purposes of this offering are to obtain additional capital to fund our operations, create a public market for our Class A common stock, facilitate our future access to the public equity markets, and increase awareness of our company among potential partners and employees. We currently intend to use the net proceeds from this offering, together with our existing cash, cash equivalents, and investments, for general corporate purposes, including working capital, operating expenses and capital expenditures. We may also use a portion of the net proceeds to in-license, acquire, or invest in complementary technologies, assets, businesses, or intellectual property. We periodically evaluate strategic opportunities; however, we have no current commitments to enter into any such acquisitions or make any such investments.

我们拟将本次发行净收益的一部分用于履行与 RSU 净额结算相关的代扣代缴和汇缴税款义务。基于每股 A 类普通股 185.00 美元的首次公开发行价格、预计因我们的首次公开发行而归属的 4,799,565 股 RSU 相关股份以及个人代扣代缴税款选择，我们将使用约 416.1 百万美元来履行与此类 RSU 归属相关的代扣代缴和汇缴税款义务。

We intend to use a portion of the net proceeds from this offering to satisfy tax withholding and remittance obligations related to the RSU Net Settlement. Based on the initial public offering price of $185.00 per share of Class A common stock, an estimated 4,799,565 shares underlying RSUs vesting in connection with our initial public offering, and individual tax withholding elections, we will use approximately $416.1 million to satisfy our tax withholding and remittance obligations related to the vesting of such RSUs.

此外，未来我们有可能决定在适用的归属日对额外的 RSU 进行“净额结算”，即我们将在适用的归属日扣留一部分已归属股份，并使用本次发行净收益中的一部分来履行与此类奖励的归属和结算相关的代扣代缴和汇缴税款义务。

In addition, it is possible that in the future, we will decide to “net settle” additional RSUs upon the applicable vesting date, meaning that we will withhold a portion of the vested shares on the applicable vesting date and use some of the net proceeds from this offering to satisfy tax withholding and remittance obligations related to the vesting and settlement of such awards.

本次发行净收益的预期用途代表了我们基于当前计划和业务状况的意图。我们无法确切预测本次发行收益的所有具体用途或我们实际将用于上述用途的金额。因此，我们的管理层在运用本次发行净收益方面将拥有广泛的自主权。我们实际支出的时间和金额将取决于诸多因素，包括经营活动产生的现金流量和我们业务的预期增长。

The expected use of net proceeds from this offering represents our intentions based upon our present plans and business conditions. We cannot predict with certainty all of the particular uses for the proceeds of this offering or the amounts that we will actually spend on the uses set forth above. Accordingly, our management will have broad discretion in applying the net proceeds of this offering. The timing and amount of our actual expenditures will be based on many factors, including cash flows from operations and the anticipated growth of our business.

在收益使用之前，我们拟将本次发行的净收益投资于多种资本保全型投资，包括短期和中期投资、有息投资、投资级证券、政府证券和货币市场基金。

Pending their use, we intend to invest the net proceeds from this offering in a variety of capital-preservation investments, including short-and intermediate-term investments, interest-bearing investments, investment-grade securities, government securities, and money market funds.

股息政策 Dividend Policy

我们从未就我们的股本宣布或支付任何现金股息。我们目前拟将任何未来收益留存用于经营业务，且预计在可预见的未来不会宣布或支付任何现金股息。未来是否宣布现金股息将由我们的董事会酌情决定，并须遵守适用法律，且将取决于多项因素，包括我们的经营业绩、财务状况、资本需求、合同限制、一般商业状况以及董事会可能认为相关的其他因素。循环信贷协议对我们就 A 类普通股支付现金股息的能力作出了限制。我们支付股息的能力还可能受到我们未来可能签订的协议的进一步限制。

We have never declared or paid any cash dividends on our capital stock. We currently intend to retain any future earnings for use in the operation of our business and do not anticipate declaring or paying any cash dividends in the foreseeable future. Any future determination to declare cash dividends will be made at the discretion of our board of directors, subject to applicable laws, and will depend on a number of factors, including our results of operations, financial condition, capital requirements, contractual restrictions, general business conditions, and other factors our board of directors may deem relevant. The Revolving Credit Agreement contains restrictions on our ability to pay cash dividends on our Class A common stock. Our ability to pay dividends may be further restricted by agreements we may enter into in the future.

资本化 Capitalization

下表列示了截至 2025 年 12 月 31 日的现金及现金等价物和总资本化情况：

The following table sets forth our cash and cash equivalents and total capitalization as of December 31, 2025:

- 按实际基础列示；

- on an actual basis;

- 按备考基础列示，以反映在本发行完成前立即发生的以下事项：(i) 我们经修订和重述的公司章程的提交及生效；(ii) 优先股转换；(iii) 普通股重新分类；(iv) RSU 净额结算；(v) 与 RSU 净额结算相关的估计预扣税及汇缴义务所导致的应计费用及其他流动负债增加，以及额外实收资本等额减少 $416.1 million；以及 (vi) 我们将在本发行完成时确认的约 $150.5 million 股权激励费用，该费用与受服务期归属条件和流动性归属条件约束的 RSU 相关，这些 RSU 的服务期归属条件已于 2025 年 12 月 31 日满足，且其流动性归属条件已因本发行而满足；以及

- on a pro forma basis to give effect to the following immediately prior to the completion of this offering: (i) the filing and effectiveness of our amended and restated certificate of incorporation; (ii) the Preferred Stock Conversion; (iii) the Common Stock Reclassification; (iv) the RSU Net Settlement; (v) the increase in accrued expenses and other current liabilities and an equivalent decrease in additional paid-in capital of $416.1 million in connection with the estimated tax withholding and remittance obligations related to the RSU Net Settlement; and (vi) stock-based compensation expense of approximately $150.5 million that we will recognize upon the completion of this offering related to RSUs subject to service-based and liquidity-based vesting conditions for which the service-based vesting condition was satisfied as of December 31, 2025 and for which the liquidity-based vesting condition was satisfied in connection with this offering; and

- 按备考调整后基础列示，以反映：(i) 上述备考调整；(ii) 我们在本发行中按每股 $185.00 的首次公开发行价格发行并出售 30,000,000 股 A 类普通股，扣除承销折扣和佣金以及我们应付的估计发行费用后；以及 (iii) 将本发行所得净收益的一部分用于履行与 RSU 净额结算相关的估计预扣税及汇缴义务。

- on a pro forma as adjusted basis to give effect to: (i) the pro forma adjustments set forth above; (ii) the issuance and sale of 30,000,000 shares of Class A common stock by us in this offering at the initial public offering price of $185.00 per share, after deducting underwriting discounts and commissions and estimated offering expenses payable by us; and (iii) the use of a portion of the net proceeds from this offering to satisfy the estimated tax withholding and remittance obligations related to the RSU Net Settlement.

下文讨论的备考调整后信息仅为示意性，并将根据实际首次公开发行价格及在定价时确定的本发行其他条款进行调整。本表应与“合并财务数据摘要”和“管理层对财务状况和经营成果的讨论与分析”章节以及本招股说明书其他部分所载我们未经审计的简明合并财务报表及相关附注一并阅读。

The pro forma as adjusted information discussed below is illustrative only and will be adjusted based on the actual initial public offering price and other terms of this offering determined at pricing. This table should be read in conjunction with the sections titled “Summary Consolidated Financial Data” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our unaudited condensed consolidated financial statements and related notes included elsewhere in this prospectus.

**截至 2025 年 12 月 31 日**

**As of December 31, 2025**

调整后 · 实际 · 备考 · 备考

As Adjusted · Actual · Pro Forma · Pro Forma

**（单位：千，每股金额除外）**

**(in thousand s, except share and per share amounts)**

现金及现金等价物 · $701,706 · $701,706 · $5,694,129 可赎回可转换优先股，面值每股 $0.00001

Cash and cash equivalents · $701,706 · $701,706 · $5,694,129 Redeemable convertible preferred stock, par value $0.00001 per

；授权 113,258,719 股，实际已发行和流通 113,258,716 股；备考及备考调整后授权、已发行或

share; 113,258,719 shares authorized, 113,258,716 shares issued and outstanding, actual; no shares authorized, issued, or

流通股数均为零 · $1,933,348 · $— · $—

outstanding, pro forma and pro forma as adjusted · $1,933,348 · $— · $—

股东权益赤字：优先股，面值每股 $0.00001；无股份

Stockholders’ deficit: Preferred stock, par value $0.00001 per share; no shares

已授权、已发行或流通在外，实际数； · 100,000,000 股已授权，无已发行或流通在外股份，备考及备考调整后 · — · — · —

authorized, issued, or outstanding, actual; · 100,000,000 shares authorized, no shares issued or outstanding, pro forma and pro forma as adjusted · — · — · —

A 类普通股，每股面值 $0.00001；

Class A common stock, par value $0.00001 per share;

271,800,000 股已授权，57,907,093 股已发行且

271,800,000 shares authorized, 57,907,093 issued and

流通在外，实际数； · 3,500,000,000 股已授权，无已发行及流通在外股份，备考； · 3,500,000,000 股已授权， · 30,000,000 股已发行且流通在外，备考调整后 · 1 · — · —

outstanding, actual; · 3,500,000,000 shares authorized, no shares issued and outstanding, pro forma; · 3,500,000,000 shares authorized, · 30,000,000 shares issued and outstanding, pro forma as adjusted · 1 · — · —

B 类普通股，每股面值 $0.00001；实际数下无已授权、已发行或流通在外股份；

Class B common stock, par value $0.00001 per share; no shares authorized, issued, or outstanding, actual;

240,000,000 股已授权， · 185,110,345 股已发行且流通在外，备考及备考调整后 · — · 2 · 2

240,000,000 shares authorized, · 185,110,345 shares issued and outstanding, pro forma and pro forma as adjusted · — · 2 · 2

N 类普通股，每股面值 $0.00001；

Class N common stock, par value $0.00001 per share;

37,100,000 股已授权，实际数下无已发行及流通在外股份；100,000,000 股已授权，备考及备考下无已发行及流通在外股份

37,100,000 shares authorized, no shares issued and outstanding, actual; 100,000,000 shares authorized, no shares issued and outstanding, pro forma and pro forma

调整后 · — · — · — 资本公积 · 346,829 · 2,014,594 · 7,423,098 库存股 · (21,456) · (21,456) · (21,456) 累计其他综合收益 · 1,301 · 1,301 · 1,301 累计亏损 · (905,330) · (1,055,830) · (1,055,830) 股东（赤字）权益合计 · (578,655) · 938,611 · 6,347,115 资本总额 · $1,354,693 · $938,611 · $6,347,115

as adjusted · — · — · — Additional paid-in capital · 346,829 · 2,014,594 · 7,423,098 Treasury stock · (21,456) · (21,456) · (21,456) Accumulated other comprehensive income · 1,301 · 1,301 · 1,301 Accumulated deficit · (905,330) · (1,055,830) · (1,055,830) Total stockholders’ (deficit) equity · (578,655) · 938,611 · 6,347,115 Total capitalization · $1,354,693 · $938,611 · $6,347,115

若承销商超额配售选择权获全额行使，则截至 2025 年 12 月 31 日的备考调整后现金及现金等价物、资本公积、股东权益总额、资本总额及流通在外的 A 类普通股股数将分别为 $6,507.1 million、$8,236.0 million、$7,160.1 million、$7,160.1 million 和 34,500,000 股。

If the underwriters’ over-allotment option is exercised in full, pro forma as adjusted cash and cash equivalents, additional paid-in capital, total stockholders’ equity, total capitalization and shares of Class A common stock outstanding as of December 31, 2025 would be $6,507.1 million, $8,236.0 million, $7,160.1 million, $7,160.1 million, and 34,500,000 shares, respectively.

上表中我们普通股的已发行及流通在外股数、备考及备考调整后股数，系基于截至 2025 年 12 月 31 日无 A 类普通股、185,110,345 股 B 类普通股及无 N 类普通股流通在外，并在使优先股转换、普通股重分类及 RSU 净额结算生效后计算，且不包括：

The number of shares of our common stock issued and outstanding, pro forma, and pro forma as adjusted in the table above is based on no shares of our Class A common stock, 185,110,345 shares of our Class B common stock, and no shares of our Class N common stock outstanding as of December 31, 2025, after giving effect to the Preferred Stock Conversion, the Common Stock Reclassification, and the RSU Net Settlement, and excludes:

- 截至 2025 年 12 月 31 日，行使流通在外股票期权可发行的 28,361,707 股 B 类普通股，加权平均行权价为每股 $4.97；

- 28,361,707 shares of our Class B common stock issuable upon the exercise of outstanding stock options as of December 31, 2025, with a weighted-average exercise price of $4.97 per share;

- 10,403,567 股 B 类普通股，系根据截至 2025 年 12 月 31 日尚未行权且受服务期归属条件和流动性归属条件约束的 RSU 归属及结算后可发行，其中服务期归属条件截至 2025 年 12 月 31 日尚未满足，而流动性归属条件已因本次发行而满足，并已计入 RSU 净额结算的影响；

- 10,403,567 shares of our Class B common stock issuable upon the vesting and settlement of RSUs subject to service-based and liquidity-based vesting conditions outstanding as of December 31, 2025, for which the service-based vesting condition was not yet satisfied as of December 31, 2025 and for which the liquidity-based vesting condition was satisfied in connection with this offering, after giving effect to the RSU Net Settlement;

- 5,290,573 股 B 类普通股，系根据 2025 年 12 月 31 日之后授予且受服务期归属条件和流动性归属条件约束的 RSU 归属及结算后可发行，其中流动性归属条件已因本次发行而满足，并已计入 RSU 净额结算的影响；

- 5,290,573 shares of Class B common stock issuable upon the vesting and settlement of RSUs subject to service-based and liquidity-based vesting conditions granted after December 31, 2025, for which the liquidity-based vesting condition was satisfied in connection with this offering, after giving effect to the RSU Net Settlement;

- 9,000,000 股 B 类普通股，系根据 2025 年 12 月 31 日之后授予且受市场条件归属条件约束的 PRSU 归属及结算后可发行，其中市场条件归属条件截至 2025 年 12 月 31 日尚未满足（更多信息请参见“高管与董事薪酬——薪酬汇总表说明——股权激励薪酬——2026 年创始人 PRSU 奖励”一节）；

- 9,000,000 shares of Class B common stock issuable upon the vesting and settlement of PRSUs subject to market-based vesting conditions granted after December 31, 2025, for which the market-based vesting condition was not yet satisfied as of December 31, 2025 (see the section titled “Executive and Director Compensation—Narrative to Summary Compensation Table—Equity-Based Compensation—2026 Founder PRSU Awards” for additional information);

- 33,445,026 股 N 类普通股，系 OpenAI 认股权证行权后可发行，但须满足归属条件（更多信息请参见下文“——OpenAI 认股权证所涉股份的归属”一节）；

- 33,445,026 shares of our Class N common stock issuable upon the exercise of the OpenAI Warrant, subject to satisfaction of vesting conditions (see the section titled “—Vesting of Shares Underlying the OpenAI Warrant” below for additional information);

- 2,696,678 股 N 类普通股，系 2025 年 12 月 31 日之后获授权的一项认股权证行权后可发行，行权价为每股 $100.00，但须满足归属条件；

- 2,696,678 shares of our Class N common stock issuable upon the exercise of a warrant authorized after December 31, 2025, with an exercise price of $100.00 per share, subject to satisfaction of vesting conditions;

- 3,682,000 股 N 类普通股，系 2025 年 12 月 31 日之后发行；

- 3,682,000 shares of our Class N common stock issued after December 31, 2025;

- 42,650,268 股 A 类普通股，系根据 2026 年计划预留供未来发行，该计划于本招股说明书所属注册声明生效日的前一日生效，其中包括已到期、被注销、被没收、被回购或被扣留的未行权先前计划奖励所对应的股份数量；以及

- 42,650,268 shares of our Class A common stock reserved for future issuance under the 2026 Plan, which became effective on the day immediately prior to the date of effectiveness of the registration statement of which this prospectus forms a part, including the number of shares underlying outstanding Prior Plan Awards that expire, or are cancelled, forfeited, reacquired, or withheld; and

- 3,554,189 股 A 类普通股，系根据 ESPP 预留供未来发行，该计划于本招股说明书所属注册声明生效日的前一日生效。

- 3,554,189 shares of our Class A common stock reserved for future issuance under the ESPP, which became effective on the day immediately prior to the date of effectiveness of the registration statement of which this prospectus forms a part.

2026 年计划和 ESPP 还规定，其项下预留的股份数量将每年自动增加。更多信息请参见“高管与董事薪酬——股权激励计划”一节。

The 2026 Plan and the ESPP also provide for automatic annual increases in the number of shares reserved thereunder. See the section titled “Executive and Director Compensation—Equity Compensation Plans” for additional information.

OpenAI 认股权证所涉股份的归属 Vesting of Shares Underlying the OpenAI Warrant

2025 年 12 月，我们与 OpenAI 签署 MRA 的同时，向 OpenAI 发行了 OpenAI 认股权证。根据 OpenAI 认股权证，OpenAI 有权以每股 $0.00001 的行权价购买最多 33,445,026 股我们的 N 类普通股。

In December 2025, we issued the OpenAI Warrant to OpenAI in connection with the execution of the MRA. Pursuant to the OpenAI Warrant, OpenAI has the right to purchase up to 33,445,026 shares of our Class N common stock at an exercise price of $0.00001 per share.

OpenAI 认股权证所对应的 N 类普通股股份在发生下述特定事件时归属并可行使：

The shares of Class N common stock underlying the OpenAI Warrant vest and become exercisable upon the occurrence of certain events, as set forth below:

- 4,459,337 股于 2026 年 1 月在我们收到营运资金贷款时归属；

- 4,459,337 shares vested in January 2026 upon our receipt of the Working Capital Loan;

- 5,574,171 股将在以下两者中较早发生之日归属：(i) 我们的市值首次超过 $40 billion 之日，市值按 (a) 已发行普通股股数（按我们各类或各系列普通股授权股份的转换后基础计算）乘以 (b) 我们 A 类普通股在 Nasdaq 的 30 日成交量加权平均每股收盘价计算，以及 (ii) 我们根据 MRA 收到 OpenAI 支付的若干费用款项之日；以及

- 5,574,171 shares will vest upon the earlier of (i) the first date that our market capitalization exceeds $40 billion, measured by the product of (a) the number of shares of common stock outstanding (on an as-converted basis for each authorized class or series of our common stock), multiplied by (b) the 30-day volume-weighted average closing price per share of our Class A common stock on Nasdaq, and (ii) receipt by us of certain fee payments from OpenAI under the MRA; and

- 合计 23,411,518 股将根据 MRA 在特定算力容量承诺交付日期分多批归属，包括就额外容量（定义见“管理层对财务状况和经营成果的讨论与分析”一节）经双方共同商定的承诺交付日期（如有）。

- 23,411,518 shares in the aggregate will vest in multiple tranches on certain committed delivery dates of compute capacity pursuant to the MRA, including committed delivery dates to be mutually agreed upon for the Additional Capacity (as defined in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), if any.

仅当 OpenAI 行使全部额外容量购买选择权，从而使 OpenAI 购买的 AI 推理算力容量及相关服务合计达到 2GW 时，OpenAI 认股权证才会全部归属。有关 OpenAI 认股权证的更多信息，请参见“特定关系及关联方交易——OpenAI 关系——OpenAI 认股权证”一节。

The OpenAI Warrant will only fully vest if OpenAI exercises all options to purchase Additional Capacity under the MRA, such that a total of 2GW of AI inference compute capacity and related services is purchased by OpenAI. See the section titled “Certain Relationships and Related Party Transactions—OpenAI Relationship—OpenAI Warrant” for additional information about the OpenAI Warrant.

稀释 Dilution

如果您在本发行中购买我们的 A 类普通股股份，您的所有权权益将因本次发行中我们 A 类普通股每股首次公开发行价格与本次发行后我们 A 类普通股每股备考调整后有形净资产账面价值之间的差额而被稀释。

If you purchase shares of our Class A common stock in this offering, your ownership interest will be diluted to the extent of the difference between the initial public offering price per share of our Class A common stock in this offering and the pro forma as adjusted net tangible book value per share of our Class A common stock immediately after this offering.

截至 2025 年 12 月 31 日，我们的历史有形净资产账面价值（赤字）为 $(578.7) 百万，即我们 A 类普通股每股 $(9.99)。我们的历史每股有形净资产账面价值（赤字）代表我们的有形资产总额减去负债总额和可赎回可转换优先股，再除以截至 2025 年 12 月 31 日我们已发行的 A 类普通股股份总数。

As of December 31, 2025, our historical net tangible book value (deficit) was $(578.7) million, or $ (9.99) per share of our Class A common stock. Our historical net tangible book value (deficit) per share represents our total tangible assets less total liabilities and redeemable convertible preferred stock, divided by the aggregate number of shares of our Class A common stock outstanding as of December 31, 2025.

截至 2025 年 12 月 31 日，我们的备考有形净资产账面价值为 $938.6 百万，即 A 类普通股每股 $5.07。每股备考有形净资产账面价值代表有形资产减去负债，再除以已发行的 A 类普通股股份总数，在使以下事项生效后：(i) 我们经修订和重述的公司章程的提交和生效；(ii) 优先股转换；(iii) 普通股重新分类；(iv) RSU 净额结算；(v) 与 RSU 净额结算相关的估计预扣税和汇缴义务导致的应计费用及其他流动负债增加以及额外实收资本等额减少 $416.1 百万；以及 (vi) 我们将在本次发行完成时确认的约 $150.5 百万股权激励费用，该费用与受服务期条件和流动性条件归属限制的 RSU 相关，这些 RSU 的服务期归属条件截至 2025 年 12 月 31 日已满足，且其流动性归属条件已因本次发行而满足。

Our pro forma net tangible book value as of December 31, 2025 was $938.6 million, or $ 5.07 per share of Class A common stock. Pro forma net tangible book value per share represents tangible assets, less liabilities, divided by the aggregate number of shares of Class A common stock outstanding, after giving effect to (i) the filing and effectiveness of our amended and restated certificate of incorporation; (ii) the Preferred Stock Conversion; (iii) the Common Stock Reclassification; (iv) the RSU Net Settlement; (v) the increase in accrued expenses and other current liabilities and an equivalent decrease in additional paid-in capital of $416.1 million in connection with the estimated tax withholding and remittance obligations related to the RSU Net Settlement; and (vi) stock-based compensation expense of approximately $150.5 million that we will recognize upon the completion of this offering related to RSUs subject to service-based and liquidity-based vesting conditions for which the service-based vesting condition was satisfied as of December 31, 2025 and for which the liquidity-based vesting condition was satisfied in connection with this offering.

在使以下事项生效后：(i) 上述备考调整；(ii) 我们以每股 $185.00 的首次公开发行价格在本次发行中出售 30,000,000 股 A 类普通股，扣除承销折扣和佣金以及我们应付的估计发行费用；以及 (iii) 使用本次发行净收益的一部分来履行与 RSU 净额结算相关的估计预扣税和汇缴义务，截至 2025 年 12 月 31 日我们的备考调整后有形净资产账面价值将为 $6,347.1 百万，即每股 $29.51。这代表现有股东的每股备考有形净资产账面价值立即增加 $24.44，以及新投资者的每股备考有形净资产账面价值立即稀释 $155.49。每股稀释代表新投资者就本次发行中出售的我们 A 类普通股股份每股支付的价格与本次发行后立即的每股备考调整后有形净资产账面价值之间的差额。

After giving effect to (i) the pro forma adjustments set forth above, (ii) the sale by us of 30,000,000 shares of our Class A common stock in this offering at the initial public offering price of $185.00 per share, after deducting underwriting discounts and commissions and estimated offering expenses payable by us, and (iii) the use of a portion of the net proceeds from this offering to satisfy the estimated tax withholding and remittance obligations related to the RSU Net Settlement, our pro forma as adjusted net tangible book value as of December 31, 2025 would have been $6,347.1 million, or $ 29.51 per share. This represents an immediate increase in pro forma net tangible book value to existing stockholders of $ 24.44 per share and an immediate dilution in pro forma net tangible book value to new investors of $ 155.49 per share. Dilution per share represents the difference between the price per share to be paid by new investors for the shares of our Class A common stock sold in this offering and the pro forma as adjusted net tangible book value per share immediately after this offering.

下表说明了按每股基准计算的该稀释：

The following table illustrates this dilution on a per share basis:

每股首次公开发行价格 截至 2025 年 12 月 31 日的每股备考有形净资产账面价值 · $5.07 归属于参与本次发行的新投资者的每股备考有形净资产账面价值增加额 · 24.44 本次发行后每股备考经调整有形净资产账面价值 · 29.51 参与本次发行的新投资者每股摊薄额 · $155.49

Initial public offering price per share Pro forma net tangible book value per share as of December 31, 2025 · $5.07 Increase in pro forma net tangible book value per share attributable to new investors participating in this offering · 24.44 Pro forma as adjusted net tangible book value per share after this offering · 29.51 Dilution per share to new investors participating in this offering · $155.49

如果承销商全额行使超额配售选择权，本次发行后我们 A 类普通股的每股备考经调整有形净资产账面价值将为每股 $ 32.60，而参与本次发行的投资者所面临的每股备考有形净资产账面价值摊薄将为每股 A 类普通股 $ 152.40。

If the underwriters’ over-allotment option is exercised in full, the pro forma as adjusted net tangible book value per share of our Class A common stock after this offering would be $ 32.60 per share, and the dilution in pro forma net tangible book value per share to investors participating in this offering would be $ 152.40 per share of our Class A common stock.

下表按上述备考基准列示了截至 2025 年 12 月 31 日，现有股东和新投资者按每股 $ 185.00 的首次公开发行价格（未扣除承销折扣和佣金以及我们应付的估计发行费用）向我们购买的 A 类普通股股数、支付或将要支付的总对价以及支付或将要支付的每股加权平均价格：

The following table sets forth, on the pro forma basis described above, as of December 31, 2025, the number of shares of Class A common stock purchased from us, the total consideration paid, or to be paid, and the weighted-average price per share paid, or to be paid, by existing stockholders and by the new investors, at the initial public offering price of $ 185.00 per share, before deducting underwriting discounts and commissions and estimated offering expenses payable by us:

**购买的股份**

**Shares Purchased**

每股平均价格

Average Price Per Share

数量 · 百分比 · 金额 · 百分比 （千股，每股及百分比数据除外） 现有股东 · 185,110,345 · 86.1 % · $938,612 · 14.5 % · $5.07 新投资者 · 30,000,000 · 13.9 · 5,550,000 · 85.5 · 185.00 合计 · 215,110,345 · 100.0 % · $6,488,612 · 100.0 % · $30.16

Number · Percent · Amount · Percent (in thousands, except share, per share, and percent data) Existing stockholders · 185,110,345 · 86.1 % · $938,612 · 14.5 % · $5.07 New investors · 30,000,000 · 13.9 · 5,550,000 · 85.5 · 185.00 Total · 215,110,345 · 100.0 % · $6,488,612 · 100.0 % · $30.16

上述表格假设承销商未行使超额配售选择权。如果承销商全额行使超额配售选择权，我们现有股东持有的 A 类普通股股数将约占本次发行后我们已发行 A 类普通股总数的 84.3%，新投资者持有的股份数将约占本次发行后我们已发行 A 类普通股总数的 15.7%。

The foregoing tables assume no exercise of the underwriters’ over-allotment option. If the underwriters exercise their over-allotment option in full, the number of shares of Class A common stock held by our existing stockholders will represent approximately 84.3% of the total number of shares of our Class A common stock outstanding after this offering and the number of shares held by new investors will represent approximately 15.7% of the total number of shares of our Class A common stock outstanding after this offering.

上述表格和计算（历史有形净资产账面价值计算除外）基于截至 2025 年 12 月 31 日我们无已发行 A 类普通股、185,110,345 股 B 类普通股且无已发行 N 类普通股，并在使优先股转换、普通股重分类和 RSU 净额结算生效后得出，且不包括：

The foregoing tables and calculations (other than the historical net tangible book value calculation) are based on no shares of our Class A common stock, 185,110,345 shares of our Class B common stock, and no shares of our Class N common stock outstanding as of December 31, 2025, after giving effect to the Preferred Stock Conversion, the Common Stock Reclassification, and the RSU Net Settlement, and excludes:

- 截至 2025 年 12 月 31 日行使已发行股票期权可发行的 28,361,707 股 B 类普通股，加权平均行权价为每股 $4.97；

- 28,361,707 shares of our Class B common stock issuable upon the exercise of outstanding stock options as of December 31, 2025, with a weighted-average exercise price of $4.97 per share;

- 截至 2025 年 12 月 31 日已发行、受服务条件和流动性条件约束的 RSU 归属并结算后可发行的 10,403,567 股 B 类普通股，该等 RSU 截至 2025 年 12 月 31 日尚未满足服务条件，其流动性条件已在本次发行相关事项中满足，并已使 RSU 净额结算生效；

- 10,403,567 shares of our Class B common stock issuable upon the vesting and settlement of RSUs subject to service-based and liquidity-based vesting conditions outstanding as of December 31, 2025, for which the service-based vesting condition was not yet satisfied as of December 31, 2025 and for which the liquidity-based vesting condition was satisfied in connection with this offering, after giving effect to the RSU Net Settlement;

- 5,290,573 股 B 类普通股，可在 2025 年 12 月 31 日之后授予的、受服务期归属条件和流动性归属条件约束的 RSU 归属并结算时发行，该等 RSU 的流动性归属条件已就本次发行获得满足，且已计入 RSU 净额结算的影响；

- 5,290,573 shares of Class B common stock issuable upon the vesting and settlement of RSUs subject to service-based and liquidity-based vesting conditions granted after December 31, 2025, for which the liquidity-based vesting condition was satisfied in connection with this offering, after giving effect to the RSU Net Settlement;

- 9,000,000 股 B 类普通股，可在 2025 年 12 月 31 日之后授予的、受市场条件归属条件约束的 PRSU 归属并结算时发行，该等 PRSU 的市场条件归属条件截至 2025 年 12 月 31 日尚未满足（更多信息请参见“高管与董事薪酬——薪酬汇总表说明——股权激励薪酬——2026 年创始人 PRSU 奖励”一节）；

- 9,000,000 shares of Class B common stock issuable upon the vesting and settlement of PRSUs subject to market-based vesting conditions granted after December 31, 2025, for which the market-based vesting condition was not yet satisfied as of December 31, 2025 (see the section titled “Executive and Director Compensation—Narrative to Summary Compensation Table—Equity-Based Compensation—2026 Founder PRSU Awards” for additional information);

- 33,445,026 股 N 类普通股，可在行使 OpenAI 认股权证时发行，但须满足归属条件（更多信息请参见“资本化——OpenAI 认股权证项下股份的归属”一节）；

- 33,445,026 shares of our Class N common stock issuable upon the exercise of the OpenAI Warrant, subject to satisfaction of vesting conditions (see the section titled “Capitalization—Vesting of Shares Underlying the OpenAI Warrant” for additional information);

- 2,696,678 股 N 类普通股，可在行使 2025 年 12 月 31 日之后授权的一项认股权证时发行，行权价为每股 $100.00，但须满足归属条件；

- 2,696,678 shares of our Class N common stock issuable upon the exercise of a warrant authorized after December 31, 2025, with an exercise price of $100.00 per share, subject to satisfaction of vesting conditions;

- 3,682,000 股 N 类普通股，于 2025 年 12 月 31 日之后发行；

- 3,682,000 shares of our Class N common stock issued after December 31, 2025;

- 42,650,268 股 A 类普通股，预留用于 2026 年计划项下的未来发行，该计划于本招股说明书所属注册声明生效日期的前一天生效，其中包括已到期、被取消、被没收、被回购或被扣留的、构成未兑现先前计划奖励基础的股份数量；以及

- 42,650,268 shares of our Class A common stock reserved for future issuance under the 2026 Plan, which became effective on the day immediately prior to the date of effectiveness of the registration statement of which this prospectus forms a part, including the number of shares underlying outstanding Prior Plan Awards that expire, or are cancelled, forfeited, reacquired, or withheld; and

- 3,554,189 股 A 类普通股，预留用于 ESPP 项下的未来发行，该计划于本招股说明书所属注册声明生效日期的前一天生效。

- 3,554,189 shares of our Class A common stock reserved for future issuance under the ESPP, which became effective on the day immediately prior to the date of effectiveness of the registration statement of which this prospectus forms a part.

2026 年计划和 ESPP 还规定，其项下预留的股份数量每年自动增加。更多信息请参见“高管与董事薪酬——股权激励计划”一节。

The 2026 Plan and the ESPP also provide for automatic annual increases in the number of shares reserved thereunder. See the section titled “Executive and Director Compensation—Equity Compensation Plans” for additional information.

如果上述所有证券（2026 年计划或 ESPP 项下预留的股份除外）在本次发行中全部转换、行使或归属，则我们现有股东持有的 A 类普通股股数将约占本次发行后我们已发行 A 类普通股总数的 90.1%，新投资者持有的股份将约占本次发行后我们已发行 A 类普通股总数的 9.9%，上述各项均假设承销商未行使超额配售选择权。

If all of the foregoing securities, other than the shares reserved for the 2026 Plan or the ESPP, were converted, exercised, or vested in connection with this offering, the number of shares of Class A common stock held by our existing stockholders would represent approximately 90.1% of the total number of shares of our Class A common stock outstanding after this offering and the number of shares held by new investors would represent approximately 9.9% of the total number of shares of our Class A common stock outstanding after this offering, in each case, assuming no exercise of the underwriters’ over-allotment option.

如果我们发行任何额外的股票期权、认股权证、RSU 或 PRSU，或任何未兑现的股票期权、认股权证、RSU 或 PRSU 被行使或结算，或我们未来发行任何其他证券或可转换债务，投资者将面临进一步稀释。

To the extent we issue any additional stock options, warrants, RSUs, or PRSUs or any outstanding stock options, warrants, or RSUs or PRSUs are exercised or settled, or to the extent we issue any other securities or convertible debt in the future, investors will experience further dilution.

运营 Operations

以下关于我们财务状况和经营成果的讨论与分析，应与本招股说明书中题为“合并财务数据摘要”的章节、我们经审计的合并财务报表及相关附注，以及本招股说明书其他部分出现的其他财务信息一并阅读。除历史合并财务信息外，以下讨论还包含前瞻性陈述，这些陈述反映了我们的计划、估计和信念，涉及重大风险和不确定性。我们的实际结果可能与前瞻性陈述中讨论的结果存在重大差异。可能导致或促成这些差异的因素包括下文及本招股说明书其他部分讨论的因素，特别是题为“风险因素”和“关于前瞻性陈述的特别说明”的章节。

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the section titled “Summary Consolidated Financial Data,” our audited consolidated financial statements and related notes, and other financial information appearing elsewhere in this prospectus. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs that involve significant risks and uncertainties. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to those differences include those discussed below and elsewhere in this prospectus, particularly in the sections titled “Risk Factors” and “Special Note Regarding Forward-Looking Statements.”

截至 2025 年 12 月 31 日和 2024 年 12 月 31 日止年度的数据以及该等年度的数据，均取自本招股说明书其他部分所载我们经审计的合并财务报表。我们的历史结果不一定预示未来任何期间的预期结果，任何中期期间的结果也不应被解释为对我们任何完整年度或未来期间结果的推断。

Data as of and for the years ended December 31, 2025 and 2024 has been derived from our audited consolidated financial statements included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results to be expected for any period in the future, and results for any interim period should not be construed as an inference of what our results would be for any full year or future period.

概览 Overview

我们正在打造全球最快的 AI 基础设施。

We are building the fastest AI infrastructure in the world.

在 AI 领域，速度是制胜的关键。速度可提升用户参与度、扩展产品能力、降低运营成本，并开辟新市场。它缩短了各行业工程师、研究人员和专业人士的迭代周期，使他们能够更高效地工作。速度催生新应用和新产业。

In AI, speed is critical to win. Speed improves user engagement, expands product capabilities, can lower operating costs, and opens new markets. It shortens iteration cycles for engineers, researchers, and professionals across industries, allowing them to be more productive. Speed unlocks new applications and new industries.

我们的解决方案专为速度而打造。在领先的开源模型基准测试中，Cerebras Inference 提供的答案速度最高可达领先的基于 GPU 的解决方案的 15 倍。这些性能突破源于我们的核心创新：全球首个也是唯一一个实现商业化的晶圆级处理器。

Our solutions are built for speed. Cerebras Inference delivers answers up to 15 times faster than leading GPU-based solutions as benchmarked on leading open-source models. These performance breakthroughs are the result of our core innovation: the world’s first and only commercialized wafer-scale processor.

我们的客户包括超大规模云服务商、基础模型实验室、AI 原生及数字原生企业、大型企业以及主权 AI 计划。我们的客户使用 Cerebras 解决方案运行对速度、规模和智能有高要求的应用。这些工作包括以近乎即时的响应训练和服务大型前沿模型、实时处理海量数据集，以及一步生成全栈应用。

Our customers include hyperscalers, foundation model labs, AI-native and digital native businesses, enterprises, and Sovereign AI initiatives. Our customers use Cerebras solutions to run applications that demand speed, scale, and intelligence. This work includes training and serving large frontier models with near-instant responses, processing massive datasets in real time, and generating full-stack applications in a single step.

一旦客户采用快速推理，用户对交互性的期望便会提高，工程团队也会从延迟优化转向其他工作，从而难以再回到较慢的推理。

Once customers adopt fast inference, user expectations for interactivity rise, and engineering teams shift from latency optimizations to other work, making it difficult to return to slower inference.

我们通过多种不同方式向客户交付解决方案。需要完全掌控数据和基础设施的组织可以购买 Cerebras AI 超级计算机进行本地部署。寻求云灵活性的客户可以通过 Cerebras Cloud 上基于用量的模式或通过合作伙伴云获取 Cerebras 算力。例如，我们的高速推理服务可通过合作伙伴获取，包括 AWS Marketplace、Microsoft Marketplace、IBM watsonx Model Gateway、Vercel AI Gateway、OpenRouter 和 Hugging Face，从而能够在现有工作流中无缝采用。除提供算力基础设施外，我们还向客户提供 AI 服务，共同开发解决方案以应对其最复杂的挑战，从训练最先进的模型到针对每个应用需求优化部署，以及维护和运营其本地硬件。

We deliver our solutions to customers in several different ways. Organizations that require full data and infrastructure control can purchase Cerebras AI supercomputers for on-premises deployments. Customers seeking cloud flexibility can access Cerebras compute through consumption-based models on Cerebras Cloud or through partner clouds. For example, our high-speed inference services are available through partners, including AWS Marketplace, Microsoft Marketplace, IBM watsonx Model Gateway, Vercel AI Gateway, OpenRouter, and Hugging Face, enabling seamless adoption within existing workflows. Beyond providing compute infrastructure, we provide AI services to our customers to co-develop solutions to address their most complex challenges, from training state-of-the-art models to optimizing deployments for each application’s needs, and maintaining and operating their on-premises hardware.

我们的增长反映了 AI 采用的更广泛加速。我们的收入从 2022 年的 $24.6 million 增长至 2023 年的 $78.7 million，并增至 2024 年的 $290.3 million，三年间增长超过十倍。我们的收入在 2025 年增至 $510.0 million，同比增长 76%。我们的毛利率在 2022 年、2023 年、2024 年和 2025 年分别为 12%、33%、42% 和 39%。我们在 2025 年实现净利润 $237.8 million，在 2024 年产生净亏损 $481.6 million。在从我们的 GAAP 净利润（亏损）中剔除股权激励费用以及远期合同负债公允价值变动（清偿）的影响后，我们在 2025 年和 2024 年分别产生非 GAAP 净亏损 $75.7 million 和 $21.8 million。有关更多信息以及非 GAAP 净亏损与净利润（亏损）的对账，请参见标题为“—非 GAAP 财务指标”的章节。

Our growth reflects the broader acceleration of AI adoption. Our revenue increased from $24.6 million in 2022 to $78.7 million in 2023 and to $290.3 million in 2024, representing a more than tenfold increase over three years. Our revenue increased to $510.0 million in 2025, representing year-over-year growth of 76%. Our gross margin was 12%, 33%, 42% and 39% in 2022, 2023, 2024 and 2025, respectively. We earned net income of $237.8 million in 2025 and incurred net loss of $481.6 million in 2024. We incurred non-GAAP net loss of $75.7 million in 2025 and $21.8 million in 2024, after excluding the impact of stock-based compensation expense and change in fair value (extinguishment) of forward contract liability from our GAAP net income (loss). For more information and for a reconciliation of non-GAAP net loss to net income (loss), see the section titled “—Non-GAAP Financial Measures.”

我们的商业模式 Our Business Model

我们主要通过本地部署硬件和基于云的解决方案提供高性能 AI 产品。客户还可以采用混合方式，在本地训练模型，然后在生产环境中利用我们的推理云，从而受益于可随需求扩展的灵活算力。我们采用直销与合作伙伴相结合的方式，以把握快速增长的 AI 市场。

We deliver high-performance AI offerings primarily through on-premises hardware and cloud-based solutions. Customers can also use a hybrid approach and train models on premises and then leverage our inference cloud in production, benefiting from flexible capacity that can scale with demand. We use a combination of direct sales and partnerships to address the rapidly growing AI market.

本地部署硬件解决方案。我们向寻求对其数据和 AI 基础设施实现最高安全性的领先机构销售硬件平台，满足其在本地部署高性能 AI 算力的需求。每套系统将紧密集成的硬件与软件相结合，并包含可续期的软件订阅，提供持续的更新与升级。

On-Premises Hardware Solutions. We sell our hardware platform to leading organizations who seek maximum security over their data and their AI infrastructure, fulfilling their needs for high-performance AI compute on premises. Each system combines tightly integrated hardware and software and includes a renewable software subscription that provides continuous updates and upgrades.

云及其他服务。我们还通过 Cerebras Cloud 以及我们的合作伙伴云平台（包括 AWS Marketplace、Microsoft Marketplace、IBM watsonx Model Gateway、OpenRouter、Hugging Face 和 Vercel AI Gateway）提供对 Cerebras 高性能 AI 算力的访问。这些产品使客户能够充分利用我们 AI 超级计算机的全部能力，而无需承担构建或维护本地基础设施相关的资本支出，也无需承担组装和管理训练或推理软件的运营复杂性。客户可以在几分钟内开始使用我们的云资源。

Cloud and Other Services. We also provide access to Cerebras high-performance AI compute through Cerebras Cloud as well as through our partner cloud platforms, including AWS Marketplace, Microsoft Marketplace, IBM watsonx Model Gateway, OpenRouter, Hugging Face, and Vercel AI Gateway. These offerings enable customers to utilize the full capabilities of our AI supercomputers without incurring the capital expenditures associated with building or maintaining on-premises infrastructure, and without the operational complexity of assembling and managing training or inference software. Customers can begin to use our cloud resources within minutes.

Cerebras Cloud 服务于广泛的用户群体——从使用我们入门级套餐的个体开发者到全球一些最大的企业。客户可以运行开源、微调和专有模型，用于训练和推理工作负载。在各种用例中，我们的云产品提供对超高性能 AI 算力的访问。客户可以通过两种主要模式直接从 Cerebras 采购云容量：专用容量和按需。他们也可以从我们的云合作伙伴处购买。

Cerebras Cloud serves a broad spectrum of users—from individual developers using our entry-level tier to some of the world’s largest enterprises. Customers can run open-source, fine-tuned, and proprietary models for both training and inference workloads. Across a variety of use cases, our cloud offerings provide access to ultra-high-performance AI compute. Customers can procure cloud capacity directly from Cerebras through two primary models: Dedicated Capacity and On-Demand. They can also purchase from our cloud partners.

我们的专用容量客户获得根据其需求定制的单一集成解决方案，该方案在合同期限内以预先确定的容量提供，无论实际使用量如何。因此，收入在这些服务提供的过程中随时间确认。对于寻求按需算力容量的客户，我们通过 Cerebras Cloud 或我们的云合作伙伴销售高性能 AI 算力，基于各种按消费或按使用量计价的定价模式。

Our Dedicated Capacity customers receive a single integrated solution tailored to their needs, which is delivered over the contractual term for a predetermined amount of capacity regardless of usage. As such, revenue is recognized over time as these services are provided. For customers seeking compute capacity On-Demand, we sell high-performance AI compute through Cerebras Cloud or our cloud partners, based on various consumption-or usage-based pricing models.

我们还提供部署服务，协助客户进行数据准备、模型架构设计、训练管理、推理优化，并在特定情况下提供持续的系统运营和管理。我们还提供订阅服务，为我们的硬件购买者提供持续的软件更新和升级流。我们提供专业服务，在整个人工智能工作流程中为客户提供协助。

We also offer deployment services to assist customers with data preparation, model architecture design, training management, inference optimization, and, in select cases, ongoing system operations and management. We also offer a subscription service providing access to an ongoing stream of software updates and upgrades for purchasers of our hardware. We provide professional services to assist customers throughout the entire AI workflow.

战略合作伙伴关系 Strategic Partnerships

#### OpenAI 合作

#### OpenAI Collaboration

2025 年 12 月，我们与 OpenAI OpCo, LLC（“OpenAI”）签订了主关系协议（“MRA”），根据该协议，OpenAI 同意购买 750MW 的 AI 推理算力容量（“承诺容量”）及相关服务，包括在工程开发和集成方面的合作。该合作关系旨在将专为低延迟推理打造的系统整合进 OpenAI 更广泛的算力组合中，通过减少与传统推理架构相关的瓶颈，为复杂的 AI 工作负载实现更快的响应时间。我们预计将在 2026 年至 2028 年期间分批部署承诺容量，每批已部署容量的期限为三年或四年，OpenAI 可将其延长至总计最长五年。除我们负有合同义务交付且 OpenAI 负有合同义务购买的承诺容量外，OpenAI 还可选择购买额外 1.25GW 的 AI 推理算力容量（“额外容量”），在 2030 年底前分批部署。

In December 2025, we entered into a Master Relationship Agreement (the “MRA”) with OpenAI OpCo, LLC (“OpenAI”), under which OpenAI agreed to purchase 750MW of AI inference compute capacity (the “Committed Capacity”) and related services, including collaboration on engineering development and integrations. The relationship is intended to integrate purpose‑built, low‑latency inference systems into OpenAI’s broader compute portfolio, enabling faster response times for complex AI workloads by reducing bottlenecks associated with conventional inference architectures. We expect to deploy the Committed Capacity in tranches during 2026 through 2028, with each tranche of deployed capacity having a term of three or four years that is extendable by OpenAI to a maximum of five years in total. In addition to the Committed Capacity, which we are contractually obligated to deliver and OpenAI is contractually obligated to purchase, OpenAI has the option to purchase an additional 1.25GW of AI inference compute capacity (the “Additional Capacity”) for deployment in tranches by the end of 2030 .

根据 MRA，OpenAI 有义务在容量分批交付时向我们支付费用，并按约定条款以代收代付方式报销某些数据中心相关成本。此外，为加速我们的工程开发、制造规模扩大和数据中心扩张，OpenAI 向我们预付了约 $1.0 billion 的营运资金贷款（“营运资金贷款”），我们将以现金或通过根据 MRA 交付算力容量或硬件或其他服务的方式偿还。营运资金贷款由一份到期日不迟于 2032 年 12 月 31 日的担保本票作为凭证，该本票可随时全部或部分提前偿还且无需支付罚金，年利率为 6%，但若该贷款系根据 MRA 通过交付算力容量、硬件或其他服务，或通过转让或转移某些资产的方式偿还，则任何应计利息应予豁免。

Pursuant to the MRA, OpenAI is obligated to pay fees to us as capacity tranches are delivered, as well as to reimburse certain data center–related costs as pass-throughs under agreed terms. In addition, to accelerate our engineering development, manufacturing scale up and data center expansion, OpenAI advanced to us a working capital loan of approximately $1.0 billion (the “Working Capital Loan”), which we will repay in cash or through the delivery of compute capacity or hardware or other services under the MRA. The Working Capital Loan is subject to a secured promissory note with a maturity date of no later than December 31, 2032, which may be prepaid in whole or in part at any time without penalty, and which bears interest at 6% per annum, provided any accrued interest shall be waived to the extent such loan is repaid through delivery of compute capacity, hardware or other services, or assignment or transfer of certain assets, in accordance with the MRA.

2025 年 12 月，我们结合 MRA 的签署向 OpenAI 发行了 OpenAI 认股权证。根据 OpenAI 认股权证，OpenAI 有权以每股 $0.00001 的行权价购买最多 33,445,026 股我们的 N 类普通股。OpenAI 认股权证于 2035 年 12 月 24 日与以下日期中的较早者到期：即首次出现根据 MRA 不存在有约束力的容量购买承诺或合同约定的当前或未来付款之日后的第五个营业日。OpenAI 认股权证所对应的 N 类普通股在实现某些商业和市值里程碑后归属，且仅在 OpenAI 行使根据 MRA 购买额外容量的全部选择权、从而使 OpenAI 购买的 AI 推理算力容量及相关服务总计达到 2GW 时才完全归属。更多信息请参见标题为“资本化——OpenAI 认股权证所对应股份的归属”的章节。

In December 2025, we issued the OpenAI Warrant to OpenAI in connection with the execution of the MRA. Pursuant to the OpenAI Warrant, OpenAI has the right to purchase up to 33,445,026 shares of our Class N common stock at an exercise price of $0.00001 per share. The OpenAI Warrant expires on the earlier of December 24, 2035 and five business days following the first date during which there is no binding capacity purchase commitments or contractually obligated current or future payments under the MRA. The shares of Class N common stock underlying the OpenAI Warrant vest upon the achievement of certain commercial and market capitalization milestones, with full vesting occurring only if OpenAI exercises all options to purchase Additional Capacity under the MRA, such that a total of 2GW of AI inference compute capacity and related services is purchased by OpenAI. See the section titled “Capitalization—Vesting of Shares Underlying the OpenAI Warrant” for additional information.

#### 主权 AI 倡议

#### Sovereign AI Initiatives

阿拉伯联合酋长国（以下简称“阿联酋”）凭借其富有远见的《阿联酋 2031 年人工智能战略》和《2031 年愿景》，已成为全球人工智能领域的领导者，这两项战略旨在将该国打造为创新与可持续发展的中心。该倡议由阿联酋人工智能办公室牵头，强调利用人工智能加强治理、提升生活质量，并通过将人工智能融入医疗健康、教育、能源和公共服务等关键领域来推动经济多元化。阿联酋还优先重视建设高技能劳动力队伍，并为人工智能领域的研发作出贡献。这些努力与将阿联酋转变为知识型经济体的更广泛目标相一致，在这一经济体中，人工智能在应对医疗健康可及性和环境可持续性等社会挑战的同时，推动效率提升、创新和全球竞争力。

The United Arab Emirates (“UAE”) has emerged as a global leader in AI through its visionary UAE Strategy for Artificial Intelligence 2031 and Vision 2031, which aim to position the nation as a hub for innovation and sustainable development. Spearheaded by the UAE Artificial Intelligence Office, the initiative emphasizes leveraging AI to enhance governance, improve quality of life, and drive economic diversification by integrating AI into key sectors such as healthcare, education, energy, and public services. The UAE has also prioritized building a skilled workforce and contributing to research and development in AI. These efforts align with the broader goal of transforming the UAE into a knowledge-based economy, where AI drives efficiency, innovation, and global competitiveness while addressing societal challenges such as healthcare access and environmental sustainability.

我们已与 Group 42 Holding Ltd（连同其关联方，合称“G42”）以及穆罕默德·本·扎耶德人工智能大学（以下简称“MBZUAI”）建立了战略关系。G42 是一家总部位于阿布扎比的技术集团，其旗下公司组合横跨能源、金融、云基础设施、安全和医疗健康等多个领域；MBZUAI 是一所总部位于阿布扎比的大学，完全致力于通过人工智能推动科学进步。G42 和 MBZUAI 在模型训练、推理和人工智能算力基础设施等多项举措中，曾作为我们的客户、供应商、合作伙伴和/或研究合作方。

We have established strategic relationships with Group 42 Holding Ltd (together with its affiliates, “G42”), an Abu Dhabi-based technology group whose portfolio of companies spans multiple sectors such as energy, finance, cloud infrastructure, security, and healthcare; and the Mohamed bin Zayed University of Artificial Intelligence (“MBZUAI”), an Abu Dhabi-based university dedicated entirely to the advancement of science through AI. G42 and MBZUAI have acted as our customers, vendors, partners, and/or research collaborators on multiple initiatives in model training, inference, and AI compute infrastructure.

G42 和 MBZUAI 一直是重要客户。截至 2025 年 12 月 31 日止年度，MBZUAI 占我们总收入的 62%。截至 2025 年 12 月 31 日和 2024 年 12 月 31 日止年度，G42 分别占我们总收入的 24% 和 85%。

G42 and MBZUAI have been significant customers. For the year ended December 31, 2025, MBZUAI accounted for 62% of our total revenue. G42 accounted for 24% and 85% of our total revenue for the years ended December 31, 2025 and 2024, respectively.

2025 年 12 月，我们向 G42 发行了一份认股权证，可购买合计最多 1,857,516 股我们的 N 类普通股，行权价为每股 $0.01。该认股权证已完全归属，并已于 2026 年 1 月全额行权。

In December 2025, we issued a warrant to G42 to purchase an aggregate of up to 1,857,516 shares of our Class N common stock, with an exercise price of $0.01 per share. The warrant is fully vested and was exercised in full in January 2026.

2026 年 4 月，我们向 G42 发行了一份认股权证，可购买合计最多 1,655,975 股我们的 N 类普通股，行权价为每股 $0.01。该认股权证已完全归属，并已于 2026 年 4 月全额行权。

In April 2026, we issued a warrant to G42 to purchase an aggregate of up to 1,655,975 shares of our Class N common stock, with an exercise price of $0.01 per share. The warrant is fully vested and was exercised in full in April 2026.

影响我们业绩的关键因素 Key Factors Affecting Our Performance

我们认为，我们业务的增长和未来成功取决于诸多因素。尽管这些因素为我们的业务带来了重大机遇，但也构成了我们必须应对的重要挑战，以改善我们的经营业绩。

We believe that the growth and future success of our business depend on many factors. While these factors present significant opportunities for our business, they also pose important challenges that we will need to address in order to improve our results of operations.

与战略合作伙伴的商业关系。我们预计，我们收入的很大一部分将来自向 OpenAI、G42 和 MBZUAI 销售云容量。这些方对我们解决方案的需求若发生任何变化，无论是由于竞争因素、数据中心可用性、其各自业务战略的变化、预算限制还是其他原因，都可能对我们未来的财务表现产生重大影响。

Commercial relationship with strategic partners. We expect to derive a substantial portion of our revenue from sales of cloud capacity to OpenAI, G42, and MBZUAI. Any changes in these parties’ demand for our solution, whether due to competitive factors, data center availability, changes in their respective business strategy, budgetary constraints, or other reasons could materially impact our financial performance in the future.

我们已收到 G42 和 MBZUAI 就我们的 AI 系统支付的大额预付款，以及 OpenAI 提供的 $1.0 billion 营运资金贷款，以支持未来的部署。获得此类资金使我们得以降低营运资金需求，并提供我们初始产量中相当大一部分的获取渠道，以支持我们雄心勃勃的多年 AI 投资计划。

We have received substantial advance payments from G42 and MBZUAI for our AI systems and a $1.0 billion Working Capital Loan from OpenAI to support future installations. Access to such capital has allowed us to reduce our working capital needs and provide access to a significant portion of our initial production volumes to support our ambitious, multi-year AI investment plans.

AI 算力需求以及高度动态的模型和方法。受 LLM、GenAI 及其他 AI 驱动型应用进步的推动，全球对 AI 训练和推理算力的需求不断升级，这对我们解决方案的需求起着重要作用。我们设计 AI 算力平台旨在应对加速大规模 AI 工作负载的挑战，我们在超大规模云服务商、基础模型实验室、AI 原生和数字原生企业以及研究和政府部门中的客户群，反映出市场对我们差异化技术的日益认可。我们认为，日益动态和复杂的 AI 模型和方法将继续需要大量计算资源和速度来进行训练和推理，并将支撑对我们低延迟、高性能 AI 算力平台的需求。我们将依赖算力需求的持续增长来推动我们未来的财务表现。

AI compute demand and highly dynamic models and approaches. The escalating global demand for AI training and inference compute, fueled by advancements in LLMs, GenAI, and other AI-powered applications, plays a significant role in the demand for our solutions. We have designed our AI compute platform to address the challenges of accelerating large-scale AI workloads, and our customer base in hyperscalers, foundation model labs, AI-native and digital-native businesses, and research and government sectors reflects the increasing recognition of our differentiated technology. We believe that increasingly dynamic and complex AI models and approaches will continue to require substantial computational resources and speed for training and inference, and will support the demand for our low-latency, high-performance AI compute platform. We will depend on continued growth in compute demand to drive our future financial performance.

对数据中心容量的投资。我们云解决方案显著增长的一个关键决定因素，将是我们能否通过在战略地点成功采购长期数据中心安排来持续扩展我们的云基础设施。我们需要通过识别、谈判并维持条款有利的长期数据中心租约（涵盖电力和空间两方面）来实现规模扩张，以跟上需求，包括根据与 OpenAI 的 MRA 就照付不议容量承诺所需满足的基于时间的里程碑和履约义务。随着我们通过 Cerebras Cloud 或我们的云合作伙伴扩展与 OpenAI 及其他战略合作伙伴的云服务，我们将产生显著更大的资本支出。此外，我们的运营还进一步依赖于我们专业团队采购和部署辅助设备（包括冷却系统和备用发电机）的能力。我们在这些关键领域及其他方面的持续执行，将增强我们满足客户需求、支持扩张并提升我们整体云产品的能力。

Investment in data center capacity. A key determinant of our significant growth in cloud-based solutions will be our ability to continue expanding our cloud infrastructure through the successful procurement of long-term data center arrangements in strategic locations. We need to scale through identifying, negotiating and maintaining long-term data center leases on favorable terms for both power and space to keep pace with demand, including time-based milestones and performance obligations that need to be met for take-or-pay capacity commitments pursuant to the MRA with OpenAI. As we expand our cloud services with OpenAI and other strategic partners through Cerebras Cloud or our cloud partners, we will incur significantly greater capital expenditures. In addition, our operations are further dependent on our professional team’s ability to procure and deploy auxiliary equipment, including cooling systems and back-up generators. Our continued execution in these key areas among others will strengthen our ability to meet customer demand, support expansion, and enhance our overall cloud offering.

供应链与制造产能。我们采用无晶圆厂经营模式，依托第三方供应商和制造商，例如位于多个国家（包括美国境外）的第三方晶圆代工厂以及模块组装与测试服务提供商。我们通常不与供应商签订长期产能承诺，并且我们的产品中使用的若干组件来自独家或单一来源供应商，或使用单一供应商执行我们产品制造过程中涉及的某些工序。投入材料的持续及时供应以及制造产能和封装测试服务的可获得性，会影响我们满足客户需求的能力。引入新的第三方供应商，以及我们依赖其以具有成本效益且及时的方式分配足够制造产能来满足我们的需求，可能会影响我们扩大规模和支持不断增长的客户需求的能力。

Supply chain and manufacturing capacity. We operate a fabless business model that utilizes third-party suppliers and manufacturers, such as third-party wafer foundries and module assembly and test service providers in a number of countries, including outside the United States. We do not generally have long-term capacity commitments with our suppliers, and we source a number of the components used in our products from sole or single-source suppliers or use a single supplier to perform certain of the processes involved in the manufacture of our products. The continued and timely supply of input materials and the availability of manufacturing capacity and packaging and testing services impact our ability to meet customer demand. Onboarding new third-party suppliers and our dependency on them to allocate sufficient manufacturing capacity to meet our needs in a cost-effective and timely manner may impact our ability to scale and support growing customer demand.

新客户获取。吸引新客户使用我们的平台是我们收入增长战略的关键驱动因素。我们已成功扩大客户群，涵盖超大规模云服务商、基础模型实验室、AI 原生和数字原生企业、企业客户，以及寻求利用 AI 力量满足其特定需求的主权 AI 计划。新客户的增加将影响我们的收入增长和市场份额，也有助于形成多元化的客户群，从而在长期内提供更大的稳定性。此外，新客户带来新的视角和用例，可推动创新和产品开发，进一步增强我们的竞争地位。

New customer adoption. Attracting new customers to our platform is a key driver of our revenue growth strategy. We have successfully grown our customer base to include hyperscalers, foundation model labs, AI-native and digital-native businesses, enterprises, and Sovereign AI initiatives seeking to leverage the power of AI for their specific needs. An increase in new customers will impact our revenue growth and market share and also contributes to a diversified customer base, which can provide greater stability over the long term. Additionally, new customers bring fresh perspectives and use cases, which can drive innovation and product development, further enhancing our competitive position.

AI 采用以及新用例和应用的出现。我们预计将受益于 AI 在各行业的快速采用以及创新性 AI 用例和应用的出现。随着各组织日益认识到 AI 在提升效率、生产力和决策方面的变革潜力，我们预计对高性能 AI 算力解决方案的需求将加速增长。从自然语言处理和计算机视觉到药物发现和气候建模等，AI 用例范围迅速扩大，为我们的 AI 算力解决方案创造了广阔的市场机会。我们预计，凭借前沿 AI 算力技术满足各行业和应用不断演变需求的能力，将在未来数年对推动我们的增长和市场领导地位发挥关键作用。

AI adoption and the emergence of new use cases and applications. We expect to benefit from the rapid adoption of AI across industries and the emergence of innovative AI use cases and applications. As organizations increasingly recognize the transformative potential of AI to enhance efficiency, productivity, and decision-making, we expect the demand for high-performance AI compute solutions to accelerate. The rapidly expanding range of AI use cases, from natural language processing and computer vision to drug discovery and climate modeling, among others, creates a broad market opportunity for our AI compute solution. We expect our ability to address the evolving needs of diverse industries and applications with cutting-edge AI compute technology to be instrumental in driving our growth and market leadership in the years to come.

主权 AI 计划。主权 AI 计划的扩张代表着推动我们解决方案需求的重大机遇。我们相信，我们对开发安全、高性能 AI 基础设施的专注使我们处于有利地位，能够满足这一需求。我们将投资于产品能力以及销售和营销举措，以把握这些机遇。

Sovereign AI initiatives. The expansion of Sovereign AI initiatives represents a significant opportunity to drive demand for our solution. We believe that our focus on developing secure, high-performance AI infrastructure positions us well to meet this demand. We will invest in our product capabilities as well as sales and marketing initiatives to pursue these opportunities.

对技术领先地位和产品开发的投入。加大对技术领先地位和产品开发的投入，直接影响我们的竞争地位和未来财务业绩。我们对研发的持续承诺使我们能够聚焦新兴市场需求，并拓展至 AI 的新应用领域。随着我们针对特定行业和用例开发新的产品与服务，我们能够释放额外需求并持续扩大客户群。此外，技术领先对于帮助我们吸引和留住顶尖人才至关重要，而这对于保持我们的技术优势和推动持续创新不可或缺。反过来，优秀的人才队伍也有助于开发新解决方案，从而持续推动我们的收入增长。我们打算继续在研发工作上大力投入，以保持竞争力。

Investment in technology leadership and product development. Increasing our investment in technology leadership and product development directly impacts our competitive position and future financial performance. Our continued commitment to research and development enables us to focus on emerging market needs and expand into new applications of AI. As we develop new products and services tailored to specific industries and use cases, we can unlock additional demand and continue to broaden our customer base. Additionally, technical leadership is important to help us attract and retain top talent, which is essential for maintaining our technological edge and driving continuous innovation. A talented workforce, in turn, contributes to the development of new solutions that can continue to fuel our revenue growth. We intend to continue to invest heavily in our research and development efforts to remain competitive.

非 GAAP 财务指标 Non-GAAP Financial Measures

我们使用某些非 GAAP 财务指标来补充我们合并财务报表中的业绩指标，该等合并财务报表按照 GAAP 列报。该等非 GAAP 财务指标包括非 GAAP 经营亏损和非 GAAP 净亏损。我们将该等非 GAAP 财务指标用于财务和经营决策，并作为协助我们评估各期间比较的工具。通过剔除某些可能无法反映我们经常性核心经营业绩的项目，我们认为非 GAAP 经营亏损和非 GAAP 净亏损提供了有关我们业绩的有意义的补充信息。因此，我们认为该等非 GAAP 财务指标对投资者和其他人士有用，因为它们提供了有关管理层在其财务和经营决策中所使用财务指标的额外信息，并且我们的机构投资者和分析师群体可能会使用该等指标来帮助他们分析我们业务的健康状况。然而，使用非 GAAP 财务指标存在若干局限性，该等非 GAAP 指标应与我们按照 GAAP 编制的财务业绩一并考虑，而不应作为其替代或孤立地看待。其他公司（包括我们行业中的公司）可能以不同方式计算该等非 GAAP 财务指标，或根本不计算该等指标，这降低了其作为比较指标的有用性。

We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include non-GAAP operating loss and non-GAAP net loss. We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons. By excluding certain items that may not be indicative of our recurring core operating results, we believe that non-GAAP operating loss and non-GAAP net loss provide meaningful supplemental information regarding our performance. Accordingly, we believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

#### 非 GAAP 经营亏损

#### Non-GAAP Operating Loss

我们将非 GAAP 经营亏损定义为按照 GAAP 列报的经营亏损，并调整剔除股权激励费用。我们列报非 GAAP 经营亏损，是因为我们认为非 GAAP 经营亏损对于投资者和我们财务信息的其他使用者而言，是评估我们经营业绩的有用指标。我们剔除股权激励的影响，该项非现金费用可能因期间不同而有所变化，因为该等变化与我们的核心经营业绩无关。该指标还为投资者和我们财务信息的其他使用者提供了一项额外工具，用于比较不同公司和不同期间的业务表现，同时消除可能因与核心经营业绩无关的原因而在不同公司之间存在差异的项目的影响。

We define non-GAAP operating loss as operating loss presented in accordance with GAAP, adjusted to exclude stock-based compensation expenses. We have presented non-GAAP operating loss because we consider non-GAAP operating loss to be a useful metric for investors and other users of our financial information in evaluating our operating performance. We exclude the impact of stock-based compensation, a non-cash charge that can vary from period to period, as such variations are unrelated to our core operating performance. This metric also provides investors and other users of our financial information with an additional tool to compare business performance across companies and periods, while eliminating the effects of items that may vary for different companies for reasons unrelated to core operating performance.

我们的 GAAP 经营亏损（最直接可比的 GAAP 财务指标）与非 GAAP 经营亏损的对账列示如下：

A reconciliation of our GAAP operating loss, the most directly comparable GAAP financial measure, to non-GAAP operating loss is presented below:

**截至 12 月 31 日止年度，**

**Year Ended December 31,**

2025 · 2024 （单位：千美元） GAAP 经营亏损 · $(145,862) · $(101,438) 加：股权激励费用 · 49,767 · 58,564 非 GAAP 经营亏损 · $(96,095) · $(42,874)

2025 · 2024 (in thousands) GAAP operating loss · $(145,862) · $(101,438) Add: Stock-based compensation expense · 49,767 · 58,564 Non-GAAP operating loss · $(96,095) · $(42,874)

#### 非 GAAP 净亏损

#### Non-GAAP Net Loss

我们出于规划和业绩衡量的目的监控非 GAAP 净亏损。我们将非 GAAP 净亏损定义为我们合并经营报表中所报告的净亏损，但不包括股权激励费用以及远期合同负债公允价值变动的影响。我们列示非 GAAP 净亏损，是因为我们认为剔除这些费用能够使我们的经营业绩与同行业其他公司进行更具相关性的比较，并且由于消除了与我们的整体经营业绩无关的某些因素的影响，有助于进行期间之间的比较。我们目前对非 GAAP 净亏损的计算未包含股权激励费用调整的税务影响，因为该等税务影响迄今为止并不重大。

We monitor non-GAAP net loss for planning and performance measurement purposes. We define non-GAAP net loss as net loss reported on our consolidated statements of operations, excluding the impact of stock-based compensation expenses and change in fair value of forward contract liability. We have presented non-GAAP net loss because we believe that the exclusion of these charges allows for a more relevant comparison of our results of operations to other companies in our industry and facilitates period-to-period comparisons as it eliminates the effect of certain factors unrelated to our overall operating performance. Our calculation of non-GAAP net loss does not currently include the tax effects of the stock-based compensation expense adjustment because such tax effects have not been material to date.

我们的 GAAP 净亏损（最直接可比的 GAAP 财务指标）与非 GAAP 净亏损的对账列示如下：

A reconciliation of our GAAP net loss, the most directly comparable GAAP financial measure, to our non-GAAP net loss is presented below:

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2025 · 2024 （单位：千美元） GAAP 净利润（亏损） · $237,827 · $(481,602) 加：股权激励费用(1) · 49,767 · 58,564 加：远期合同负债公允价值变动（清偿） · (363,336) · 401,264 非 GAAP 净亏损 · $(75,742) · $(21,774)

2025 · 2024 (in thousands) GAAP net income (loss) · $237,827 · $(481,602) Add: Stock-based compensation expense(1) · 49,767 · 58,564 Add: Change in fair value (extinguishment) of forward contract liability · (363,336) · 401,264 Non-GAAP net loss · $(75,742) · $(21,774)

_______________ (1) 非 GAAP 净亏损未包含股权激励费用调整的税务影响，因为该等税务影响在所呈报期间并不重大。

_______________ (1) Non-GAAP net loss does not include the tax effects of the stock-based compensation expense adjustment because such tax effects were not material during the periods presented.

经营业绩构成 Components of Results of Operations

#### 收入

#### Revenue

我们的收入主要来自 AI 系统、云端产品及支持服务的销售，包括定制 AI 模型服务。我们主要直接向终端客户销售。与客户的合同通常包含多项履约义务。对于包含一项以上履约义务的合同，我们将交易价格分摊至各项单独履约义务。

We generate revenue primarily from the sale of AI systems, cloud-based offerings, and support services, including custom AI model services. We primarily sell directly to end customers. Contracts with our customers typically include multiple performance obligations. For contracts with more than one performance obligation, we allocate the transaction price to each separate obligation.

硬件解决方案

Hardware Solutions

硬件收入包括销售我们的 AI 系统及其他设备，这些设备既可用于训练，也可用于客户本地部署的推理。我们在商品控制权转移至客户时确认 AI 系统销售收入，该时点通常为发货或交付时（取决于运输条款），或在满足合同验收条款时。自 2026 年第一季度起，我们预计将确认与授予客户的认股权证价值摊销相关的非现金收入抵减金额。预计这将在短期内对收入的环比增长趋势产生负面影响。非现金收入抵减金额会降低所报告的净收入，使其低于在无此类认股权证情况下本应确认的金额，而不含收入抵减的毛收入金额即为客户被开票并以现金支付的金额。

Hardware revenue consists of sales of our AI systems and other equipment that can be used for both training and inference on premise at a customer location. We recognize revenue from sales of AI systems when control of the goods transfers to the customer, which generally occurs upon shipment or delivery, depending on shipping terms or upon meeting the contractual acceptance terms. Beginning in the first quarter of 2026, we expect to recognize non-cash contra-revenue amounts related to the amortization of the value of warrants granted to customers. This is expected to negatively impact sequential revenue growth trends in the near term. Non-cash contra-revenue amounts lower the net revenue reported compared to what would have been recognized without such warrants, while the gross revenue amount without contra-revenue is what the customer is invoiced and pays in cash.

云及其他服务

Cloud and Other Services

客户通过两种主要模式向我们采购云容量：专用容量和按需。专用容量合同通常采用照付不议承诺结构，客户无论是否使用均需为专用算力容量付费。我们在服务期内确认此类云计算的销售（包括托管推理）收入，因为客户在整个合同期内持续从我们的服务中获益。短期内，由于一项客户协议，我们还预计将开始就数据中心成本转嫁确认收入。自 2026 年第一季度起，我们预计将确认与授予客户的认股权证价值摊销相关的非现金收入抵减金额。预计这将在短期内对收入的环比增长趋势产生负面影响。非现金收入抵减金额会降低所报告的净收入，使其低于在无此类认股权证情况下本应确认的金额，而不含收入抵减的毛收入金额即为客户被开票并以现金支付的金额。

Customers procure cloud capacity from us through two primary models: Dedicated Capacity and On-Demand. Dedicated Capacity contracts are generally structured as take-or-pay commitments, under which customers pay for dedicated compute capacity irrespective of utilization. We recognize revenue from sales of these cloud-based computing services, including hosted inference, over the service term, as the customer benefits from our services throughout the contract period. In the near term, we also expect to begin recognizing revenue for pass through data center costs due to a customer agreement. Beginning in the first quarter of 2026, we expect to recognize non-cash contra-revenue amounts related to the amortization of the value of warrants granted to customers. This is expected to negatively impact sequential revenue growth trends in the near term. Non-cash contra-revenue amounts lower the net revenue reported compared to what would have been recognized without such warrants, while the gross revenue amount without contra-revenue is what the customer is invoiced and pays in cash.

我们的按需模式包括基于用量的推理“按需付费”方式，允许客户在消耗 token 时为其付费，或预先购买固定金额的 token 包，并随着 token 的消耗逐步扣减，同时也适用于在合同约定期限内运行的训练工作负载。按需模式使客户能够弹性扩展，许多客户从按需使用起步，并随着其工作负载的扩大过渡至专用容量。

Our On-Demand model includes a consumption-based “pay-as-you-go” approach for inference, allowing customers to either pay for tokens as they consume them or pre-purchase token bundles for fixed amounts that are drawn down over time as the tokens are consumed, as well as for training workloads that run for contracted periods of time. The On-Demand model allows customers to scale elastically and many customers have begun with on-demand usage and transitioned to dedicated capacity as their workloads expand.

我们主要通过为期一至五年的软件支持协议产生服务与支持收入，同时提供一整套服务，用于管理和运营位于客户数据中心的 Cerebras 超级计算机集群。此类收入在服务提供期间按比例确认。

We generate services and support revenue primarily through software support agreements that range from one to five years, as well as offering a comprehensive suite of services to manage and operate Cerebras supercomputer clusters located in our customer’s data centers. Such revenue is recognized ratably over time as the services are provided.

我们还通过定制 AI 建模服务产生收入，具体取决于协议条款，收入或在服务提供期间按时间确认，或在合同交付物完成并经客户验收时按某一时点确认。

We also generate revenue from custom AI modeling services over time as services are provided or at a point-in-time upon completion and acceptance by the customer of contract deliverables, depending on the terms of the agreement.

由于我们近期与 OpenAI 签署了关于交付承诺算力的 MRA，我们预计未来期间云及其他服务收入占总收入的比例将显著提高。硬件收入与云及其他服务收入的构成可能因 OpenAI 的部署选项及其选择由我们交付承诺算力和任何额外算力的方式而因期间而异。

As a result of our recently executed MRA with OpenAI for the delivery of the Committed Capacity, we expect cloud and other services revenue to comprise a significantly higher percentage of total revenue in future periods. The mix of hardware and cloud and other services revenue may vary from period to period based on OpenAI’s deployment options and the manner in which they elect to have the Committed Capacity, and any Additional Capacity, delivered by us.

#### 收入成本与毛利

#### Cost of Revenue and Gross Profit

硬件收入成本

Hardware Cost of Revenue

硬件收入成本主要包括材料成本，例如由第三方代工厂加工的晶圆，以及与封装、组装、运输、物流、质量保证、保修相关的成本，人员成本（包括工资、股权激励费用和员工福利），存货跌价，以及设施费用。

Cost of revenue for hardware consists primarily of the cost of materials, such as wafers processed by third-party foundries, costs associated with packaging, assembly, shipping, logistics, quality assurance, warranty cost, cost of personnel, including salaries, stock-based compensation, and employee benefits, write-down of inventories, and facilities expenses.

云及其他服务收入成本

Cloud and Other Services Cost of Revenue

云及其他支持服务收入的成本主要包括数据中心成本、设备折旧或租赁、人员成本（包括工资、股权激励费用和员工福利）以及设施费用。我们预计将产生与加快云算力可用性相关的其他启动成本，以满足近期需求的大幅增长。

Cost of revenue for cloud-based and other support services revenue primarily consists of data center costs, depreciation or rental of equipment, cost of personnel, including salaries, stock-based compensation, and employee benefits, and facilities expenses. We expect to incur other start-up costs related to expediting the availability of cloud capacity to fulfill the significant increase in near-term demand.

毛利与毛利率

Gross Profit and Gross Margin

毛利为收入减去收入成本。毛利率为毛利占收入的百分比。我们的毛利一直受到并将继续受到若干因素的影响，包括我们产品和服务的销量与定价、硬件收入与云及其他服务收入之间的构成、存货成本变动（包括晶圆良率、合同制造和供应商定价）、数据中心成本、维修与保修成本、物流成本以及人员成本。

Gross profit represents revenue less cost of revenue. Gross margin is gross profit expressed as a percentage of revenue. Our gross profit has been, and we expect will continue to be, influenced by several factors, including sales volume and pricing of our products and services, mix of revenue between hardware and cloud and other services, changes in inventory costs, including wafer yield, contract manufacturing and supplier pricing, data center costs, repair and warranty costs, cost of logistics, and personnel costs.

我们预计，短期内整体毛利润的绝对金额将下降，原因是与加快云算力可用性相关的启动成本，以满足近期需求的大幅增长。短期内毛利率预计将显著低于近期水平，并可能波动，原因包括：与授予客户的认股权证相关的抵减收入将在未来期间确认，从而降低报告收入金额（相较于未授予该等认股权证本应确认的收入）；与客户安排相关的数据中心成本转嫁金额将同时计入收入和收入成本，并对毛利率产生摊薄影响；以及与加快云算力可用性以满足近期需求大幅增长相关的其他启动成本。当我们于 2026 年第一季度开始确认认股权证产生的抵减收入金额时，我们预计季度收入增长率将较近期趋势下降。此外，本次发行完成后（尤其是在本次发行完成的当季），毛利率将受到股权激励费用的影响，该费用涉及因本次发行而满足流动性归属条件的股权奖励。

We expect overall gross profit will decrease in absolute dollars in the near term, driven by start-up costs related to expediting the availability of cloud capacity to fulfill the significant increase in near-term demand. Gross margin in the near term is expected to be significantly lower compared to recent periods, and may fluctuate, due to factors such as contra-revenue that will be recognized in future periods in connection with warrants granted to customers that will lower the amount of revenue reported compared to what would have been recognized without such warrants, customer arrangements with pass through amounts for data center costs that will be included in both revenue and cost of revenue and will have a dilutive impact on gross margin, and other start-up costs related to expediting the availability of cloud capacity to fulfill the significant increase in near-term demand. When we begin to recognize contra-revenue amounts from the warrants in the first quarter of 2026, we expect quarterly revenue growth rates will decline from recent trends. In addition, following this offering (and particularly during the quarter in which this offering is completed), gross margin will be impacted by stock-based compensation expense for equity awards for which the liquidity-based vesting condition was satisfied in connection with this offering.

#### 运营费用

#### Operating Expenses

研发费用

Research and Development Expenses

研发费用主要包括开展研发活动所产生的成本，包括薪酬、股权激励费用、员工福利、流片成本（包括版图服务、掩膜版、原型组件、在将新系统设计投入生产前发生的系统认证和测试）、运输、数据中心成本、折旧和摊销、专业服务费、云计算以及设施费用。研发成本于发生时计入费用。

Research and development expenses primarily consist of costs incurred in performing research and development activities and include salaries, stock-based compensation, employee benefits, tape-out costs, which include layout services, mask sets, prototype components, system qualification and testing incurred before releasing new system designs into production, shipping, data center costs, depreciation and amortization, professional services fees, cloud computing, and facilities expenses. We expense research and development costs as incurred.

我们还将软件开发成本（包括在达到技术可行性之前开发拟向外部用户销售、租赁或营销的硬件软件组件所产生的成本）计入费用。技术可行性通常在相关产品发布前不久达到。

We also expense software development costs, including costs to develop the software component of hardware to be sold, leased, or marketed to external users, before technological feasibility is reached. Technological feasibility is typically reached shortly before the release of such products.

我们预计，随着我们继续利用晶圆级技术构建新创新并在动态的 AI 市场中保持竞争力，研发费用的绝对金额将增加。研发费用预计将包括与因本次发行而满足流动性归属条件的股权奖励相关的额外股权激励费用。

We expect research and development expenses to increase in absolute dollar terms as we continue to build new innovations with our wafer-scale technology and to remain competitive in the dynamic AI market. Research and development expenses are forecasted to include additional stock-based compensation expense related to equity awards for which the liquidity-based vesting condition was satisfied in connection with this offering.

销售和营销费用

Sales and Marketing Expenses

销售和营销费用主要包括人员成本，包括薪酬、股权激励费用、员工福利、公共关系费用、展会和其它销售活动费用、广告、差旅和招待费用、向潜在客户提供 Cerebras Cloud 演示或试用的成本，以及设施费用。

Sales and marketing expenses primarily consist of personnel costs, including salaries, stock-based compensation, employee benefits, public relations costs, tradeshow and other sales event costs, advertising, travel and entertainment costs, costs to provide prospective customers with demonstrations or trials of Cerebras Cloud, and facilities expenses.

我们预计，随着客户群和品牌的发展，销售与营销费用按绝对美元金额计算将有所增加。我们预计，与本招股说明书相关的、已满足流动性归属条件的股权奖励将带来更高的股权激励费用。

We expect sales and marketing expenses to increase in absolute dollar terms as we grow our customer base and brand. We expect to have higher stock-based compensation expense related to equity awards for which the liquidity-based vesting condition was satisfied in connection with this offering.

一般及行政费用

General and Administrative Expenses

一般及行政费用主要包括人员成本，含薪资、股权激励费用、员工福利及奖金（涉及公司、财务、法务、信息技术和人力资源职能），以及专业服务费、审计与合规费用、软件订阅成本、差旅及相关费用、保险费用、折旧与摊销、设施分摊及其他一般公司费用。我们预计，因作为上市公司运营将产生额外费用，包括为遵守适用于在全国性证券交易所上市公司的规则和法规而发生的费用、根据 SEC 规则和法规履行审计、合规及报告义务相关的费用，以及一般及董事与高管保险、投资者关系和专业服务方面更高的费用。

General and administrative expenses consist primarily of personnel costs, including salaries, stock-based compensation, employee benefits and bonuses related to corporate, finance, legal, information technology and human resource functions, professional services fees, audit and compliance expenses, software subscription costs, travel and related costs, insurance costs, depreciation and amortization, allocation of facilities and other general corporate expenses. We expect to incur additional expenses as a result of operating as a public company, including expenses to comply with the rules and regulations applicable to companies listed on a national securities exchange, expenses related to auditing, compliance, and reporting obligations pursuant to the rules and regulations of the SEC, as well as higher expenses for general and director and officer insurance, investor relations, and professional services.

我们预计，随着业务增长及全球员工人数增加，一般及行政费用按绝对美元金额计算将有所增加，并且作为上市公司运营将产生额外费用，包括为遵守适用于证券交易所上市公司的规则和法规而发生的费用、在各司法管辖区履行合规与报告义务相关的费用以及专业服务费用。我们预计，与本招股说明书相关的、已满足流动性归属条件的股权奖励将带来更高的股权激励费用。

We expect general and administrative expenses to increase in absolute dollar terms as we grow the business and have more employees around the world, and incur additional expenses to operate as a public company, including expenses to comply with rules and regulations applicable to companies listed on a securities exchange, expenses related to compliance and reporting obligations in various jurisdictions, and professional services. We expect to have higher stock-based compensation expense related to equity awards for which the liquidity-based vesting condition was satisfied in connection with this offering.

#### 其他收入（费用）净额

#### Other Income (Expense), Net

其他收入（费用）净额主要包括利息收入、股息收入，以及因在每个报告日对远期合同负债和认股权证负债进行重新计量或清偿而产生的公允价值利得和损失。

Other income (expense), net consists primarily of interest income, dividend income, and the fair value gains and losses arising from the remeasurement or extinguishment of forward contract liability and warrant liability at each reporting date.

#### 所得税费用

#### Income Tax Expense

所得税费用包括美国联邦和州所得税以及我们开展业务的某些外国司法管辖区的所得税。我们对联邦和州递延所得税资产维持全额估值备抵，因为我们已得出结论，递延所得税资产很可能无法实现。我们的实际税率受外国司法管辖区税率及我们在这些司法管辖区所赚取收入的相对金额、不可扣除费用（如股权激励费用）以及估值备抵变动的影响。

Income tax expense consists of U.S. federal and state income taxes and income taxes in certain foreign jurisdictions in which we conduct business. We maintain a full valuation allowance on our federal and state deferred tax assets as we have concluded that it is more likely than not that the deferred tax assets will not be realized. Our effective tax rate is affected by tax rates in foreign jurisdictions and the relative amounts of income we earn in those jurisdictions, as well as non-deductible expenses, such as stock-based compensation, and changes in our valuation allowance.

经营业绩 Results of Operations

下表列示了所示各期间的精选合并经营数据表：

The following tables set forth selected consolidated statements of operations data for each of the periods indicated:

**截至 12 月 31 日的年度**

**Year Ended December 31,**

2025 · 2024 （单位：千美元） 收入： 硬件 · $358,440 · $211,965 云及其他服务 · 151,551 · 78,287 总收入 · 509,991 · 290,252 收入成本(1)： 硬件 · 204,746 · 137,310 云及其他服务 · 106,174 · 30,204 收入成本合计 · 310,920 · 167,514 毛利 · 199,071 · 122,738 经营费用： 研发(1) · 243,319 · 158,234 销售与营销(1) · 70,645 · 20,980 一般及行政(1) · 30,969 · 44,962 经营费用合计 · 344,933 · 224,176 经营亏损 · (145,862) · (101,438) 其他收入（费用）净额 · 390,746 · (378,237) 所得税前收入（亏损） · 244,884 · (479,675) 所得税费用 · 7,057 · 1,927 净利润（亏损） · $237,827 · $(481,602)

2025 · 2024 (in thousands) Revenue: Hardware · $358,440 · $211,965 Cloud and other services · 151,551 · 78,287 Total revenue · 509,991 · 290,252 Cost of revenue(1): Hardware · 204,746 · 137,310 Cloud and other services · 106,174 · 30,204 Total cost of revenue · 310,920 · 167,514 Gross profit · 199,071 · 122,738 Operating expenses: Research and development(1) · 243,319 · 158,234 Sales and marketing(1) · 70,645 · 20,980 General and administrative(1) · 30,969 · 44,962 Total operating expenses · 344,933 · 224,176 Loss from operations · (145,862) · (101,438) Other income (expense), net · 390,746 · (378,237) Income (loss) before income tax · 244,884 · (479,675) Income tax expense · 7,057 · 1,927 Net income (loss) · $237,827 · $(481,602)

_______________ (1) 包括如下股权激励费用：

_______________ (1) Includes stock-based compensation expense as follows:

**截至 12 月 31 日的年度**

**Year Ended December 31,**

2025 · 2024 （单位：千美元） 收入成本 · $827 · $921 研发 · 32,154 · 41,397 销售与营销 · 9,950 · 8,723 一般及行政 · 6,836 · 7,523 股权激励费用合计 · $49,767 · $58,564

2025 · 2024 (in thousands) Cost of revenue · $827 · $921 Research and development · 32,154 · 41,397 Sales and marketing · 9,950 · 8,723 General and administrative · 6,836 · 7,523 Total stock-based compensation expense · $49,767 · $58,564

截至 2025 年 12 月 31 日和 2024 年 12 月 31 日的年度，股权激励费用中分别包含与各期间二级交易相关的 14.1 百万美元和 30.7 百万美元。有关进一步讨论，请参阅本招股说明书其他部分所载经审计合并财务报表附注 14——股权激励。

Stock-based compensation expense included $14.1 million and $30.7 million for the years ended December 31, 2025 and 2024, respectively, related to secondary transactions in each period. Refer to Note 14 – Stock-Based Compensation to our audited consolidated financial statements included elsewhere in this prospectus for further discussion.

根据 2016 年计划，我们的 RSU 在同时满足服务条件和流动性条件后方可归属。该等奖励的服务归属条件通常通过在适用归属期内提供连续服务来满足，归属期一般为四年。流动性归属条件在首次公开发行、直接上市或本公司出售发生时满足。对于该等 RSU，如果业绩条件很可能达成，我们将在必要服务期内采用加速归属法确认股权激励费用。截至 2025 年 12 月 31 日和 2024 年 12 月 31 日止年度，由于上述流动性事件被视为很可能不会发生，我们未就 RSU 确认任何股权激励费用。进一步讨论请参见本招股说明书其他部分所载经审计合并财务报表附注 14——股权激励。截至 2025 年 12 月 31 日，2,901,491 份 RSU 已满足服务归属条件但尚未满足流动性归属条件。倘若截至 2025 年 12 月 31 日已发生流动性事件，我们将已确认股权激励费用 $150.5 million，而截至 2025 年 12 月 31 日尚未满足服务归属条件的 RSU 相关的未确认股权激励费用将为 $193.0 million，该费用本应在 1.56 年的加权平均必要服务期内确认。在截至 2026 年 6 月 30 日的三个月内，我们预计将确认累计股权激励费用 $370.9 million，该金额按 RSU 的授予日公允价值确定，我们预计该等 RSU 的服务归属条件将于 2026 年 6 月 30 日满足，且其流动性归属条件已因本次发行而满足。一旦流动性归属条件满足，我们将就 RSU 相关的剩余股权激励费用在剩余必要服务期内采用加速归属法确认。

Pursuant to the 2016 Plan, our RSUs vest upon the satisfaction of both service-and liquidity-based vesting conditions. The service-based vesting condition for these awards is generally satisfied by rendering continuous service through the applicable vesting period which is generally four years. The liquidity-based vesting condition is satisfied upon the occurrence of an initial public offering, direct listing, or sale of our company. For such RSUs, we recognize stock-based compensation expense using the accelerated attribution method over the requisite service period if it is probable that the performance conditions will be achieved. For the years ended December 31, 2025 and 2024, no stock-based compensation expense has been recognized for RSUs as the liquidity events, as described above, was deemed not probable. Refer to Note 14 – Stock-Based Compensation to our audited consolidated financial statements included elsewhere in this prospectus for further discussion. As of December 31, 2025, 2,901,491 RSUs had met the service-based vesting condition but not the liquidity-based vesting condition. If a liquidity event had occurred as of December 31, 2025, we would have recognized stock-based compensation expense of $150.5 million, and unrecognized stock-based compensation expense related to RSUs for which the service-based vesting condition had not been satisfied as of December 31, 2025 would have been $193.0 million, which would have been recognized over a weighted-average requisite service period of 1.56 years. In the three months ending June 30, 2026, we expect to record a cumulative stock-based compensation expense of $370.9 million, determined using the grant date fair values of the RSUs, for which we expect the service-based vesting condition will be satisfied as of June 30, 2026 and for which the liquidity-based vesting condition was satisfied in connection with this offering. We will record the remaining stock-based compensation expense related to RSUs using the accelerated attribution method over the remaining requisite service period once the liquidity-based vesting condition is satisfied.

此外，如“高管与董事薪酬——薪酬汇总表说明——股权激励——2026 年创始人股权奖励”一节所述，2026 年 2 月，我们的董事会向我们的首席执行官和首席技术官授予了业绩股票单位。我们正在根据会计准则汇编（“ASC”）718《薪酬——股权激励》确定该等奖励的授予日公允价值。一旦业绩条件很可能达成，期权的公允价值将在必要服务期内采用加速归属法确认为薪酬费用。一旦业绩条件达成，薪酬费用将在必要服务期内确认，无论市场条件最终是否满足以及满足程度如何。

In addition, as described in the section titled “Executive and Director Compensation—Narrative to Summary Compensation Table—Equity-Based Compensation—2026 Founder Equity Awards,” in February 2026, our board of directors granted performance stock units to our Chief Executive Officer and Chief Technology Officer. We are in the process of determining the grant-date fair value of these awards in accordance with Accounting Standards Codification (“ASC”) 718, Compensation—Stock Compensation. The fair value of the option will be recognized as compensation expense over the requisite service period, using the accelerated attribution method, once the performance condition becomes probable of being achieved. Once the performance condition is met, the compensation expense will be recognized over the requisite service period, regardless of whether, and the extent to which, the market condition is ultimately satisfied.

下表列示了所列各期间以收入百分比表示的选定合并经营报表数据：

The following table sets forth selected consolidated statements of operations data expressed as a percentage of revenue for each of the periods indicated:

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2025 · 2024 （以收入百分比表示） 收入： 硬件 · 70.3 % · 73.0 % 云及其他服务 · 29.7 · 27.0 总收入 · 100.0 · 100.0 收入成本： 硬件 · 40.1 · 47.3 云及其他服务 · 20.8 · 10.4 收入成本合计 · 61.0 · 57.7 毛利 · 39.0 · 42.3 经营费用： 研究与开发 · 47.7 · 54.5 销售与营销 · 13.9 · 7.2 一般及行政 · 6.1 · 15.5 经营费用合计 · 67.6 · 77.2 经营亏损 · (28.6) · (34.9) 其他收入（费用），净额 · 76.6 · (130.3) 所得税前收入（亏损） · 48.0 · (165.2) 所得税费用 · 1.4 · 0.7 净利润（亏损） · 46.6 % · (165.9)%

2025 · 2024 (as a percentage of revenue) Revenue: Hardware · 70.3 % · 73.0 % Cloud and other services · 29.7 · 27.0 Total revenue · 100.0 · 100.0 Cost of revenue: Hardware · 40.1 · 47.3 Cloud and other services · 20.8 · 10.4 Total cost of revenue · 61.0 · 57.7 Gross profit · 39.0 · 42.3 Operating expenses: Research and development · 47.7 · 54.5 Sales and marketing · 13.9 · 7.2 General and administrative · 6.1 · 15.5 Total operating expenses · 67.6 · 77.2 Loss from operations · (28.6) · (34.9) Other income (expense), net · 76.6 · (130.3) Income (loss) before income tax · 48.0 · (165.2) Income tax expense · 1.4 · 0.7 Net income (loss) · 46.6 % · (165.9)%

**截至 2025 年 12 月 31 日与 2024 年 12 月 31 日止年度的比较**

**Comparison of the Years Ended December 31, 2025 and 2024**

#### 收入

#### Revenue

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2025 · 2024 · 变动金额 · 变动百分比 （单位：千美元，百分比除外） 硬件 · $358,440 · $211,965 · $146,475 · 69 % 云及其他服务 · 151,551 · 78,287 · 73,264 · 94 % 总收入 · $509,991 · $290,252 · $219,739 · 76 %

2025 · 2024 · $ Change · % Change (in thousands, except percentages) Hardware · $358,440 · $211,965 · $146,475 · 69 % Cloud and other services · 151,551 · 78,287 · 73,264 · 94 % Total revenue · $509,991 · $290,252 · $219,739 · 76 %

截至 2025 年 12 月 31 日止年度的总收入较截至 2024 年 12 月 31 日止年度增加$219.7 million，增幅 76%。

Total revenue for the year ended December 31, 2025 increased by $219.7 million, or 76%, compared to the year ended December 31, 2024.

截至 2025 年 12 月 31 日止年度，硬件收入较截至 2024 年 12 月 31 日止年度增加$146.5 million。该增加主要归因于我们的战略合作伙伴 MBZUAI 对本地部署硬件解决方案的需求。

Hardware revenue increased by $146.5 million for the year ended December 31, 2025 compared to the year ended December 31, 2024. This increase was primarily due to demand for on-premises hardware solutions from our strategic partner MBZUAI.

截至 2025 年 12 月 31 日止年度，云及其他服务收入较截至 2024 年 12 月 31 日止年度增加$73.3 million，主要归因于向我们的战略合作伙伴 G42 和 MBZUAI 销售的本地部署系统装机规模扩大所带来的服务和支持收入增加，以及 2025 年下半年对我们云推理服务的需求增长。

Cloud and other services revenue increased $73.3 million for the year ended December 31, 2025 compared to the year ended December 31, 2024, primarily due to increased services and support revenues for the larger installed base of on-premises systems sold to our strategic partners G42 and MBZUAI, and growing demand for our cloud inference services in the second half of 2025.

#### 收入成本与毛利

#### Cost of Revenue and Gross Profit

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2025 · 2024 · 变动金额 · 变动百分比 （除百分比外，单位均为千美元） 硬件 · $204,746 · $137,310 · $67,436 · 49 % 云及其他服务 · 106,174 · 30,204 · 75,970 · 252 % 收入成本合计 · $310,920 · $167,514 · $143,406 · 86 %

2025 · 2024 · $ Change · % Change (in thousands, except percentages) Hardware · $204,746 · $137,310 · $67,436 · 49 % Cloud and other services · 106,174 · 30,204 · 75,970 · 252 % Total cost of revenue · $310,920 · $167,514 · $143,406 · 86 %

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2025 · 2024 · 变动金额 · 变动百分比 （除百分比外，单位均为千美元） 毛利 · $199,071 · $122,738 · $76,333 · 62 % 毛利率 · 39.0 % · 42.3 %

2025 · 2024 · $ Change · % Change (in thousands, except percentages) Gross profit · $199,071 · $122,738 · $76,333 · 62 % Gross margin · 39.0 % · 42.3 %

截至 2025 年 12 月 31 日的年度，收入成本较截至 2024 年 12 月 31 日的年度增加$143.4 million，增幅 86%，主要由于我们新增推理服务产品相关的系统及算力容量成本增加，以及因本地部署硬件及解决方案销售额上升而导致的材料成本、运营与管理成本、专业服务人工成本、保修及退货返工成本相应增加。

Cost of revenue for the year ended December 31, 2025 increased by $143.4 million, or 86%, compared to the year ended December 31, 2024, primarily due to increases in costs related to adding systems and compute capacity for our new inference services offering, a proportional increase in cost of materials, operations and management, professional services labor, warranty and returns rework costs as a result of higher on-premises hardware and solution sales.

截至 2025 年 12 月 31 日的年度，毛利为$199.1 million，较截至 2024 年 12 月 31 日的$122.7 million 增加$76.3 million。截至 2025 年 12 月 31 日的年度，毛利率由截至 2024 年 12 月 31 日的 42.3%下降至 39.0%，主要由于与我们云推理容量服务相关的数据中心成本上升。

Gross profit for the year ended December 31, 2025 was $199.1 million, an increase of $76.3 million compared to $122.7 million in the year ended December 31, 2024. Gross margin for the year ended December 31, 2025 decreased to 39.0% from 42.3% for the year ended December 31, 2024, primarily due to higher data center costs related to our cloud inference capacity services.

#### 经营费用

#### Operating Expenses

研发

Research and Development

截至 12 月 31 日的年度，

Year Ended December 31,

2025 · 2024 · 变动金额 · 变动百分比 （除百分比外，单位均为千美元） 研发 · $243,319 · $158,234 · $85,085 · 54 % 占收入的百分比 · 48 % · 55 %

2025 · 2024 · $ Change · % Change (in thousands, except percentages) Research and development · $243,319 · $158,234 · $85,085 · 54 % Percentage of revenue · 48 % · 55 %

截至 2025 年 12 月 31 日的年度，研发费用较截至 2024 年 12 月 31 日的年度增加$85.1 million，增幅 54%。研发费用的增加主要归因于员工人数增长带来的薪酬及福利成本上升。

Research and development expenses for the year ended December 31, 2025 increased by $85.1 million, or 54%, compared to the year ended December 31, 2024. The increase in research and development expenses was primarily attributable tohigher cost of compensation and benefits reflecting growth in the number of our employees.

销售与营销

Sales and Marketing

截至 12 月 31 日的年度，

Year Ended December 31,

2025 · 2024 · $ 变动 · % 变动 （千美元，百分比除外） 销售与营销 · $70,645 · $20,980 · $49,665 · 237 % 占收入百分比 · 14 % · 7 %

2025 · 2024 · $ Change · % Change (in thousands, except percentages) Sales and marketing · $70,645 · $20,980 · $49,665 · 237 % Percentage of revenue · 14 % · 7 %

截至 2025 年 12 月 31 日止年度的销售与营销费用较截至 2024 年 12 月 31 日止年度增加 $49.7 million，增幅 237%。销售与营销费用的增加主要归因于员工人数增长带来的薪酬与福利成本上升，以及与推出和扩展云推理服务相关的营销费用增加。

Sales and marketing expenses for the year ended December 31, 2025 increased by $49.7 million, or 237%, compared to the year ended December 31, 2024. The increase in sales and marketing expenses was primarily attributable to higher cost of compensation and benefits reflecting growth in the number of our employees and higher marketing expenses related to launching and growing our cloud inference services.

一般及行政

General and Administrative

截至 12 月 31 日止年度

Year Ended December 31,

2025 · 2024 · $ 变动 · % 变动 （千美元，百分比除外） 一般及行政 · $30,969 · $44,962 · $(13,993) · (31)% 占收入百分比 · 6 % · 15 %

2025 · 2024 · $ Change · % Change (in thousands, except percentages) General and administrative · $30,969 · $44,962 · $(13,993) · (31)% Percentage of revenue · 6 % · 15 %

截至 2025 年 12 月 31 日止年度的一般及行政费用较截至 2024 年 12 月 31 日止年度减少 $14.0 million，降幅 31%。一般及行政费用的减少主要归因于法律费用及诉讼和解成本下降，部分被员工人数增长带来的薪酬与福利成本上升以及发生的咨询和专业服务费用增加所抵消。

General and administrative expenses for the year ended December 31, 2025 decreased by $14.0 million, or 31%, compared to the year ended December 31, 2024. The decrease in general and administrative expenses was primarily attributable to lower legal expenses and litigation settlement costs, partially offset by higher cost of compensation and benefits reflecting growth in the number of our employees and higher consulting and professional services fees incurred.

其他收入（费用）净额

Other Income (Expense), Net

截至 12 月 31 日止年度

Year Ended December 31,

2025 · 2024 · $ 变动 · % 变动 （千美元，百分比除外） 其他收入（费用）净额 · $390,746 · $(378,237) · $768,983 · (203)%

2025 · 2024 · $ Change · % Change (in thousands, except percentages) Other income (expense), net · $390,746 · $(378,237) · $768,983 · (203)%

截至 2025 年 12 月 31 日止年度的其他收入（费用）净额较截至 2024 年 12 月 31 日止年度增加 $769.0 million，增幅 203%。其他收入（费用）净额的增加主要归因于 2025 年因远期合同负债终止确认而确认的 $363.3 million 收益，而 2024 年为远期合同负债重估损失 $401.3 million。该增加还归因于现金、现金等价物及投资余额增加带来的利息和股息收入上升。

Other income (expense), net for the year ended December 31, 2025 increased by $769.0 million, or 203%, compared to the year ended December 31, 2024. The increase in other income (expense), net was primarily attributable to a gain of $363.3 million recognized upon extinguishment of the forward contract liability during 2025, compared to remeasurement losses of $401.3 million on the forward contract liability in 2024. The increase was also driven by higher interest and dividend income due to higher balances of cash, cash equivalents, and investments.

所得税费用

Income Tax Expense

截至 12 月 31 日止年度

Year Ended December 31,

2025 · 2024 · $ 变动 · % 变动 （除百分比外，单位：千美元） 所得税费用 · $7,057 · $1,927 · $5,130 · 266 %

2025 · 2024 · $ Change · % Change (in thousands, except percentages) Income tax expense · $7,057 · $1,927 · $5,130 · 266 %

截至 2025 年 12 月 31 日止年度的所得税费用较截至 2024 年 12 月 31 日止年度有所增加。该增加主要由于我们当期州税计提增加 $8.2 million，部分被我们当期及递延境外税计提减少 $2.4 million 以及当期联邦税计提减少 $0.7 million 所抵消。

Income tax expense for the year ended December 31, 2025 increased compared to the year ended December 31, 2024. This increase was primarily due to an increase in our current state tax provision of $8.2 million, partially offset by a decrease in our current and deferred foreign tax provision of $2.4 million and a decrease to the current federal tax provision of $0.7 million.

季度经营业绩 Quarterly Results of Operations

下表列示了所列示各季度未经审计的选定季度合并经营数据。上述各季度的信息均以与我们经审计的合并财务报表相同的基础编制，并且据管理层判断，反映了为公允列示该等信息所必需的所有调整，该等调整仅包括正常的、经常性的调整。该等季度经营业绩未必能预示全年或任何其他财年的预期业绩。

The following table sets forth selected unaudited quarterly consolidated statements of operations data for each of the quarters presented. The information for each of these quarters has been prepared on the same basis as our audited consolidated financial statements and reflect, in the opinion of management, all adjustments, consisting of normal, recurring adjustments that are necessary for a fair statement of this information. These quarterly operating results are not necessarily indicative of the results that may be expected for a full year or any other fiscal period.

该等信息应与本招股说明书其他部分所载我们经审计的合并财务报表及相关附注一并阅读。

This information should be read in conjunction with our audited consolidated financial statements and related notes included elsewhere in the prospectus.

截至三个月 2024 年 3 月 31 日 · 2024 年 6 月 30 日 · 2024 年 9 月 30 日 · 2024 年 12 月 31 日 · 2025 年 3 月 31 日 · 2025 年 6 月 30 日 · 2025 年 9 月 30 日 · 2025 年 12 月 31 日 · （单位：千美元） 收入： 硬件 · $49,411 · $54,858 · $50,280 · $57,416 · $69,674 · $70,295 · $96,794 · $ 121,677 云及其他服务 · 17,220 · 14,913 · 22,039 · 24,115 · 29,838 · 33,027 · 38,920 · 49,766 总收入 · 66,631 · 69,771 · 72,319 · 81,531 · 99,512 · 103,322 · 135,714 · 171,443 收入成本(1): 硬件 · 33,619 · 32,823 · 34,143 · 36,725 · 48,410 · 46,649 · 47,969 · 61,718 云及其他服务 · 7,873 · 6,068 · 6,169 · 10,094 · 9,498 · 24,574 · 32,610 · 39,492

Three Months Ended, March 31, · 2024 June 30, · 2024 September 30, · 2024 December 31, · 2024 March 31, · 2025 June 30, · 2025 September 30, · 2025 December 31, · 2025 (in thousands) Revenue: Hardware · $49,411 · $54,858 · $50,280 · $57,416 · $69,674 · $70,295 · $96,794 · $ 121,677 Cloud and other services · 17,220 · 14,913 · 22,039 · 24,115 · 29,838 · 33,027 · 38,920 · 49,766 Total revenue · 66,631 · 69,771 · 72,319 · 81,531 · 99,512 · 103,322 · 135,714 · 171,443 Cost of revenue(1): Hardware · 33,619 · 32,823 · 34,143 · 36,725 · 48,410 · 46,649 · 47,969 · 61,718 Cloud and other services · 7,873 · 6,068 · 6,169 · 10,094 · 9,498 · 24,574 · 32,610 · 39,492

收入成本

Total cost of

合计

revenue

41,492 · 38,891 · 40,312 · 46,819 · 57,908 · 71,223 · 80,579 · 101,210 毛利 · 25,139 · 30,880 · 32,007 · 34,712 · 41,604 · 32,099 · 55,135 · 70,233 毛利率 · 37.7% · 44.3% · 44.3% · 42.6% · 41.8% · 31.1% · 40.6% · 41.0% 经营费用合计(1) · 43,190 · 54,640 · 51,384 · 74,962 · 70,074 · 89,281 · 81,604 · 103,974 经营亏损 · (18,051) · (23,760) · (19,377) · (40,250) · (28,470) · (57,182) · (26,469) · (33,741) 净利润（亏损） · $ (15,750) · $ (50,855) · $ (309,341) · $ (105,656) · $ (23,867) · $ 309,512 · $ (22,201) · $ (25,617)

41,492 · 38,891 · 40,312 · 46,819 · 57,908 · 71,223 · 80,579 · 101,210 Gross profit · 25,139 · 30,880 · 32,007 · 34,712 · 41,604 · 32,099 · 55,135 · 70,233 Gross margin · 37.7% · 44.3% · 44.3% · 42.6% · 41.8% · 31.1% · 40.6% · 41.0% Total operating expenses(1) · 43,190 · 54,640 · 51,384 · 74,962 · 70,074 · 89,281 · 81,604 · 103,974 Loss from operations · (18,051) · (23,760) · (19,377) · (40,250) · (28,470) · (57,182) · (26,469) · (33,741) Net income (loss) · $ (15,750) · $ (50,855) · $ (309,341) · $ (105,656) · $ (23,867) · $ 309,512 · $ (22,201) · $ (25,617)

_______________ (1) 包括以下股权激励费用：

_______________ (1) Includes stock-based compensation as follows:

截至三个月 2024 年 3 月 31 日 · 2024 年 6 月 30 日 · 9 月 · 30, · 2024 12 月 · 31, · 2024 2025 年 3 月 31 日 · 2025 年 6 月 30 日 · 9 月 · 30, · 2025 12 月 · 31, · 2025 （单位：千美元） 收入成本 · $189 · $231 · $237 · $264 · $326 · $187 · $161 · $153 运营费用 · 9,237 · 22,672 · 16,591 · 9,143 · 8,828 · 13,094 · 11,185 · 15,833 股权激励费用总额 · $9,426 · $22,903 · $16,828 · $9,407 · $9,154 · $13,281 · $11,346 · $15,986

Three Months Ended, March 31, · 2024 June 30, · 2024 September · 30, · 2024 December · 31, · 2024 March 31, · 2025 June 30, · 2025 September · 30, · 2025 December · 31, · 2025 (in thousands) Cost of revenue · $189 · $231 · $237 · $264 · $326 · $187 · $161 · $153 Operating expenses · 9,237 · 22,672 · 16,591 · 9,143 · 8,828 · 13,094 · 11,185 · 15,833 Total stock-based compensation · $9,426 · $22,903 · $16,828 · $9,407 · $9,154 · $13,281 · $11,346 · $15,986

#### 收入

#### Revenue

硬件收入随交付的 AI 系统数量而变化，并随时间显著增长，反映了现有客户及新客户的需求。云及其他服务收入总体增长，原因是随着我们装机基础不断扩大，持续支持服务以及推理相关服务需求不断增长。

Hardware revenue varies based on the number of AI systems delivered and has significantly increased over time, reflecting demand from existing and new customers. Cloud and other services revenue generally increased due to ongoing support services as a result of our growing installed base and the growing demand for inference-related services.

#### 收入成本

#### Cost of Revenue

营业成本因各季度交付的 AI 系统、推理服务、专业服务及持续支持服务的业务量组合不同而有所变化。随着硬件销量增长以及为支持新推出的推理服务业务而不断攀升的数据中心成本，营业成本随时间显著增加。

Cost of revenue has varied based on mix of the volume of AI systems, inference services, professional services, and ongoing support services delivered in each quarter. Cost of revenue has significantly increased over time as the volume of hardware units sold has grown and as data center costs have ramped to support our newly launched inference services business.

#### 毛利与毛利率

#### Gross Profit and Gross Margin

毛利的增长主要源于收入提高。硬件与云及服务收入的组合也会影响任一特定季度的毛利率。

Gross profit has primarily increased as a result of higher revenues. The mix of hardware and cloud and services revenue also impacts our gross margin in any particular quarter.

#### 总运营费用

#### Total Operating Expenses

研发费用是我们运营费用中最大的组成部分，在所列示的各季度中约占运营费用的 56% 或更高。

Research and development expense was the largest component of our operating expenses and was approximately 56% of operating expenses or higher during the quarters presented.

非 GAAP 财务指标的季度趋势 Quarterly Trends in Non-GAAP Financial Measures

#### 非 GAAP 经营亏损与非 GAAP 净亏损

#### Non-GAAP Operating Loss and Non-GAAP Net Loss

下表列示了所列各期间的非 GAAP 经营亏损和非 GAAP 净收入（亏损）。有关我们如何计算非 GAAP 经营亏损和非 GAAP 净亏损的详情，请参见标题为“—非 GAAP 财务指标”的章节：

The following tables set forth our non-GAAP operating loss and non-GAAP net income (loss), for each of the periods presented. See the section titled “—Non-GAAP Financial Measures” for the details of how we calculate non-GAAP operating loss and non-GAAP net loss:

**截至以下三个月的期间，**

**Three Months Ended,**

2024 年 3 月 31 日 2024 年 6 月 30 日 2024 年 9 月 30 日 2024 年 12 月 31 日 2025 年 3 月 31 日 2025 年 6 月 30 日 2025 年 9 月 30 日 2025 年 12 月 31 日（单位：千美元）

March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 (in thousands)

GAAP 经营亏损 · $(18,051) · $(23,760) · $(19,377) · $(40,250) · $(28,470) · $(57,182) · $(26,469) · $(33,741) 加：股权激励费用 · 9,426 · 22,903 · 16,828 · 9,407 · 9,154 · 13,281 · 11,346 · 15,986

GAAP operating loss · $(18,051) · $(23,760) · $(19,377) · $(40,250) · $(28,470) · $(57,182) · $(26,469) · $(33,741) Add: Stock-based compensation expense · 9,426 · 22,903 · 16,828 · 9,407 · 9,154 · 13,281 · 11,346 · 15,986

非 GAAP 经营

Non-GAAP operating

亏损 · $(8,625) · $(857) · $(2,549) · $(30,843) · $(19,316) · $(43,901) · $(15,123) · $(17,755)

loss · $(8,625) · $(857) · $(2,549) · $(30,843) · $(19,316) · $(43,901) · $(15,123) · $(17,755)

**截至以下三个月的期间，**

**Three Months Ended,**

2024 年 3 月 31 日 2024 年 6 月 30 日 2024 年 9 月 30 日 2024 年 12 月 31 日 2025 年 3 月 31 日 2025 年 6 月 30 日 2025 年 9 月 30 日 2025 年 12 月 31 日（单位：千美元）

March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 (in thousands)

GAAP 净收入

GAAP net income

（亏损） · $(15,750) · $(50,855) · $ (309,341) · $ (105,656) · $(23,867) · $ 309,512 · $(22,201) · $(25,617)

(loss) · $(15,750) · $(50,855) · $ (309,341) · $ (105,656) · $(23,867) · $ 309,512 · $(22,201) · $(25,617)

加：股权激励费用

Add: Stock-based compensation

费用(1) · 9,426 · 22,903 · 16,828 · 9,407 · 9,154 · 13,281 · 11,346 · 15,986

expense(1) · 9,426 · 22,903 · 16,828 · 9,407 · 9,154 · 13,281 · 11,346 · 15,986

加：远期合同负债的公允价值变动（清偿）

Add: Change in fair value (extinguishment) of forward contract

负债 · — · 30,327 · 296,898 · 74,039 · — · (363,336) · — · —

liability · — · 30,327 · 296,898 · 74,039 · — · (363,336) · — · —

非 GAAP 净利润

Non-GAAP net income

（亏损） · $(6,324) · $2,375 · $4,385 · $(22,210) · $(14,713) · $(40,543) · $(10,855) · $(9,631)

(loss) · $(6,324) · $2,375 · $4,385 · $(22,210) · $(14,713) · $(40,543) · $(10,855) · $(9,631)

_______________ (1) 非 GAAP 净利润（亏损）未包含股权激励费用调整的税务影响，因为该等税务影响在所呈报期间并不重大。

_______________ (1) Non-GAAP net income (loss) does not include the tax effects of the stock-based compensation expense adjustment because such tax effects were not material during the periods presented.

流动性与资本资源 Liquidity and Capital Resources

截至 2025 年 12 月 31 日，我们的主要流动性来源为现金、现金等价物及受限现金 930.4 百万美元，以及有价证券 406.5 百万美元。我们的现金及现金等价物主要包括存放于金融机构货币市场账户或持有账户中的现金。有价证券由美国政府证券投资构成，该等证券在购买时的原始期限超过三个月，但截至期末的期限不超过一年。

As of December 31, 2025, our principal sources of liquidity were cash, cash equivalents, and restricted cash of $930.4 million and marketable securities of $406.5 million. Our cash and cash equivalents primarily consisted of cash deposited in money market or holding accounts with financial institutions. Marketable securities were comprised of investments in U.S. government securities with an original maturity greater than three months at the time of purchase but less than or equal to one year at period-end.

自成立以来，我们主要通过发行可赎回可转换优先股以及来自客户的付款（包括 G42 和 MBZUAI 的预付款）为运营提供资金。截至 2025 年 12 月 31 日，我们无未偿债务。近期我们的主要现金用途为为运营提供资金以及投资于研发。截至 2025 年 12 月 31 日，我们的累计亏损为 905.3 百万美元。

Since our inception, we have financed our operations primarily through sales of redeemable convertible preferred stock and payments from our customers, including prepayments from G42 and MBZUAI. We had no outstanding debt as of December 31, 2025. Our principal uses of cash in recent periods have been to fund our operations and invest in research and development. As of December 31, 2025, we had an accumulated deficit of $905.3 million .

2026 年 1 月，我们的资本资源显著增加，收到额外 2.0 十亿美元现金，其中包括发行 H 系列可赎回可转换优先股的净收益 1.0 十亿美元以及营运资金贷款 1.0 十亿美元。有关进一步讨论，请参阅本招股说明书其他部分所载经审计合并财务报表附注 18——期后事项。

In January 2026, our capital resources increased significantly when we received an additional $2.0 billion in cash, consisting of $1.0 billion in net proceeds from the issuance of Series H redeemable convertible preferred stock and $1.0 billion from the Working Capital Loan. Refer to Note 18 – Subsequent Events to our audited consolidated financial statements included elsewhere in this prospectus for further discussion.

我们认为，我们当前的现金、现金等价物、受限现金及有价证券将足以自本招股说明书日期起至少未来 12 个月内为我们的运营提供资金。然而，我们未来的资本需求将取决于诸多因素，包括我们的增长率、来自云服务的业务部分（该部分需要为我们的系统及相关长期数据中心义务增加资本支出）、我们的销售和营销以及研发支出（包括人员成本）的时点和规模、用于我们芯片设计流片的资本支出、我们产品的持续市场接受度，以及用于为潜在合并或收购提供资金的现金使用。若需要从外部来源获得额外融资，我们可能寻求通过股权、股权关联安排及债务筹集额外资金。额外股权的出售将导致我们股东权益被稀释。债务的发生将导致偿债义务，且管辖该等债务的文书可能规定进一步限制我们运营的运营和/或财务契约。如果我们无法在需要时以合理利率筹集额外资本，我们的业务、经营业绩和财务状况可能受到不利影响。

We believe that our current cash, cash equivalents, restricted cash, and marketable securities will be sufficient to fund our operations for at least the next 12 months from the date of this prospectus. Our future capital requirements, however, will depend on many factors, including our growth rate, the portion of our business that comes from cloud services requiring additional capital expense for our systems and related long term data center obligations, the timing and extent of our sales and marketing and research and development expenditures including personnel costs, capital expenditures for tape-outs of our chip designs, the continuing market acceptance of our products, and the use of cash to fund potential mergers or acquisitions. In the event that additional financing is required from outside sources, we may seek to raise additional funds through equity, equity-linked arrangements, and debt. The sale of additional equity would result in dilution to our stockholders. The incurrence of debt would result in debt service obligations, and the instruments governing such debt could provide for operational and/or financial covenants that further restrict our operations. If we are unable to raise additional capital when desired and at reasonable rates, our business, results of operations, and financial condition could be adversely affected.

#### 循环信贷协议

#### Revolving Credit Agreement

2026 年 4 月 14 日，我们与 Morgan Stanley Senior Funding, Inc.（作为行政代理人和抵押代理人）、不时作为信用证开立方的各方以及不时作为贷款方的各方签订了循环信贷及担保协议（“循环信贷协议”），该协议提供了一项金额最高为$250.0 million 的循环信贷融资（“循环信贷融资”），初始阶段仅可用于向数据中心出租方和开发商开立备用信用证。在第二阶段生效日（定义见下文）之前，循环信贷融资项下的借款将按我们的选择，以等于以下任一利率的年利率计息：(i)基准利率，或(ii)期限有担保隔夜融资利率（“SOFR”）加 1.50%。此外，在第二阶段生效日之前，我们将须就循环信贷融资项下未提取的承诺金额按每年 0.250%支付承诺费。在第二阶段生效日之前，循环信贷融资项下的义务仅以现金抵押品提供担保，无需提供担保。

On April 14, 2026, we entered into a revolving credit and guaranty agreement (the “Revolving Credit Agreement”) with Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, the letter of credit issuers from time to time party thereto, and the lenders from time to time party thereto, which provides for a revolving credit facility (the “Revolving Credit Facility”) of up to $250.0 million that may initially be used solely for standby letters of credit to data center landlords and developers. Prior to the Phase Two Effective Date (as defined below), loans under the Revolving Credit Facility will incur interest, at our option, at a rate per annum equal to either (i) a base rate or (ii) term secured overnight interest rate (“SOFR”) plus 1.50%. Additionally, prior to the Phase Two Effective Date, we will be required to pay commitment fees of 0.250% per annum on the undrawn portion of the commitments under the Revolving Credit Facility. Prior to the Phase Two Effective Date, the obligations under the Revolving Credit Facility are secured by cash collateral only, with no guarantees required.

本次发行完成后，且在我们满足备考契约合规要求及惯常交割条件之日（该日期称为“第二阶段生效日”），循环信贷融资将增额至最高$850.0 million，其所得款项可用于一般公司用途。自第二阶段生效日（含当日）起，循环信贷融资项下的借款将按我们的选择，以等于以下任一利率的年利率计息：(i)基准利率，或(ii)期限 SOFR 加 2.25%，在达到更高的债务与 EBITDA 比率后，该利率将降至每年 2.00%。自第二阶段生效日（含当日）起，我们将须就循环信贷融资项下未提取的承诺金额按每年 0.375%支付承诺费。循环信贷融资于 2031 年 4 月 14 日到期。自第二阶段生效日（含当日）起，循环信贷融资项下的义务以我们几乎全部资产上的留置权提供担保，但某些项目除外，包括证券化资产和租赁基础设施资产。

Following the completion of this offering, and on the date we meet pro forma covenant compliance and customary closing conditions (such date, the “Phase Two Effective Date”), the Revolving Credit Facility shall be upsized to up to $850.0 million, the proceeds of which may be used for general corporate purposes. On and after the Phase Two Effective Date, loans under the Revolving Credit Facility will incur interest, at our option, at a rate per annum equal to either (i) a base rate or (ii) term SOFR plus 2.25%, which decreases to 2.00% per annum upon achievement of an enhanced debt to EBITDA ratio. On and after the Phase Two Effective Date, we will be required to pay commitment fees of 0.375% per annum on the undrawn portion of the commitments under the Revolving Credit Facility. The Revolving Credit Facility matures on April 14, 2031. On and after the Phase Two Effective Date, the obligations under the Revolving Credit Facility are secured by liens on substantially all of our assets with carveouts for certain items, including securitization and leased infrastructure assets.

循环信贷协议包含一项流动性契约，要求截至每个财季最后一日，非受限现金及现金等价物（受某些除外项目约束）加上未提取的循环信贷承诺金额不得低于$150.0 million。此外，循环信贷协议包含惯常的肯定性契约，以及自第二阶段生效日（含当日）起适用的否定性契约（包括对债务、留置权、投资、资产处置和关联方交易的限制，各项均受惯常例外和篮子条款约束）和惯常的违约事件（包括但不限于未支付本金、利息或费用，陈述和保证不准确，违反某些契约，对某些其他债务的交叉违约，破产和资不抵债事件，重大判决，控制权变更，以及某些重大 ERISA 事件）。

The Revolving Credit Agreement contains a liquidity covenant requiring that unrestricted cash and cash equivalents (subject to certain exclusions), plus the undrawn revolver commitments, be not less than $150.0 million as of the last day of each fiscal quarter. Additionally, the Revolving Credit Agreement contains customary affirmative and, commencing on and after the Phase Two Effective Date, negative covenants (including restrictions on indebtedness, liens, investments, asset dispositions, and affiliate transactions, each subject to customary exceptions and baskets) and customary events of default (including, among other things, non-payment of principal, interest or fees, inaccuracy of representations and warranties, violation of certain covenants, cross-default to certain other indebtedness, bankruptcy and insolvency events, material judgments, change of control, and certain material ERISA events).

#### 现金流量

#### Cash Flows

下表汇总了所列期间的现金流量：

The following table summarizes our cash flows for the periods presented:

**截至 12 月 31 日的年度**

**Year Ended December 31,**

2025 · 2024 （单位：千美元） 经营活动提供的（使用的）现金净额 · $(10,050) · $451,978 投资活动使用的现金净额 · $(667,576) · $(16,785) 融资活动提供的现金净额 · $1,026,560 · $112,296

2025 · 2024 (in thousands) Net cash provided by (used in) operating activities · $(10,050) · $451,978 Net cash used in investing activities · $(667,576) · $(16,785) Net cash provided by financing activities · $1,026,560 · $112,296

#### 经营活动

#### Operating Activities

截至 2025 年 12 月 31 日的年度，经营活动使用的现金净额为$10.0 million。我们经营现金的最大来源是向客户销售产品所收取的现金。净利润$237.8 million 中包含一笔一次性收益$363.3 million，系因与购买协议相关的远期合同负债（涉及若干 F 系列可赎回可转换优先股）的清偿而产生（进一步讨论请参见本招股说明书其他部分所载经审计合并财务报表附注 12——可赎回可转换优先股）。经营活动现金流量反映了客户存款减少$285.9 million，原因是这些预付款抵销了就相关采购订单项下已交付项目所开具发票的金额，以及预付款项和其他资产增加$13.9 million。上述经营活动现金流量的减少被$131.7 million 的非现金费用部分抵销，该等费用主要包括股权激励费用、折旧和摊销费用、非现金租赁费用以及产品保修准备。营运资金变动包括：递延收入因总收入增长而增加$109.5 million；存货减少$63.3 million，原因是我们在数据中心销售和部署了更多产品；应收账款减少$87.0 million，原因是付款时点；应付账款增加$21.2 million，与费用上升及付款时点有关；其他负债增加$3.1 million。

Net cash used in operating activities was $10.0 million for the year ended December 31, 2025. Our largest source of operating cash was cash collection from sales of our products to customers. Net income of $237.8 million, includes a one-time $363.3 million gain due to the extinguishment of the Forward Contract Liability related to the purchase agreement for certain Series F redeemable convertible preferred stock (refer to Note 12 – Redeemable Convertible Preferred Stock to our audited consolidated financial statements included elsewhere in this prospectus for further discussion). Operating cash flows reflect a decrease in customer deposits of $285.9 million as these prepayments offset amounts invoiced for items delivered subject to related purchase orders, as well as an increase to prepaid and other assets of $13.9 million. These decreases to operating cash flows were partially offset by $131.7 million of non-cash charges primarily consisting of stock-based compensation, depreciation and amortization expense, non-cash lease expense, and for provision for product warranties. Changes in working capital include increases from deferred revenue $109.5 million as our total revenues increased, a decrease in inventories of $63.3 million as we sold and deployed more product in our data centers, a decrease in accounts receivable $87.0 million due to timing of payments, an increase in accounts payable of $21.2 million related to higher expenses and timing of payments and other liabilities of $3.1 million .

截至 2024 年 12 月 31 日的年度，经营活动提供的现金净额为$452.0 million，主要受客户存款增加$640.3 million 以及支持服务销售增长带动递延收入增加$38.2 million 所推动。上述流入被营运资金使用部分抵销，包括订单量增加导致存货增加$145.0 million、应收账款增加$130.7 million 以及预付款项和其他资产增加$17.1 million，并被应付账款和其他负债增加$57.7 million 部分缓解。经营活动现金流量还反映了净亏损$481.6 million 经非现金项目调整后的结果，该等项目包括远期合同负债公允价值变动$401.3 million、股权激励费用$58.6 million、折旧和摊销$11.5 million 以及其他非现金费用$25.3 million，并被投资溢价摊销和折价增值相关的$6.5 million 部分抵销。

Net cash provided by operating activities was $452.0 million for the year ended December 31, 2024, driven primarily by a $640.3 million increase in customer deposits and a $38.2 million increase in deferred revenue from higher support service sales. These inflows were partially offset by working capital uses, including a $145.0 million increase in inventory due to higher order volumes, a $130.7 million increase in accounts receivable, and a $17.1 million increase in prepaid expenses and other assets, partially mitigated by a $57.7 million increase in accounts payable and other liabilities. Operating cash flows also reflect a net loss of $481.6 million adjusted for non-cash items, including a $401.3 million change in fair value of forward contract liability, $58.6 million of stock-based compensation, $11.5 million of depreciation and amortization, and $25.3 million of other non-cash charges, partially offset by $6.5 million related to amortization of premium and accretion of discount on investments.

#### 投资活动

#### Investing Activities

截至 2025 年 12 月 31 日止年度，投资活动所用现金净额为 $667.6 million，系由 $382.7 million 的物业及设备购置（主要用于交付 Cerebras Cloud 服务的系统）以及 $525.4 million 的各类投资购置构成，并由 $240.6 million 的该等投资到期所抵减。

Net cash used in investing activities of $667.6 million for the year ended December 31, 2025 was the result of $382.7 million in purchases of property and equipment primarily for systems to deliver Cerebras Cloud services and the purchase of $525.4 million in purchases of various investments offset by $240.6 million in maturities of these investments.

截至 2024 年 12 月 31 日止年度，投资活动所用现金净额为 $16.8 million，系由 $23.4 million 的物业及设备购置以及 $302.9 million 的各类投资购置构成，并由 $309.5 million 的该等投资到期及出售所抵减。

Net cash used in investing activities of $16.8 million for the year ended December 31, 2024, was the result of $23.4 million in purchases of property and equipment and purchases of $302.9 million in various investments offset by $309.5 million in maturities and sales of these investments.

#### 融资活动

#### Financing Activities

截至 2025 年 12 月 31 日止年度，融资活动提供的现金净额为 $1.0 billion，系由出售可赎回可转换优先股股份所得的 $1.1 billion 以及行使股票期权所得的 $17.3 million 构成，部分由用于结算股权激励奖励的已付现金 $49.3 million、回购普通股 $21.4 million 以及与 G 系列可赎回可转换优先股融资相关的发行费用 $16.7 million 所抵减。

Net cash provided by financing activities of $1.0 billion for the year ended December 31, 2025 was the result of $1.1 billion from the sale of shares of our redeemable convertible preferred stock and $17.3 million in proceeds from stock option exercises, partially offset by cash paid to settle stock-based compensation awards of $49.3 million and the repurchase of common stock of $21.4 million and issuance costs related to the Series G redeemable convertible preferred stock financing of $16.7 million .

截至 2024 年 12 月 31 日止年度，融资活动提供的现金净额为 $112.3 million，系由出售可赎回可转换优先股股份所得的 $85.0 million 以及行使股票期权所得的 $27.8 million 构成。

Net cash provided by financing activities of $112.3 million for the year ended December 31, 2024 was the result of $85.0 million from the sale of shares of our redeemable convertible preferred stock and $27.8 million in proceeds from stock option exercises.

承诺与合同义务 Commitments and Contractual Obligations

经营租赁承诺。截至 2025 年 12 月 31 日，我们的经营租赁承诺包括数据中心和企业办公室租赁，其固定租赁付款义务为 $318.9 million，其中 $66.3 million 将于 2025 年 12 月 31 日起 12 个月内支付，其余在此后支付。更多讨论请参阅本招股说明书其他部分所载经审计合并财务报表附注 16——租赁。

Operating lease commitments. As of December 31, 2025, our operating lease commitments included data centers and corporate office leases, for which we had fixed lease payment obligations of $318.9 million, with $66.3 million to be paid within 12 months of December 31, 2025, and the remainder thereafter. Refer to Note 16 – Leases to our audited consolidated financial statements included elsewhere in this prospectus for further discussion.

采购承诺。截至 2025 年 12 月 31 日，与剩余期限超过一年的合同相关的不可撤销承诺的未来付款如下：$4.1 million（2026 年），以及 $3.0 million（2027 年）。更多讨论请参阅本招股说明书其他部分所载经审计合并财务报表附注 17——承诺及或有事项。

Purchase commitments. As of December 31, 2025, future payments related to non-cancelable commitments for contracts with a remaining term of over one year are as follows: $4.1 million (2026), and $3.0 million (2027). Refer to Note 17 – Commitments and Contingencies to our audited consolidated financial statements included elsewhere in this prospectus for further discussion.

关于市场风险的定量和定性披露 Quantitative and Qualitative Disclosures About Market Risk

#### 外汇与汇率风险

#### Foreign Currency and Exchange Risk

我们各子公司（包括位于加拿大和印度的子公司）的功能货币为子公司经营所在国家的当地货币。因此，我们预计将面临货币交易重新计量风险和折算风险。然而，我们在报告单位功能货币之外进行的交易数量较少且金额不重大，因此外汇风险敞口极小。我们尚未对此类敞口进行对冲，但若未来外汇风险敞口增加，我们可能会进行对冲。汇率的任何波动均可能对我们的财务状况、经营成果和现金流量产生不利影响。

The functional currency for each of our subsidiaries, including our subsidiaries located in Canada and India, is the local currency of the country in which the subsidiary operates. As such, we expect to be exposed to both currency transaction remeasurement and translation risk. However, we engage in a small number and immaterial amount of transactions outside of the functional currency of the reporting unit, resulting in negligible exposure to foreign currency risk. We have not hedged such exposure, although we may do so in the future if our exposure to foreign currency risk increases. Any fluctuations in exchange rates may adversely affect our financial position, results of operations and cash flows.

#### 利率风险

#### Interest Rate Risk

截至 2025 年 12 月 31 日，我们的现金、现金等价物及受限现金为 $930.4 million。现金及现金等价物主要包括存放于金融机构、原始到期期限为三个月或以内的货币市场工具中的款项。我们持有现金及现金等价物用于营运资金目的。由于我们投资的短期性质，我们未曾且预计不会因利率变动而面临重大风险。在所呈报的任何期间内，利率发生 10% 的假设性变动不会对我们的历史合并财务报表产生重大影响。

We had cash, cash equivalents, and restricted cash of $930.4 million as of December 31, 2025. Cash and cash equivalents primarily consists of amounts deposited in money market instruments with financial institutions that have an original maturity of three months or less. We hold cash and cash equivalents for working capital purposes. Due to the short-term nature of our investments, we have not been exposed to, nor do we anticipate being exposed to, material risks due to changes in interest rates. A hypothetical 10% change in interest rates during any of the periods presented would not have had a material impact on our historical consolidated financial statements.

关键会计估计 Critical Accounting Estimates

我们按照 GAAP 编制财务报表。在编制该等财务报表时，我们需要作出影响所报告金额和余额以及所披露或有事项的估计和判断。我们持续评估我们的估计，具体包括与收入确认、存货、股权激励费用、普通股估值和所得税相关的估计，并且我们的估计基于历史经验以及我们认为在相关情况下合理的各项其他假设，这些估计的结果构成对资产和负债账面价值作出判断的基础。

We prepare our financial statements in accordance with GAAP. In preparing these financial statements, we are required to make estimates and judgments that affect the amounts and balances reported and contingencies disclosed. We evaluate our estimates on an ongoing basis, specifically including those related to revenue recognition, inventory, stock-based compensation, valuation of our common stock, and income taxes, and base our estimates on historical experience and various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities.

以下关键会计估计在编制我们经审计的合并财务报表时需要运用重大判断和估计。本节所讨论的会计估计和判断是我们在编制经审计的合并财务报表时认为最为关键的估计和判断。进一步讨论请参见本招股说明书其他部分所载我们经审计的合并财务报表附注 4——重要会计政策。

The following critical accounting estimates require the use of significant judgment and estimation in the preparation of our audited consolidated financial statements. The accounting estimates and judgment discussed in this section are those that we consider to be the most critical in the preparation of our audited consolidated financial statements. Refer to Note 4 – Significant Accounting Policies to our audited consolidated financial statements included elsewhere in this prospectus for further discussion.

#### 收入确认

#### Revenue Recognition

我们的绝大部分收入来自硬件销售、推理服务交付和嵌入式软件，以及向客户提供安装、集成和验收服务及其他技术支持。

We derive substantially all of our revenue through sales of hardware, delivery of inference services, and embedded software and through provision of installation, integration, and acceptance services and other technical support to our customers.

包含多项履约义务的合同

Contracts with Multiple Performance Obligations

收入确认所需的一项关键估计涉及包含一项以上履约义务的合同。当与客户签订的合同包含一项以上履约义务时，我们必须在判断合同内每项义务是否可明确区分以及确定分摊至每项履约义务的相对单独售价时运用判断。

A critical estimate required in recognizing revenue relates to contracts consisting of more than one performance obligation. When a contract with a customer consists of more than one performance obligation, we must exercise judgment in determining whether each obligation within the contract is distinct as well as in determining the relative standalone selling price to allocate to each performance obligation.

通常，单独售价是我们单独向客户销售某项承诺商品或服务的价格。单独售价的最佳证据（在可获得时）是我们在类似情况下向类似客户收取的商品或服务价格。如果单独售价无法直接观察，管理层使用各项可观察输入值估计单独售价，包括由于单独销售历史有限而采用的成本加成预期利润率分析。

Typically, the standalone selling price is the price at which we sell a promised good or service separately to a customer. The best evidence of the standalone selling price, when available, is the price we have charged for goods or services in similar circumstances and to similar customers. If the standalone selling price is not directly observable, management estimates the standalone selling price using various observable inputs including cost-plus expected margin analysis due to the limited standalone sales history.

某些安排包含非现金对价，包括向客户发行的权益工具，这需要判断确定该等工具的公允价值、评估受业绩条件约束的工具归属的可能性，以及确定作为收入抵减确认的时点。

Certain arrangements include non-cash consideration, including equity instruments issued to customers, which require judgment in determining the fair value of such instruments, assessing the probability of vesting for instruments subject to performance conditions, and determining the timing of recognition as a reduction of revenue.

进一步讨论请参见本招股说明书其他部分所载我们经审计的合并财务报表附注 4——重要会计政策——收入确认。

Refer to Note 4 – Significant Accounting Policies—Revenue Recognition to our audited consolidated financial statements included elsewhere in this prospectus for further discussion.

#### 股权激励费用

#### Stock-Based Compensation

我们以授予日的估计公允价值为基础，计量授予员工及非员工的股份支付奖励，包括股票期权、限制性股票单位（“RSU”）及限制性股票奖励（“RSA”）。仅附服务期归属条件的股票期权奖励授予员工及非员工。股票期权的公允价值采用 Black-Scholes 期权定价模型估计，该模型需要输入高度主观的假设，包括标的普通股的公允价值、股票期权的预期期限、我们普通股价格的预期波动率、无风险利率以及我们普通股的预期股息率。假设的变化可能对公允价值以及最终确认的股权激励费用金额产生重大影响。这些输入具有主观性，通常需要大量分析和判断才能确定。RSU 和 RSA 的公允价值以授予日我们普通股的价格为基础。

We measure stock-based awards, including stock options, restricted stock unit (“RSUs”), and restricted stock awards (“RSAs”), granted to employees and non-employees based on the estimated fair value as of the grant date. Stock option awards with only service-based vesting conditions are granted to employees and non-employees. The fair value of stock options are estimated using the Black-Scholes option pricing model, which requires the input of highly subjective assumptions, including the fair value of the underlying common stock, the expected term of the stock option, the expected volatility of the price of our common stock, risk-free interest rates, and the expected dividend yield of our common stock. Changes in the assumptions can materially affect the fair value and ultimately how much stock-based compensation expense is recognized. These inputs are subjective and generally require significant analysis and judgment to develop. The fair value of RSUs and RSAs are based on the price of our common stock on the date of grant.

对于仅附服务期归属条件的每项奖励，我们在该奖励的必需服务期内按直线法确认其公允价值。对于同时附服务期和流动性归属条件的某些权益奖励，如果业绩条件很可能达成，我们在必需服务期内采用加速归属法确认费用。我们在每个报告日重新评估业绩条件的达成情况，并对此类奖励的股权激励费用进行相应调整。股权激励费用以最终预计归属的股份支付奖励部分的价值为基础。因此，我们的股权激励费用在授予日扣减估计的没收额，并在后续期间若实际没收额与估计数不同时进行必要修订。

We recognize the fair value of each award with only service-based vesting conditions on a straight-line basis over the requisite service period of the award. For certain equity awards that have both service-and liquidity-based vesting conditions, we recognize the expense using the accelerated attribution method over the requisite service period if it is probable that the performance conditions will be achieved. We reassess the achievement of the performance conditions at each reporting date and adjust the stock-based compensation accordingly for such awards. Stock-based compensation expense is based on the value of the portion of stock-based awards that is ultimately expected to vest. As such, our stock-based compensation is reduced for the estimated forfeitures at the date of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

根据 2016 年计划，我们的 RSU 在同时满足服务期和流动性归属条件时归属。此类奖励的服务期归属条件通常通过在适用归属期内持续提供服务而满足，归属期一般为四年。流动性归属条件在发生首次公开发行、直接上市或本公司出售时（视当时市场状况而定）满足。截至 2025 年 12 月 31 日和 2024 年 12 月 31 日止年度，除与截至 2025 年 12 月 31 日止年度参与我们要约收购的 RSU 相关者外，未确认任何股权激励费用。进一步讨论请参阅本招股说明书其他部分所载我们经审计合并财务报表附注 14——股权激励。

Pursuant to the 2016 Plan, our RSUs vest on satisfaction of both service-and liquidity-based vesting conditions. The service-based vesting condition for these awards is generally satisfied by rendering continuous service through the applicable vesting period, which is generally four years. The liquidity-based vesting condition is satisfied upon the occurrence of an initial public offering, direct listing, or sale of our company, given prevailing market conditions. For the years ended December 31, 2025 and 2024, no stock-based compensation expense had been recognized, except in connection with RSUs that participated in our tender offer during the year ended December 31, 2025. Refer to Note 14 – Stock-Based Compensation to our audited consolidated financial statements included elsewhere in this prospectus for further discussion.

#### 普通股估值

#### Common Stock Valuations

我们股权激励奖励所对应普通股的公允价值，历来由董事会根据管理层意见及同期第三方估值确定。我们认为，董事会具备相关经验与专业能力，可确定我们普通股的公允价值。鉴于我们普通股缺乏公开交易市场，且依据美国注册会计师协会《实务指引：作为补偿发行的非上市公司股权证券估值》，董事会在每个授予日行使合理判断，并考虑众多客观和主观因素，以确定对我们普通股公允价值的最佳估计。这些因素包括：

The fair value of common stock underlying our stock-based awards has historically been determined by our board of directors, with input from management and contemporaneous third-party valuations. We believe that our board of directors has the relevant experience and expertise to determine the fair value of our common stock. Given the absence of a public trading market of our common stock, and in accordance with the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation, our board of directors exercised reasonable judgment and considered numerous objective and subjective factors to determine the best estimate of the fair value of our common stock at each grant date. These factors included:

- 第三方估值公司按定期间隔进行的同期估值结果；

- the results of contemporaneous valuations performed at periodic intervals by a third-party valuation firm;

- 我们可赎回可转换优先股相对于普通股的价格、权利、优先权和特权；

- the prices, rights, preferences, and privileges of our redeemable convertible preferred stock relative to those of our common stock;

- 在公平交易中向投资者出售的可赎回可转换优先股和普通股的价格；

- the prices of our redeemable convertible preferred stock and common stock sold to investors in arms-length transactions;

- 我们的实际经营和财务业绩，以及对未来业绩的估计趋势和前景；

- our actual operating and financial performance and estimated trends and prospects for our future performance;

- 我们的发展阶段；

- our stage of development;

- 鉴于当前市场状况，实现流动性事件（如首次公开发行、直接上市或出售公司）的可能性；

- the likelihood of achieving a liquidity event, such as an initial public offering, direct listing, or sale of our company, given prevailing market conditions;

- 私人公司证券缺乏市场流通性；

- the lack of marketability involving securities in a private company;

- 可比上市公司的市场表现；以及

- the market performance of comparable publicly traded companies; and

- 美国和全球资本市场状况。

- U.S. and global capital market conditions.

在对我们的普通股进行估值时，我们业务的公允价值采用多种估值方法确定，包括结合管理层意见的收入法和市场法的组合。收入法涉及根据预测收入和成本对预计现金流应用适当的风险调整折现率。市场法通过将我们公司与类似业务领域的可比上市公司进行比较来估计价值。从可比公司中确定具有代表性的市场价值倍数，并将其应用于我们的经营业绩，以估计我们公司的企业价值。

In valuing our common stock, the fair value of our business was determined using various valuation methods, including combinations of the income approach and the market approach with input from management. The income approach involves applying an appropriate risk-adjusted discount rate to projected cash flows based on forecasted revenue and costs. The market approach estimates value based on a comparison of our company to comparable public companies in a similar line of business. From the comparable companies, a representative market value multiple was determined, which was applied to our operating results to estimate the enterprise value of our company.

在市场法下确定企业价值后，我们推导出公司的股权价值，并采用了一种混合方法，该方法同时考虑期权定价模型（“OPM”）和概率加权预期回报法（“PWERM”），将该价值在各类别证券之间进行分配，从而得出我们普通股的公允价值。OPM 基于 Black-Scholes-Merton 期权定价模型，该模型能够识别一系列可能的未来结果，每种结果均附带相应的概率。当可能的未来结果范围难以预测、从而产生高度投机性预测时，采用 OPM 是适当的。PWERM 涉及对企业可能的未来结果进行前瞻性分析，包括首次公开发行以及非首次公开发行的市场化结果。在确定股权价值并将其分配至各类别证券后，再应用缺乏流动性折扣（“DLOM”）以得出我们普通股的公允价值。应用 DLOM 的理论依据是，作为私营公司股票的所有者，股东出售该股票的机会有限，且任何此类出售都会涉及重大交易成本，从而降低整体公允市场价值。

Once the enterprise value was determined under the market approach, we derived the equity value of our company and used a hybrid method that considered both an option pricing model (“OPM”) and the probability weighted expected return method (“PWERM”) to allocate that value among the various classes of securities to arrive at the fair value of our common stock. The OPM is based on the Black-Scholes-Merton option pricing model, which allows for the identification for a range of possible future outcomes, each with an associated probability. The OPM is appropriate to use when the range of possible future outcomes is difficult to predict and thus creates highly speculative forecasts. PWERM involves a forward-looking analysis of the possible future outcomes of an enterprise, including an initial public offering as well as non-initial public offering market-based outcomes. After the equity value is determined and allocated to the various classes of securities, a discount for lack of marketability (“DLOM”) is applied to arrive at the fair value of our common stock. A DLOM is applied based on the theory that as an owner of private company stock, the stockholder has limited opportunities to sell this stock, and any such sale would involve significant transaction costs, thereby reducing overall fair market value.

此外，我们还考虑了涉及我们股本的任何二级交易。在评估这些交易时，我们考虑了每项交易的事实和情况，以确定其在多大程度上代表了公允价值交换。考虑的因素包括交易量、时机、交易是否发生在无关联方之间，以及交易是否涉及能够获取我们财务信息的投资者。

In addition, we also considered any secondary transactions involving our capital stock. In our evaluation of those transactions, we considered the facts and circumstances of each transaction to determine the extent to which they represented a fair value exchange. Factors considered included transaction volume, timing, whether the transactions occurred among unrelated parties, and whether the transactions involved investors with access to our financial information.

应用这些方法涉及使用高度复杂且主观的估计、判断和假设，例如关于我们预期未来收入、费用和未来现金流量、折现率、市场倍数、可比公司的选择以及可能的未来事件概率的估计、判断和假设。任何或所有这些估计和假设的变化，或这些假设之间关系的变化，都会影响我们在每个估值日的估值，并可能对我们普通股的估值产生重大影响。

Application of these approaches involves the use of estimates, judgment, and assumptions that are highly complex and subjective, such as those regarding our expected future revenue, expenses, and future cash flows, discount rates, market multiples, the selection of comparable companies, and the probability of possible future events. Changes in any or all of these estimates and assumptions or the relationships between those assumptions impact our valuations as of each valuation date and may have a material impact on the valuation of our common stock.

对于本次发行完成后的估值，我们的董事会将根据授予日报告的我们普通股收盘价确定每股基础普通股的公允价值。任何特定期间的未来费用金额可能会受到我们假设或市场状况变化的影响。

For valuations after the completion of this offering, our board of directors will determine the fair value of each share of underlying common stock based on the closing price of our common stock as reported on the grant date. Future expense amounts for any particular period could be affected by changes in our assumptions or market conditions.

JOBS 法案会计选择 JOBS Act Accounting Election

我们是一家《JOBS 法案》所定义的新兴成长型公司，并且只要继续作为新兴成长型公司，我们就可以利用某些豁免，免于遵守若我们是一家非新兴成长型上市公众公司本应适用的各项报告要求。此类豁免包括但不限于：豁免遵守《萨班斯-奥克斯利法案》第 404 条的审计师鉴证要求、减少我们定期报告和委托书声明中有关高管薪酬的披露义务、豁免就高管薪酬举行不具约束力的咨询性投票，以及豁免就此前未经批准的任何黄金降落伞付款寻求股东批准。此外，根据《JOBS 法案》第 107 条，作为新兴成长型公司，我们已选择利用延长的过渡期来遵守新的或经修订的会计准则，直至这些准则原本应适用于私营公司之时。如果我们不再是新兴成长型公司，我们将不再能够利用这些豁免或遵守新的或经修订的会计准则的延长过渡期。

We are an emerging growth company, as defined in the JOBS Act, and, for so long as we continue to be an emerging growth company, we may take advantage of certain exemptions from various reporting requirements that would have been applicable were we a public company that was not an emerging growth company. Such exemptions include, but are not limited to, the exemption to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, the exemption from holding a non-binding advisory vote on executive compensation, and the exemption from stockholder approval of any golden parachute payments not previously approved. In addition, pursuant to Section 107 of the JOBS Act, as an emerging growth company, we have elected to take advantage of the extended transition period for complying with new or revised accounting standards until those standards would otherwise apply to private companies. If we cease to be an emerging growth company, we will no longer be able to take advantage of these exemptions or the extended transition period for complying with new or revised accounting standards.

近期会计公告 Recent Accounting Pronouncements

有关进一步讨论，请参阅本招股说明书其他部分所载我们经审计合并财务报表附注 3。

Refer to Note 3 to our audited consolidated financial statements included elsewhere in this prospectus for further discussion .

概览 Overview

我们正在打造世界上速度最快的 AI 基础设施。

We are building the fastest AI infrastructure in the world.

在 AI 领域，速度是制胜的关键。速度可提升用户参与度、扩展产品能力、降低运营成本，并开辟新市场。它缩短了各行业工程师、研究人员和专业人士的迭代周期，使他们能够更高效地工作。速度释放了新的应用和新的行业。

In AI, speed is critical to win. Speed improves user engagement, expands product capabilities, can lower operating costs, and opens new markets. It shortens iteration cycles for engineers, researchers, and professionals across industries, allowing them to be more productive. Speed unlocks new applications and new industries.

在技术领域，“速度释放价值”是过去 30 年间不断重演的模式。更快的解决方案被更频繁地使用，并用于更严苛的任务。例如，宽带的速度将互联网从静态页面转变为实时应用，催生了新产品和新行业。同样，在搜索领域，Google 表明，即使交付答案出现短暂延迟，也会显著降低使用量和参与度。

In technology, “speed unlocking value” is a pattern that has repeated itself over the past 30 years. Faster solutions are used more often and for more demanding tasks. For example, the speed of broadband transformed the internet from static pages into real-time applications, enabling new products and industries. Similarly, in search, Google showed that even short delays in delivering answers significantly reduced usage and engagement.

AI 重复着这一模式。随着 AI 从新奇事物变为必需品，AI 工作负载日益严苛，速度已成为瓶颈。更快的 AI 能在更短时间内完成更多工作，更快地提供更好的答案。

AI repeats this pattern. As AI has moved from novelty to necessity, AI work has grown more demanding, and speed has become a bottleneck. Faster AI does more work in less time, providing better answers sooner.

我们的解决方案专为速度而构建。在领先的开源模型基准测试中，Cerebras Inference 交付答案的速度最高可达领先的基于 GPU 的解决方案的 15 倍。同样，许多客户相比同代领先的 GPU 系统，实现了超过 10 倍的训练求解时间提速。

Our solutions are built for speed. Cerebras Inference delivers answers up to 15 times faster than leading GPU-based solutions as benchmarked on leading open-source models. Similarly, many customers have achieved more than 10 times faster training time-to-solution compared to leading GPU systems of the same generation.

这些性能突破源于我们的核心创新：世界上首个也是唯一一个商业化的晶圆级处理器。我们的处理器名为晶圆级引擎（“WSE”），其尺寸是 NVIDIA B200 芯片的 58 倍，内存带宽是包含两颗独立芯片的 NVIDIA B200 封装体的 2,625 倍。为打造 WSE，我们解决了计算行业存在 75 年之久的晶圆级集成难题，实现了这一尺寸芯片的生产、良率、供电和散热。正是这一尺寸成就了我们惊人的 AI 速度。通过将大规模算力和内存集成到单块硅片上，并将其整合进专为特定目的打造的系统与软件栈，我们为本地部署和云端客户提供卓越的 AI 速度。

These performance breakthroughs are the result of our core innovation: the world’s first and only commercialized wafer-scale processor. Called the Wafer-Scale Engine (“WSE”), our processor is 58 times larger than NVIDIA’s B200 chip and has 2,625 times more memory bandwidth than NVIDIA’s B200 package, which contains two individual chips. To build the WSE, we solved the 75-year-old compute industry problem of wafer-scale integration to produce, yield, power, and cool a chip of this size. This size is what enables our incredible AI speeds. By bringing massive compute and memory onto a single piece of silicon and integrating it into a purpose-built system and software stack, we deliver exceptional AI speed for customers on premises and via the cloud.

我们的战略合作伙伴和客户包括超大规模云服务商、基础模型实验室、AI 原生和数字原生企业、大型企业以及主权 AI 计划。全球领先的基础模型实验室 OpenAI 选择我们作为其快速推理解决方案。借助 Cerebras,OpenAI 的 Codex-Spark 用户可在数秒内将想法转化为可运行的软件。这一合作是与领先前沿模型实验室进行紧密软硬件协同设计的典范。全球领先的超大规模云服务商 AWS 已与我们签署具有约束力的条款清单，将成为首家在自有数据中心部署 Cerebras 的超大规模云服务商，为广泛的企业客户群体提供大规模分销渠道。

Our strategic partners and customers include hyperscalers, foundation model labs, AI-native and digital-native businesses, enterprises, and Sovereign AI initiatives. OpenAI, the world’s leading foundation model lab, selected us to be its fast inference solution. With Cerebras, OpenAI’s Codex-Spark users turn ideas into working software in seconds. This partnership is an example of tight hardware-software co-design with a leading frontier model lab. AWS, the world’s leading hyperscale cloud, has signed a binding term sheet with us to become the first hyperscaler to deploy Cerebras in its own data centers, providing massive distribution to a broad base of enterprise customers.

我们的客户使用 Cerebras 解决方案运行对速度、规模和智能有要求的应用。这些工作包括以近乎即时的响应训练和提供大型前沿模型服务、实时处理海量数据集，以及一步生成全栈应用。一旦客户采用快速推理，用户对交互性的期望就会提高，工程团队也会从延迟优化转向其他工作，从而难以再回到较慢的推理。

Our customers use Cerebras solutions to run applications that demand speed, scale, and intelligence. This work includes training and serving large frontier models with near-instant responses, processing massive datasets in real time, and generating full-stack applications in a single step. Once customers adopt fast inference, user expectations for interactivity rise, and engineering teams shift from latency optimizations to other work, making it difficult to return to slower inference.

我们通过多种不同方式向客户交付解决方案。需要完全掌控数据和基础设施的组织可以购买 Cerebras AI 超级计算机进行本地部署。寻求云灵活性的客户可以通过 Cerebras Cloud 上基于用量的模式或通过合作伙伴云获取 Cerebras 算力。例如，我们的高速推理服务可通过合作伙伴获取，包括 AWS Marketplace、Microsoft Marketplace、IBM watsonx Model Gateway、Vercel AI Gateway、OpenRouter 和 Hugging Face，从而能够在现有工作流中无缝采用。

We deliver our solutions to customers in several different ways. Organizations that require full data and infrastructure control can purchase Cerebras AI supercomputers for on-premises deployments. Customers seeking cloud flexibility can access Cerebras compute through consumption-based models on Cerebras Cloud or through partner clouds. For example, our high-speed inference services are available through partners, including AWS Marketplace, Microsoft Marketplace, IBM watsonx Model Gateway, Vercel AI Gateway, OpenRouter, and Hugging Face, enabling seamless adoption within existing workflows.

我们提供差异化性能的能力使我们成为许多最大客户的战略合作伙伴。除提供算力基础设施外，我们还向客户提供 AI 服务，共同开发解决方案以应对其最复杂的挑战，从训练最先进的模型到针对每个应用的需求优化部署。这些合作关系随时间不断扩大；值得注意的是，按截至 2025 年 12 月 31 日的年初至今收入计算，我们的前十大客户在首次购买后的 12 个月内将其与我们的总支出增加了约 80%，其中往往包括共同开发合同。

Our ability to deliver differentiated performance has made us a strategic partner to many of our largest customers. Beyond providing compute infrastructure, we provide AI services to our customers to co-develop solutions to address their most complex challenges, from training state-of-the-art models to optimizing deployments for each application’s needs. These partnerships have expanded over time; notably, our top ten customers by year-to-date revenue through December 31, 2025 increased their aggregate spend with us by approximately 80% within 12 months of their initial purchase, often including contracts for co-development.

AI 是历史上增长最快的技术之一。我们相信，我们的高速 AI 解决方案使我们在这一市场中拥有显著的竞争优势。我们相信，随着渗透率提升、使用频率增加以及应用日益复杂，AI 的进一步普及将加速，并持续推动市场快速扩张。根据 IDC 的数据，到 2030 年，AI 解决方案与服务的投资预计将在全球产生累计 $22.3 trillion 的影响，约占全球 GDP 的 3.7%。根据 Bloomberg Intelligence 的数据，AI 训练基础设施市场与我们在 AI 推理领域的可服务市场合计规模在 2025 年估计为 $251 billion，并预计到 2029 年增长至 $672 billion——年复合增长率（CAGR）为 28%。该估计表明，到 2029 年，AI 推理的增长速度将超过 AI 训练基础设施的两倍以上。凭借以 Artificial Analysis 为基准的市场上最快的推理平台，以及在大规模训练方面经过验证的过往业绩，我们相信我们处于有利位置，能够把握 AI 基础设施市场两部分的增长机遇。

AI is one of the fastest growing technologies in history. We believe that our high-speed AI solutions give us a meaningful competitive advantage in this market. We believe that further adoption of AI, accelerated by increased penetration, more frequent usage, and more complex applications, will continue to rapidly expand the market. According to IDC, investments in AI solutions and services are projected to yield a global cumulative impact of $22.3 trillion by 2030, representing approximately 3.7% of the global GDP. The combined market for AI training infrastructure and our addressable market within AI inference is estimated to be $251 billion in 2025 and is expected to grow to $672 billion by 2029—a 28% CAGR, according to Bloomberg Intelligence. This estimate indicates that AI inference will grow more than twice as fast as AI training infrastructure through 2029. With the fastest inference platform on the market, as benchmarked by Artificial Analysis, and a proven track record in large-scale training, we believe we are well-positioned to capture growth across both parts of the AI infrastructure market.

我们的增长反映了 AI 采用的更广泛加速。我们的收入从 2022 年的 $24.6 million 增至 2023 年的 $78.7 million，并进一步增至 2024 年的 $290.3 million，三年间增长超过十倍。我们的收入在 2025 年增至 $510.0 million，同比增长 76%。我们在 2025 年实现净利润 $237.8 million，并在 2024 年产生净亏损 $481.6 million。我们的毛利率在 2022 年、2023 年、2024 年和 2025 年分别为 12%、33%、42% 和 39%。在从我们的 GAAP 净利润（亏损）中剔除股权激励费用以及远期合同负债公允价值变动（清偿）的影响后，我们在 2025 年产生非 GAAP 净亏损 $75.7 million，在 2024 年产生非 GAAP 净亏损 $21.8 million。有关更多信息以及非 GAAP 净亏损与净利润（亏损）的对账，请参见标题为“管理层对财务状况和经营成果的讨论与分析——非 GAAP 财务指标”的章节。

Our growth reflects the broader acceleration of AI adoption. Our revenue increased from $24.6 million in 2022 to $78.7 million in 2023 and to $290.3 million in 2024, representing a more than tenfold increase over three years. Our revenue increased to $510.0 million in 2025, representing year-over-year growth of 76%. We earned net income of $237.8 million in 2025 and incurred net loss of $481.6 million in 2024. Our gross margin was 12%, 33%, 42%, and 39% in 2022, 2023, 2024, and 2025, respectively. We incurred non-GAAP net loss of $75.7 million in 2025 and $21.8 million in 2024, after excluding the impact of stock-based compensation expense and change in fair value (extinguishment) of forward contract liability from our GAAP net income (loss). For more information and for a reconciliation of non-GAAP net loss to net income (loss), see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures.”

行业背景 Industry Background

#### AI 是下一次技术变革

#### AI is the Next Technological Shift

在过去 50 年里，算力行业经历了一系列长期性变革，每一次变革都扩大了算力的可及性，并重塑了全球生产力。20 世纪 90 年代，互联网重塑了人们工作、沟通、交易和学习的方式，催生了新的行业和商业模式。21 世纪头十年和 2010 年代，移动设备的普及和云计算的兴起带来了前所未有的灵活性、规模和覆盖范围，支撑了数以百万计的新数字产品和体验。

Over the past 50 years, the compute industry has undergone a series of secular shifts, each of which expanded access to compute and transformed global productivity. In the 1990s, the Internet reshaped how people worked, communicated, transacted, and learned, catalyzing new industries and business models. In the 2000s and 2010s, the proliferation of mobile devices and the emergence of cloud computing delivered unprecedented flexibility, scale, and reach, supporting million s of new digital products and experiences.

我们认为，AI 代表着下一次重大技术变革——其变革性影响有可能超过以往各轮周期。

We believe AI represents the next major technological shift—one with the potential to exceed the transformational impact of prior cycles.

与以往的技术变革相比，AI 的采用速度令人惊叹。其市场渗透速度比 PC 和云快数倍。ChatGPT 在不到 2.5 个月内就达到了 1 亿用户，比 Facebook 快二十多倍。截至 2025 年 9 月，ChatGPT 报告拥有 7 亿周活跃用户。

In comparison to previous technology shifts, the adoption of AI is astonishing. Its market penetration has occurred multiple times faster than the PC and the cloud. ChatGPT reached 100 million users in less than 2.5 months, more than twenty times faster than Facebook. As of September 2025, ChatGPT reported 700 million weekly active users.

达到 1 亿用户所需年数* ChatGPT Instagram Facebook Twitter LinkedIn Netflix 1 亿用户 0 用户 用户数量 平台达到 1 亿用户的时间基于各平台自身的报告。各平台的定义不同（例如“活跃用户”、MAU 等），即便是名称相似的指标，在不同平台之间也不可直接比较。各线条的斜率为示意性。Netflix 反映的是 Netflix 流媒体订阅用户数。

Number of Years to 100 Million Users* ChatGPT Instagram Facebook Twitter LinkedIn Netflix 100 Million Users 0 Users Number of Users The time at which a platform achieved 100 million users is based on each platform’s reporting. The definitions differ across platforms (e.g., ‘‘Active Users.” MAUs. etc.), and even similarly titled metrics are not directly comparable across platforms. The slopes of the lines are illustrative. Netflix reflects Netflix streaming subscribers.

根据皮尤研究中心的数据，截至 2025 年 6 月，约 62% 的美国成年人每周至少数次与 AI 互动，其中 31% 几乎持续使用（每天至少数次），而 30 岁以下的美国成年人中有三分之一表示他们每天数次与 AI 互动。此外，数字教育委员会在 2024 年发现，86% 的高等教育学生使用 AI。根据麦肯锡 2025 年的一项调查，表示其组织在至少一项业务职能中使用 AI 的受访者比例较其去年研究有所上升：2025 年有 88% 的受访者报告在至少一项业务职能中定期使用 AI，而一年前为 78%。2025 年第三季度，盖洛普报告称，工作场所中 AI 的日常使用在过去 12 个月中增长了一倍以上，10% 的美国员工表示他们在日常工作中使用 AI。

According to Pew Research Center, as of June 2025, around 62% of U.S. adults interacted with AI at least several times a week, with 31% doing so almost constantly (at least several times a day), and one-third of U.S. adults under 30 saying they interacted with AI several times a day. Additionally, the Digital Education Council found in 2024 that 86% of higher-education students used AI. According to a McKinsey survey in 2025, the share of respondents saying their organizations are using AI in at least one business function has increased since their research last year: 88% reported regular AI use in at least one business function in 2025 compared with 78% a year ago. In the third quarter of 2025, Gallup reported daily use of AI in the workplace had more than doubled in the past 12 months, with 10% of U.S. employees reporting they used AI in their daily roles.

AI 采用率之所以强劲，原因很简单：AI 已从新奇事物转变为必需品，如今在消费者和企业领域得到广泛使用。个人和组织依赖 AI 来解决问题、构建产品、加速研究、改善患者治疗效果、增强决策、简化运营、推动创新并提供个性化体验。

The strong rate of AI adoption is driven by the simple fact that AI has transitioned from novelty to necessity and is now used across consumer and enterprise domains. Individuals and organizations rely on AI to solve problems, build products, accelerate research, improve patient outcomes, enhance decision-making, streamline operations, enable innovation, and deliver personalized experiences.

AI 的崛起依赖于海量计算资源。这正是 Cerebras 的用武之地。

The rise of AI depends on massive computational resources. This is where Cerebras fits in.

算力周期演变——1980 年代至 2030 年代 1,000,000 10,000 100 微型计算机 PC AI 时代 移动互联网 桌面互联网 百万台 按对数刻度绘制 预计 10B+ 5B+ 1.5B+ 500M+ 1 10M+ 0 1980 1990 2000 2010 2020 2030

Computing Cycles Over Time – 1980s to 2030s 1,000,000 10,000 100 Micro-Computers PCs AI Era Mobile Internet Desktop Internet Million Units Mapped on a logarithmic scale Est. 10B+ 5B+ 1.5B+ 500M+ 1 10M+ 0 1980 1990 2000 2010 2020 2030

**随着前沿 AI 模型能力不断增强，推理正在推动 AI 算力需求**

**Inference is Driving the AI Compute Demand, as Frontier AI Models Grow More Capable**

AI 由两个阶段构成：训练与推理。训练是创建并教导 AI 模型的过程；推理是使用模型生成回答的过程。AI 早期的进展主要来自训练更大的模型。更大的模型在训练时使用更多算力，从而提升了 AI 的准确度。在这个以训练为中心的时代，推理简单直接、所需计算很少；它只是从已训练的模型中一步生成答案。

AI is composed of two stages: training and inference. Training is the process of creating and teaching the AI model; inference is the process of using the model to generate responses. Early progress in AI came primarily from training larger models. Larger models, which used more compute during training, improved AI’s accuracy. In this training-centric era, inference was straightforward and required little computation; it simply generated answers from a trained model in a single step.

如今，AI 已进入一个以推理为中心的新时代。新技术的出现使模型在被使用的过程中变得更加智能。这种方法被称为“推理时算力”或“测试时算力”，已成为推理的主导模式。

Today, AI has entered a new era centered on inference. New techniques have emerged that make models smarter as they are being used. This approach—called “inference-time compute” or “test-time compute”—has become the dominant mode of inference.

我们正处于推理时代 推理时算力 模型智能 推理时扩展 预训练扩展 GPT-3 GPT-4 GPT-5

We Are in the Age of Reasoning Inference Time Compute Model Intelligence Inference Time Scaling Pre-training Scaling GPT-3 GPT-4 GPT-5

如今的前沿模型——例如 OpenAI 的 GPT-5.4、Anthropic 的 Claude Opus 4.7 和 Google 的 Gemini 3.1 Pro——不再主要依赖已训练的模型来保证准确度，而是在推理期间执行大量计算以模拟推理过程。这些模型实际上会“思考”问题：规划步骤、检查自身工作，并在给出最终更高质量结果之前完善回答。这些额外步骤在推理期间使用显著更多的算力，同时产生更准确的答案。

Instead of depending primarily on the trained model for accuracy, today’s frontier models—such as OpenAI’s GPT-5.4, Anthropic’s Claude Opus 4.7, and Google’s Gemini 3.1 Pro—perform substantial computation during inference to simulate reasoning. These models effectively “think through” the problem: planning steps, checking their own work, and refining responses before delivering a final, higher-quality result. These additional steps use substantially more compute during inference, while producing more accurate answers.

推理驱动推理算力爆发 更智能的模型在推理期间需要更多算力 Token = 算力 单次推理 PT -4o 推理模型 GPT-5 智能体 + 推理 Codex 智能体模型编排多个模型，每个模型分别执行搜索、推理和综合。智能体模型消耗的 token 是基础模型的 100 至 1,000 倍。制定计划 分解问题 解决各部分 检查每个答案 组合各部分 起草方案 审阅方案 推理所需算力的示意。1x ~100x >1,000x

Reasoning Drives the Inference Compute Explosion Smarter Models Require More Compute During Inference Tokens = Compute Single Shot Inference PT -4o Reasoning Models GPT-5 Agentic + Reasoning Codex Agentic models orchestrate multiple models, each performing search, reasoning, and synthesis. Agentic models consume 100 to 1,000 times more tokens than base models. Build a plan Break problem down Solve each part Check each answer Combine parts Draft solution Review solution Illustrative compute required for inference. 1x ~100x >1,000x

这些推理能力从根本上改变了人们使用 AI 的方式。推理不再局限于回答问题；现代 AI 应用现在会代表用户执行操作。它们可以直接预订旅行行程、从零编写完整的 Web 应用、帮助客户申请抵押贷款、自动分析法律合同中的不一致之处、处理保险理赔等等。因此，随着这些利用更多推理时算力的更智能推理模型得到采用，对 AI 推理的需求也随之激增。

These reasoning capabilities have fundamentally changed how people use AI. Inference is no longer limited to answering questions; modern AI applications now perform actions on behalf of their users. They can directly book travel itineraries, code full web applications from scratch, help customers apply for mortgages, automatically analyze legal contracts for discrepancies, process insurance claims, and more. As a result, demand for AI inference has surged alongside the adoption of these smarter reasoning models that leverage more inference-time compute.

归根结底，推理算力需求由三种力量的叠加效应驱动：用户数量、使用频率以及每次使用的算力。这三种力量均以惊人的速度增长，推动推理及其底层算力的需求呈几何级数扩张。

Ultimately, inference compute demand is driven by the compounding effect of three forces: the number of users, the frequency of use, and the compute per use. Each of these forces is growing at an extraordinary rate, producing a geometric expansion of demand for inference and its underlying compute .

推理算力需求由用户数量、使用频率和每次使用的算力驱动 推理算力需求 每次使用的算力 使用频率 用户数量 时间 注：推理算力需求及所示斜率仅为示意

Inference Compute Demand is Driven by the Number of Users, the Frequency of Use, and Compute per Use Inference Compute Demand Compute per Use Frequency of Use Number of Users Time Note: Inference compute demand and the slopes shown are illustrative

推理过程能够带来更智能的 AI 响应，但需要显著更多的算力。随着模型能力不断增强，用户会依赖它们完成越来越宏大的任务，从而进一步推高算力需求。如今的工作负载——包括视频生成、深度研究和长篇分析——所需的算力可能比回答基础问题高出许多个数量级。

Reasoning during inference delivers smarter AI responses but requires significantly more compute. As models become more capable, users rely on them for increasingly ambitious tasks, further driving compute needs. Today’s workloads—including video generation, deep research, and long-form analysis—can require many orders of magnitude more compute than answering basic questions.

#### 推理使推理速度成为必需

#### Reasoning Makes Inference Speed a Necessity

速度使推理模型能够更快地给出更准确的答案，减少因让客户等待答案而产生的挫败感。

Speed enables reasoning models to deliver more accurate answers faster, reducing the frustration created by forcing customers to wait for answers.

推理改变了推理的形态。推理系统并非在单次请求—响应步骤中完成任务。它们会执行一系列顺序且相互依赖的步骤——例如规划、细化和验证——直至任务完成。每一步都会消耗算力，并计入总完成时间。每一步执行得越慢，其影响会层层叠加，任务完成所需时间便会大幅延长。每一步执行得越快，回答所需的整体时间就越短。

Reasoning changes the shape of inference. Reasoning systems do not complete tasks in a single request-and-response step. They execute a sequence of sequential and dependent steps—such as planning, refinement, and verification—until the task is completed. Each step consumes compute and contributes to total completion time. Slower execution of each step compounds, and then the task takes much longer to complete. Faster execution at each step shortens the overall time to answer.

复杂任务（更难的问题）解决起来更有价值，但它们要求推理系统经历更长的步骤序列。这放大了速度带来的收益，也放大了缓慢带来的代价。速度使更难的问题能够在更短时间内得到更准确的答案。速度拓展了 AI 可处理的任务范围，从而拓宽了其可服务市场。反之，缓慢的 AI 会造成更长的等待时间，使许多应用无法实际部署。

Complex tasks (harder problems) are more valuable to solve but they require the reasoning system to go through a longer sequence of steps. This amplifies the benefit of speed and the penalty for being slow. Speed enables more accurate answers to harder problems in less time. Speed expands the range of tasks that AI can address, thereby broadening its addressable market. Conversely, slow AI produces longer wait times, making many applications impractical to deploy.

推理需要速度 非推理 推理 为什么在已有 o3 的情况下，有些人仍在使用 4o？最后编辑于 2025 年 4 月 29 日下午 5:35 • 250.9K 次浏览 速度与成本很重要。大多数推理模型太慢 有时你只需要一个快速答案：3o 太慢了 因为它更快 速度。03 慢得要命 因为每个问题等 2 分钟太过头了。速度 它快得多 速度。4 月 30 日 4 月 30 日 03 很慢，而 4o 对大多数查询都够用。因为我不想为一个回复等上一年 速度与成本 速度 太慢 思考了 127 秒……9 速度。03 太慢了。4o 对我需要的大多数事情来说已经够好。03 很慢 速度 我的朋友 延迟 6 o4 更快 © 更快 它不是慢得多吗？速度。4o 快得多。延迟 4o 更快 真实的社交媒体帖子和回复。姓名和头像已做匿名化处理。

Reasoning Needs Speed Non-reasoning Reasoning Why are some people still using 4o when we have o3? Last edited 5:35 PM • Apr 29, 2025 • 250.9K Views Speed & cost matters. Most reasoning models are too slow Sometimes you just need a quick answer : 3o is so slow Because it’s faster Speed. 03 is slow as hell Because waiting 2 minutes per question is overkill. speed It’s a lot faster Speed. Apr 30 Apr 30 03 is slow and 4o works well for most queries. CUZ i don't wanna wait a year for a response Speed and cost Speed Too slow Thinking for 127 seconds... 9 speed. 03 is too slow. 4o is good enough for most things I need. 03 is slow speed mi amigo Latency 6 o4 is faster © Faster It’s way slower no? Speed. 4o is much faster. Latency 4o is Faster Real social media post and replies. Names and profile images redacted for anonymity.

速度使 AI 能够处理更复杂、更高价值的任务。这反过来又为 AI 带来新用户，这些用户会更频繁地使用 AI，并用其解决更复杂的问题。飞轮效应正在于此。更多用户、更频繁的用户以及更复杂的使用场景，都会增加 AI 算力使用量。

Speed enables AI to address more complex, higher value tasks. This, in turn, brings new users to AI, who use AI more frequently and to solve more complex problems. And herein is the flywheel. More users, more frequent users, and more complex use cases all increase AI compute usage.

**快速推理赋能下一代 AI 工作负载，编程是明确的早期信号**

**Fast Inference Enables the Next Generation of AI Workloads, With Coding as a Clear Early Signal**

随着 AI 使用更多算力来处理日益复杂的问题，一个根本性挑战浮现出来：每个人都希望复杂请求能得到更好的响应，但没有人愿意等待响应。

As AI uses more compute to tackle increasingly complex problems, a fundamental challenge emerges: everyone wants a better response for complicated requests, but nobody wants to wait to get a response.

我们正在解决这一问题。根据在领先开源模型上的基准测试，Cerebras Inference 提供答案的速度最高可达领先的基于 GPU 的解决方案的 15 倍。这一速度优势使我们的解决方案能够为最先进的推理模型提供实时性能，从而更准确、更快速地完成复杂任务。

We are solving this problem. Cerebras Inference delivers answers up to 15 times faster than leading GPU-based solutions as benchmarked on leading open-source models. This speed advantage enables our solutions to deliver real-time performance for the most advanced reasoning models, enabling complex tasks to be completed more accurately and quickly.

如前所述，快速而准确的结果能够取悦用户、提升参与度，并开启新的应用类别和商业机会。更快的 AI 算力能在更短时间内给出答案，从而带来更频繁的使用、新型应用，进而产生更大的算力需求。

As discussed, fast and accurate results delight users, drive engagement, and unlock new classes of applications and business opportunities. Faster AI compute produces answers in less time, which drives more frequent usage, new types of applications, and therefore greater compute demand.

这些动态已在市场中显现。三个快速增长的类别——软件开发、深度研究系统和语音应用——说明了速度的重要性。对于这些以及许多其他类似应用而言，推理速度是必需品。

These dynamics are already visible in the market. Three fast-growing categories—software development, deep research systems, and voice applications—illustrate the importance of speed. For these and many other similar applications, inference speed is a necessity.

- AI 驱动的软件开发提供了一个清晰的早期信号。使用 AI 编程具有交互性，且对延迟敏感。延迟会打断开发者的思路，因此开发者更有可能放弃那些拖慢他们速度的工具。

- AI-powered software development provides a clear early signal. Coding with AI is interactive and sensitive to delay. Delay impairs a developer’s train of thought, and as a result, developers are more likely to abandon tools that slow them down.

AI 现在能够编写代码。它会对大型代码库进行推理，然后使用前述的多步骤流程来生成、修改和运行代码。推理速度已成为决定采用与否的首要因素。Cursor、Claude Code、Codex、Windsurf 和 GitHub Copilot 等产品充当自主协作者——根据开发者用自然语言下达的指令，跨代码仓库规划、编辑和验证代码。这些系统需要复杂的多步骤任务，包括持续推理和长上下文记忆。快速推理是避免令人沮丧的等待时间的唯一途径。

AI can now write code. It reasons over large codebases and then uses the multi-step process previously described to generate, modify, and run code. Inference speed has become a primary determinant for adoption. Products such as Cursor, Claude Code, Codex, Windsurf, and GitHub Copilot act as autonomous collaborators—planning, editing, and validating code across repositories in response to natural-language instructions from developers. These systems require complex, multi-step tasks, including continuous reasoning and long-context memory. Fast inference is the only way to avoid frustrating wait times.

AI 原生编程产品在 2023 年几乎还不存在。然而它们在 2025 年合计创造了数十亿美元的 ARR，并继续加速增长。例如，Lovable 和 Cursor 等 AI 编程应用是历史上增长最快的开发者工具之一。AI 编程智能体已成为软件编写方式的核心。据报道，截至 2026 年 2 月，Anthropic 的 Claude Code 年化收入运行率已达 $2.5 billion;Claude Code 的创造者于 2026 年 1 月表示，他的代码 100% 由 AI 编写。此外，根据 SonarSource 于 2025 年 10 月进行的一项调查，专业开发者报告称目前 42% 的代码由 AI 生成或辅助完成。大量软件工程师正从编写代码转向监督 AI 编程智能体集群。更快的推理意味着更高生产率的工程师。编程展示了推理系统中的一个基本模式：只要 AI 涉及持续交互、多步骤推理和对响应时间的敏感性，速度就决定了实用性。这些相同的条件存在于越来越多的 AI 应用中。

AI-native coding products barely existed in 2023. Yet they collectively generated billion s in ARR in 2025 and continue to accelerate. For example, AI coding applications like Lovable and Cursor are among some of the fastest growing developer tools in history. AI coding agents have become central to how software is written. Anthropic’s Claude Code is already at a reported annual revenue run rate of $2.5 billion as of February 2026; Claude Code’s creator said in January 2026 that he writes 100% of his code with AI. In addition, professional developers report that 42% of code is now AI-generated or assisted, according to a survey conducted by SonarSource in October 2025. By droves, software engineers are shifting from writing code to supervising fleets of AI coding agents. Faster inference means more productive engineers. Coding demonstrates a fundamental pattern in reasoning systems: wherever AI involves continuous interaction, multi-step reasoning, and sensitivity to response time, speed determines utility. Those same conditions are present across a growing set of AI applications.

- 深度研究系统将类似的推理应用于知识工作，在大型数据集上执行多步骤检索与综合，以实时提供结构化洞察。AlphaSense 等平台依赖实时推理来筛选更大量的文档，帮助分析师和企业更快找到答案。

- Deep research systems apply similar reasoning to knowledge work, performing multi-step retrieval and synthesis across large datasets to deliver structured insights in real time. Platforms such as AlphaSense rely on real-time inference to sift through a higher volume of documents to help analysts and enterprises find answers faster.

- 语音应用包括来自 Meta、Tavus 和 OpenCall 等公司的对话式智能体、虚拟形象和数字孪生。实时性能对语音至关重要：亚秒级延迟使交互感觉自然，并让这些系统有时间在对话过程中调用工具或检索数据，从而给出更丰富、更具上下文关联的回复。

- Voice applications include conversational agents, avatars, and digital twins from companies like Meta, Tavus, and OpenCall. Real-time performance is critical for voice: sub-second latency makes interactions feel natural and gives these systems time to call tools or retrieve data mid-conversation for richer, contextual responses.

我们相信，这些应用共同引领着 AI 应用的下一阶段：能够持续思考、行动和交互的系统，推动对更快、更高效算力基础设施的持续需求。

Together, we believe these applications lead the way in the next phase of AI adoption: systems that think, act, and interact continuously, driving sustained demand for faster and more efficient compute infrastructure.

在这种环境下，速度直接影响使用情况。漫长的等待时间限制了实时应用，阻碍了 AI 能力的普及，并可能抑制新市场和新应用的出现。因此，缓慢的系统会流失用户、限制能力并阻碍创新，而更快的系统则被更频繁地使用，并用于要求更高的工作负载。

In this environment, speed directly shapes usage. Long wait times limit real-time applications, stunt the diffusion of AI capabilities, and can inhibit new markets and applications. As a result, slow systems lose users, limit capability, and stall innovation, while faster systems are used more often and for more demanding workloads.

我们相信，速度是现代 AI 的决定性优势。推理即智能，而智能会随速度而累积。我们相信，提供快速、可扩展推理的能力不仅将定义下一个十年的技术，还将塑造人们工作、创造和交互方式的未来。

We believe speed is a defining advantage in modern AI. Reasoning is intelligence, and intelligence compounds with speed. We believe the ability to deliver fast, scalable reasoning will define not only the next decade of technology, but also shape the future of how people work, create, and interact.

我们的市场机会 Our Market Opportunity

我们所面对的是一个规模庞大且快速增长的 AI 基础设施市场。根据 Dell'Oro Group 的数据，全球数据中心基础设施资本支出预计将从 2025 年的 $679 billion 增长至 2030 年的 $1.7 trillion，复合年增长率（CAGR）为 21%。AI 基础设施正日益主导全球 IT 支出。

We address a large and rapidly growing market for AI infrastructure. According to Dell’Oro Group, worldwide data center infrastructure capital expenditures are expected to grow from $679 billion in 2025 to $1.7 trillion by 2030, representing a 21% CAGR. AI infrastructure increasingly dominates global IT spending.

#### 训练

#### Training

根据 Bloomberg Intelligence 的数据，AI 训练基础设施市场预计将从 2025 年的约 $185 billion 增长至 2029 年的 $380 billion，复合年增长率为 20%。该市场的特点是超大规模云厂商、基础模型实验室、企业以及主权 AI 倡议进行大规模资本投入，以开发基础模型和微调能力。我们已在该市场展现出强劲的成功，尤其体现在我们为 G42、MBZUAI、GlaxoSmithKline、Sandia National Laboratory、美国国防部及其他训练客户训练硬件和模型方面。

The AI training infrastructure market is expected to grow from approximately $185 billion in 2025 to $380 billion by 2029, a 20% CAGR, according to Bloomberg Intelligence. This market is characterized by large-scale capital buildouts as hyperscalers, foundation model labs, enterprises, and Sovereign AI initiatives, invest in developing foundation models and fine-tuning capabilities. We have demonstrated strong success in this market, most notably through hardware and models we’ve trained for G42, MBZUAI, GlaxoSmithKline, Sandia National Laboratory, the U.S. Department of Defense, and other training customers.

#### 推理

#### Inference

根据 Bloomberg Intelligence 的数据，我们在 AI 推理市场中的可服务市场预计将从 2025 年的约 $66 billion 增长至 2029 年的 $292 billion，复合年增长率为 45%。

Based on Bloomberg Intelligence data, our addressable market within the AI inference market is expected to grow from approximately $66 billion in 2025 to $292 billion by 2029, a 45% CAGR.

AI 推理市场随 AI 用户数量的增长而扩大，我们预计这一数字将随时间推移与全球互联网用户基数趋于一致。推理算力可在硬件层面通过本地部署获取，也可在云/API 层面获取，并以所服务的 token 数量计量。我们通过直接部署在客户数据中心的 Cerebras AI 超级计算机，以及面向基于 token 的 API 市场的 Cerebras Inference Cloud，同时服务这两类需求。

The AI inference market scales with the number of AI users, a number we expect to converge with the global internet user base over time. Inference compute can be accessed at the hardware level through on-premises deployments and at the cloud/API level, measured in tokens served. We serve both through Cerebras AI supercomputers, which are deployed directly in customer data centers, and Cerebras Inference Cloud, which addresses the token-based API market.

基于 token 的市场正在快速扩张。2025 年 10 月，Google 报告 Gemini 每月处理 1.3 quadrillion 个 token——而在 2022 年末 ChatGPT 推出之前，这一市场实际上为零。Cerebras Inference Cloud 直接服务该市场。由于我们提供的 AI 算力具有通用性，我们服务于各垂直领域使用的广泛模型——消费级应用、代码生成、企业 AI 等。为聊天应用提供支持的同一基础设施，也可为金融模型或编程智能体提供支持。

The token-based market is expanding rapidly. In October 2025, Google reported Gemini was serving 1.3 quadrillion tokens per month—a market that was effectively zero before the launch of ChatGPT in late 2022. Cerebras Inference Cloud directly serves this market. Because the AI compute we provide is general purpose, we serve a wide range of models used across verticals—consumer applications, code generation, enterprise AI, and more. The same infrastructure that powers a chat application can power a financial model or a coding agent.

根据 Bloomberg Intelligence 的数据，AI 训练基础设施市场与我们在 AI 推理中的可服务市场合计规模在 2025 年估计为 $251 billion，并预计到 2029 年增长至 $672 billion——复合年增长率为 28%。该估计表明，到 2029 年，AI 推理的增长速度将超过 AI 训练基础设施的两倍以上，并且我们预计，随着已部署模型扩展以服务全球用户基数，AI 推理将在 AI 基础设施总需求中占据越来越大的份额。凭借 Artificial Analysis 基准测试所认定的市场上最快的推理平台，以及在大规模训练方面经过验证的过往业绩，我们相信我们处于有利地位，能够把握这两个市场的增长机遇。

The combined market for AI training infrastructure and our addressable market within AI inference is estimated to be $251 billion in 2025 and is expected to grow to $672 billion by 2029—a 28% CAGR, according to Bloomberg Intelligence. This estimate indicates that AI inference will grow more than twice as fast as AI training infrastructure through 2029, and we expect AI inference to represent an increasing share of total AI infrastructure demand as deployed models scale to serve global user bases. With the fastest inference platform on the market, as benchmarked by Artificial Analysis, and a proven track record in large-scale training, we believe we are well-positioned to capture growth across both markets.

我们的解决方案 Our Solution

我们正在打造全球最快的商用 AI 基础设施。我们的 AI 超级计算机专为让 AI 变快而构建。它们专为定义现代 AI 的延迟敏感型推理工作负载而打造。我们的全栈硬件和软件平台旨在比同类基于 GPU 的解决方案显著更快、更高效地完成 AI 任务，无论是在本地部署、通过 Cerebras Cloud 部署，还是通过合作伙伴云部署。

We are building the fastest commercial AI infrastructure in the world. Our AI supercomputers are purpose built to make AI fast. They are built for the latency-sensitive, reasoning workloads that define modern AI. Our full-stack hardware and software platform is designed to complete AI tasks significantly faster and more efficiently than comparable GPU-based solutions, whether deployed on premises, through the Cerebras Cloud, or via partner clouds.

#### 1. 硬件平台

#### 1. Hardware Platform

我们解决方案的核心是 Cerebras WSE，这是迄今已实现大批量上市的最大、最快的 AI 处理器。WSE 在迄今已建成的最大商用芯片上集成了 900,000 个计算核心、44 吉字节片上内存和 21 拍字节内存带宽。WSE-3 的尺寸是 NVIDIA B200 芯片的 58 倍。WSE 的晶体管数量是 NVIDIA B200 封装（内含两颗独立芯片）的 19 倍，片上内存是其 250 倍，内存带宽是其 2,625 倍。

At the core of our solution is the Cerebras WSE, the largest and fastest AI processor ever brought to market in high volumes. The WSE combines 900,000 compute cores, 44 gigabytes of on-chip memory, and 21 petabytes of memory bandwidth on the largest commercial chip ever built. The WSE-3 is 58 times larger than NVIDIA’s B200 chip. The WSE has 19 times more transistors, 250 times more on-chip memory, and 2,625 times more memory bandwidth than NVIDIA’s B200 package, which contains two individual chips.

每颗 WSE 均封装于 Cerebras CS-3 系统之中，这是我们完全集成的 AI 算力系统，包含先进冷却、供电和互连技术。多台 CS-3 系统相互连接，构成部署在客户数据中心本地及云端的 Cerebras AI 超级计算机。

Each WSE is housed inside a Cerebras CS-3 system, our fully integrated AI compute system that includes advanced cooling, power delivery, and interconnect technology. Multiple CS-3 systems connect to form Cerebras AI supercomputers deployed on premises in customer data centers and in the cloud.

Cerebras CS-3 全球最快的 AI 系统

The Cerebras CS-3 World’s Fastest AI System

#### 2. 协同设计的软件平台

#### 2. Co-designed Software Platform

我们的软件平台让晶圆级计算变得简单易用。它覆盖完整的 AI 生命周期——从模型编程与编译，到训练与推理，再到集群编排。

Our software platform makes wafer-scale computing simple to use. It spans the full AI life cycle—from model programming and compilation, to training and inference, to cluster orchestration.

- Cerebras Compiler 将 PyTorch 模型直接编译至 WSE，无需 CUDA 或分布式编程，并提供易于使用的开发者体验。

- Cerebras Compiler compiles PyTorch models directly to the WSE, eliminating the need for CUDA or distributed programming and providing an easy-to-use developer experience.

- Cerebras Inference Serving Stack 通过行业标准 API 提供超低延迟推理，可供生产环境使用。

- Cerebras Inference Serving Stack delivers ultra-low-latency inference with industry-standard APIs for production use.

- Cerebras Cluster Manager 将多台 CS-3 系统编排为一台逻辑上的 AI 超级计算机，大规模处理调度、遥测和健康监控。

- Cerebras Cluster Manager orchestrates multiple CS-3 systems into one logical AI supercomputer, handling scheduling, telemetry, and health monitoring at scale.

由于每一层都与我们的硬件协同设计，客户无需重写代码或管理分布式基础设施，即可在前沿规模模型上扩展训练和推理。

Because every layer is co-designed with our hardware, customers can scale training and inference across frontier-size models without rewriting code or managing distributed infrastructure.

#### 3. 灵活的部署模式

#### 3. Flexible Deployment Models

我们的技术旨在以最能加速客户 AI 路线图的形式交付。我们的平台在设计上注重灵活性——在组织所处的阶段与其对接，并随着其雄心增长而扩展。

Our technology is designed to be delivered in the form that best accelerates a customer’s AI roadmap. Our platform is designed for flexibility—meeting organizations where they are, and scaling with them as their ambitions grow.

- Cerebras Cloud：通过简单的 API 提供高性能 AI 算力，使客户能够以生产级可靠性服务开源、微调或专有模型。

- Cerebras Cloud: Provides high-performance AI compute through a simple API, allowing customers to serve open-source, fine-tuned, or proprietary models with production-grade reliability.

- 合作伙伴云：通过包括 AWS Marketplace、Microsoft Marketplace、IBM watsonx Model Gateway、Vercel AI Gateway、OpenRouter 和 Hugging Face 在内的领先云服务商提供对 Cerebras 系统的无缝访问，将我们的覆盖范围扩展至全球 AI 生态。

- Partner Clouds: Offer seamless access to Cerebras systems through leading cloud providers including AWS Marketplace, Microsoft Marketplace, IBM watsonx Model Gateway, Vercel AI Gateway, OpenRouter, and Hugging Face, extending our reach across the global AI ecosystem.

- 本地部署：交付完全集成的 AI 超级计算机并直接安装到客户环境中，使企业、主权 AI 计划、国家实验室和国防组织能够完全掌控数据、性能和运营。我们还为部分客户运营和管理大型 AI 超级计算机集群。

- On-Premises Deployments: Deliver fully integrated AI supercomputers and install them directly in customer environments, giving enterprises, Sovereign AI initiatives, national laboratories, and defense organizations complete control over data, performance, and operations. We also operate and manage large clusters of AI supercomputers for some of our customers.

- 混合部署：通过统一的软件栈使客户能够在本地和云环境之间灵活迁移，在扩展过程中保持一致的性能和工作流。

- Hybrid Deployments: Enable customers to move fluidly between on-premises and cloud environments through a unified software stack, maintaining consistent performance and workflows as they scale.

客户选择适合自身需求的消费模式——按 token 购买推理、按周或按月运行训练工作负载、为长期生产部署预留专用容量，或购买本地基础设施。

Customers choose the consumption model that fits their needs—buying inference by the token, running training workloads by the week or month, reserving dedicated capacity for long-term production deployments, or purchasing on-premises infrastructure .

客户选择适合自身需求的消费模式 Cerebras Cloud 本地 共享层级 试用与探索。专用容量 部署到生产环境。合作伙伴云 超大规模云 大规模分发。本地部署 安全与控制。

Customers Choose the Consumption Model that Fits Their Needs Cerebras Cloud On-Premises Shared Tier Try and explore. Dedicated Capacity Deploy in production. Partner Clouds Hyperscale Cloud Mass distribution. On-Premises Deployment Security & control.

#### 4. AI 模型服务

#### 4. AI Model Services

我们的 AI 专家加速客户将 AI 应用从概念推向生产的能力。凭借在跨模态训练和部署前沿规模模型方面的深厚经验，我们的团队帮助客户选择模型架构、准备大规模训练数据，并为生产训练和微调模型。我们还为客户设计优化部署——训练草稿模型或推测解码模型，并调整配置以平衡每个应用的延迟、吞吐量和成本。

Our AI experts accelerate customers’ ability to take AI applications from concept to production. With deep experience training and deploying frontier-scale models across modalities, our team helps customers select model architectures, prepare large-scale training data, and train and fine-tune models for production. We also design optimized deployments for customers—training draft or speculative decoding models and tuning configurations to balance latency, throughput, and cost for each application.

我们擅长将 AI 雄心转化为业务成果。通过以先进的 AI 专业知识增强客户团队，我们帮助客户设计、构建和部署通常优于现有最先进水平的定制模型，为客户带来显著的竞争优势。

We excel at turning AI ambition into business results. By augmenting customer teams with advanced AI expertise, we help customers design, build, and deploy custom models that often outperform existing state of the art, giving customers a meaningful competitive advantage.

我们的硬件平台、统一软件和 AI 模型服务共同构成一个集成平台，其价值随时间推移而不断提升。随着客户在 Cerebras 上构建模型、工作流和应用，该平台能够深度嵌入其 AI 开发与运营之中，从而形成持久的合作关系。

Together, our hardware platform, unified software, and AI model services form an integrated platform that becomes increasingly valuable over time. As customers build models, workflows, and applications on Cerebras, the platform can become deeply embedded in their AI development and operations, leading to durable relationships.

#### 这对客户意味着什么

#### What This Means for Customers

我们的客户包括超大规模云服务商、基础模型实验室、AI 原生和数字原生企业、各类企业以及主权 AI 计划的领导者，他们完成任务的速度远快于基于 GPU 的系统。更快的推理能力可改善用户体验、提升参与度、加快迭代速度，并催生新类别的 AI 应用。这一速度优势在生产环境中会不断累积放大，因为更低的延迟和更短的训练周期会带来切实的业务影响。

Our customers, which include hyperscalers, foundation model labs, AI-native and digital-native businesses, enterprises, and leaders of Sovereign AI initiatives, complete tasks dramatically faster than on GPU-based systems. Faster reasoning improves user experience, increases engagement, accelerates iteration, and enables new classes of AI applications. This speed advantage compounds in production environments, where reduced latency and shorter training cycles have meaningful business impact.

关键客户收益 Key Customer Benefits

通过我们的全栈 AI 产品，我们在定义 AI 现实价值的四个关键维度上实现了切实的提升：速度、质量、成本和简便性。

Through our full-stack AI offerings, we deliver tangible improvements across four key dimensions that define AI value in the real world: speed, quality, cost, and simplicity .

#### 1. 速度：实时推理释放 AI 的新价值

#### 1. Speed: Real-Time Reasoning Unlocks New Benefits From AI

我们的系统实现的推理速度远快于 GPU 集群，使实时编程智能体、近乎即时的深度研究以及此前不切实际或不可能实现的数字孪生等应用成为可能。客户将推理速度的跃升形容为从拨号上网到宽带的跨越——这一进步重新定义了 AI 的能力边界。

Our systems achieve dramatically faster inference than GPU clusters, enabling applications such as real-time coding agents, nearly instant deep research, and digital twins that were previously impractical or impossible. Customers describe the leap in inference speed as akin to going from dial-up to broadband—an advancement that redefines what AI can do.

客户基于 Cerebras 构建并日常使用的新一类产品包括：

New classes of products that customers have built and use daily with Cerebras include:

- 实时编程智能体：几乎即时读取、编写和调试代码的编程助手——将 AI 转变为交互式编程伙伴。

- Real-time coding agents: Copilots that read, write, and debug code nearly instantly—turning AI into an interactive programming partner.

- 近乎即时的深度研究智能体：可在数秒内分析数千份文档的系统，加速市场、科学和政策研究。

- Nearly instant deep research agents: Systems that analyze thousand s of documents in seconds, accelerating market, scientific, and policy research.

- 数字孪生：能够实时思考、说话和反应的逼真 AI 角色。借助 Cerebras，虚拟形象响应时不会出现尴尬的延迟，并能进行更自然、更具互动性的对话。

- Digital twins: Lifelike AI personas that think, speak, and react in real time. With Cerebras, avatars respond without awkward delays, and carry conversations that are more natural and interactive.

#### 2. 质量：更快获得更准确的响应

#### 2. Quality: More Accurate Responses Faster

在 GPU 上，延迟迫使人们在速度与智能之间做出取舍。开发者往往不得不限制响应的准确性，以便在合理的时间内交付。我们的产品旨在消除这一取舍。客户可以交互式地运行长上下文、多步推理模型，在交付更高质量结果的同时不会出现相应的延迟。我们的推理速度使开发者能够使用多得多的推理 token，同时保持相同的端到端任务完成时间。我们将质量从一项限制转变为一项特性；客户现在可以以完整能力、近乎实时地运行一些规模最大的模型。

On GPUs, latency forces a tradeoff between speed and intelligence. Developers often have to limit the accuracy of a response in order to have it delivered in a reasonable amount of time. Our offerings are designed to remove this tradeoff. Customers run long-context, multi-step reasoning models interactively, delivering higher-quality results without comparable delays. Our inference speed allows developers to use substantially more reasoning tokens while maintaining the same end-to-end task completion time. We turn quality from a limitation into a feature; customers can now serve some of the largest models at full strength, in nearly real time.

#### 3. 成本：更低功耗实现更高性能

#### 3. Cost: Higher Performance at Lower Power

将数据从一个芯片传输到另一个芯片是 AI 算力中功耗最高的环节之一。而电力是 AI 算力运营支出的最大构成部分。

Moving data from one chip to another is one of the most power-intensive parts of AI compute. And power is the largest contributor to operating expenses in AI compute.

我们的晶圆级架构将数据保留在芯片上，大幅减少数据移动，进而降低功耗。它还省去了多层昂贵且复杂的网络设备。作为对比，在 WSE-3 上移动一位数据所消耗的能量，仅为通过 GPU 互连移动同样一位数据所需能量的一小部分。

Our wafer-scale architecture keeps data on-chip, reducing data movement significantly, which in turn reduces power consumption. It also eliminates layers of costly and complex networking equipment. By way of comparison, moving a bit of data on the WSE-3 consumes a fraction of the energy required to move the same bit of data over GPU interconnects.

由于我们的性能优势源于根本性的架构效率，我们预计这些优势将在未来继续基于我们的晶圆级技术构建的各代产品中得以延续。

Because our performance advantages stem from fundamental architectural efficiency, we expect these benefits to endure across future generations that continue to build on our wafer-scale technology.

**4. 简洁性：单一平台；无需分布式编程；模型易于训练和部署**

**4. Simplicity: One Platform; No Distributed Programming; Easy to Train and Deploy Models**

我们消除了跨 GPU 集群分布式编程的复杂性，而这是 AI 部署中最具挑战性的方面之一。即使是极大规模的模型也无需更改代码即可运行，并可在 Cerebras 系统集群间自动、无缝地扩展。由于训练、微调和推理均在同一统一平台上进行，客户无需承担在不同算力环境之间迁移的运营开销，从而可在同一集群上完成推理、微调和从零开始的训练。Cerebras 编译器的 PyTorch 集成使模型定制和编译变得简单，推理服务栈可在数分钟内完成前沿规模模型的部署，我们的 AI 专家在模型全生命周期内为客户提供支持以加速成果实现。Cerebras 的部署平台还允许客户运行并非在 Cerebras 硬件上训练的模型，同时仍能实现卓越的推理性能。

We eliminate the complexity of distributed programming across GPU clusters, which is one of the most challenging aspects of AI deployment. Even extremely large models run without code changes, and scale automatically and seamlessly across clusters of Cerebras systems. Because training, fine-tuning, and inference all occur on a unified platform, customers avoid the operational overhead of moving between different compute environments, enabling inference, fine-tuning, and training from scratch on the same cluster. Cerebras Compiler’s PyTorch integration makes model customization and compilation simple, the Inference Serving Stack enables deployment of frontier-sized models in minutes, and our AI experts support customers throughout the model life cycle to accelerate results. Cerebras’s deployment platform also allows customers to run models that were not trained on Cerebras hardware and still achieve exceptional inference performance.

阻碍 GPU 在 AI 领域更快的原因 Factors Preventing GPUs From Being Faster at AI

AI 推理速度受限于数据在内存与算力之间移动的速度；这被称为内存

AI inference speed is limited by how fast data moves between memory and compute; this is called memory

**带宽。**

**bandwidth .**

当大型语言模型生成回复时，它一次预测一个词（token）。每生成一个 token 都需要将大量数据——即全部模型权重——从内存移动到算力。由于每个 token 都依赖于前一个 token，这项工作无法并行化，使得 AI 推理速度从根本上受限于内存带宽。

When a large language model generates a response, it predicts one word (token) at a time. Each token generated requires a large amount of data—all of the model weights—to be moved from memory to compute. Because each token depends on the previous one, this work cannot be parallelized, making AI inference speed fundamentally limited by memory bandwidth.

AI 推理是一个内存带宽问题；推理是无法并行化的顺序工作 在推理过程中，全部模型权重从内存移动到算力以生成每一个词。模型越大，需要移动的“权重数据”就越多。生成 100 个词需要对模型中的所有参数进行 100 次遍历。这无法并行化，并受限于内存带宽。The Quick Brown Compute V Fox Jumps The Quick Brown Over Time

Al Inference is a Memory Bandwidth Problem; Inference is Sequential Work that Cannot be Parallelized During inference, all of the model weights move from memory to compute to generate each word. The bigger the model, the more “weight data” has to be moved. Generating 100 words takes 100 passes through all the parameters in the model. This cannot be parallelized and is limited by the memory bandwidth. The Quick Brown Compute V Fox Jumps The Quick Brown Over Time

GPU 是为图形工作负载设计的。图形可以容忍较慢的内存移动，因为高度可并行化的工作负载使 GPU 能够在移动更多数据的同时让众多计算核心保持忙碌，从而掩盖内存延迟。这些工作负载特征使得将高容量片外内存放置在远离计算处理器的位置，成为图形领域的一项强有力的架构选择。

GPUs were designed for graphics workloads. Graphics can tolerate slower memory movement because the highly parallelizable workload allows the GPU to keep many compute cores busy while more data is moved over, masking the memory latency. These workload characteristics made high-capacity off-chip memory, placed far away from the compute processor, a strong architectural choice for graphics.

但片外内存的代价是速度。片外内存通过一条狭窄的数据“管道”与计算处理器相连，内存带宽较低。这对图形而言是正确的取舍，但它对 AI 速度造成了关键限制，因为在 AI 中数据移动才是瓶颈。其结果是 GPU 在 AI 领域遭遇“内存墙”，即 GPU 的内存带宽无法跟上 AI 工作负载的算力需求，从而限制了 AI 生成答案的速度。

But the tradeoff of off-chip memory is speed. Off-chip memory connects to the compute processors through a narrow data “pipe” with low memory bandwidth. This was the right tradeoff for graphics, but it creates a critical limitation for AI speed, where data movement is the bottleneck. The result is a GPU “memory wall” for AI, where a GPU’s memory bandwidth cannot keep up with compute for AI workloads, and thereby limits the speed with which AI answers can be generated.

这些不是软件问题。它们是内存 + GPU 架构的物理极限。

These are not software issues. They are the physical limits of the memory + GPU architecture.

为了达到高速，我们认为 AI 需要一种从根本上不同的架构来解决内存墙问题。这种架构必须提供大幅更高的内存带宽，使数据能够在内存与算力之间更快地移动，从而加速 AI 回复的生成。

In order to be fast, we believe AI requires a fundamentally different architecture that solves the memory wall. Such architecture must provide vastly more memory bandwidth to enable data to move more quickly between memory and compute, which can thereby accelerate the generation of AI responses.

我们的技术 Our Technology

#### 晶圆级集成：基础

#### Wafer-Scale Integration: The Foundation

Cerebras 始于一个简单的问题：如何设计一类全新的处理器，以解决 AI 带来的算力挑战为唯一目标？从零开始，我们如何避免为图形及其他工作负载所做的取舍，从而确保每一个晶体管、处理器的每一个部分，都针对 AI 的需求进行优化？

Cerebras started with a simple question: How could a new class of processors be designed with the singular goal of solving the compute challenges presented by AI? Beginning with a clean slate, how could we avoid the trade-offs made for graphics and other workloads to ensure that every transistor, every single part of the processor, was optimized for the requirements of AI?

我们的答案是晶圆级集成。晶圆级集成使我们能够使用速度远超以往的内存，并避免交换机与路由器带来的复杂性，以及将数千个 GPU 连接在一起所必需的相应复杂性。

Our answer is wafer-scale integration. Wafer-scale integration enabled us to use a vastly faster memory and avoid the complexity of switches and routers and associated complexity necessary to link together thousand s of GPUs.

SRAM 是迄今为止速度最快的内存。但现有的行业参与者无法使用同样多的 SRAM，因为他们无法将其容纳在芯片上。通过构建一颗比 NVIDIA 的 B200 芯片大 58 倍的芯片，我们能够最大化快速的片上 SRAM，并获得两个世界的好处：(1) 由于我们构建了如此巨大的芯片，内存容量显著增加；(2) SRAM 提供的巨大带宽所带来的好处。晶圆级使我们能够交付一款内存带宽比 NVIDIA 的 B200 封装高 2,625 倍的解决方案，这正是我们能够以极快速度提供推理的原因。

SRAM is the fastest memory to date. But existing industry players could not use as much SRAM because they could not fit it on their chip. By building a chip 58 times larger than NVIDIA’s B200 chip, we can maximize fast, on-chip SRAM and get the benefits of two worlds: (1) significantly more memory capacity because we built such a big chip, and (2) the benefits of the massive bandwidth provided by SRAM. Wafer scale enables us to deliver a solution with 2,625 times more memory bandwidth than NVIDIA’s B200 package, which is how we are able to deliver inference at extremely fast speeds.

晶圆级集成带来的第二个根本优势在于，它使晶圆保持完整。我们的解决方案不是先制造一片晶圆、将其切割成数十个小 GPU，再用昂贵、高功耗的交换机和复杂的线缆将它们重新连接起来，而是由一个与整片硅晶圆大小相当的处理器构成。这减少了对构建 GPU 解决方案所需的大部分网络栈的需求、成本、管理复杂性和功耗。

The second fundamental advantage provided by wafer-scale integration is that it kept the wafer intact. Instead of building a wafer, cutting it into dozens of small GPUs, and using expensive, power-hungry switches, and complex cables to wire them back together, our solution consists of one processor that is the size of an entire silicon wafer. This reduced the need, cost, managerial complexity, and power draw of much of the networking stack required to build a GPU solution.

我们的晶圆级解决方案将算力、内存和通信统一在同一片硅片上，消除了拖慢 GPU 系统的数据传输瓶颈。

Our wafer-scale solution unifies compute and memory and communications on the same piece of silicon, eliminating the data-movement bottlenecks that slow GPU systems.

#### 晶圆级集成的基础

#### The Underpinnings of Wafer-Scale Integration

我们解决了一个困扰算力行业整个历史的问题：如何构建整片硅晶圆大小的芯片。尺寸带来的优势众所周知。但此前从未有公司把晶圆级解决方案推向市场。

We solved a problem that flummoxed the compute industry for its entire history: how to build chips the size of full silicon wafers. The advantages of size were well known. But no company had ever brought a wafer-scale solution to market.

为使晶圆级在商业上可行，我们发明并产品化了两个基础性半导体技术：

To make wafer-scale commercially viable, we invented and productized two foundational semiconductor technologies:

- 多裸片互连：传统上，裸片——即包含集成电路的硅区域——被逐个压印到硅晶圆上，然后被切割（“划片”）成一个个独立的小芯片。在 Cerebras 之前，已知最大的芯片约为 840 mm 2。我们发明了在半导体晶圆厂内、于晶圆层面将这些原本独立的裸片互连在一起的技术。裸片间连接采用专有的跨掩模版连接，并集成到我们的整体制造工艺中。这使我们能够利用现有工艺做到我们认为此前从未有人做到的事情——即交付一片在整个 46,225 mm 2 硅片上实现通信的晶圆，从而构成一个单一的大型处理器。

- Multi-die interconnect: Traditionally, die—regions of silicon containing an integrated circuit—are individually stamped onto a silicon wafer and then cut up (“diced”) into small, separate chips. Prior to Cerebras, the largest known chip was about 840 mm 2. We invented technology to interconnect these otherwise independent die together at the wafer level, at the semiconductor fabrication plant. The inter-die connectivity uses a proprietary cross-reticle connection that is integrated into our overall fabrication process. This allowed us to use existing processes to do something we believe had never been done before —namely, deliver a wafer that communicated across the entire 46,225 mm 2 of silicon and therefore is a single massive processor.

- 容错架构：半导体商业可行性的一个主要因素是良率。晶圆中会存在缺陷。大芯片遇到此类缺陷的概率更高。传统上，有缺陷的芯片会被丢弃或“降级”，即作为性能较低的部件出售。因此，采用传统技术时，较大的芯片良率较低，因而成本更高。我们设计的架构使用冗余构建模块来吸收缺陷并绕开缺陷——类似于超大规模数据中心，但发生在晶圆上。缺陷被设计为可被识别、关闭并绕开。冗余构建模块用于重新构成逻辑上功能完整的整体。这种方法此前曾用于存储器制造以实现近乎完美的良率，但据我们所知，在 Cerebras 之前，尚未被用于构建处理器。

- Fault-tolerant architecture: A primary factor in the commercial viability of a semiconductor is the yield. Flaws are present in wafers. Large chips have a higher probability of hitting such a flaw. Traditionally, chips with flaws have been thrown out or “down binned,” that is, sold as a less capable part. Thus, using traditional techniques, larger chips have lower yield and are therefore more expensive. We designed the architecture to absorb and route around defects using redundant building blocks—similar to a hyperscale data center but on the wafer. Flaws are designed to be recognized, shut down, and routed around. Redundant building blocks are used to re-form a logically functional whole. This approach had been previously used in memory manufacturing to achieve near-perfect yield, but to our knowledge, prior to Cerebras had not been used to build processors.

这些创新使晶圆级计算在半导体历史上首次具备商业可行性。

These innovations made wafer-scale computing commercially viable for the first time in semiconductor history.

Cerebras WSE-3 与 NVIDIA B200 “Blackwell”对比 Cerebras WSE 3 4 万亿晶体管 46.225 mm2 硅片 NVIDIA B200 封装 2080 亿晶体管 ~ 1,600 mm2 硅片（合计）注：图片仅为示意，比例约为近似值。

Cerebras WSE-3 vs. NVIDIA B200 "Blackwell" Cerebras WSE 3 4 Trillion Transistors 46.225 mm2 Silicon NVIDIA B200 Package 208 Billion Transistors ~ 1,600 mm2 Silicon (Combined) Note: Image is illustrative, scale is approximate.

#### Cerebras 芯片、系统与软件

#### The Cerebras Chip, System, and Software

Cerebras 提供全栈 AI 基础设施解决方案。它在每一层都包含创新。最底层是 Cerebras WSE，即我们的晶圆级处理器。每个 WSE 都集成到 CS-3 系统中，配备先进的供电、冷却和系统管理。多个 CS-3 系统连接在一起，组成部署于全球数据中心的 Cerebras AI 超级计算机。

Cerebras delivers a full-stack AI infrastructure solution. It contains innovations at each layer. At the base is the Cerebras WSE, our wafer-scale processor. Each WSE is integrated into a CS-3 system with advanced power delivery, cooling, and system management. Multiple CS-3 systems link together to form Cerebras AI supercomputers that are deployed in data centers around the world.

轻量级管理与编排软件将这些系统作为一个逻辑计算机运行，而我们的训练和推理平台使大规模运行大型模型变得简单。由于每一层在设计时都考虑到了其他层，该平台可提供一致的性能、降低基础设施复杂性，并加快部署和取得结果的时间。

Lightweight management and orchestration software operate these systems as one logical computer, while our training and inference platforms make it simple to run large models at scale. Because each layer is designed with the others in mind, the platform delivers consistent performance, reduced infrastructure complexity, and faster time to deployment and results.

#### 1. 芯片：Cerebras 晶圆级引擎

#### 1. The Chip: Cerebras Wafer-Scale Engine

我们平台的核心是 Cerebras WSE，这是全球最大、最快的已商业化 AI 处理器。单个 WSE 将 900,000 个计算核心和 44 GB 片上内存集成在一块硅片上，片上内存带宽达 21 PB/s，从而取代整个 GPU 集群。WSE-3 比 NVIDIA 的 B200 芯片大 58 倍。WSE-3 的晶体管数量还多 19 倍，片上内存多 250 倍，内存带宽比 NVIDIA 的 B200 封装（包含两个独立芯片）多 2,625 倍。

At the heart of our platform is the Cerebras WSE, the world’s largest and fastest commercialized AI processor. A single WSE replaces an entire cluster of GPUs by combining 900,000 compute cores and 44 gigabytes of on-chip memory on one piece of silicon, with 21 petabytes per second of on-chip memory bandwidth. The WSE-3 is 58 times larger than NVIDIA’s B200 chip. The WSE-3 also has 19 times more transistors, 250 times more on-chip memory, and 2,625 times more memory bandwidth than NVIDIA’s B200 package, which contains two individual chips.

我们相信我们的架构解决了内存带宽问题，而这是现代 AI 的主要瓶颈。通过将计算和内存保留在单个芯片上，WSE-3 消除了主导 GPU 延迟和功耗的片外数据传输。因此，在 AI 任务上，我们的系统比 GPU 更快、更易于编程，且能效更高。

We believe our architecture solves for memory bandwidth, which is a primary bottleneck in modern AI. By keeping compute and memory on a single chip, WSE-3 eliminates the off-chip data transfers that dominate GPU latency and power consumption. As a result, our systems are faster, simpler to program, and more power-efficient than GPUs on AI tasks.

快速推理取决于内存带宽。下面，我们展示了采用 HBM（一种片外 DRAM）和 GPU 的传统 GPU 架构。对于 70 亿参数模型，GPU 要基于推理提示生成单个词，必须将超过 140 GB 的数据从内存移动到计算单元。这大约相当于 100 部 1 小时的高清电影。而这仅仅是为了生成一个词。并且，对于序列中的每个词，都必须反复进行这一过程。

Fast inference depends on memory bandwidth. Below, we show the traditional GPU architecture with HBM, a type of off chip DRAM, and a GPU. For the GPU to generate a single word based on an inference prompt for a 70 billion parameter model, it must move more than 140 gigabytes of data from memory to compute. That is roughly 100 1-hour HD movies. This is to generate a single word. And this must be done again and again for each word in sequence.

采用 HBM 的传统 GPU 架构受限于内存带宽。在 GPU 中，HBM 内存位于片外，远离计算单元。将权重从 HBM 移动到计算单元需要时间，导致推理速度较慢。GPU 计算“fox”一个 70B 参数模型包含 140 GB 数据。这大约相当于 100 部电影的数据量。为了生成每个词，这些数据必须通过这条线路传输。

Traditional GPU Architectures with HBM are Limited by Memory Bandwidth In a GPU, HBM memory is off-chip, far away from the compute. Moving weights from HBM and compute takes times and produces slower inference. GPU Compute “fox” A 70B parameter model is 140 GB of data. This is about 100 Movies worth of data. This data must travel across this wire to generate each word.

生成响应的速度受限于数据从内存移动到计算单元的速度。下图展示了我们性能优势的基础。我们在内存和计算单元之间拥有 2,625 倍大的管道。更多数据可以通过我们的管道传输，这意味着我们生成“词”（token）的速度要快得多。

The speed of generating a response is limited by the rate at which data can move from memory to computer. In the figure below, we show the underpinning of our performance advantage. We have a 2,625 times larger pipe between memory and compute. More data can move though our pipes, meaning we generate “words” (tokens) much more quickly.

Cerebras WSE 提供的内存带宽是 NVIDIA B200 封装的 2,625 倍，从而实现高达 15 倍的推理速度提升。GPU Cerebras WSE 内存带宽：21,000 TB/s WSE 将大量高性能 SRAM 直接置于晶圆上。更快的内存，更靠近计算单元，带来更快的成果。

Cerebras WSE Delivers 2,625 Times More Memory Bandwidth than NVIDIA’S B200 Package, Resulting in Up to 15 Times Faster Inference Speeds GPU Cerebras WSE Memory BW: 21,000 Terabytes/s The WSE puts massive amounts of high-performance SRAM directly on the wafer. Faster memory, closer to compute, delivers faster results.

#### 2. CS-3：晶圆级计算的系统创新

#### 2. CS-3: System Innovation for Wafer-Scale Compute

WSE-3 部署在 CS-3 系统内，这是一款数据中心就绪的设备，旨在支持晶圆级运行并无缝集成到企业和主权 AI 环境中。CS-3 提供可靠、大规模运行晶圆级处理器所需的电力输送、冷却、网络和系统管理。多个 CS-3 系统可以连接组成 Cerebras AI 超级计算机，作为单一逻辑计算机运行，用于大规模训练和推理。

The WSE-3 is deployed inside the CS-3 system, a data center-ready appliance engineered to support wafer-scale operation and integrate seamlessly into enterprise and Sovereign AI environments. The CS-3 provides the power delivery, cooling, networking, and system management required to operate a wafer-scale processor reliably and at scale. Multiple CS-3 systems can be connected to form Cerebras AI supercomputers, which function as a single logical computer for large-scaletraining and inference .

晶圆级引擎为 CS-3 系统提供动力；k 个 CS-3 系统为 Cerebras 的 AI 超级计算机提供动力 1 个晶圆级引擎 CS-3 系统 Cerebras AI 超级计算机 M H 核心技术 机架级系统 部署在数据中心的系统 跨光罩缝合——开发的热膨胀容忍晶圆级集群——专为连接裸片而设计的技术 封装——开发的材料和工艺，用于在晶圆级别实现独特的超快训练和推理 Cerebras 编译器软件——良率——开创性架构，旨在无缝运行 ■ 旨在通过承受热膨胀而非避免缺陷，实现晶圆级部件的高良率 为 GPU 编写的模型可在 Cerebras 硬件上运行 电力输送和冷却——开发了新颖的输送系统，为晶圆表面提供均匀的电力和冷却，同时每单位计算使用的电力仅为一小部分。自 2020 年以来，我们一直在业界首个商用晶圆级 AI 系统上进行良率提升、封装、交付和运行软件。

The Wafer-Scale Engine Powers the CS-3 System; k I CS-3 Systems Power Cerebras’s Al Supercomputers 1 Wafer-Scale Engine CS-3 System Cerebras Al Supercomputer M H Core Technology Rack-Scale System Systems Deployed in Data Centers Cross-reticle stitching-developed Thermal expansion-tolerant Wafer-Scale Cluster - designed for technology to connect die together packaging - developed unique ultrafast training and inference, at the wafer level. materials and techniques to Cerebras Compiler Software - Yield - pioneering architecture y bv thermal expansion designed to seamlessly run ■ designed to enable high yield of ^ P models written for GPUs on wafer scale parts by withstanding Power delivery and cooling - Cerebras hardware, defects rather than avoiding them. developed novel delivery system to provide uniform power and cooling to the wafer surface while using a fraction of the power per unit compute. We have been yielding, packaging, delivering, and running software on the industry’s first commercial wafer-scale AI systems since 2020.

#### 3. Cerebras 软件：让晶圆级变得简单

#### 3. Cerebras Software: Making Wafer-Scale Simple

我们的软件平台使晶圆级计算易于使用且高效，从而延伸了我们的硬件优势。我们的软件覆盖完整的 AI 生命周期——从模型编程与编译，到训练与推理，再到跨大型集群的编排。每一层都与我们的硬件协同设计，以最小的开发者投入实现最大性能。

Our software platform extends our hardware advantage by making wafer-scale computing simple to use and highly efficient. Our software spans the full AI life cycle—from programming and compiling models, to training and inference, to orchestration across large clusters. Each layer is co-designed with our hardware to deliver maximum performance with minimal developer effort.

模型编程与编译。我们的 Cerebras 编译器（CSoft）使在我们的系统上运行大语言模型变得简单。CSoft 是我们解决方案的核心，为开发者提供直观的易用性。CSoft 消除了使用 CUDA 或其他硬件专用语言进行底层编程的需要。

Model Programming and Compilation. Our Cerebras Compiler (CSoft) makes it simple to run large language models on our systems. CSoft is core to our solution and provides intuitive usability for developers. CSoft eliminates the need for low-level programming in CUDA or other hardware-specific languages.

对于训练和推理，我们的 CSoft 平台使开发者能够使用 PyTorch 等熟悉的框架，轻松地将大语言模型表示并映射到 Cerebras 晶圆级引擎上。从用户的 PyTorch 模型出发，CSoft 图编译器自动将模型运算映射到 WSE，在无需用户干预的情况下生成优化的可执行文件。

For both training and inference, our CSoft platform enables developers to easily represent and map large language models onto the Cerebras Wafer-Scale Engine using familiar frameworks such as PyTorch. Starting from a user’s PyTorch model, the CSoft graph compiler automatically maps model operations to the WSE, creating an optimized executable without user-level intervention.

CSoft 使机器学习用户能够加速任意规模模型的训练和推理，并可在 Cerebras AI 超级计算机的任意配置上扩展，只需更改配置文件中的一个数字，即可模拟单设备编程体验，而无需应对分布式编程的复杂性。这大幅降低了运营开销，并加快了开发者的迭代时间和业务影响。

CSoft allows machine-learning users to accelerate training and inference on models of any size, scaled across any configuration of the Cerebras AI supercomputer, just by changing one number in a configuration file, simulating a single-device programming experience without the complexities of distributed programming. This drastically reduces operational overhead and speeds up developer iteration time and business impact.

推理服务栈。我们的 Cerebras 推理服务栈负责跨 Cerebras 系统和集群的模型托管、扩展和请求路由。它提供实时可观测性和负载均衡，为生产工作负载实现超低延迟推理。客户可以通过标准 API（包括行业标准端点）提供开源和专有模型服务，并在本地部署和云部署中保持一致的性能。

Inference Serving Stack. Our Cerebras Inference Serving Stack manages model hosting, scaling, and request routing across Cerebras systems and clusters. It provides real-time observability and load balancing, enabling ultra-low-latency inference for production workloads. Customers can serve both open-source and proprietary models through standard APIs, including industry-standard endpoints, with consistent performance across on-premises and cloud deployments.

编排与生命周期管理。我们的 Cerebras 集群管理器编排软件将多个 CS-3 系统统一为一台逻辑计算机，管理调度、遥测和健康监控。对所有硬件和软件组件的内置可观测性旨在确保本地和云环境中的可靠性和高利用率。该编排层还允许客户在同一系统上无缝切换训练和推理。通过简单的命令，CS-3 系统可以从大规模模型训练重新配置为实时推理，从而提升利用率并缩短部署周期。

Orchestration and Life Cycle Management. Our Cerebras Cluster Manager orchestration software unifies multiple CS-3 systems into a single logical computer, managing scheduling, telemetry, and health monitoring. Built-in observability of all hardware and software components is designed to ensure reliability and high utilization across on-premises and in cloud environments. This orchestration layer also allows customers to switch seamlessly between training and inference on the same systems. With simple commands, CS-3 systems can be reconfigured from large-scale model training to real-time inference, driving utilization and shortening deployment cycles.

这些组件共同构成一个统一的软件平台，与我们的硬件无缝集成，提供完整的端到端 AI 计算系统，可部署在客户本地或云端。

Together, these components form a unified software platform that integrates seamlessly with our hardware to deliver a complete, end-to-end AI computing system that can be deployed on customer premises or in the cloud.

由于我们的软件和硬件是协同设计的，客户能够以一致且简单的工作流程训练和/或部署前沿规模模型——无需重写代码或管理分布式基础设施。

Because our software and hardware are co-designed, customers can train and/or deploy frontier-scale models with consistent and simple workflows—without rewriting code or managing distributed infrastructure .

Cerebras 软件平台让晶圆级规模在训练与推理中易于使用 模型部署 模型预训练 模型服务 模型微调 Cerebras 编译器（CSOFT）- 自动将 PyTorch 模型编译至 WSE 集群管理平台。管理与编排 安全 升级 调度 监控

Cerebras Software Platform Makes Wafer Scale Easy To Use Across Training and Inference Model Deployment Model Pre-training Model Serving Model Fine-tuning Cerebras Compiler (CSOFT) - Automatically compiles PyTorch models to WSE Cluster Management Platform . Management & Orchestration Security Upgrades Scheduling Monitoring

技术与路线图 Technology and Roadmap

晶圆级集成并非单一成就——它是一系列技术与工艺的集合，并拥有多代路线图。每一代后续 WSE（从 16 纳米到 7 纳米，再到如今的 5 纳米）都在性能、内存带宽、效率、良率和可制造性方面带来了大幅提升，且无需改变开发者编写或部署模型的方式。

Wafer-scale integration is not a single achievement—it is a collection of technologies and processes with a multi-generation roadmap. Each successive WSE generation (from 16 nanometer to 7 nanometer and now to 5 nanometer) has delivered substantial improvements in performance, memory bandwidth, efficiency, yield, and manufacturability, without requiring changes to how developers program or deploy models.

竞争性方案——例如多芯片封装和基于芯粒的设计——仍受制于小芯片的物理特性以及有限的片外内存带宽。即便封装技术取得进步，这些架构也无法匹敌将计算与内存置于同一片硅片上所带来的带宽、局部性或计算简洁性。

Competing approaches—such as multi-die packages and chiplet based designs—remain constrained by the physics of small chips and limited off-chip memory bandwidth. Even with advances in packaging technology, these architectures cannot match the bandwidth, locality, or simplicity of computation that result from keeping compute and memory together on a single piece of silicon.

我们的路线图建立在晶圆级集成的优势之上。我们打算在研发上大力投入，以持续扩展片上内存和内存带宽、提升互连密度，并利用工艺技术的进步，在未来各代 WSE 中提高晶体管数量并降低功耗。因此，我们预计未来各代 WSE 将具备更快的算力，以及更多、更快的晶圆上及进出晶圆的内存与通信能力。

Our roadmap builds on the advantages of wafer-scale integration. We intend to invest heavily in research and development to continue to expand on-chip memory and memory bandwidth, improve interconnect density, and leverage advancements in process technology to increase transistor counts and reduce power in future WSE generations. As a result, we expect that future generations of WSEs will have faster compute, and more and faster memory and communication onto and off of the wafer.

由于 WSE 表现为单一可编程设备，这些改进在性能和简洁性上自然叠加，而不会引入 GPU 方案那种大规模分布式算力集群的复杂性。

Because the WSE presents itself as a single programmable device, these improvements compound naturally in both performance and simplicity, without introducing the complexity of massive distributed compute clusters of GPU solutions.

同样的架构基础还支持面向新兴 AI 工作负载的长期可扩展性。随着模型规模增大、推理深度增加，并转向实时、多步骤交互，它们对内存带宽和局部性的重视程度更高——而这些正是晶圆级架构具备固有结构性优势的领域。

The same architectural foundation also supports long-term extensibility across emerging AI workloads. As models grow in size, increase in reasoning depth, and shift toward real-time, multi-step interactions, they place even greater emphasis on memory bandwidth and locality—all areas where wafer-scale architectures possess inherent, structural advantages.

我们的路线图包括开发一种解耦式推理服务方案。

Our roadmap includes development of a disaggregated inference-serving solution.

推理解耦是一种将 AI 推理分为两个阶段的技术：提示处理（即“预填充”）和输出生成（即“解码”）。这两个阶段具有不同的计算特性。预填充天然并行，所需内存带宽极低。而解码本质上是串行的，且内存带宽密集。解码通常是瓶颈。它主导总推理时间，并决定用户体验的速度。

Inference disaggregation is a technique that separates AI inference into two stages: prompt processing, or “prefill,” and output generation, or “decode.” These two stages have different computational characteristics. Prefill is natively parallel and requires very little memory bandwidth. Decode, on the other hand, is inherently serial and memory bandwidth intensive. Decode is typically the bottleneck. It dominates total inference time, and defines the speed of the user experience.

Cerebras 的晶圆级引擎在预填充和解码两方面都将是最快的，但相对而言，它在解码方面快得多。我们的晶圆级架构和超高内存带宽在速度最为关键的环节实现更快的输出 token 生成。解耦式推理将使 Cerebras 能够与其他架构协同运行，作为解码的高性能引擎，而由其他系统处理预填充。

Cerebras’s wafer-scale engine would be the fastest at both prefill and decode, but in relative terms, it is much faster at decode. Our wafer-scale architecture and ultra-high memory bandwidth delivers faster output token generation where speed matters most. Disaggregated inference would allow Cerebras to operate alongside other architectures, serving as the high-performance engine for decode while other systems handle prefill.

我们相信，晶圆级计算使我们成为 AI 基础设施领域的领导者，提供旨在随现代及未来 AI 系统需求而扩展的长期技术路线图。

We believe wafer-scale computing positions us as a leader in AI infrastructure, providing a long-term technology roadmap designed to scale with the requirements of modern and future AI systems.

1. 我们无畏工程的文化使我们能够开展开创性的工程工作；我们是 1. Our culture of fearless engineering has enabled us to do pioneering engineering work; we are the

是唯一一家将晶圆级处理器推向市场的公司。我们无畏工程的文化使我们能够解决他人未能解决或不敢应对的问题。因此，我们解决了算力行业整整 75 年历史中始终未解的问题，即晶圆级集成。无畏工程的文化是我们持续创新的基础。

only company ever to deliver a wafer-scale processor to market. Our culture of fearless engineering enables us to solve problems that others failed to solve or were afraid to tackle. As a result, we have solved problems that had remained unsolved for the entire 75-year history of the compute industry, namely wafer-scale integration. A culture of fearless engineering is a foundation for our continued innovation.

2. 我们拥有植根于独特硅架构的持久优势。我们相信晶圆级集成是 AI 算力的一项根本性优势，使大量高速内存和数十万个计算核心能够紧密共存于同一片硅片上。我们现已交付三代晶圆级处理器，分别采用 16、7 和 5 纳米制程节点。我们相信这些将成为我们未来各代硅产品的基础。

2. We have durable advantages rooted in our unique silicon architecture. We believe wafer-scale integration is a fundamental advantage in AI compute, enabling large amounts of high-speed memory and hundreds of thousand s of compute cores to reside close together on the same piece of silicon. We have now delivered three generations of wafer-scale processors at the 16, 7, and 5 nanometer nodes. We believe these will be the foundation of our future generations of silicon.

3. 我们是一家端到端系统公司。自成立之初，我们就协同设计了晶圆级引擎、CS 系统和软件栈，以实现最优的 AI 性能。我们是 AI 社区中最早为处理器提供水冷的公司之一，这使我们能够以更低温度运行并延长处理器寿命。处理器、系统与软件的协同设计是一项有意义的竞争优势。

3. We are an end-to-end systems company. From inception, we co-designed our wafer-scale engine, our CS-system, and our software stack for optimal AI performance. We were among the first in the AI community to deliver water cooling to the processor, enabling us to run colder and extend our processors’ lifetime. The co-design of processor, system, and software is a meaningful competitive advantage.

4. 我们正在建设世界上速度最快的推理基础设施。在 Cerebras 基础设施上，以领先开源模型为基准，AI 响应速度最高可达领先的基于 GPU 的解决方案的 15 倍。第三方基准测试机构 Artificial Analysis 于 2024 年 8 月写道：“Cerebras Inference 达到了我们在 Artificial Analysis 上基准测试过的最快速度。”速度就是客户体验。它能在更短时间内给出更准确的答案。它使需要实时交互的应用成为可能，例如编程智能体、研究智能体和语音界面。速度改变了企业设计其体验的方式；它改变了团队结构和行为；它改变了期望以及对可能性的认知，这可能使回归较慢速度变得更加痛苦。

4. We are building the fastest inference infrastructure in the world. On Cerebras infrastructure, AI responses are up to 15 times faster than leading GPU-based solutions as benchmarked on leading open-source models. Third-party benchmarker Artificial Analysis wrote in August 2024, “Cerebras Inference is achieving the fastest speeds we have ever benchmarked on Artificial Analysis.” Speed is customer experience. It enables more accurate answers in less time. It enables applications that require real-time interaction such as coding agents, research agents, and voice interfaces. Speed changes the way companies design their experiences; it changes team structures and behaviors; it changes expectations and the perception of what is possible, which can make returning to slower speeds more painful.

5. 我们正在服务 AI 市场中一些规模最大、要求最苛刻的客户。我们与 OpenAI（全球领先的基础模型实验室）和 AWS（全球领先的超大规模云服务商）等客户开展合作，这些客户对性能、规模和可靠性有着严格要求。我们提供可针对每位客户工作负载进行优化的全栈硬件和软件平台，并可与 AI 服务搭配，以部署和运营高容量、生产级系统，而无需客户管理复杂的基础设施。

5. We are serving some of the largest and most demanding customers in the AI market. We are engaged with customers such as OpenAI, the world’s leading foundation model lab, and AWS, the world’s leading hyperscale cloud, who have stringent requirements for performance, scale, and reliability. We offer a full-stack hardware and software platform that can be optimized for each customer’s workloads and paired with AI services in order to deploy and operate high-capacity, production-grade systems without requiring customers to manage complex infrastructure .

6. 我们以大规模运营，已部署算力超过 100 exaflops。我们与合作伙伴协作，训练了业内一些最大的模型，获得了独特经验并提供了罕见洞见。我们已在北美和欧洲的多个数据中心签约获取容量，为有数据驻留或网络时延要求的客户提供地理冗余和区域部署选项。

6. We operate at massive scale with more than 100 exaflops of deployed compute. In collaboration with our partners, we have trained some of the largest models in the industry, gaining unique experience and providing rare insight. We have contracted for capacity in multiple data centers across North America and Europe, providing geographic redundancy and regional deployment options for customers with data residency or network time requirements .

Cerebras 推理速度最高可达 NVIDIA GPU 的 15 倍 领先开源模型在 Cerebras 与 NVIDIA GPU 上的每秒 Token 数 ■ GPU ■ Cerebras · 2,500 2,457 2,000 1,735 1,500 输出速度 Token/秒 1,164 1,039 1,000 834 · 795 5000 262 245 223 164 Qwen-3 235B GLM 4.7 MiniMax M2.5 OpenAI GPT-OSS- Llama-3.3 70B 120B 来源：Cerebras 数据来自 2026 年 4 月 14 日的内部测量。Artificial Analysis 基准测试发布于 2026 年 4 月 14 日。 领先 CSP 针对 Meta 的 Llama-3.3 70B 的推理速度 每秒输出 Token 数；越高越好；10,000 输入 Token 2,457 2,500, 2,000 1,500 输出速度 Token/秒 1,000 500 143 · 164 62 111 Databricks Azure Google Vertex Amazon Cerebras 来源：Cerebras 数据来自 2026 年 4 月 14 日的内部测量。Artificial Analysis 基准测试发布于 2026 年 4 月 14 日。

Cerebras Inference is Up to 15 Times Faster than NVIDIA GPUs Tokens per Second for Leading Open Models on Cerebras vs. NVIDIA GPUs ■ GPUs ■ Cerebras · 2,500 2,457 2,000 1,735 1,500 Output Speed 1,164 Tokens/Sec 1,039 1,000 834 · 795 5000 262 245 223 164 Qwen-3 235B GLM 4.7 MiniMax M2.5 OpenAI GPT-OSS- Llama-3.3 70B 120B Source: Cerebras data from internal measurements on April 14, 2026. Artificial Analysis benchmark published on April 14, 2026. Inference Speed Across Leading CSPs for Meta’s Llama-3.3 70B Output Tokens per Second; Higher is Better; 10,000 Input Tokens 2,457 2,500, 2,000 1,500 Output Speed Tokens/Sec 1,000 500 143 · 164 62 111 Databricks Azure Google Vertex Amazon Cerebras Source: Cerebras data from internal measurements on April 14, 2026. Artificial Analysis benchmark published on April 14, 2026.

领先 CSP 针对 OpenAI 的 GPT-OSS-120B 的推理速度 每秒输出 Token 数；越高越好；10,000 输入 Token 2,000 1,735 1,500 输出速度 1,000 Token/秒 500 458 241 260 295 Azure Amazon Snowflake Google Vertex Cerebras 来源：Cerebras 数据来自 2026 年 4 月 14 日的内部测量。Artificial Analysis 基准测试发布于 2026 年 4 月 14 日。

Inference Speed Across Leading CSPs for OpenAI’s GPT-OSS-120B Output Tokens per Second; Higher is Better; 10,000 Input Tokens 2,000 1,735 1,500 Output Speed 1,000 Tokens/Sec 500 458 241 260 295 Azure Amazon Snowflake Google Vertex Cerebras Source: Cerebras data from internal measurements on April 14, 2026. Artificial Analysis benchmark published on April 14, 2026.

我们的商业模式：贴近客户，让购买变得简单 Our Business Model: Make Buying Easy, by Reaching Customers Where They Are

AI 市场是历史上增长最快的技术领域之一。在这一快速演变的格局中，我们通过直销与战略合作伙伴生态系统相结合的方式触达客户。

The AI market is one of the fastest-growing technology sectors in history. Within this rapidly evolving landscape, we engage customers through a combination of direct sales and an ecosystem of strategic partners.

我们的销售组织与合作伙伴的销售团队一道，通过多种消费模式交付我们的高性能 AI 解决方案：(i) 本地部署，(ii) 通过我们自有的 Cerebras Cloud,(iii) 通过合作伙伴的云，或 (iv) 通过上述方式的混合组合。这种灵活的交付模式使客户能够以最符合其采购偏好、运营要求和基础设施策略的方式采用我们的技术。

Our sales organization, together with our partners’ sales teams, delivers our high-performance AI solutions through multiple consumption models: (i) on premises, (ii) through our own Cerebras Cloud, (iii) via partners’ clouds, or (iv) through hybrid combinations of these approaches. This flexible delivery model allows customers to adopt our technology in the manner that best aligns with their procurement preferences, operational requirements, and infrastructure strategies.

我们的产品组合涵盖本地部署 AI 超级计算系统、用于训练和推理的云端算力，以及前沿部署 AI 服务，帮助客户加速 AI 能力的创建与部署。

Our product portfolio spans on-premises AI supercomputing systems, cloud-based compute for training and inference, and forward-deployed AI services to help customers accelerate the creation and deployment of AI capabilities.

#### 本地部署解决方案

#### On-Premises Solutions

Cerebras AI 超级计算机同时支持模型训练和推理，并直接部署在客户的环境中。该部署模式非常适合需要在受监管和高安全性环境中对数据、基础设施和系统行为拥有完全控制权的客户。我们的本地部署客户包括大型企业、国家实验室、美国国防部以及主权 AI 计划。

Cerebras AI supercomputers support both model training and inference and are deployed directly within a customer’s environment. This deployment model is well suited for customers with regulated and high-security environments that require full control over data, infrastructure, and system behavior. Our on-premises customers include large enterprises, national laboratories, the U.S. Department of Defense, and Sovereign AI initiatives.

本地部署的商业模

Commercial Model for On-Premises Deployments

本地部署客户通过传统的采购订单流程采购我们的 AI 超级计算机，并在交付或验收时付款。每套系统都将紧密集成的硬件和软件相结合，购买还包括单独的可续订软件订阅，用于持续更新和升级，从而产生经常性收入流。本地部署通常与我们前沿部署 AI 服务相配合，我们协助客户进行数据准备、模型架构设计、训练管理、推理优化，并在部分情况下参与持续的系統运营。

On-premises customers procure our AI supercomputers through a traditional purchase-order process with payment received upon delivery or acceptance. Each system combines tightly integrated hardware and software and the purchase includes a separate renewable software subscription for continuous updates and upgrades, generating a recurring revenue stream. On-premises deployments are often paired with our forward-deployed AI services, in which we assist customers with data preparation, model architecture design, training management, inference optimization, and, in select cases, ongoing system operations.

#### 云解决方案

#### Cloud Solutions

我们还通过 Cerebras Cloud 以及我们的合作伙伴云平台提供高性能算力的访问，这些平台包括 AWS Marketplace、Microsoft Marketplace、IBM watsonx Model Gateway、Vercel AI Gateway、OpenRouter 和 Hugging Face。这些产品使客户能够充分利用我们 AI 超级计算机的全部能力，而无需承担构建或维护本地基础设施相关的资本支出，也无需承担组装和管理训练或推理软件栈的运营复杂性。资源配置高度简化，客户可在数分钟内开始使用我们的云资源。

We also provide access to our high-performance compute through Cerebras Cloud and through our partner cloud platforms, which include AWS Marketplace, Microsoft Marketplace, IBM watsonx Model Gateway, Vercel AI Gateway, OpenRouter, and Hugging Face. These offerings enable customers to utilize the full capabilities of our AI supercomputers without incurring the capital expenditures associated with building or maintaining on-premises infrastructure, and without the operational complexity of assembling and managing training or inference software stacks. Provisioning is highly streamlined, allowing customers to begin using our cloud resources within minutes.

Cerebras Cloud 服务于广泛的用户群体——从个人开发者到全球一些最大的企业。客户运行开源、微调和专有模型，用于训练和推理工作负载。在所有用例中，我们的云产品均提供对超高性能 AI 算力的访问。

Cerebras Cloud serves a broad spectrum of users—from individual developers to some of the world’s largest enterprises. Customers run open-source, fine-tuned, and proprietary models for both training and inference workloads. Across all use cases, our cloud offerings provide access to ultra-high-performance AI compute.

客户通过两种主要模式从我们及我们的云合作伙伴处采购云容量：专用容量和按需。

Customers procure cloud capacity from us and our cloud partners through two primary models: Dedicated Capacity and On-Demand.

专用云容量

Dedicated Cloud Capacity

客户可以按约定期限就用于训练或推理的专用 AI 算力容量签订合同。此类合同通常采用照付不议承诺（take-or-pay commitments）结构，即客户无论实际使用情况如何，均须为专用算力容量付费。

Customers can contract for dedicated AI compute capacity for training or inference over defined terms. These contracts are generally structured as take-or-pay commitments, under which customers pay for dedicated compute capacity irrespective of utilization .

专用容量可提供可用性保障，非常适合生产部署和大规模工作负载。采用该模式的客户包括领先的超大规模云厂商、基础模型实验室、AI 原生及数字原生企业、各类企业，以及运行开源、微调或专有模型的 Sovereign AI 计划。专用容量合同还包含对定制化工作负载遥测数据的访问权限，使客户能够优化其在我们系统上的性能。这种深度集成支持长期合作，并提升平台粘性。

Dedicated capacity provides availability and is well suited for production deployments and large-scale workloads. Customers in this model include leading hyperscalers, foundation model labs, AI-native and digital-native businesses, enterprises, and Sovereign AI initiatives operating open-source, fine-tuned, or proprietary models. Dedicated capacity contracts also include access to tailored workload telemetry that enables customers to optimize performance on our systems. This deep integration supports long-term engagement and increases platform stickiness.

按需云容量

On-Demand Cloud Capacity

对于工作负载需求可变或难以预测的客户，我们提供基于用量的“按需付费”选项。在该模式下，客户既可以在使用算力时购买 token（代表算力单位），也可以预先购买 token 套餐包，并在工作负载运行时从中扣减余额。

For customers with variable or unpredictable workload requirements, we offer a consumption-based “pay-as-you-go” option. In this model, customers either purchase tokens—which represent units of compute—as they consume them, or pre-purchase token bundles and draw down their balance as workloads run.

企业客户按月计费，而个人开发者则通过自助服务门户访问该服务。按需模式使客户能够弹性扩展，对动态推理工作负载尤为有效。从历史上看，许多客户最初使用按需服务，随着其工作负载扩大而转向专用容量。

Enterprise customers are billed monthly, while individual developers access the service through a self-service portal. The on-demand model allows customers to scale elastically and is particularly effective for dynamic inference workloads. Historically, many customers have begun with on-demand usage and transitioned to dedicated capacity as their workloads expand.

客户与市场进入策略 Customers and Go-to-Market Strategy

我们的客户包括众多全球领先的 AI 组织。这些客户涵盖前沿模型开发者、超大规模云服务商、AI 原生公司，以及企业、研究机构和国家实验室。在这些细分领域中，客户依赖我们的解决方案来加速模型开发，并在生产规模上部署 AI 能力。

Our customers include many of the world’s leading AI organizations. These span frontier model developers; hyperscalers; AI-native companies; as well as enterprises, research institutions, and national laboratories. Across these segments, customers rely on our solutions to accelerate model development and to deploy AI capabilities at production scale.

我们通过战略合作、直销、渠道合作和产品驱动式扩张相结合的方式进入市场。

We go to market through a combination of strategic partnerships, direct sales, channel partnerships, and product-led expansion.

#### 战略合作

#### Strategic Partnerships

我们与前沿模型实验室和超大规模云服务商合作，与 AI 生态系统中一些最具影响力的参与者一道，共同开发和规模化部署 AI 系统。

We partner with frontier model labs and hyperscalers to co-develop and deploy AI systems at scale alongside some of the most influential players in the AI ecosystem.

OpenAI。我们于 2025 年 12 月 24 日与 OpenAI 签署了 MRA。2026 年 1 月 23 日，我们开始向 OpenAI 交付算力；2026 年 2 月 12 日，由 Cerebras 基础设施驱动的 OpenAI Codex-Spark 模型向公众开放。Spark 是 OpenAI 专为实时编程设计的模型。借助 Cerebras，OpenAI 的客户可以在数秒内将想法转化为可运行的软件，使开发者能够以思维的速度创建软件。OpenAI 已承诺在未来三年内购买 750MW 的 Cerebras 推理算力容量。

OpenAI. We signed the MRA with OpenAI on December 24, 2025. On January 23, 2026, we began delivering capacity to OpenAI, and on February 12, 2026, OpenAI’s Codex-Spark model, powered by Cerebras infrastructure, was made available to the public. Spark is OpenAI’s model designed for real-time coding. Using Cerebras, OpenAI’s customers can translate ideas into working software in seconds, enabling developers to create software at the speed of thought. OpenAI has committed to purchase 750MW of Cerebras inference compute capacity over the next three years.

我们与 OpenAI 的合作还允许在前沿模型开发和硬件架构两方面开展协作与协同设计。这种软硬件协同开发使 OpenAI 能够针对我们的硬件架构设计模型，也使 Cerebras 能够根据即将推出的前沿模型架构的需求演进硬件设计。这形成了一个持续反馈闭环，有助于我们的系统为下一代 AI 做好准备，为 Cerebras 建立结构性优势。

Our partnership with OpenAI also allows for collaboration and co-design across both frontier model development and hardware architecture. This hardware-software co-development enables OpenAI to design models built for our hardware architecture and Cerebras to evolve hardware design in response to the needs of upcoming frontier model architectures. This creates a continuous feedback loop that can help our systems prepare for the next generation of AI, establishing a structural advantage for Cerebras.

AWS。我们与 Amazon Web Services 签署了一份具有约束力的条款清单，AWS 将成为首家在其数据中心部署 Cerebras 系统的超大规模云服务商。在 AWS 数据中心部署将要求我们满足性能、规模和可靠性方面的严格标准。

AWS. We signed a binding term sheet with Amazon Web Services for AWS to become the first hyperscaler to deploy Cerebras systems in its data centers. Deployment in AWS data centers will require us to meet strict standards for performance, scale, and reliability.

根据该条款清单，我们将创建一套协同设计的解耦式推理服务解决方案，将 AWS Trainium3 芯片与 Cerebras CS-3 系统通过高带宽网络连接进行集成，从而在 Trainium3 和 CS-3 之间划分推理工作负载。每个系统将执行其最擅长的计算类型。该方法预计可在相同硬件占用空间下实现 5 倍的 token 吞吐量，与领先的基于 GPU 的解决方案相比速度最高可提升 15 倍（以领先的开源模型为基准进行测试）。

Pursuant to the term sheet, we will create a co-designed, disaggregated inference-serving solution that will integrate AWS Trainium3 chips with Cerebras CS-3 systems, connected via high-bandwidth networking, to partition inference workloads across Trainium3 and CS-3. Each system will perform the type of computation at which it most excels. The approach is expected to deliver 5 times more token throughput in the same hardware footprint, at up to 15 times faster speeds compared to leading GPU-based solutions as benchmarked on leading open-source models.

#### 直销、渠道合作和产品驱动式扩张

#### Direct Sales, Channel Partnerships, and Product-Led Expansion

直销。我们采用基于深度技术和商业互动的定向大客户战略。专职客户团队与客户高管及其工程领导层紧密合作，识别业务关键型工作负载，然后成功集成、优化性能并规模化部署 Cerebras 系统。这种亲身参与的互动建立了运营信任，并经常使初始项目扩展为多系统或多年期承诺。

Direct Sales. We employ a targeted named-account strategy built on deep technical and commercial engagement. Dedicated account teams work closely with customer executives and their engineering leadership to identify business-critical workloads and then successfully integrate, optimize performance, and scale the deployment of Cerebras systems. This hands-on engagement builds operational trust and frequently results in the expansion of initial projects into multi-system or multi-year commitments.

除直销团队外，我们还设有一支专门的 AI 专家团队。该团队为客户提供接触领先 AI 专业知识的机会，使其能够有效利用我们的技术。

Alongside our direct sales force, we maintain a dedicated team of AI experts. This team provides customers with access to leading AI expertise, so that they are positioned to leverage our technology effectively.

渠道与技术合作伙伴。为扩大市场覆盖，我们依托多元化的渠道与技术合作伙伴网络。Cerebras 解决方案可通过 AWS Marketplace、Microsoft Marketplace、IBM watsonx Model Gateway、Vercel AI Gateway、OpenRouter 和 Hugging Face 获取，使开发者和企业能够将 Cerebras 的性能无缝融入现有工作流和部署环境。

Channel and Technology Partnerships. To broaden our market reach, we leverage a diversified network of channel and technology partners. Cerebras solutions are accessible through AWS Marketplace, Microsoft Marketplace, IBM watsonx Model Gateway, Vercel AI Gateway, OpenRouter, and Hugging Face, allowing developers and enterprises to incorporate Cerebras performance seamlessly into existing workflows and deployment environments.

产品驱动增长。我们的产品驱动增长模式通过自助推理平台和 API，将开发者、初创企业和新兴 AI 组织引入 Cerebras。这些早期互动往往为未来的具名客户关系奠定基础。此外，与云服务商、系统集成商以及将 Cerebras 能力嵌入既有工作流的软件平台建立合作，进一步扩大了触达范围，并强化了我们的企业销售模式。

Product-Led Growth. Our product-led growth motion introduces developers, startups, and emerging AI organizations to Cerebras through our self-serve inference platform and API. These early interactions often seed future named-account relationships. In addition, partnerships with cloud providers, system integrators, and software platforms that embed Cerebras capabilities into established workflows further expand access and reinforce our enterprise sales motion.

我们还通过与广泛使用的开源开发环境（包括 Visual Studio Code、Cline、RooCode 和 OpenCode）集成来进一步拓展业务版图，将依托 Cerebras Cloud 的技术直接嵌入开发者构建和迭代的场所。这些渠道提升了我们在软件开发社区中的知名度，促进了自助产品的产品驱动式采用，并将我们平台的触达范围延伸至传统企业销售之外。

We further extend our presence through integrations with widely used open-source development environments —including Visual Studio Code, Cline, RooCode, and OpenCode—embedding our technology, powered by the Cerebras Cloud, directly where developers build and iterate. These channels enhance visibility within software-developer communities, foster product-led adoption of our self-serve offerings, and extend the reach of our platform beyond traditional enterprise sales.

^ OpenAI OpenAI，全球领先的基础模型实验室，选择 Cerebras 作为其快速推理解决方案 Cerebras 为 OpenAI 的 Codex Spark 模型提供算力支持，这是 OpenAI 首款专为实时编程设计的模型。这意味着开发者现在可以以思维的速度编程。前沿模型 大规模 深度合作 与全球领先 AI 实验室进行硬件协同设计 750MW 的 Cerebras 算力 1 多年协议 真实反应。真实需求。t^\ -42m 0 ••• “OpenAI 的算力策略 回复 and@cerebras ■ t r Huge milestone guys, latency 1,000 t/s this changes everything realtime is 是构建一个具有韧性的组合 £ + 关注”将合适的系统匹配到合适的 3w- (3) 这是我用过的最快的 AI，这可能只是冰山一角。我指的是 Codex Spark。工作负载。Cerebras 为我们的 A 1h 0- GPT-5.3-Codex-Spark 无疑是今年最重磅的发布。@OpenAI 刚刚实现了巨大飞跃，而与 -34m . © Cerebras 的合作再及时不过了。 © 平台增添了一个专用的低延迟 © Anthropic，你们或许该给 © Cerebras 打个电话 其背后的工程实现确实令人着迷。推理解决方案。这意味着更快的响应、 • 54m 0 ••• 更自然的交互，你 literally 可以在 20 秒内用 spark 构建一个编程智能体，以及更坚实的基础，将实时 AI 扩展到更多人 • 10m ^ 回复 and © Cerebras 简直疯狂，而且是往非常好的方向。快到离谱 omg!! -Sachin Katti, OpenAI，此刻正为 Codex Spark 兴奋不已 “当 AI 实时响应时，用户会用它做更多事、停留更久，并运行更高价值的工作负载。” - Sam Altman,OpenAI 首席执行官 算力基础设施负责人 © Cerebras \/ Cerebras 与 OpenAI 的合作还支持硬件与软件协同设计，使 OpenAI 能够为 Cerebras 的架构设计未来模型，而 Cerebras 能够根据全球领先基础模型实验室的输入设计未来硬件。通过这种方式协作，OpenAI 模型在 Cerebras 硬件上可以表现更佳，帮助用户在更短时间内完成更多工作。注：1. 将分批部署。

^ OpenAI OpenAI, the World’s Leading Foundation Model Lab, Selected Cerebras to be Its Fast Inference Solution Cerebras powers OpenAI’s Codex Spark model, OpenAI’s first model designed for real-time coding. That means developers can now code at the speed of thought. Frontier Models Massive Scale Deep Partnership Hardware co-design with the 750MW of Cerebras compute1 Multi-year agreement world’s leading Al lab Real reactions. Real demand. t^\ -42m 0 ••• “OpenAI’s compute strategy Replying to and@cerebras ■ t r Huge milestone guys, latency 1,000 t/s this changes everything realtime is to build a resilient portfolio £ + Follow ” that matches the right i 3w- (3) systems to the right This is the fastest Al i've used and this could just be the tip of the iceberg. And I'm workloads. Cerebras adds a referring to Codex Spark. . dedicated low-latency A 1h 0- GPT-5.3-Codex-Spark is easily the release of the I inference solution to our year. @OpenAI just took a huge leap, and the -34m . © Cerebras partnership couldn’t have been more © Anthropic, you may want to call © Cerebras platform. valuable. The engineering behind it all is genuinely fascinating. That means faster responses, • 54m 0 ••• more natural interactions, you can literally build a coding agent in 20 seconds w/ spark and a stronger foundation to scale real-time Al to many • 10m ^ Replying to and © Cerebras more people. Totally insane, in a very good way. crazy fast omg!! -Sachin Katti, OpenAI, flipping out right now with Codex Spark “When Al responds in real time, users do more with it, stay longer, and run higher-value workloads.” - Sam Altman, CEO of OpenAI powered by Head of Compute Infra © Cerebras \/ Cerebras’s partnership with OpenAI also allows for hardware & software co-design, enabling OpenAI to design future models for Cerebras’s architecture, and Cerebras to design future hardware based on input from the world’s leading foundation model lab. By collaborating in this way, OpenAI models can be even more performant on Cerebras hardware, helping users complete even more work in less time. Note: 1. To be deployed in tranches.

GSK Cerebras 助力 GSK 将生命科学模型训练速度提升 10 倍 GSK 借助 Cerebras 加速药物发现。借助 Cerebras,GSK 的科学家首次得以训练长序列 RNA 模型。训练速度提升 10 倍 数据量增加 120 倍 实时科学推理 更快地训练大型表观基因组序列模型 将训练数据规模扩大至 120 倍 在更短时间内测试更多假设，速度较 GPU 提升 10 倍，且无需任何基础设施重新设计 B “Cerebras CS-3 是 I L 一个关键组件，它 । * 使 GSK 能够以 ■ « 此前无法企及的 ___________________■ 4^ ^ ^ j 7 \ । 规模和体量，利用 H I i’^w 生物数据集训练？语言模型。”—Kim Branson,GSK, 1 1 全球 AI 与机器学习负责人高级副总裁 GSK 处于人类遗传学、功能基因组学与 AI 的交汇点。借助快速 AI，可在更短时间内测试更多假设。决策更快。药物开发加速。患者受益。Cerebras 使 GSK 能够探索架构变体、分词方案和超参数设置，而这些在典型的 GPU 集群上“在时间和资源上都将昂贵到令人却步”。GSK 商标由 GSK 集团公司拥有或授权使用。AlphaSense Cerebras 助力 AlphaSense 在更短时间内交付更多洞察 像 AlphaSense 这样的 AI 原生公司使用 Cerebras 将速度转化为可执行的智能。借助 Cerebras 的快速推理，AlphaSense 用户在更短时间内审阅的文档数量提升一个数量级——从而推动更明智、更高质量的决策。1 更快的智能 美国境内数据中心 洞察获取时间缩短 > 5 倍 2 卓越的隐私保护与 被 88% 的标普 100 指数公司使用 3 零数据政策 “实时答案构成了更好决策的基础。在 Cerebras 上运行的 AlphaSense 以极快的速度提供准确信息，为财务决策者提供他们所需的一切。”—Raj Neervannan,AlphaSense，首席技术官兼创始人 注释：1. AlphaSense,2025 年 5 月。2. Cerebras 数据来自 2025 年 12 月 20 日的内部测量。Artificial Analysis 基准测试发布于 2025 年 12 月 17 日。3. AlphaSense,2025 年 7 月。

GSK Cerebras Helps GSK Train Life Science Models 10x Faster GSK uses Cerebras to speed up drug discovery. With Cerebras, GSK’s scientists were able to train long-sequence RNA models for the first time ever. 10x Faster Training 120x More Data Real-Time Scientific Inference Trained large epigenomics sequence Scaled to 120x more training data More hypotheses tested models 10x faster than GPUs without any infrastructure redesign in less time B “The Cerebras CS-3 is a I L critical component that । * allows GSK to train language ■ « models using biological ___________________■ 4^ ^ ^ j 7 \ । datasets at a scale and size H I i’^w previously unattainable.” ? —Kim Branson, GSK, 1 1 SVP Global Head of Al & ML GSK sits at the intersection of human genetics, functional genomics, and Al. With fast Al, more hypotheses are tested in less time. Decisions are faster. Drug development is accelerated. Patients benefit. Cerebras enabled GSK to explore architecture variations, tokenization schemes, and hyperparameter settings in a way that would have been “prohibitively time and resource intensive on a typical GPU cluster.” GSK trademarks are owned by or licensed to the GSK group of companies. AlphaSense Cerebras Enables AlphaSense to Deliver More Insights in Less Time Al-native companies like AlphaSense use Cerebras to turn speed into actionable intelligence. With Cerebras’ fast inference, AlphaSense users review an order of magnitude more documents in less time—driving smarter, higher-quality decisions.1 Faster Intelligence US-based Data Distribution Centers > 5x faster time to insight2 Exceptional privacy and Used by 88% of S&P 1003 zero-data policy “Real time answers provide the foundation for better decisions. AlphaSense running on Cerebras delivers accurate information at blisteringly fast speeds, providing financial decision makers exactly what they need.” —Raj Neervannan, AlphaSense, CTO & Founder Notes: 1. AlphaSense, May 2025.2. Cerebras data from internal measurements on December 20, 2025. Artificial Analysis benchmarking published on December 17, 2025.3. AlphaSense, July 2025.

销售与市场营销 Sales and Marketing

我们的销售与营销战略以深入的市场洞察和以客户为中心的产品开发为核心。我们凭借广泛的市场知识、在大规模算力解决方案交付方面经过验证的业绩记录以及与客户的紧密协作来优化产品路线图。此举旨在确保我们的解决方案持续为客户创造显著价值。

Our sales and marketing strategy centers on deep market understanding and customer-centric product development. We leverage our extensive market knowledge, proven track record in delivering large-scale compute solutions, and close customer collaborations to optimize our product roadmap. This is designed to ensure our solutions consistently deliver significant value to our customers.

我们将销售与营销工作聚焦于行业领军者，具体而言是国内外拥有丰富数据资产的大型企业。我们的客户希望利用其丰富的专有数据，并将其与 Cerebras 行业领先的算力和 AI 专业能力相结合，以构建持久的竞争优势。在我们的客户群体中，成功案例的口碑传播非常迅速，因此，保持牢固的协作关系并投资于客户的成功，对我们的未来至关重要。我们通过主采购协议、采购订单和工作说明书来界定工作范围、价格、数量、交付条款、保证和软件订阅。我们主要通过本地部署硬件或基于专属容量或按用量计费模式的云端方式，将解决方案直接销售给客户。

We focus our sales and marketing efforts on industry leaders, specifically large enterprises domestically and abroad with rich data assets. Our customers are seeking to leverage their rich proprietary data and combine it with Cerebras’s industry leading compute and AI expertise to build a durable competitive advantage. Among our customers, word of success travels quickly, and as a result, it is very important to our future that we maintain strong and collaborative relationships and that we invest in the success of our customers. We utilize master purchase agreements, purchase orders, and statements of work, to define work scope, price, quantities, delivery terms, warranties, and software subscriptions. We predominantly sell our solutions directly to customers via on-premises hardware or via the cloud, based on a dedicated capacity or consumption-based model.

研究与开发 Research and Development

我们致力于在硬件和软件两方面进行不懈创新，以满足 AI 快速演进的计算需求。

We are committed to relentless innovation in both hardware and software to address the rapidly-evolving computational needs of AI.

我们投入大量资源用于持续的研发。我们大力投入以吸引和留住一支由高技能工程师组成的全球团队，并在美国、加拿大和印度设有专门设施。这种对创新的坚定承诺推动我们的增长，并使我们在 AI 领域处于领先地位。

We dedicate significant resources to ongoing research and development. We invest heavily in attracting and retaining a global team of highly skilled engineers across dedicated facilities in the United States, Canada, and India. This unwavering commitment to innovation fuels our growth and positions us as a leader in the AI landscape.

制造与供应商 Manufacturing and Suppliers

我们采用无晶圆厂制造模式，与行业领先者进行战略合作，生产我们的 AI 算力系统，其中包括 IC、板和系统。我们的核心制造合作伙伴包括：

We operate a fabless manufacturing model, strategically partnering with industry leaders for the production of our AI compute systems which include ICs, boards, and systems. Our core manufacturing partners include:

台积电（TSMC）是一家领先的半导体代工厂，负责制造我们前沿的 WSE。日月光半导体（Advanced Semiconductor Engineering，简称“ASE”）负责专业工艺，包括重分布层的沉积，而我们则在加利福尼亚州桑尼维尔的工厂负责最终的晶圆封装、组装和测试。

TSMC, a leading semiconductor foundry, fabricates our cutting-edge WSEs. Advanced Semiconductor Engineering (“ASE”) handles specialized processes, including the deposition of redistribution layers, and we manage final wafer packaging, assembly, and testing in our Sunnyvale, California facility.

我们还使用少数第三方来制造子组件和关键组件，例如印刷电路板、I/O 子系统、冷却组件和功率传输模块。制造过程需经过广泛的测试和验证。

We also use a small number of third parties to manufacture subassemblies and critical components such as printed circuit boards, I/O subsystems, cooling assemblies and power delivery modules. The manufacturing process is subject to extensive testing and verification.

我们的供应链旨在实现灵活性和质量，因为我们计划扩大生产，以满足全球对我们 AI 算力系统日益增长的需求。同时，我们致力于在整个制造过程中进行严格的质量控制，以确保即使在客户设施中最严苛的环境中也能保持可靠性。我们的合同制造合作伙伴负责系统组装和广泛测试，我们在包括组装后在内的每个阶段都制定了验证协议。最终的系统级老化测试和测试由 Cerebras 进行。我们的质量流程包括高生产测试覆盖率、完整的产品可追溯性以及广泛的组装后老化测试。我们拥有一支专门的质量团队，持续监控制造期间和部署后的反馈。这种数据驱动的方法使我们能够提高产品质量和可靠性，并使我们能够满足全球客户的严格要求。

Our supply chain is designed for flexibility and for quality, as we plan to ramp up production to meet the growing global demand for our AI compute systems. Simultaneously, we are committed to rigorous quality control throughout the manufacturing process to confirm reliability in even the most demanding environments at our customer facilities. Our contract manufacturing partners perform system assembly and extensive testing, and we have verification protocols in place at every stage including post assembly. Final system-level burn-in and test is conducted by Cerebras. Our quality processes include high production test coverage, full product traceability, and extensive post assembly burn-in. We employ a dedicated quality team that continuously monitors feedback during manufacturing and after deployment. This data-driven approach allows us to improve our product quality and reliability, and enables us to meet the stringent demands of our customers worldwide.

知识产权 Intellectual Property

保护我们的知识产权和专有技术（包括我们的 AI 产品和解决方案）是我们业务的重要方面。我们依靠知识产权（包括美国及国际上的专利、商标、商业秘密及其他相关法律）以及保密程序和合同条款的组合，来保护、维持和执行我们的专有技术、知识产权和品牌。我们的知识产权组合包括专利、商标、专有软件和商业秘密。

Protecting our intellectual property and proprietary technology, including our AI products and solutions, is an important aspect of our business. We rely on a combination of intellectual property rights, including patent, trademark, trade secret, and other related laws in the United States and internationally as well as confidentiality procedures and contractual provisions to protect, maintain, and enforce our proprietary technology, intellectual property rights, and brand. Our intellectual property portfolio includes patents, trademarks, proprietary software, and trade secrets.

截至 2026 年 3 月 31 日，我们在全球拥有 96 项已授权专利和 50 项待审专利申请。其中，50 项为美国已授权专利，47 项为美国待审专利申请。我们的已授权专利和待审专利申请通常涉及大规模（例如晶圆级）处理器的设计与制造、处理器的组装、封装与散热，以及用于加速深度学习和推理的硬件与软件架构。美国已授权专利的到期日介于 2038 年至 2041 年之间，未考虑任何适用的专利期限延长。我们定期审查我们的研发工作，以评估新发明的存在性和可专利性。

As of March 31, 2026, we owned 96 issued patents and 50 pending patent applications globally. Of these, 50 are issued U.S. patents and 47 are pending U.S. patent applications. Our issued patents and pending patent applications generally relate to the design and fabrication of large-scale (e.g., wafer scale) processors, the assembly, packaging, and cooling of processors, and hardware, and software architectures for accelerated deep learning and for inference. The expiration dates of the U.S.-issued patents are between 2038 and 2041, not taking into account any applicable patent term extensions. We routinely review our development efforts to assess the existence and patentability of new inventions.

我们有一项政策，要求员工和顾问在与我们建立雇佣或顾问关系时签署保密协议。我们的员工和独立承包商协议还要求相关员工和独立承包商将其在与我们雇佣或合作期间作出或构思的任何发明的所有权利转让给我们。此外，我们通常要求与我们讨论潜在业务关系的个人和实体签署包含惯常保密条款的保密协议。

We have a policy of requiring employees and consultants to execute confidentiality agreements upon the commencement of an employment or consulting relationship with us. Our employee and independent contractor agreements also require relevant employees and independent contractors to assign to us all rights to any inventions made or conceived during their employment or engagement with us. In addition, we typically require individuals and entities with whom we discuss potential business relationships to sign non-disclosure agreements that contain customary confidentiality provisions.

竞争 Competition

我们提供专为特定目的构建的 AI 算力平台。我们的硬件主要与 NVIDIA Corporation、Advanced Micro Devices, Inc.、Intel Corporation 的解决方案，以及超大规模云服务商和私营企业开发的 AI 加速器展开竞争。我们还与 Amazon.com, Inc.（AWS）、Microsoft Corporation（Azure）、Alphabet Inc.（Google Cloud Platform）和 Oracle Corporation 等全服务云服务商，以及 CoreWeave, Inc. 等 AI 优化型专业云和其他新型云展开竞争。

We offer a purpose-built AI compute platform. Our hardware primarily competes against solutions from NVIDIA Corporation, Advanced Micro Devices, Inc., Intel Corporation, as well as AI accelerators developed by hyperscalers and private companies. We also compete against full-service cloud service providers such as Amazon.com, Inc. (AWS), Microsoft Corporation (Azure), Alphabet Inc. (Google Cloud Platform), and Oracle Corporation, as well as AI-optimized specialized clouds such as CoreWeave, Inc. and other neo-clouds.

我们认为，我们保持竞争力的能力将取决于我们能否很好地预判客户所需的功能和特性，以及我们能否以可接受的质量水平和具有竞争力的价格持续交付我们的产品和服务。我们预计，来自现有竞争对手和新市场进入者的竞争将会加剧，他们的产品可能定价低于我们，或可能提供更优的性能或我们的产品和服务所不具备的附加功能。此外，新的竞争对手或竞争对手之间的联盟可能会出现并获取显著的市场份额。我们的一些竞争对手拥有比我们更多的营销、财务、分销和制造资源，并且可能更有能力适应客户或技术变化。我们预计未来竞争环境将日益激烈。

We believe that our ability to remain competitive will depend on how well we are able to anticipate the features and functions that customers will require and whether we are able to deliver consistent volumes of our products and services at acceptable levels of quality and at competitive prices. We expect competition to increase from both existing competitors and new market entrants with products that may be lower priced than ours or may provide better performance or additional features not provided by our products and services. In addition, it is possible that new competitors or alliances among competitors could emerge and acquire significant market share. Some of our competitors have greater marketing, financial, distribution, and manufacturing resources than we do and may be more able to adapt to customers or technological changes. We expect an increasingly competitive environment in the future.

人力资本 Human Capital

截至 2025 年 12 月 31 日，我们拥有 708 名员工，其中 426 名位于美国，我们还在国际上设有员工，包括在加拿大和印度。我们维持一支全职员工队伍，并通过承包商和顾问补充我们的员工队伍。

As of December 31, 2025, we had 708 employees, including 426 in the United States, and we have employees located internationally, including in Canada and India. We maintain a full-time workforce and supplement our workforce with contractors and consultants.

据我们所知，我们的员工中没有任何人由工会代表或参与集体谈判协议。我们认为我们与员工的关系良好。我们的人力资本资源目标包括（如适用）识别、招聘、留任、激励和整合我们的现有及新员工。我们股权激励计划的主要目的是通过授予股权激励奖励来吸引、留任和奖励人员，以激励这些个人尽其所能地发挥，从而使我们能够实现我们的目标。

To our knowledge, none of our employees are represented by a labor union or party to a collective bargaining agreement. We consider our relationships with our employees to be good. Our human capital resources objectives include, as applicable, identifying, recruiting, retaining, incentivizing, and integrating our existing and new employees. The principal purposes of our equity incentive plans are to attract, retain, and reward personnel through the granting of stock-based compensation awards in order to motivate these individuals to perform to the best of their abilities, enabling us to achieve our objectives.

设施 Facilities

我们的公司总部位于加利福尼亚州桑尼维尔，我们根据一份于 2027 年 11 月到期的租赁协议在该地租赁约 68,000 平方英尺的场地，并受该协议条款约束。我们还在加拿大和印度租赁了额外设施用于研究与开发。

Our corporate headquarters is located in Sunnyvale, California, where we lease approximately 68,000 square feet, pursuant to a lease agreement that expires in November 2027, subject to the terms thereof. We lease additional facilities in Canada and India for research and development.

我们还就异地托管设施签订协议，以安置和运营我们的 AI 超级计算机。我们签订这些协议既是为我们自身的公司用途，也是代表我们的客户。目前，这些数据中心设施位于加利福尼亚州、俄克拉荷马州和加拿大。

We also enter into agreements for offsite colocation facilities to house and operate our AI supercomputers. We enter into these agreements for our own corporate purposes as well as on behalf of our customers. Currently, these data center facilities are in California, Oklahoma, and Canada.

我们认为，我们的设施适合满足我们当前的需求。我们打算随着业务增长扩建我们的设施或增加新设施，并且我们认为，如有需要，将以商业上合理的条款获得合适的额外或替代场地。

We believe that our facilities are suitable to meet our current needs. We intend to expand our facilities or add new facilities as we grow, and we believe that suitable additional or alternative spaces will be available on commercially reasonable terms, if required.

政府法规 Government Regulations

我们受制于众多美国联邦和州法律、法规和规章，以及各非美国政府机构施加的法律、法规和规章，包括与 AI、知识产权、税务、进出口要求、反腐败、经济和贸易制裁、国家安全和外国投资、外汇管制和现金汇回限制、数据隐私和安全要求、竞争、广告、雇佣、产品法规、环境、健康和安全要求以及消费者保护法相关的法律法规。这些法律法规复杂且不断演变，其解释、适用、制定或修订的方式可能损害我们的业务。

We are subject to many U.S. federal and state laws, rules, and regulations, as well as laws, rules, and regulations imposed by various non-U.S. governmental authorities, including those related to AI, intellectual property, tax, import and export requirements, anti-corruption, economic and trade sanctions, national security and foreign investment, foreign exchange controls and cash repatriation restrictions, data privacy and security requirements, competition, advertising, employment, product regulations, environment, health, and safety requirements, and consumer laws. These laws and regulations are complex, are constantly evolving, and may be interpreted, applied, created, or amended, in a manner that could harm our business.

我们产品的进出口受法律法规约束，包括国际条约、美国及各非美国出口管制和制裁法律、海关法规及其他贸易规则。此类管制的范围、性质和严厉程度因国家而异，且可能随时间频繁变化。此类法律、法规和规章可能延迟我们部分产品的推出，或通过限制我们在某些国家或地区或与某些方（包括某些政府）或某些司法管辖区开展业务的能力，影响我们的竞争力。美国出口限制还要求我们获得美国商务部的许可，方可出口或转让我们的产品，且无法保证出口许可会获批。这些限制性政府行为以及其他政府可能对美国公司施加的任何类似措施，可能限制我们在全球开展业务的能力。

The import and export of our offerings are subject to laws and regulations, including international treaties, U.S. and various non-U.S. export controls and sanctions laws, customs regulations, and other trade rules. The scope, nature, and severity of such controls varies widely across different countries and may change frequently over time. Such laws, rules, and regulations may delay the introduction of some of our offerings or impact our competitiveness through restricting our ability to do business in certain countries or territories or with certain parties (including certain governments) or certain jurisdictions. U.S. export restrictions also require us to obtain licenses from the U.S. Department of Commerce to allow the export or transfer of our offerings, and there can be no assurance that export permissions will be granted. These restrictive governmental actions and any similar measures that may be imposed on U.S. companies by other governments could limit our ability to conduct business globally.

有关我们面临的政府监管相关风险的更多信息，请参见“风险因素”一节。

See the section titled “Risk Factors” for additional information regarding risks we face related to government regulation.

法律诉讼 Legal Proceedings

我们可能不时在日常经营过程中面临法律诉讼、索赔和调查。我们目前并非任何诉讼的当事方，我们认为，若该等诉讼的判决结果对我们不利，无论单独或合计均不会对我们产生重大不利影响。我们无法预测任何该等诉讼、索赔或调查的结果，且尽管存在潜在结果，该等事项的存在可能因管理层时间和精力的分散以及与解决该等事项相关的财务成本而对我们产生重大不利影响。

From time to time, we may be subject to legal proceedings, claims, and investigations in the ordinary course of business. We are not presently a party to any litigation to which the outcome, we believe, if determined adversely to us, would individually or taken together have a material adverse effect on us. We cannot predict the results of any such proceedings, claims, or investigations, and despite the potential outcomes, the existence thereof may have a material adverse impact on us due to diversion of management time and attention as well as the financial costs related to resolving such matters.

高级管理人员与董事 Executive Officers and Directors

下表列示了截至 2026 年 5 月 13 日有关我们高管和董事的信息：

The following table sets forth information regarding our executive officers and directors as of May 13, 2026:

**姓名**

**Name**

**高管及员工董事：**

**Executive Officers and Employee Director:**

Andrew D. Feldman · 56 · 首席执行官、总裁兼董事 Robert Komin · 63 · 首席财务官 Sean Lie · 46 · 首席技术官 Dhiraj Mallick · 54 · 首席运营官

Andrew D. Feldman · 56 · Chief Executive Officer, President, and Director Robert Komin · 63 · Chief Financial Officer Sean Lie · 46 · Chief Technology Officer Dhiraj Mallick · 54 · Chief Operating Officer

**非员工董事：**

**Non-Employee Directors:**

Paul Auvil(1)(3) · 62 · 董事 Elena Donio(1)(2) · 56 · 董事 Lior Susan(2)(3) · 42 · 董事 Steve Vassallo(2)(3) · 54 · 董事 Eric Vishria(1) · 46 · 董事

Paul Auvil(1)(3) · 62 · Director Elena Donio(1)(2) · 56 · Director Lior Susan(2)(3) · 42 · Director Steve Vassallo(2)(3) · 54 · Director Eric Vishria(1) · 46 · Director

_______________ (1) 审计委员会成员。(2) 薪酬委员会成员。(3) 提名与公司治理委员会成员。

_______________ (1) Member of the audit committee. (2) Member of the compensation committee. (3) Member of the nominating and corporate governance committee.

#### 高管及员工董事

#### Executive Officers and Employee Director

Andrew D. Feldman 是我们的联合创始人之一，自 2016 年 4 月起担任我们的首席执行官兼总裁，并担任我们的董事会成员。2012 年 2 月至 2014 年 6 月，Feldman 先生担任半导体公司 Advanced Micro Devices, Inc.（“AMD”）的企业副总裁兼总经理。2007 年 11 月至 2012 年 2 月，Feldman 先生担任 SeaMicro 的首席执行官，该公司是一家高密度微服务器公司，后被 AMD 收购。2003 年 8 月至 2006 年 12 月，Feldman 先生担任 Force10 Networks, Inc. 的市场与产品管理副总裁，该公司是一家计算机网络公司，后被 Dell, Inc. 收购。2000 年 3 月至 2003 年 8 月，Feldman 先生担任 Riverstone Networks Inc. 的企业营销与企业发展副总裁，该公司是一家网络交换硬件公司。Feldman 先生拥有斯坦福大学工商管理硕士学位（M.B.A.）以及斯坦福大学经济学与政治学文学学士学位（B.A.）。

Andrew D. Feldman is one of our co-founders and has served as our Chief Executive Officer and President and as a member of our board of directors since April 2016. From February 2012 to June 2014, Mr. Feldman served as Corporate Vice President and General Manager at Advanced Micro Devices, Inc. (“AMD”), a semiconductor company. From November 2007 to February 2012, Mr. Feldman served as Chief Executive Officer at SeaMicro, a dense microserver company acquired by AMD. From August 2003 to December 2006, Mr. Feldman served as Vice President, Marketing and Product Management at Force10 Networks, Inc., a computer networking company acquired by Dell, Inc. From March 2000 to August 2003, Mr. Feldman served as Vice President, Corporate Marketing and Corporate Development at Riverstone Networks Inc., a networking switching hardware company. Mr. Feldman holds an M.B.A. from Stanford University and a B.A. in Economics and Political Science from Stanford University.

我们认为 Feldman 先生具备担任我们董事会成员的资格，原因是他作为我们的联合创始人兼首席执行官所带来的视角和经验。有关涉及 Feldman 先生的历史法律程序的某些详情，请参见“——涉及某些法律程序”。

We believe Mr. Feldman is qualified to serve as a member of our board of directors because of the perspective and experience he brings as our co-founder and Chief Executive Officer. See “—Involvement in Certain Legal Proceedings” for certain details regarding historical legal proceedings involving Mr. Feldman.

Robert Komin 自 2024 年 3 月起担任我们的首席财务官兼财务主管。Komin 先生此前于 2015 年 3 月至 2020 年 5 月担任住宅太阳能与储能公司 Sunrun Inc.（“Sunrun”）的首席财务官，随后继续担任顾问至 2021 年 1 月。2013 年 9 月至 2015 年 1 月，Komin 先生担任 Flurry, Inc. 的首席财务官，该公司是一家移动分析与广告公司。2012 年 8 月至 2013 年 8 月，Komin 先生担任 Ticketfly, Inc. 的首席财务官，该公司是一家音乐票务与营销服务提供商。2010 年 1 月至 2012 年 7 月，Komin 先生担任 Linden Research, Inc. 的首席运营官兼首席财务官，该公司是一家虚拟数字娱乐与网络货币的创造者。Komin 先生此前于 2021 年 6 月至 2024 年 4 月担任微型出行公司 Bird Global Inc. 的董事会成员兼审计委员会主席。Komin 先生拥有哈佛商学院工商管理硕士学位（M.B.A.）以及俄勒冈大学会计与通用科学理学学士学位（B.S.）。

Robert Komin has served as our Chief Financial Officer and Treasurer since March 2024. Mr. Komin previously served as Chief Financial Officer of Sunrun Inc. (“Sunrun”), a residential solar and storage company, from March 2015 to May 2020, and then continued as a consultant until January 2021. From September 2013 to January 2015, Mr. Komin served as Chief Financial Officer at Flurry, Inc., a mobile analytics and advertising company. From August 2012 to August 2013, Mr. Komin served as Chief Financial Officer at Ticketfly, Inc., a music ticketing and marketing services provider. From January 2010 to July 2012, Mr. Komin served as Chief Operating Officer and Chief Financial Officer at Linden Research, Inc., a creator of virtual digital entertainment and cybercurrency. Mr. Komin previously served as a member of the board of directors and chairman of the audit committee of Bird Global Inc., a micromobility company, from June 2021 to April 2024. Mr. Komin holds an M.B.A. from Harvard Business School and a B.S. in Accounting and General Science from the University of Oregon.

Sean Lie 是我们的联合创始人之一，自 2016 年起担任多个职务，最近自 2022 年 4 月起担任我们的首席技术官。2012 年 4 月至 2015 年 6 月，Lie 先生担任 AMD 数据中心服务器解决方案首席架构师。2008 年 3 月至 2012 年 3 月，Lie 先生担任 SeaMicro 的 IO 虚拟化架构 ASIC 首席硬件架构师。2004 年 7 月至 2008 年 2 月，Lie 先生在 AMD 先进架构团队担任微处理器架构师。Lie 先生拥有麻省理工学院电气工程与计算机科学专业的工程硕士学位和学士学位。

Sean Lie is one of our co-founders and has served in various roles since 2016, including most recently as our Chief Technology Officer since April 2022. From April 2012 to June 2015, Mr. Lie served as Chief Architect, Data Center Server Solutions at AMD. From March 2008 to March 2012, Mr. Lie served as Lead Hardware Architect of the IO virtualization fabric ASIC at SeaMicro. From July 2004 to February 2008, Mr. Lie worked as a microprocessor architect at AMD in the advanced architecture team. Mr. Lie holds an M.Eng. and a B.S. in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology.

Dhiraj Mallick 自 2023 年 9 月起担任我们的首席运营官。2018 年 6 月至 2023 年 9 月，Mallick 先生担任我们的工程与运营高级副总裁。2015 年 11 月至 2018 年 5 月，Mallick 先生担任跨国科技公司 Intel Corporation 数据中心事业部创新、探索与架构副总裁。2012 年 4 月至 2015 年 8 月，Mallick 先生担任 AMD 总经理兼公司副总裁。自 2020 年 1 月起，Mallick 先生担任半导体与技术行业组织全球半导体联盟全球顾问委员会成员。Mallick 先生拥有斯坦福大学电气工程硕士学位和罗切斯特大学电气工程学士学位。

Dhiraj Mallick has served as our Chief Operating Officer since September 2023. From June 2018 to September 2023, Mr. Mallick served as our Senior Vice President of Engineering and Operations. From November 2015 to May 2018, Mr. Mallick served as Vice President of Innovation, Pathfinding and Architecture, Data Center Group at Intel Corporation, a multinational technology company. From April 2012 to August 2015, Mr. Mallick served as General Manager and Corporate Vice President at AMD. Since January 2020, Mr. Mallick has served on the Global Advisory Group of the Global Semiconductor Alliance, a semiconductor and technology industry organization. Mr. Mallick holds an M.S. in Electrical Engineering from Stanford University and a B.S. in Electrical Engineering from the University of Rochester.

#### 非雇员董事

#### Non-Employee Directors

Paul Auvil 自 2024 年 7 月起担任我们董事会成员。Auvil 先生此前曾于 2007 年 3 月至 2023 年 2 月担任企业安全公司 Proofpoint, Inc. 的首席财务官。2006 年 9 月至 2007 年 3 月，Auvil 先生担任风险投资公司 Benchmark 的驻场创业者。2002 年 8 月至 2006 年 7 月，Auvil 先生担任云计算与虚拟化公司 VMware, Inc. 的首席财务官。1998 年 4 月至 2002 年 1 月，Auvil 先生担任电子商务平台公司 Vitria Technology, Inc. 的首席财务官。1988 年 8 月至 1998 年 3 月，Auvil 先生在半导体与电路制造公司 VLSI Technology, Inc. 担任多个高管职务，包括担任互联网与安全产品部门副总裁。Auvil 先生自 2024 年 10 月起担任金融科技公司 Modern Treasury Corp. 的董事会成员，自 2024 年 11 月起担任区块链数据平台 Chainalysis Inc. 的董事会成员，并自 2023 年 10 月起担任搜索驱动解决方案平台 Elastic N.V. 的董事会成员。Auvil 先生此前曾于 2019 年 9 月至 2023 年 2 月担任 1Life Healthcare, Inc.（以 One Medical 为商号经营，系一家被 Amazon.com, Inc. 收购的初级保健机构）的董事会成员，于 2007 年 8 月至 2017 年 11 月担任数据存储公司 Quantum Corporation 的董事会成员，于 2009 年 10 月至 2017 年 4 月担任基于云的广告管理平台公司 Marin Software Incorporated 的董事会成员，并于 2010 年 1 月至 2010 年 4 月担任交互式电视软件与服务提供商 OpenTV Corp. 的董事会成员。Auvil 先生拥有西北大学凯洛格管理研究生院的管理学硕士学位（M.M.）以及达特茅斯学院电气工程学士学位（B.E.）。

Paul Auvil has served as a member of our board of directors since July 2024. Mr. Auvil previously served as Chief Financial Officer of Proofpoint, Inc., an enterprise security company, from March 2007 to February 2023. From September 2006 to March 2007, Mr. Auvil was an entrepreneur-in-residence with Benchmark, a venture capital firm. From August 2002 to July 2006, Mr. Auvil served as Chief Financial Officer at VMware, Inc., a cloud-computing and virtualization company. From April 1998 to January 2002, Mr. Auvil served as Chief Financial Officer at Vitria Technology, Inc., an eBusiness platform company. Mr. Auvil held various executive positions at VLSI Technology, Inc., a semiconductor and circuit manufacturing company, from August 1988 to March 1998, including serving as the Vice President of the Internet and Secure Products Division. Mr. Auvil has served as a member of the boards of directors of Modern Treasury Corp., a fintech company, since October 2024, Chainalysis Inc., a blockchain data platform, since November 2024, and Elastic N.V., a platform for search-powered solutions, since October 2023. Mr. Auvil previously served as a member of the boards of directors of 1Life Healthcare, Inc. (doing business as One Medical), a primary care organization acquired by Amazon.com, Inc., from September 2019 to February 2023, Quantum Corporation, a data storage company, from August 2007 to November 2017, Marin Software Incorporated, a cloud-based advertisement management platform company, from October 2009 to April 2017, and OpenTV Corp., a provider of interactive television software and services, from January 2010 to April 2010. Mr. Auvil holds an M.M. from the Kellogg Graduate School of Management at Northwestern University and a B.E. in Electrical Engineering from Dartmouth College.

我们认为，Auvil 先生因其在科技行业的丰富经验以及作为科技公司高管和董事会成员的经历，具备担任我们董事会成员的资格。

We believe Mr. Auvil is qualified to serve as a member of our board of directors because of his extensive experience in the technology industry and as an executive and a member of the boards of directors of technology companies.

Elena Donio 自 2026 年 4 月起担任我们董事会成员。Donio 女士此前曾在云通信平台 Twilio Inc. 担任多个职务，包括 2023 年 2 月至 2023 年 12 月担任数据与应用业务总裁，以及 2022 年 5 月至 2023 年 2 月担任营收总裁。在加入 Twilio 之前，Donio 女士于 2016 年 11 月至 2020 年 7 月担任技术驱动型法律服务提供商 Axiom Global, Inc. 的首席执行官，并于 2016 年 11 月至 2021 年 1 月担任其董事会成员。1998 年 1 月至 2016 年 11 月，Donio 女士曾在商务旅行与费用管理软件公司 Concur Technologies, Inc.（该公司于 2014 年被 SAP SE 收购）担任多个职务，包括 Concur 总裁、执行副总裁兼全球中小企业业务总经理，以及销售与营销副总裁。Donio 女士此前曾于 2016 年 2 月至 2022 年 5 月担任 Twilio 董事会成员。Donio 女士目前担任多家私营公司的董事会成员，包括 Databricks, Inc.、Plaid Inc. 和 Benchling, Inc.。Donio 女士持有加州大学圣地亚哥分校经济学学士学位。

Elena Donio has served as a member of our board of directors since April 2026. Ms. Donio previously served in various roles at Twilio Inc., a cloud-based communications platform, including as President, Data and Applications from February 2023 to December 2023 and as President, Revenue from May 2022 to February 2023. Prior to Twilio, Ms. Donio served as Chief Executive Officer Axiom Global, Inc., a provider of technology-enabled legal services, from November 2016 to July 2020, and as a member of its board of directors from November 2016 to January 2021. From January 1998 to November 2016, Ms. Donio served in various roles at Concur Technologies, Inc., a business travel and expense management software company acquired by SAP SE in 2014, including as Concur President, Executive Vice President, and General Manager of Worldwide Small and Mid-Sized Businesses, and Vice President of Sales and Marketing. Ms. Donio previously served as a member of the board of directors of Twilio from February 2016 to May 2022. Ms. Donio serves as a member of the boards of directors of several private companies, including Databricks, Inc., Plaid Inc., and Benchling, Inc. Ms. Donio holds a B.A. in Economics from the University of California, San Diego.

我们相信，Donio 女士凭借其在科技公司工作及为其提供服务的专业知识和经验，具备担任我们董事会成员的资格。

We believe Ms. Donio is qualified to serve as a member of our board of directors because of her expertise and experience working with and for technology companies.

Lior Susan 自 2023 年 4 月起担任我们董事会成员。自 2015 年 1 月起，Susan 先生担任投资公司 Eclipse 的创始人兼管理合伙人。Susan 先生是软件公司 Bright Machines, Inc. 的联合创始人，自 2018 年 1 月起担任其执行董事长，并曾于 2018 年 1 月至 2018 年 5 月、2021 年 12 月至 2022 年 12 月以及 2023 年 8 月至今担任其首席执行官。2012 年 6 月至 2015 年 1 月，Susan 先生担任端到端供应链解决方案公司 Flextronics International Ltd. 旗下硬件投资平台 LabIX 的创始人兼普通合伙人。Susan 先生于 2008 年 4 月至 2012 年该公司被 Cisco 收购期间，担任自优化网络软件公司 Intucell Ltd. 的顾问。Susan 先生自 2015 年 3 月起担任健康科技公司 Owlet, Inc. 的董事会成员，并自 2021 年 7 月起担任其董事会主席。他还担任多家私营公司的董事会成员，包括 Augury, Inc.、Bright Machines, Inc.、Cybertoka Ltd.、Datapelago, Inc、Dutch Pet, Inc.、Prime Minute, Inc.、Skyryse, Inc.、The Heart Company, Inc. 和 Usrsa Major Technologies, Inc.。Susan 先生此前曾于 2020 年 8 月至 2022 年 12 月担任医学诊断公司 Lucira Health, Inc. 的董事会成员。Susan 先生曾是以色列国防军一支精锐特种部队的成员。

Lior Susan has served as a member of our board of directors since April 2023. Since January 2015, Mr. Susan has served as Founder and Managing Partner of Eclipse, an investment firm. Mr. Susan is a co-founder of Bright Machines, Inc., a software company, and has served as its Executive Chairman since January 2018 and as its Chief Executive Officer from January 2018 to May 2018, from December 2021 to December 2022, and from August 2023 to the present. From June 2012 to January 2015, Mr. Susan served as Founder and General Partner at LabIX, the hardware investment platform of Flextronics International Ltd., an end-to-end supply chain solutions company. Mr. Susan served as an Advisor at Intucell Ltd., a self-optimizing network software company, from April 2008 until it was sold to Cisco in 2012. Mr. Susan has served as a member of the board of directors of Owlet, Inc., a health technology company, since March 2015, and has served as the chairman of its board of directors since July 2021. He also serves as a member of the boards of directors of several private companies, including Augury, Inc., Bright Machines, Inc., Cybertoka Ltd., Datapelago, Inc, Dutch Pet, Inc., Prime Minute, Inc., Skyryse, Inc., The Heart Company, Inc., and Usrsa Major Technologies, Inc. Mr. Susan previously served as a member of the board of directors of Lucira Health, Inc., a medical diagnostics company, from August 2020 to December 2022. Mr. Susan is a former member of an elite Special Forces unit in the Israel Defense Force.

我们相信，Susan 先生凭借其在科技公司工作及投资方面的专业知识和经验，具备担任我们董事会成员的资格。

We believe Mr. Susan is qualified to serve as a member of our board of directors because of his expertise and experience working with and investing in technology companies.

Steve Vassallo 自 2016 年 5 月起担任我们的董事会成员。自 2007 年 10 月起，Vassallo 先生在一家风险投资公司 Foundation Capital 担任普通合伙人及多个其他职务。自 2004 年 9 月至 2006 年 9 月，Vassallo 先生在一家社交平台公司 Ning Interactive Inc. 担任产品与工程副总裁。自 1999 年 5 月至 2002 年 9 月，Vassallo 先生在一家触觉技术公司 Immersion Corporation 担任工程总监。Vassallo 先生曾于 2008 年 5 月至 2019 年 6 月担任 Sunrun 的董事会成员。Vassallo 先生还担任多家私营公司的董事会成员。Vassallo 先生持有斯坦福大学工商管理硕士（M.B.A.）学位、斯坦福大学机电工程理学硕士（M.S.）学位，以及伍斯特理工学院机械工程理学学士（B.S.）学位。

Steve Vassallo has served as a member of our board of directors since May 2016. Since October 2007, Mr. Vassallo has served as a general partner and in various other roles at Foundation Capital, a venture capital firm. From September 2004 to September 2006, Mr. Vassallo served as Vice President of Product and Engineering at Ning Interactive Inc., a social platform. From May 1999 to September 2002, Mr. Vassallo served as director of engineering at Immersion Corporation, a haptic technology company. Mr. Vassallo previously served as a member of the board of directors of Sunrun from May 2008 to June 2019. Mr. Vassallo also serves as a member of the boards of directors of several private companies. Mr. Vassallo holds an M.B.A. from Stanford University, an M.S. in Electromechanical Engineering from Stanford University, and a B.S. in Mechanical Engineering from Worcester Polytechnic Institute.

我们认为，Vassallo 先生因其在科技行业的丰富经验而有资格担任我们的董事会成员。

We believe Mr. Vassallo is qualified to serve on our board of directors because of his extensive experience in the technology industry.

Eric Vishria 自 2016 年 5 月起担任我们的董事会成员。自 2014 年 7 月起，Vishria 先生在一家风险投资公司 Benchmark 担任普通合伙人。自 2013 年 8 月至 2014 年 8 月，Vishria 先生在一家网络服务提供商 Yahoo! Inc. 担任数字杂志与垂直业务副总裁。自 2008 年 11 月至 2013 年 8 月，Vishria 先生在一家社交媒体网络浏览器公司 RockMelt, Inc. 担任联合创始人兼首席执行官。自 2014 年 9 月起，他担任一家数据解决方案公司 Confluent, Inc. 的董事会成员。Vishria 先生曾于 2014 年 12 月至 2025 年 6 月担任一家数字优化公司 Amplitude, Inc. 的董事会成员。他还担任多家私营公司的董事会成员。Vishria 先生持有斯坦福大学数学与计算科学理学学士（B.S.）学位。

Eric Vishria has served as a member of our board of directors since May 2016. Since July 2014, Mr. Vishria has served as a General Partner of Benchmark, a venture capital firm. From August 2013 to August 2014, Mr. Vishria served as Vice President, Digital Magazines and Verticals at Yahoo! Inc., a web services provider. From November 2008 to August 2013, Mr. Vishria served as co-founder and Chief Executive Officer of RockMelt, Inc., a social media web browser. He has served as a member of the board of directors of Confluent, Inc., a data solutions company, since September 2014. Mr. Vishria previously served as a member of the board of directors of Amplitude, Inc., a digital optimization company, from December 2014 to June 2025. He also serves as a member of the boards of directors of several private companies. Mr. Vishria holds a B.S. in Mathematical and Computational Science from Stanford University.

我们认为，Vishria 先生因其作为风险投资投资者的丰富经验以及在其他科技公司董事会任职的经历而有资格担任我们的董事会成员。

We believe Mr. Vishria is qualified to serve on our board of directors because of his extensive experience as a venture capital investor and a member of the boards of directors of other technology companies.

涉及特定法律诉讼 Involvement in Certain Legal Proceedings

Andrew D. Feldman 此前是 SEC v. Pereira, No. 3:06-cv-06384-CRB（N.D. Cal.）一案中六名具名被告之一，在该案中，SEC 指控（其中包括）Feldman 先生作为 Riverstone Networks, Inc. 的公司营销与公司发展副总裁，曾就 2001 年和 2002 年的销售交易进行谈判、审核、批准或以其他方式知悉该等交易，而 Riverstone 对该等交易进行了不当会计处理，且 Feldman 先生协助和教唆 Riverstone 违反美国证券法。Feldman 先生既不承认也不否认起诉状中的指控，于 2008 年与 SEC 达成协议，永久限制并禁止 Feldman 先生违反联邦证券法，并要求 Feldman 先生支付 $289,507 加利息，以此了结针对其的索赔。就同一被指控事实，Feldman 先生还于 2007 年 12 月对一项规避发行人会计控制的罪名认罪，该行为违反 15 U.S.C. 第 78m(b)(5) 条和第 78ff 条，并在美国司法部提起的、案名为 USA v. Feldman, No. 3:07-cr-07-00731-0001-CRB（N.D. Cal.）的诉讼中被判处三年缓刑并处罚金 $5,000。

Andrew D. Feldman was previously one of six named defendants in the action SEC v. Pereira, No. 3:06-cv-06384-CRB (N.D. Cal.), in which the SEC alleged, among other things, that Mr. Feldman, as Vice President, Corporate Marketing and Corporate Development of Riverstone Networks, Inc., negotiated, reviewed, approved, or was otherwise aware of sales transactions in 2001 and 2002 that were improperly accounted for by Riverstone and aided and abetted Riverstone in violating U. S. securities laws. Without admitting or denying the allegations of the complaint, Mr. Feldman settled the claims against him in 2008 by entering into an agreement with the SEC permanently restraining and enjoining Mr. Feldman from violating federal securities laws and requiring Mr. Feldman to pay $289,507 plus interest. In connection with the same alleged facts, Mr. Feldman also pled guilty in December 2007 to one count of circumventing accounting controls of an issuer in violation of 15 U.S.C. sections 78m(b)(5) and 78ff, and was sentenced to three years of probation and fined $5,000 in connection with an action brought by the U.S. Department of Justice captioned USA v. Feldman, No. 3:07-cr-07-00731-0001-CRB (N.D. Cal.).

亲属关系 Family Relationships

我们的任何高管或董事之间均不存在亲属关系。

There are no family relationships among any of our executive officers or directors.

董事会结构与构成 Board Structure and Composition

#### 董事独立性

#### Director Independence

我们的董事会目前由六名成员组成。我们的董事会已确定，除 Feldman 先生外，我们所有董事均符合纳斯达克上市规则规定的独立董事资格。Feldman 先生因其担任公司高管的职务而不被视为独立董事。根据纳斯达克上市规则，独立性的定义包括一系列客观测试，例如该董事目前不是、且至少在过去三年内未曾是我们的员工，以及该董事及其任何家庭成员均未与我们进行过各类业务往来。此外，根据纳斯达克上市规则的要求，我们的董事会已对每位独立董事作出主观认定，即不存在董事会认为会妨碍其在履行董事职责时行使独立判断的关系。在作出上述认定时，我们的董事会审阅并讨论了董事及我们提供的有关各董事与我们及我们管理层可能存在关系的信息。

Our board of directors currently consists of six members. Our board of directors has determined that all of our directors, other than Mr. Feldman, qualify as independent directors in accordance with the Nasdaq Listing Rules. Mr. Feldman is not considered independent by virtue of his position as an executive officer of the company. Under the Nasdaq Listing Rules, the definition of independence includes a series of objective tests, such as that the director is not, and has not been for at least three years, one of our employees and that neither the director nor any of his or her family members has engaged in various types of business dealings with us. In addition, as required by the Nasdaq Listing Rules, our board of directors has made a subjective determination as to each independent director that no relationships exists that, in the opinion of our board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. In making these determinations, our board of directors reviewed and discussed information provided by the directors and us with regard to each director’s relationships as they may relate to us and our management.

#### 分类董事会

#### Classified Board of Directors

根据我们经修订和重述的公司章程（该章程将在本次发行完成前立即生效），我们的董事会将分为三个类别，任期交错，每类任期三年。在每届年度股东大会上，任期届满的董事的继任者将当选，自当选并符合资格之时起任职，直至其当选后的第三届年度股东大会。我们的董事将按如下方式分为三个类别：

In accordance with our amended and restated certificate of incorporation, which will be effective immediately prior to the completion of this offering, our board of directors will be divided into three classes with staggered three-year terms. At each annual general meeting of stockholders, the successors to directors whose terms then expire will be elected to serve from the time of election and qualification until the third annual meeting following their election. Our directors will be divided among the three classes as follows:

- 第一类董事为 Andrew Feldman 和 Paul Auvil，其任期将在 2027 年召开的年度股东大会上届满；

- The Class I directors will be Andrew Feldman and Paul Auvil, and their terms will expire at the annual meeting of stockholders to be held in 2027;

- 第二类董事为 Steve Vassallo 和 Eric Vishria，其任期将在 2028 年召开的年度股东大会上届满；以及

- The Class II directors will be Steve Vassallo and Eric Vishria, and their terms will expire at the annual meeting of stockholders to be held in 2028; and

- 第三类董事为 Elena Donio 和 Lior Susan，其任期将在 2029 年召开的年度股东大会上届满。

- The Class III directors will be Elena Donio and Lior Susan, and their terms will expire at the annual meeting of stockholders to be held in 2029.

我们预计，因董事人数增加而产生的任何新增董事职位将在三个类别之间分配，以使每个类别尽可能由三分之一的董事组成。将我们的董事会分为三个类别并实行三年交错任期，可能会延迟或阻止我们管理层的变更或控制权的变更。

We expect that any additional directorships resulting from an increase in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist of one-third of the directors. The division of our board of directors into three classes with staggered three-year terms may delay or prevent a change of our management or a change in control.

#### 董事会的领导结构

#### Leadership Structure of the Board of Directors

我们经修订和重述的章程以及将在本招股说明书所属注册声明生效后立即采纳的公司治理准则，将赋予我们的董事会灵活性，以合并或分离董事会主席与首席执行官这两个职位，并根据其关于何种结构最符合我们公司利益的判断设立首席独立董事。

Our amended and restated bylaws and corporate governance guidelines to be adopted immediately following the effectiveness of the registration statement of which this prospectus forms a part will provide our board of directors with flexibility to combine or separate the positions of chairperson of the board of directors and Chief Executive Officer and to implement a lead director in accordance with its determination regarding which structure would be in the best interests of our company.

我们的董事会目前认为，我们现有的领导架构是有效的，即由我们的首席执行官 Feldman 先生兼任董事会主席。

Our board of directors currently believes that our existing leadership structure, under which our chief executive officer, Mr. Feldman, serves as chairman of our board of directors, is effective.

我们的董事会将继续定期审查我们的领导架构，并可能在未来作出其认为适当的此类变更。

Our board of directors will continue to periodically review our leadership structure and may make such changes in the future as it deems appropriate.

我们的董事会已任命 Eric Vishria 担任首席独立董事。作为首席独立董事，Vishria 先生将在董事会主席未出席的所有董事会会议上主持，包括执行会议，并履行我们的公司治理准则中规定的其他职责。

Our board of directors has appointed Eric Vishria to serve as lead independent director. As lead independent director, Mr. Vishria will preside at all meetings of the board of directors at which the chairman of the board of directors is not present, including executive sessions, and perform such additional responsibilities as set forth in our corporate governance guidelines.

#### 投票安排

#### Voting Arrangements

我们董事会成员的选举目前受我们与某些资本股票持有人签订的经修订和重述的投票协议以及我们现行经修订和重述的公司章程的相关条款管辖。根据我们经修订和重述的投票协议和现行经修订和重述的公司章程，Feldman 先生由我们的某些普通股持有人作为单一类别共同投票选举产生，Susan 先生、Vassallo 先生和 Vishria 先生由我们的 A 系列可赎回可转换优先股持有人选举产生。

The election of the members of our board of directors is currently governed by our amended and restated voting agreement that we entered into with certain holders of our capital stock and the related provisions of our current amended and restated certificate of incorporation. Pursuant to our amended and restated voting agreement and current amended and restated certificate of incorporation, Mr. Feldman was elected by certain holders of our common stock, voting together as a single class, and Messrs. Susan, Vassallo, and Vishria were elected by the holders of our Series A redeemable convertible preferred stock.

我们的经修订和重述的投票协议将终止，我们现行经修订和重述的公司章程中关于董事选举的条款将在本次发行中予以修订和重述。本次发行后，董事人数将由我们的董事会确定，但须遵守将在本次发行完成前立即生效的经修订和重述的公司章程和经修订和重述的章程细则的条款。我们每位现任董事将继续担任董事，直至其继任者经选举并符合资格，或直至其提前去世、辞职或被免职。

Our amended and restated voting agreement will terminate and the provisions of our current amended and restated certificate of incorporation by which our directors were elected will be amended and restated in connection with this offering. After this offering, the number of directors will be fixed by our board of directors, subject to the terms of our amended and restated certificate of incorporation and amended and restated bylaws that will become effective immediately prior to the completion of this offering. Each of our current directors will continue to serve as a director until the election and qualification of his or her successor, or until his or her earlier death, resignation, or removal.

董事会在风险监督流程中的作用 Role of Board in Risk Oversight Process

风险评估与监督是我们治理和管理流程中不可或缺的组成部分。我们的董事会鼓励管理层培育一种将风险管理融入公司战略和日常业务运营的文化。管理层在定期管理会议上讨论战略风险和运营风险，并在年内开展特定的战略规划与审查会议，其中包括对我们所面临风险的集中讨论与分析。全年中，高级管理层在定期董事会会议上向董事会汇报这些风险，作为聚焦特定业务职能、运营或战略的管理层演示的一部分，并说明管理层为减轻或消除此类风险所采取的措施。

Risk assessment and oversight are an integral part of our governance and management processes. Our board of directors encourages management to promote a culture that incorporates risk management into our corporate strategy and day-to-day business operations. Management discusses strategic and operational risks at regular management meetings, and conducts specific strategic planning and review sessions during the year that include a focused discussion and analysis of the risks facing us. Throughout the year, senior management reviews these risks with the board of directors at regular board meetings as part of management presentations that focus on particular business functions, operations or strategies, and presents the steps taken by management to mitigate or eliminate such risks.

我们的董事会未设立常设的风险管理委员会，而是通过董事会整体以及董事会下设的各常设委员会直接行使这一监督职能，各常设委员会负责处理其各自监督领域所固有的风险。董事会负责监控和评估战略风险敞口，而我们的审计委员会负责监督我们的重大财务风险和网络安全风险敞口以及管理层为监控和控制这些敞口所采取的措施。审计委员会还负责批准或不批准任何关联人交易。我们的提名与公司治理委员会监控公司治理准则的有效性。我们的薪酬委员会评估并监控我们的任何薪酬政策和计划是否有可能鼓励过度冒险。风险监督流程还包括定期接收各委员会和高级管理层成员的报告，使董事会能够了解我们在潜在重大风险领域（包括运营、财务、法律、监管、网络安全、战略和声誉风险）的风险识别、风险管理和风险缓释策略。

Our board of directors does not have a standing risk management committee, but rather administers this oversight function directly through our board of directors as a whole, as well as through various standing committees of our board of directors that address risks inherent in their respective areas of oversight. While our board of directors is responsible for monitoring and assessing strategic risk exposure, our audit committee is responsible for overseeing our major financial and cybersecurity risk exposures and the steps our management has taken to monitor and control these exposures. The audit committee also approves or disapproves any related person transactions. Our nominating and corporate governance committee monitors the effectiveness of our corporate governance guidelines. Our compensation committee assesses and monitors whether any of our compensation policies and programs has the potential to encourage excessive risk-taking. The risk oversight process also includes receiving regular reports from our committees and members of senior management to enable our board of directors to understand our risk identification, risk management, and risk mitigation strategies with respect to areas of potential material risk, including operations, finance, legal, regulatory, cybersecurity, strategic, and reputational risk.

董事会委员会 Board Committees

自本招股说明书所属的注册声明被 SEC 宣布生效之日起，我们的董事会将设立三个常设委员会：审计委员会、薪酬委员会以及提名与公司治理委员会。各委员会均依据章程运作，该等章程将在本次发行完成后在我们网站上提供。各委员会成员任职至其辞职或直至我们的董事会另行决定为止。

Effective as of the date the registration statement of which this prospectus forms a part is declared effective by the SEC, our board of directors will have three standing committees: an audit committee; a compensation committee; and a nominating and corporate governance committee. Each committee is governed by a charter that will be available on our website following completion of this offering. Members serve on these committees until their resignation or until otherwise determined by our board of directors.

#### 审计委员会

#### Audit Committee

自本招股说明书所属的注册声明被 SEC 宣布生效之日起，我们的审计委员会成员将由 Paul Auvil、Elena Donio 和 Eric Vishria 组成。Auvil 先生将担任我们的审计委员会主席。我们审计委员会的构成符合现行纳斯达克上市规则和《交易法》第 10A-3 条规定的独立性要求。我们审计委员会的每位成员均具备财务知识。此外，我们的董事会已认定 Auvil 先生属于 SEC 规则所指的“审计委员会财务专家”。该认定并不对此类董事施加任何高于通常施加于我们审计委员会成员和董事会成员的职责、义务或责任。我们的审计委员会直接负责以下事项（其中包括）：

Effective as of the date the registration statement of which this prospectus forms a part is declared effective by the SEC, the members of our audit committee will consist of Paul Auvil, Elena Donio, and Eric Vishria. Mr. Auvil will be the chairperson of our audit committee. The composition of our audit committee meets the requirements for independence under the current Nasdaq Listing Rules and Rule 10A-3 of the Exchange Act. Each member of our audit committee is financially literate. In addition, our board of directors has determined that Mr. Auvil is an “audit committee financial expert” within the meaning of the SEC rules. This designation does not impose on such directors any duties, obligations, or liabilities that are greater than are generally imposed on members of our audit committee and our board of directors. Our audit committee is directly responsible for, among other things:

- 任命、留用、确定薪酬并监督我们的独立注册公共会计师事务所的工作；

- appointing, retaining, compensating, and overseeing the work of our independent registered public accounting firm;

- 评估独立注册公共会计师事务所的独立性和业绩；

- assessing the independence and performance of the independent registered public accounting firm;

- 与我们的独立注册公共会计师事务所审阅其对我们财务报表年度审计的范围和结果；

- reviewing with our independent registered public accounting firm the scope and results of the firm’s annual audit of our financial statements;

- 监督财务报告流程，并与管理层及我们的独立注册公共会计师事务所讨论我们将向 SEC 提交的财务报表；

- overseeing the financial reporting process and discussing with management and our independent registered public accounting firm the financial statements that we will file with the SEC;

- 预先批准我们的独立注册公共会计师事务所将提供的所有审计服务和允许的非审计服务；

- pre-approving all audit and permissible non-audit services to be performed by our independent registered public accounting firm;

- 审阅与风险评估和管理相关的政策和实践；

- reviewing policies and practices related to risk assessment and management;

- 审阅我们的会计和财务报告政策与实践及会计控制，以及对法律和监管要求的遵守情况；

- reviewing our accounting and financial reporting policies and practices and accounting controls, as well as compliance with legal and regulatory requirements;

- 审阅网络安全事项；

- reviewing cybersecurity matters;

- 审阅、监督、批准或不批准任何关联人交易；

- reviewing, overseeing, approving, or disapproving any related-person transactions;

- 与管理层一同审阅管理层对我们披露控制与程序评估的范围及结果，以及管理层对我们财务报告内部控制的评估，包括将纳入我们向 SEC 提交的定期报告中的相关认证；以及

- reviewing with our management the scope and results of management’s evaluation of our disclosure controls and procedures and management’s assessment of our internal control over financial reporting, including the related certifications to be included in the periodic reports we will file with the SEC; and

- 建立相关程序，以便就存疑的会计、内部控制或审计事项，或其他道德或合规问题，进行保密匿名举报。

- establishing procedures for the confidential anonymous submission of concerns regarding questionable accounting, internal controls, or auditing matters, or other ethics or compliance issues.

#### 薪酬委员会

#### Compensation Committee

自本招股说明书所属注册声明获 SEC 宣布生效之日起，我们薪酬委员会的成员将由 Elena Donio、Lior Susan 和 Steve Vassallo 组成。Donio 女士将担任我们薪酬委员会的主席。Donio 女士以及 Susan 先生和 Vassallo 先生均为《交易法》下第 16b-3 条规则所定义的非雇员董事，并符合现行纳斯达克上市规则下的独立性要求。我们薪酬委员会负责（其中包括）：

Effective as of the date the registration statement of which this prospectus forms a part is declared effective by the SEC, the members of our compensation committee will consist of Elena Donio, Lior Susan, and Steve Vassallo. Ms. Donio will be the chairperson of our compensation committee. Each of Ms. Donio and Messrs. Susan and Vassallo is a non-employee director, as defined by Rule 16b-3 promulgated under the Exchange Act and meets the requirements for independence under the current Nasdaq Listing Rules. Our compensation committee is responsible for, among other things:

- 审阅并批准我们高管的薪酬，包括审阅并批准与薪酬相关的公司目标和目的；

- reviewing and approving the compensation of our executive officers, including reviewing and approving corporate goals and objectives with respect to compensation;

- 有权担任我们股权激励计划的管理人；

- authority to act as an administrator of our equity incentive plans;

- 审阅并批准激励薪酬和股权计划，或就此向我们的董事会提出建议；

- reviewing and approving, or making recommendations to our board of directors with respect to, incentive compensation and equity plans;

- 审阅并建议我们的董事会批准我们非雇员董事的薪酬；以及

- reviewing and recommending that our board of directors approve the compensation for our non-employee directors; and

- 制定并审阅与我们员工薪酬和福利相关的一般政策。

- establishing and reviewing general policies relating to compensation and benefits of our employees.

#### 提名与公司治理委员会

#### Nominating and Corporate Governance Committee

自本招股说明书所属注册声明获 SEC 宣布生效之日起，我们提名与公司治理委员会的成员将由 Paul Auvil、Lior Susan 和 Steve Vassallo 组成。Vassallo 先生将担任我们提名与公司治理委员会的主席。Auvil 先生、Susan 先生和 Vassallo 先生均符合现行纳斯达克上市规则下的独立性要求。我们提名与公司治理委员会负责（其中包括）：

Effective as of the date the registration statement of which this prospectus forms a part is declared effective by the SEC, the members of our nominating and corporate governance committee will consist of Paul Auvil, Lior Susan, and Steve Vassallo. Mr. Vassallo will be the chairperson of our nominating and corporate governance committee. Each of Messrs. Auvil, Susan, and Vassallo meet the requirements for independence under the current Nasdaq Listing Rules. Our nominating and corporate governance committee is responsible for, among other things:

- 物色并推荐我们的董事会成员人选，包括考虑股东提交的提名人选，以及董事会各委员会的人选；

- identifying and recommending candidates for membership on our board of directors, including the consideration of nominees submitted by stockholders, and on each of the board’s committees;

- 审议并就我们的公司治理准则和政策提出建议；

- reviewing and recommending our corporate governance guidelines and policies;

- 审议针对董事和高级管理人员的商业行为与道德准则拟议豁免；

- reviewing proposed waivers of the code of business conduct and ethics for directors and executive officers;

- 监督我们董事会的绩效评估流程；以及

- overseeing the process of evaluating the performance of our board of directors; and

- 就公司治理事项协助我们的董事会。

- assisting our board of directors on corporate governance matters.

商业行为与道德准则 Code of Business Conduct and Ethics

就本次发行而言，我们的董事会将通过一套适用于我们全体员工、高管和董事（包括我们的首席执行官、首席财务官以及其他高管和高级财务官）的商业行为与道德准则。本次发行完成后，我们的商业行为与道德准则全文将发布在我们网站的投资者关系板块。我们拟在我们网站或公开申报文件中披露未来对该商业行为与道德准则的修订或对该准则的任何豁免。

In connection with this offering, our board of directors will adopt a code of business conduct and ethics that applies to all of our employees, officers, and directors, including our Chief Executive Officer, Chief Financial Officer, and other executive and senior financial officers. Upon completion of this offering, the full text of our code of business conduct and ethics will be posted on the investor relations section of our website. We intend to disclose future amendments to our code of business conduct and ethics, or any waivers of such code, on our website or in public filings.

赔偿与保险 Indemnification and Insurance

我们投保了董事及高级管理人员责任保险。我们经修订并重述的公司章程和经修订并重述的章程细则将包含限制董事及高级管理人员责任并在特定情形下对其予以补偿的条款。我们已与或将与每位董事及高级管理人员签订补偿协议，为我们的董事及高级管理人员提供额外的补偿及相关权利。更多信息请参见“股本说明——责任限制与补偿事项”一节。

We maintain directors’ and officers’ liability insurance. Our amended and restated certificate of incorporation and amended and restated bylaws will include provisions limiting the liability of directors and officers and indemnifying them under certain circumstances. We have entered or will enter into indemnification agreements with each of our directors and officers to provide our directors and officers with additional indemnification and related rights. See the section titled “Description of Capital Stock—Limitations on Liability and Indemnification Matters” for additional information.

薪酬委员会交叉任职与内部人参与 Compensation Committee Interlocks and Insider Participation

在构成这份招股说明书一部分的注册声明生效后，将担任我们薪酬委员会成员的董事会成员中，没有任何一人现在是或曾经是我们公司的高级职员或员工。我们的任何高级职员目前均未担任、在过去一个财政年度内也未担任任何其他实体的薪酬委员会（若无委员会履行该职能，则为董事会）成员，而该实体的高级职员同时担任我们董事会成员。

None of the members of our board of directors who will serve on our compensation committee upon the effectiveness of the registration statement of which this prospectus forms a part is or has been an officer or employee of our company. None of our executive officers currently serves, or in the past fiscal year has served, as a member of a compensation committee (or if no committee performs that function, the board of directors) of any other entity that has an executive officer serving as a member of our board of directors.

高管 · 与董事薪酬

EXECUTIVE · AND DIRECTOR COMPENSATION

高管薪酬 Executive Compensation

以下是对我们列名高管（“NEO”）薪酬安排的讨论与分析。本讨论包含前瞻性陈述，这些陈述基于我们当前对未来薪酬计划的方案、考量、预期和决定。我们实际采用的薪酬计划可能与本讨论所概述的当前计划存在重大差异。作为《JOBS 法案》所定义的“新兴成长型公司”，我们无需包含“薪酬讨论与分析”章节，并已选择遵守适用于新兴成长型公司的简化披露要求。

The following is a discussion and analysis of compensation arrangements of our named executive officers (“NEOs”). This discussion contains forward looking statements that are based on our current plans, considerations, expectations and determinations regarding future compensation programs. Actual compensation programs that we adopt may differ materially from currently planned programs as summarized in this discussion. As an “emerging growth company” as defined in the JOBS Act, we are not required to include a Compensation Discussion and Analysis section and have elected to comply with the scaled disclosure requirements applicable to emerging growth companies.

我们力求确保向我们的高管支付的总薪酬合理且具有竞争力。我们高管的薪酬围绕个人绩效和近期公司目标的实现以及长期业务目标来构建。

We seek to ensure that the total compensation paid to our executive officers is reasonable and competitive. Compensation of our executive officers is structured around the achievement of individual performance and near-term corporate targets as well as long-term business objectives.

截至 2025 年 12 月 31 日止年度，我们的 NEO 为：

Our NEOs for the year ended December 31, 2025 were:

- Andrew D. Feldman，我们的首席执行官兼总裁；

- Andrew D. Feldman, our Chief Executive Officer and President;

- Sean Lie，我们的首席技术官；以及

- Sean Lie, our Chief Technology Officer; and

- Dhiraj Mallick，我们的首席运营官。

- Dhiraj Mallick, our Chief Operating Officer.

薪酬汇总表 Summary Compensation Table

下表列示了 2025 年支付给我们 NEO 的总薪酬。

The following table sets forth total compensation paid to our NEOs for 2025.

**姓名及主要**

**Name and Principal**

职位($)($) 奖励($)(1) 奖励($)(1) 激励计划薪酬($)(2) 薪酬($)($)

Position($)($) Awards ($)(1) Awards ($)(1) Incentive Plan Compensation ($)(2) Compensation ($)($)

Andrew D. Feldman，

Andrew D. Feldman,

首席执行官 · ... · 2025 · 450,000 · — · 10,816,000 · — · 487,500 · — · 11,753,500

Chief Executive Officer · ... · 2025 · 450,000 · — · 10,816,000 · — · 487,500 · — · 11,753,500

Sean Lie，首席技术官

Sean Lie, Chief Technology Officer

2025 · 400,000 · — · 10,816,000 · — · 350,000 · — · 11,566,000

2025 · 400,000 · — · 10,816,000 · — · 350,000 · — · 11,566,000

Dhiraj Mallick，

Dhiraj Mallick,

首席运营官 · .. · 2025 · 400,000 · — · — · — · 290,000 · — · 690,000

Chief Operating Officer · .. · 2025 · 400,000 · — · — · — · 290,000 · — · 690,000

_______________ (1) 所列金额代表 2025 年授予的 RSU 在授予日的公允价值，系按照 ASC Topic 718 计算得出。有关计算该金额所采用的假设，请参见本招股说明书其他部分所载我们经审计合并财务报表附注 14 中的“股权激励费用”。(2) 所列金额代表 2025 年赚取的年度绩效现金奖金。

_______________ (1) Amounts shown represent the grant date fair value of RSUs granted during 2025 as calculated in accordance with ASC Topic 718. See “Stock-Based Compensation” in Note 14 to our audited consolidated financial statements included elsewhere in this prospectus for the assumptions used in calculating this amount. (2) Amounts shown represent annual performance-based cash bonuses earned for 2025.

薪酬汇总表说明 Narrative to Summary Compensation Table

#### 年度基本薪酬

#### Annual Base Salaries

我们向每位 NEO 支付基本薪酬，作为其向我们公司提供服务的报酬。应付每位 NEO 的基本薪酬旨在提供固定薪酬组成部分，以反映高管的技能组合、经验、角色和职责。

We pay each of our NEOs a base salary to compensate them for services rendered to our company. The base salary payable to each NEO is intended to provide a fixed component of compensation reflecting the executive’s skill set, experience, role, and responsibilities.

我们董事会薪酬委员会确定了每位 NEO 2025 年的年度基本薪酬如下：Feldman 先生，$450,000；Lie 先生，$400,000；Mallick 先生，$400,000。2026 年 2 月，我们的薪酬委员会将 Feldman 先生、Lie 先生和 Mallick 先生 2026 年的基本薪酬分别提高至 $600,000、$500,000 和 $450,000。

The compensation committee of our board of directors established the annual base salary of each NEO for 2025 as follows: Mr. Feldman, $450,000; Mr. Lie, $400,000; and Mr. Mallick, $400,000. In February 2026, our compensation committee increased the 2026 base salaries of Messrs. Feldman, Lie, and Mallick to $600,000, $500,000, and $450,000, respectively.

我们的董事会和薪酬委员会可不时酌情调整基本薪酬。

Our board of directors and compensation committee may adjust base salaries from time to time in their discretion.

#### 年度奖金

#### Annual Bonuses

我们设有年度绩效现金奖金计划，每位 NEO 均参与了 2025 年度的该计划。根据我们的年度绩效现金奖金计划，我们的薪酬委员会为每位 NEO 设定了目标奖金机会，其中 NEO 的收益 50% 基于我们薪酬委员会设定的特定公司财务目标的实现情况，50% 基于个人绩效。2025 年为每位 NEO 设定的目标奖金机会如下：Feldman 先生，$250,000；Lie 先生，$200,000；Mallick 先生，$200,000。

We maintain an annual performance-based cash bonus program in which each of our NEOs participated in 2025. Under our annual performance-based cash bonus program, our compensation committee has established a target bonus opportunity for each NEO, with the NEO’s earnings based 50% on the achievement of certain corporate financial objectives established by our compensation committee and 50% upon individual performance. The target bonus opportunity established for each NEO for 2025 was as follows: Mr. Feldman, $250,000; Mr. Lie, $200,000; and Mr. Mallick, $200,000.

2026 年 1 月，我们的薪酬委员会确定了年度绩效现金奖金计划下公司财务目标的实现情况（该目标以目标的 200% 达成）以及个人绩效水平，并基于 2025 年绩效批准了以下 NEO 奖金：Feldman 先生，$487,500；Lie 先生，$350,000；Mallick 先生：$290,000。

In January 2026, our compensation committee determined achievement of the corporate financial objectives under our annual performance-based cash bonus program (which were achieved at 200% of target), and individual performance levels, and approved the following bonuses for our NEOs based on 2025 performance: Mr. Feldman, $487,500; Mr. Lie, $350,000; and Mr. Mallick: $290,000.

2026 年，我们的薪酬委员会通过了类似的年度绩效现金奖金计划。此外，2026 年 2 月，我们的薪酬委员会将 Feldman 先生和 Lie 先生的年度目标奖金机会分别提高至 $600,000 和 $375,000。

For 2026, our compensation committee adopted a similar annual performance-based cash bonus program. Additionally, in February 2026, our compensation committee increased the annual target bonus opportunities of Messrs. Feldman and Lie to $600,000 and $375,000, respectively.

我们的董事会和薪酬委员会可不时调整年度目标奖金机会或授予酌情奖金。

Our board of directors and compensation committee may adjust annual target bonus opportunities or award discretionary bonuses from time to time.

#### 股权激励薪酬

#### Equity-Based Compensation

我们已向 NEO 授予股票期权和 RSU，以吸引和留住他们，并使他们的利益与股东的利益保持一致。我们的股票期权通常可在归属前行使（任何未归属股份在服务终止时可按原行使价回购），且通常在一、三或四年内归属，前提是持续为公司服务。我们的 RSU 通常需要同时满足服务归属条件（通常在一年至四年内满足）和流动性归属条件（已在本次发行相关事项中满足）。

We have granted stock options and RSUs to our NEOs to attract and retain them, as well as to align their interests with the interests of our stockholders. Our stock options are generally exercisable prior to vesting (with any unvested shares subject to repurchase at the original exercise price upon any termination of service) and generally vest over one, three or four years, subject to continued service to the company. Our RSUs generally require satisfaction of both a service-based vesting condition, which is generally satisfied over a one-to four-year period, and a liquidity-based vesting condition, which was satisfied in connection with this offering.

#### 2025 年股权奖励

#### 2025 Equity Awards

2025 年 2 月，我们向 Feldman 先生和 Lie 先生各授予 400,000 份 RSU，该等 RSU 须在满足基于服务及基于流动性的归属条件后方可归属。基于服务的条件自 2025 年 1 月 5 日起，于每个月的周年日就 RSU 总数的 1/48 满足，前提是该高管在相应日期前持续提供服务。基于流动性的归属条件已在本次发行中满足。

In February 2025, we granted each of Mr. Feldman and Mr. Lie awards of 400,000 RSUs, which vest subject to satisfaction of service-based and liquidity-based vesting conditions. The service-based condition is satisfied as to 1/48th of the total number of RSUs on each monthly anniversary of January 5, 2025, subject to the executive continuing to provide services through the applicable date. The liquidity-based vesting condition was satisfied in connection with this offering.

#### 2026 年创始人股权奖励

#### 2026 Founder Equity Awards

就本此发行，我们的薪酬委员会和董事会与薪酬委员会的独立薪酬顾问 Compensia 密切合作，为我们的联合创始人 NEO（Feldman 先生和 Lie 先生）设计了一套全面、综合的股权薪酬方案。该方案由三个互补的组成部分构成：补足性时间归属 RSU 奖励、年度时间归属 RSU 奖励，以及大额绩效归属 RSU（“PRSU”）奖励。这些组成部分旨在协同发挥作用，使我们的联合创始人高管的利益与股东的利益保持一致，并推动长期股东价值。在设计该股权薪酬方案时，我们的薪酬委员会和董事会聘请 Compensia 对我们的同行市场实践进行了全面研究，包括 Feldman 先生和 Lie 先生的整体股权持有情况与同行公司中类似高管的比较，以及授予类似联合创始人高管的股权奖励的规模和结构。经过充分审议，2026 年 2 月，根据我们薪酬委员会的建议，我们的董事会授予了下述股权奖励。

In connection with this offering, our compensation committee and board of directors worked closely with Compensia, the compensation committee’s independent compensation consultant, to design a comprehensive, integrated equity compensation package for our co-founder NEOs, Mr. Feldman and Mr. Lie. This package consists of three complementary components: make-whole time-based RSU awards, annual time-based RSU awards, and large performance-based RSU (“PRSU”) awards. These components are designed to work together to align the interests of our co-founder executives with those of our stockholders and to drive long-term stockholder value. In designing this equity compensation package, our compensation committee and board of directors engaged Compensia to perform a comprehensive study of market practices among our peers, including overall equity holdings of Mr. Feldman and Mr. Lie in comparison to similarly situated executives at peer companies, and the size and structure of equity awards granted to similarly situated co-founder executives. After considerable deliberation, in February 2026, upon the recommendation of our compensation committee, our board of directors granted the equity awards described below.

第一部分：创始人补足性 RSU 奖励

First Component: Founder Make-Whole RSU Awards

在审阅了同行公司中类似联合创始人高管的市场数据以及 Feldman 先生和 Lie 先生各自的相对股权持有情况后，我们的薪酬委员会和董事会决定向每位高管授予一项 RSU 奖励，旨在使其在公司的现有股权比例与同行中类似高管的前 10% 水平保持一致。因此，我们的董事会向 Feldman 先生授予 500,000 份 RSU，向 Lie 先生授予 312,500 份 RSU。每项奖励须在满足基于服务及基于流动性的归属条件后方可归属。基于服务的条件自 2026 年 1 月 5 日起，于每个月的周年日就 RSU 总数的 1/60 满足，前提是该高管在相应日期前持续担任公司首席执行官（Feldman 先生）或首席技术官或更高职位（Lie 先生）（任一情形均称为“合格服务”）。基于流动性的归属条件已在本此发行中满足。

After reviewing market data on similarly situated co-founder executives at peer companies and the relative equity holdings of each of Mr. Feldman and Mr. Lie, our compensation committee and board of directors determined to grant each executive an award of RSUs intended to bring their existing equity stake in the Company in line with the top 10% of similarly situated executives at our peers. Accordingly, our board of directors granted Mr. Feldman an award of 500,000 RSUs and Mr. Lie an award of 312,500 RSUs. Each award vests subject to satisfaction of service-based and liquidity-based vesting conditions. The service-based condition is satisfied as to 1/60th of the total number of RSUs on each monthly anniversary of January 5, 2026, subject to the executive’s continued employment as the Company’s Chief Executive Officer (for Mr. Feldman) or Chief Technology Officer or higher (for Mr. Lie) (in either case, “Qualified Service”) through the applicable date. The liquidity-based vesting condition was satisfied in connection with this offering.

第二部分：创始人年度 RSU 奖励

Second Component: Founder Annual RSU Awards

在审阅了同业公司中情况类似的联合创始人高管的薪酬市场数据后，我们的薪酬委员会和董事会决定向 Feldman 先生和 Lie 先生各授予一笔限制性股票单位（RSU），该奖励拟构成年度刷新授予，旨在奖励高管过去一年的业绩表现，同时确保其继续留任。据此，我们的董事会向 Feldman 先生授予 243,902 个 RSU，向 Lie 先生授予 182,926 个 RSU。每笔奖励的归属须满足基于服务和基于流动性的归属条件。基于服务的条件在自 2026 年 1 月 5 日起的每个月度周年日就 RSU 总数的 1/48 满足，前提是该高管在相关日期前保持合格服务。基于流动性的归属条件已与本次发行相关而满足。

After reviewing market data on similarly situated co-founder executives at peer companies, our compensation committee and board of directors determined to grant each of Mr. Feldman and Mr. Lie an award of RSUs intended to constitute an annual refresh grant that rewards the executive for performance over the prior year while ensuring continued retention. Accordingly, our board of directors granted Mr. Feldman an award of 243,902 RSUs and Mr. Lie an award of 182,926 RSUs. Each award vests subject to satisfaction of service-based and liquidity-based vesting conditions. The service-based condition is satisfied as to 1/48th of the total number of RSUs on each monthly anniversary of January 5, 2026, subject to the executive’s Qualified Service through the applicable date. The liquidity-based vesting condition was satisfied in connection with this offering.

第三部分：创始人 PRSU 奖励

Third Component: Founder PRSU Awards

在审阅了同业公司中情况类似的、其普通股已完成首次公开发行的联合创始人高管的薪酬市场数据后，我们的薪酬委员会和董事会决定向 Feldman 先生和 Lie 先生各授予一笔 PRSU，旨在提供有意义的激励，以推动为我们的股东创造长期价值。据此，我们的董事会向 Feldman 先生授予 5,700,000 个 PRSU，向 Lie 先生授予 3,300,000 个 PRSU。这些 PRSU 奖励要求持续实现市值目标，从而使 Feldman 先生和 Lie 先生的薪酬与我们的股东利益显著保持一致。奖励规模是在考虑了 Feldman 先生和 Lie 先生当前的股权持有情况（在计入上述 2026 年补足 RSU 和 2026 年年度 RSU 之后），以及授予担任高管职务的上市公司创始人的类似股权奖励后确定的。

After reviewing market data on similarly situated co-founder executives at peer companies that underwent an initial public offering of their common stock, our compensation committee and board of directors determined to grant each of Mr. Feldman and Mr. Lie an award of PRSUs intended to provide a meaningful incentive to drive long-term value to our stockholders. Accordingly, our board of directors granted Mr. Feldman an award of 5,700,000 PRSUs and Mr. Lie an award of 3,300,000 PRSUs. These PRSU awards significantly align Mr. Feldman’s and Mr. Lie’s compensation with our stockholders’ interests by requiring sustained achievement of market capitalization targets. The size of the awards was determined after consideration of Mr. Feldman’s and Mr. Lie’s current equity holdings, after giving effect to the 2026 make-whole RSUs and 2026 annual RSUs described above, and similar equity awards granted to founders of publicly traded companies serving in executive positions.

每个 PRSU 代表在归属时获得一股 B 类普通股的权利。在实现下表所列市值门槛的情况下，PRSU 有资格自本次发行完成之日起六个月后分三个独立批次归属，前提是该高管在归属日之前保持合格服务。

Each PRSU represents the right to receive one share of Class B common stock upon vesting. The PRSUs are eligible to vest starting six months following completion of this offering in three separate tranches in the event the market capitalization hurdles in the table below are achieved, subject to the executive’s Qualified Service through the vesting date.

**批次**

**Tranche**

（Feldman）（Lie）

(Feldman)(Lie)

1 · $75 billion · 1,900,000 · 1,100,000 2 · $150 billion · 1,900,000 · 1,100,000 3 · $250 billion · 1,900,000 · 1,100,000

1 · $75 billion · 1,900,000 · 1,100,000 2 · $150 billion · 1,900,000 · 1,100,000 3 · $250 billion · 1,900,000 · 1,100,000

为确定是否达到某一市值门槛，须以（i）我们 A 类普通股在适用交易日的收盘交易价格乘以（ii）该交易日 A 类普通股的流通在外股数所得乘积的 90 个交易日移动平均值，等于或超过适用的市值门槛。若公司发生控制权变更，且该高管在控制权变更前持续提供合格服务，则控制权变更中每股应付金额将用于确定最终市值门槛的达成情况（若该金额介于两个市值门槛之间，则采用线性插值法）。若公司进行重大合并或收购，且以公司股本作为全部或部分对价，则市值门槛应相应且按比例向上调整，以反映该合并或收购中发行的股本。

For purposes of determining whether a market capitalization hurdle has been achieved, the 90-trading-day trailing average of the product of (i) the closing trading price of our Class A common stock on the applicable trading day multiplied by (ii) the number of outstanding shares of Class A common stock on such trading day, must equal or exceed the applicable market capitalization hurdle. In the event of a change in control of the Company, subject to the executive’s Qualified Service through such change in control, the per share amount to be paid in connection with the change in control will be used to determine final market capitalization hurdle achievement (using linear interpolation if such amount falls between two market capitalization hurdles). In the event of a significant merger or acquisition by the Company pursuant to which Company capital stock is used as full or partial consideration, the market capitalization hurdles shall be appropriately and proportionately adjusted upwards to reflect the capital stock issued in such merger or acquisition.

除薪酬委员会另有决定外，若 Feldman 先生或 Lie 先生的合格服务终止，该高管届时持有的全部未归属 PRSU 将自动失效。此外，截至本次发行完成九周年之日仍未归属的任何 PRSU 将自动失效。

Except as otherwise determined by the compensation committee, in the event of a termination of Mr. Feldman’s or Mr. Lie’s Qualified Service, all then-unvested PRSUs held by such executive will automatically forfeit. Additionally, any PRSUs that remain unvested as of the ninth anniversary of the completion of this offering will automatically forfeit.

其他 2026 年股权奖励

Other 2026 Equity Awards

2026 年 2 月，我们向 Mallick 先生授予 150,000 份 RSU，该奖励须满足基于服务和基于流动性的归属条件方可归属。基于服务的条件自 2026 年 8 月 5 日起，于每个月的周年日就 RSU 总数的 1/24 满足，前提是其持续提供服务至适用日期。基于流动性的归属条件已在本次发行相关事项中满足。

In February 2026, we granted Mr. Mallick an award of 150,000 RSUs, which vests subject to satisfaction of service-based and liquidity-based vesting conditions. The service-based condition is satisfied as to 1/24th of the total number of RSUs on each monthly anniversary of August 5, 2026, subject to him continuing to provide services through the applicable date. The liquidity-based vesting condition was satisfied in connection with this offering.

#### 新股权计划

#### New Equity Plan

就本次发行，我们通过了 2026 年激励奖励计划（“2026 年计划”），以便向我们公司及若干关联方的员工（包括我们的 NEO）、董事和顾问授予现金及股权激励，并使我们能够获得并留住这些人员的服务，这对我们的长期成功至关重要。2026 年计划于本招股说明书构成其一部分的注册声明生效日期的前一天生效。有关 2026 年计划的更多信息，请参见下文标题为“股权激励计划”的章节。

In connection with this offering, we adopted a 2026 Incentive Award Plan (the “2026 Plan”), in order to facilitate the grant of cash and equity incentives to employees (including our NEOs), directors, and consultants of our company and certain of our affiliates and to enable us to obtain and retain services of these individuals, which is essential to our long-term success. The 2026 Plan became effective on the day immediately prior to the date of effectiveness of the registration statement of which this prospectus forms a part. For additional information about the 2026 Plan, see the section titled “Equity Compensation Plans” below.

薪酬的其他要素 Other Elements of Compensation

#### 退休储蓄及健康与福利待遇

#### Retirement Savings and Health and Welfare Benefits

我们目前为符合特定资格要求的员工（包括我们的 NEO）维持一项 401(k) 退休储蓄计划。我们的 NEO 有资格以与其他全职员工相同的条件参与 401(k) 计划。经修订的《1986 年美国国内税收法典》（“法典”）允许符合条件的员工在规定限额内，通过向 401(k) 计划缴款，以税前方式递延部分薪酬。我们认为，通过 401(k) 计划提供递延纳税退休储蓄工具，提升了我们高管薪酬方案的整体吸引力，并按照我们的薪酬政策进一步激励我们的员工（包括我们的 NEO）。

We currently maintain a 401(k) retirement savings plan for our employees, including our NEOs, who satisfy certain eligibility requirements. Our NEOs are eligible to participate in the 401(k) plan on the same terms as other full-time employees. The U.S. Internal Revenue Code of 1986, as amended (the “Code”) allows eligible employees to defer a portion of their compensation, within prescribed limits, on a pre-tax basis through contributions to the 401(k) plan. We believe that providing a vehicle for tax-deferred retirement savings through our 401(k) plan adds to the overall desirability of our executive compensation package and further incentivizes our employees, including our NEOs, in accordance with our compensation policies.

我们的所有全职员工（包括我们的 NEO）均有资格参与我们的健康与福利计划，包括医疗、牙科和视力福利；医疗及受抚养人护理灵活支出账户；短期和长期伤残保险；以及人寿和意外死亡及肢体离断保险。

All of our full-time employees, including our NEOs, are eligible to participate in our health and welfare plans, including medical, dental, and vision benefits; medical and dependent care flexible spending accounts; short-term and long-term disability insurance; and life and accidental death and dismemberment insurance.

#### 附加福利及其他个人福利

#### Perquisites and Other Personal Benefits

当我们认为有必要吸引或留任 NEO 时，我们会向 NEO 提供附加福利及其他个人福利。2025 年，我们的 NEO 均未获得任何附加福利。

We provide perquisites and other personal benefits to our NEOs when we believe it is necessary to attract or retain the NEO. None of our NEOs received any perquisites during 2025.

**2025 年末未兑现的股权奖励**

**Outstanding Equity Awards at 2025 Year End**

下表列出了截至 2025 年 12 月 31 日我们的 NEO 持有的所有未兑现股权奖励。

The following table lists all outstanding equity awards held by our NEOs as of December 31, 2025.

**期权奖励 (1)**

**Option Awards (1)**

姓名 · 归属

Name · Vesting

**开始**

**Commencement**

日期 未行权期权对应的证券数量（#）可行权 未行权期权对应的证券数量（#）不可行权 期权行权价格 ($) 期权到期日 尚未归属的股票或单位数量（#）

Date Number of Securities Underlying Unexercised Options (#) Exercisable Number of Securities Underlying Unexercised Options (#) Unexercisable Option Exercise Price ($) Option Expiration Date Number of Shares or Units of Stock That Have Not Vested (#)

价值 · 市场 股份或 单位 股票 尚未 已归属 · ($) Andrew D. Feldman · 2/15/2019 · 1,150,000 · — · 2.40 · 5/13/2029 · — · — 3/1/2022 (3) · 562,500 · 37,500 · 2.72 · 12/7/2030 · — · — 1/1/2023 (4) · 145,833 · 4,167 · 7.89 · 1/11/2032 · — · — 1/1/2023 (3) · 109,375 · 40,625 · 5.02 · 2/13/2033 · — · — 2/14/2023 (5) · — · — · — · — · 23,438 · 1,922,385 1/1/2024 (3) · 383,333 · 416,667 · 5.48 · 2/6/2034 · — · — 1/5/2025 (6) · — · — · — · — · 400,000 · 32,808,000 Sean Lie · 2/15/2019 · 350,000 · — · 2.40 · 5/13/2029 · — · — 3/1/2021 · 175,000 · — · 2.72 · 12/7/2030 · — · — 1/1/2022 (3) · 97,916 · 2,084 · 7.89 · 1/11/2032 · — · — 1/1/2023 (3) · 109,375 · 40,625 · 5.02 · 2/13/2033 · — · — 2/14/2023 (5) · — · — · — · — · 21,094 · 1,730,130 1/1/2024 (3) · 191,666 · 208,334 · 5.48 · 2/6/2034 · — · — 1/5/2025 (6) · — · — · — · — · 400,000 · 32,808,000 Dhiraj Mallick · 6/28/2018 · 367,370 · — · 0.98 · 7/16/2028 · — · — 6/28/2021 · 200,000 · — · 2.72 · 7/6/2030 · — · — 6/15/2021 · 100,000 · — · 2.89 · 3/14/2031 · — · — 10/1/2021 (6) · — · — · — · — · 325,000 · 26,656,500 8/23/2022 (3) · 250,000 · 50,000 · 6.47 · 8/22/2032 · — · — 1/1/2023 (3) · 145,833 · 54,167 · 5.02 · 2/13/2033 · — · — 8/1/2023 (7) · 35,000 · — · 5.02 · 7/31/2033 · — · — 8/1/2024 (7) · 35,000 · — · 5.02 · 7/31/2033 · — · — 8/1/2025 (7) · 11,666 · 23,334 · 5.02 · 7/31/2033 · — · — 8/1/2023 (8) · — · — · — · — · 700,000 · 57,414,000

Value of · Market Shares or Units of Stock That Have Not Vested · ($) Andrew D. Feldman · 2/15/2019 · 1,150,000 · — · 2.40 · 5/13/2029 · — · — 3/1/2022 (3) · 562,500 · 37,500 · 2.72 · 12/7/2030 · — · — 1/1/2023 (4) · 145,833 · 4,167 · 7.89 · 1/11/2032 · — · — 1/1/2023 (3) · 109,375 · 40,625 · 5.02 · 2/13/2033 · — · — 2/14/2023 (5) · — · — · — · — · 23,438 · 1,922,385 1/1/2024 (3) · 383,333 · 416,667 · 5.48 · 2/6/2034 · — · — 1/5/2025 (6) · — · — · — · — · 400,000 · 32,808,000 Sean Lie · 2/15/2019 · 350,000 · — · 2.40 · 5/13/2029 · — · — 3/1/2021 · 175,000 · — · 2.72 · 12/7/2030 · — · — 1/1/2022 (3) · 97,916 · 2,084 · 7.89 · 1/11/2032 · — · — 1/1/2023 (3) · 109,375 · 40,625 · 5.02 · 2/13/2033 · — · — 2/14/2023 (5) · — · — · — · — · 21,094 · 1,730,130 1/1/2024 (3) · 191,666 · 208,334 · 5.48 · 2/6/2034 · — · — 1/5/2025 (6) · — · — · — · — · 400,000 · 32,808,000 Dhiraj Mallick · 6/28/2018 · 367,370 · — · 0.98 · 7/16/2028 · — · — 6/28/2021 · 200,000 · — · 2.72 · 7/6/2030 · — · — 6/15/2021 · 100,000 · — · 2.89 · 3/14/2031 · — · — 10/1/2021 (6) · — · — · — · — · 325,000 · 26,656,500 8/23/2022 (3) · 250,000 · 50,000 · 6.47 · 8/22/2032 · — · — 1/1/2023 (3) · 145,833 · 54,167 · 5.02 · 2/13/2033 · — · — 8/1/2023 (7) · 35,000 · — · 5.02 · 7/31/2033 · — · — 8/1/2024 (7) · 35,000 · — · 5.02 · 7/31/2033 · — · — 8/1/2025 (7) · 11,666 · 23,334 · 5.02 · 7/31/2033 · — · — 8/1/2023 (8) · — · — · — · — · 700,000 · 57,414,000

______________ (1) 每项期权就其项下全部股份均可行使，行使时购买的股份适用与该期权相同的归属条件。如发生任何雇佣终止，未归属股份可由我们按相关期权的行权价格回购。列于“未行使期权项下不可行使证券数量”项下的期权部分代表该期权的未归属部分，尽管该期权可全额行使。(2) 所报告金额按 $82.02 乘以构成该股票奖励或作为其基础的未归属股份数量计算，该价格由我们的董事会确定等于我们 A 类普通股截至 2025 年 12 月 31 日的公允价值。(3) 该期权自归属起算日起每满一个月归属期权项下股份的 1/48，前提是该高管在相应归属日期前持续向我们提供服务。(4) 该期权自归属起算日起每满一个月归属期权项下股份的 1/36，前提是该高管在相应归属日期前持续向我们提供服务。(5) 该等 RSU 与本次发行相关而归属。

______________ (1) Each option is exercisable as to all shares underlying the option with any shares purchased upon exercise subject to the same vesting conditions applicable to the option. In the event of any termination of employment, unvested shares may be repurchased by us for the exercise price of the related option. The portion of the option included under the “Number of Securities Underlying Unexercised Options Unexercisable” represents the unvested portion of the option notwithstanding that it is fully exercisable. (2) Amount reported calculated by multiplying $82.02, which our board of directors determined equaled fair market value of our Class A common stock as of December 31, 2025, by the number of unvested shares comprising or underlying the stock award. (3) The option vests as to 1/48th of the shares underlying the option on each monthly anniversary of the vesting commencement date, subject to the executive continuing to provide services to us through the applicable vesting date. (4) The option vests as to 1/36th of the shares underlying the option on each monthly anniversary of the vesting commencement date, subject to the executive continuing to provide services to us through the applicable vesting date. (5) The RSUs vested in connection with this offering.

(6) 限制性股票单位（RSU）在基于服务的归属条件和基于流动性的归属条件均满足之日归属。基于服务的归属条件为：自归属起算日起每满一个月，归属 RSU 总数的 1/48，前提是该高管在相应日期前持续提供服务。基于流动性的归属条件已与本次发行相关而满足。(7) 期权自归属起算日起每满一个月，归属期权所对应股份的 1/12，前提是该高管在相应归属日期前持续向我们提供服务。(8) 限制性股票单位（RSU）在基于服务的归属条件和基于流动性的归属条件均满足之日归属。基于服务的归属条件为：自归属起算日起每满一个月，归属 RSU 总数的 1/36，前提是该高管在相应日期前持续提供服务。基于流动性的归属条件已与本次发行相关而满足。

(6) The RSUs vest on the date both service-based and liquidity-based vesting conditions are satisfied. The service-based vesting condition is satisfied as to 1/48th of the total number of RSUs on each monthly anniversary of the vesting commencement date, subject to the executive continuing to provide services through the applicable date. The liquidity-based vesting condition was satisfied in connection with this offering. (7) The option vests as to 1/12th of the shares underlying the option on each monthly anniversary of the vesting commencement date, subject to the executive continuing to provide services to us through the applicable vesting date. (8) The RSUs vest on the date both service-based and liquidity-based vesting conditions are satisfied. The service-based vesting condition is satisfied as to 1/36th of the total number of RSUs on each monthly anniversary of the vesting commencement date, subject to the executive continuing to provide services through the applicable date. The liquidity-based vesting condition was satisfied in connection with this offering.

高管薪酬安排 Executive Compensation Arrangements

#### 聘用函

#### Offer Letters

我们与 Feldman 先生和 Lie 先生签订了持续聘用函，并与 Mallick 先生签订了经修订和重述的聘用函。每份聘用函均规定了初始基本工资、目标奖金机会、员工福利资格以及未来股权奖励资格。Feldman 先生和 Lie 先生的持续聘用函规定，自 2027 年起，只要他们仍受雇于我们，他们每人将有资格获得年度股权奖励，(i) 该等奖励的规模和条款由我们的薪酬委员会确定并经我们的董事会每年批准，(ii) 该等奖励应基于对我们薪酬同行组中首席执行官（针对 Feldman 先生）或首席技术官（针对 Lie 先生）在适用年度所获股权奖励价值的市场评估，以及 (iii) 该等奖励的条款和条件不得劣于我们薪酬同行组中其他高管在适用年度所获年度股权奖励的条款和条件，但基于业绩的股权奖励与基于时间的股权奖励之间的组合除外。

We are party to continued employment offer letters with Mr. Feldman and Mr. Lie, and an amended and restated offer letter with Mr. Mallick. Each offer letter provides for an initial base salary, target bonus opportunity, eligibility for employee benefits, and eligibility for future equity awards. The continued employment offer letters for Mr. Feldman and Mr. Lie provide that, commencing in 2027 and for so long as they remain employed by us, they will each be eligible to receive an annual equity award, (i) with the size and terms of such awards to be determined by our compensation committee and approved by our board of directors each year, (ii) with such awards to be based on a market assessment of the value of equity awards granted to chief executive officers (for Mr. Feldman) or chief technology officers (for Mr. Lie) in our compensation peer group for the applicable year, and (iii) with the terms and conditions of such awards to be no less favorable than those of the annual equity awards granted to the other executive officers in our compensation peer group for the applicable year, other than with respect to the mix between performance-based and time-based equity awards.

#### 控制权变更与遣散安排

#### Change in Control and Severance Arrangements

每位 NEO 均参与我们的高管控制权变更与遣散计划（“遣散计划”），其在遣散计划下的福利如下所述。遣散计划下的付款和福利以适用高管及时向我们提供（且不撤销）一般性索赔豁免为条件。

Each NEO participates in our Executive Change in Control and Severance Plan (the “Severance Plan”), and their benefits under the Severance Plan are described below. Payments and benefits under the Severance Plan are contingent on the applicable executive timely providing us with (and not revoking) a general release of claims.

如果我们无“正当理由”终止 NEO 的雇佣关系，或 NEO 因“正当理由”辞职（每种情况均按遣散计划中的定义），且该等终止或辞职并非发生在控制权变更前三个月开始至控制权变更后 12 个月结束的期间（“CIC 保护期”）内，则除任何应计义务外，该高管将有权获得以下各项：(i) 相当于该高管当时基本工资 15 个月（针对 Feldman 先生和 Lie 先生）或 12 个月（针对 Mallick 先生）的金额，(ii) 在终止日期后最多 12 个月的 COBRA 保费支付或报销，以及 (iii) 仅针对 Feldman 先生和 Lie 先生，其仅基于对公司持续服务而归属的未兑现股权奖励可额外归属六个月。

If we terminate an NEO’s employment without “cause” or the NEO resigns for “good reason” (in each case, as defined in the Severance Plan) other than during the period beginning three months before and ending 12 months after a change in control (the “CIC Protection Period”), in addition to any accrued obligations, the executive will be entitled to the following: (i) an amount equal to 15 months (for Mr. Feldman and Mr. Lie) or 12 months (for Mr. Mallick) of the executive’s then-current base salary, (ii) payment or reimbursement of COBRA premiums for up to 12 months following the termination date, and (iii) for Mr. Feldman and Mr. Lie only, six months of additional vesting for the executive’s outstanding equity awards that vest solely based on continued service to the Company.

如果我们在 CIC 保护期内无“正当理由”终止 NEO 的雇佣关系，或 NEO 因“正当理由”辞职，则除任何应计义务外，作为对上述段落中福利的替代，NEO 将有权获得以下各项：(i) 相当于该高管当时基本工资 18 个月（针对 Feldman 先生和 Lie 先生）或 12 个月（针对 Mallick 先生）的金额，(ii) 相当于该高管终止年度目标年度奖金 1.5 倍（针对 Feldman 先生和 Lie 先生）或 1.0 倍（针对 Mallick 先生）的金额，(iii) 在终止日期后最多 12 个月的 COBRA 保费支付或报销，以及 (iv) 其仅基于对公司持续服务而归属的未兑现股权奖励的全部加速归属。

If we terminate an NEO’s employment without “cause” or the NEO resigns for “good reason” during the CIC Protection Period, in addition to any accrued obligations, in lieu of the benefits in the paragraph above the NEO will be entitled to the following: (i) an amount equal to 18 months (for Mr. Feldman and Mr. Lie) or 12 months (for Mr. Mallick) of the executive’s then-current base salary, (ii) an amount equal to 1.5 times (for Mr. Feldman and Mr. Lie) or 1.0 times (for Mr. Mallick) the executive’s target annual bonus for the year of termination, (iii) payment or reimbursement of COBRA premiums for up to 12 months following the termination date, and (iv) full vesting acceleration of the executive’s outstanding equity awards that vest based solely on continued service to the Company.

股权激励计划 Equity Compensation Plans

以下概述了长期激励薪酬计划和员工购股计划的主要条款，我们的 NEO 在本次发行后将有权参与该等计划，同时亦概述了我们现有股权计划的主要条款，我们此前已根据该等计划向我们的 NEO 及其他员工定期授予股权及基于股权的奖励。

The following summarizes the material terms of the long-term incentive compensation plan and employee stock purchase plan in which our NEOs will be eligible to participate following this offering and our existing equity plans, under which we have previously made periodic grants of equity and equity-based awards to our NEOs and other employees.

#### 2026 激励奖励计划

#### 2026 Incentive Award Plan

我们已采纳 2026 计划，该计划于本招股说明书构成其一部分的注册声明生效日期的前一天生效。2026 计划的主要目的是通过授予基于股票的薪酬奖励和基于现金的绩效奖金奖励，吸引、留住并激励选定的员工、董事和顾问。2026 计划的主要条款概述如下。

We have adopted the 2026 Plan, which became effective on the day immediately prior to the date of effectiveness of the registration statement of which this prospectus forms a part. The principal purpose of the 2026 Plan is to attract, retain, and motivate selected employees, directors, and consultants through the granting of stock-based compensation awards and cash-based performance bonus awards. The material terms of the 2026 Plan are summarized below.

股份储备。根据 2026 计划，最初预留 42,650,268 股我们的 A 类普通股，用于根据各类基于股票的薪酬奖励发行，包括股票期权、股票增值权（“SARs”）、限制性股票奖励、RSU 奖励及其他基于股票的奖励。根据 2026 计划项下奖励最初预留用于发行或转让的股份数量将增加：(i) 2016 计划项下尚未行使的奖励所代表的、在 2026 计划生效日期后根据下述计算条款可供发行的我们的 A 类普通股和 B 类普通股股份数量；以及 (ii) 自 2027 年起至 2036 年止，每个财年第一天的年度增加额，等于以下两者中的较小者：(A) 以下两项之和的 5%：(1) 我们所有类别普通股的全部股份，以及 (2) 行使购买我们普通股股份的认股权证（每股行权价等于或低于 $0.01）时可发行的股份数量，在每种情况下均为紧接上一财年最后一日尚未行使的股份；以及 (B) 我们董事会确定的较小股份数量；但前提是，因行使激励性股票期权而发行的股份不得超过 275,520,731 股。

Share Reserve. Under the 2026 Plan, 42,650,268 shares of our Class A common stock were initially reserved for issuance pursuant to a variety of stock-based compensation awards, including stock options, stock appreciation rights (“SARs”), restricted stock awards, RSU awards, and other stock-based awards. The number of shares initially reserved for issuance or transfer pursuant to awards under the 2026 Plan will be increased by (i) the number of shares of our Class A common stock and Class B common stock represented by awards outstanding under the 2016 Plan that become available for issuance under the counting provisions described below following the effective date of the 2026 Plan and (ii) an annual increase on the first day of each fiscal year beginning in 2027 and ending in 2036, equal to the lesser of (A) 5% of the sum of (1) all shares of all classes of our common stock, and (2) the number of shares issuable upon the exercise of warrants to purchase shares of our common stock with an exercise price per share of $0.01 or less, in each case, outstanding on the last day of the immediately preceding fiscal year and (B) such smaller number of shares of stock as determined by our board of directors; provided, however, that no more than 275,520,731 shares may be issued upon the exercise of incentive stock options.

以下计算条款适用于 2026 计划项下的股份储备：

The following counting provisions are in effect for the share reserve under the 2026 Plan:

- 若某项奖励（包括根据 2016 计划授予的奖励（“先前计划奖励”））因任何原因终止、到期或失效，或某项奖励以现金结算而未交付股份，则届时受该奖励约束的任何股份将可用于 2026 计划项下的未来授予；

- to the extent that an award (including an award granted under the 2016 Plan (a “Prior Plan Award”)) terminates, expires, or lapses for any reason or an award is settled in cash without the delivery of shares, any shares subject to the award at such time will be available for future grants under the 2026 Plan;

- 若为满足 2026 计划项下任何奖励或先前计划奖励的授予、行权价或预扣税义务而交回或预扣股份，则该等交回或预扣的股份将可用于 2026 计划项下的未来授予；

- to the extent shares are tendered or withheld to satisfy the grant, exercise price, or tax withholding obligation with respect to any award under the 2026 Plan or Prior Plan Award, such tendered or withheld shares will be available for future grants under the 2026 Plan;

- 若受股票增值权约束的股份在行使股票增值权进行股票结算时未予发行，则该等股份将可用于 2026 计划项下的未来授予；

- to the extent shares subject to stock appreciation rights are not issued in connection with the stock settlement of stock appreciation rights on exercise thereof, such shares will be available for future grants under the 2026 Plan;

- 若我们的 A 类普通股股份在归属前被我们回购，从而使该等股份返还给我们，则该等股份将可用于 2026 年计划项下的未来授予；

- to the extent that shares of our Class A common stock are repurchased by us prior to vesting so that shares are returned to us, such shares will be available for future grants under the 2026 Plan;

- 就任何未兑现奖励或先前计划奖励以现金支付的股息等值款项，不计入 2026 年计划项下可供发行的股份数量；以及

- the payment of dividend equivalents in cash in conjunction with any outstanding awards or Prior Plan Awards will not be counted against the shares available for issuance under the 2026 Plan; and

- 在适用法律或任何交易所规则允许的范围内，为承接或替代我们或我们任何子公司以任何形式合并方式收购的任何实体的任何未兑现奖励而发行的股份，不计入 2026 年计划项下可供发行的股份数量。

- to the extent permitted by applicable law or any exchange rule, shares issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form of combination by us or any of our subsidiaries will not be counted against the shares available for issuance under the 2026 Plan.

此外，就任何个人作为非雇员董事在一个日历年度内提供的服务，所有股权类奖励的授予日公允价值与所有现金类奖励可能应付的最高金额之和，在非雇员董事担任非雇员董事的第一年不得超过 $4,000,000，此后每年不得超过 $1,000,000。在特殊情况下，我们的董事会可自行决定对个别非雇员董事的该限额作出例外安排，但获得该等额外薪酬的非雇员董事不得参与授予该等薪酬的决定，也不得参与涉及非雇员董事的其他同期薪酬决定。

In addition, the sum of the grant date fair value of all equity-based awards and the maximum that may become payable pursuant to all cash-based awards to any individual for services as a non-employee director during any calendar year may not exceed $4,000,000 for a non-employee director’s first year of service as a non-employee director, and $1,000,000 for each year thereafter. Our board of directors may make exceptions to this limit for individual non-employee directors in extraordinary circumstances, as our board of directors may determine in its discretion, provided that the non-employee director receiving such additional compensation may not participate in the decision to award such compensation or in other contemporaneous compensation decisions involving non-employee directors.

管理。我们的董事会薪酬委员会将管理 2026 年计划，除非我们的董事会承担管理权。薪酬委员会必须由至少三名董事会成员组成，每名成员均须符合《交易法》第 16b-3 条规则所指的“非雇员董事”资格，并符合我们的 A 类普通股股票所上市交易的适用证券交易所或其他主要证券市场的规则所指的“独立董事”含义。2026 年计划规定，我们的董事会或薪酬委员会可将其向公司非高管员工及某些高级管理人员授予奖励的权力授予由一名或多名董事会成员或一名或多名公司高管组成的委员会，但向我们的非雇员董事作出的奖励除外，该等奖励必须经我们的全体董事会批准。

Administration. The compensation committee of our board of directors will administer the 2026 Plan unless our board of directors assumes authority for administration. The compensation committee must consist of at least three members of our board of directors, each of whom is intended to qualify as a “non-employee director” for purposes of Rule 16b-3 under the Exchange Act and an “independent director” within the meaning of the rules of the applicable stock exchange, or other principal securities market on which shares of our Class A common stock are traded. The 2026 Plan provides that our board of directors or compensation committee may delegate its authority to grant awards to employees other than executive officers and certain senior executives of the company to a committee consisting of one or more members of our board of directors or one or more of our officers, other than awards made to our non-employee directors, which must be approved by our full board of directors.

在 2026 年计划的条款和条件约束下，管理人有权选择授予奖励的对象、确定受奖励约束的股份数量及奖励的条款和条件，并作出所有其他决定以及采取为管理 2026 年计划所必需或适宜的所有其他行动。管理人亦获授权制定、修订或废止与 2026 年计划管理相关的规则。我们的董事会可随时免去薪酬委员会的管理人职务，并将管理 2026 年计划的权力重新收归董事会自身。对于向非雇员董事授予的奖励，2026 年计划将由全体董事会管理。

Subject to the terms and conditions of the 2026 Plan, the administrator has the authority to select the persons to whom awards are to be made, to determine the number of shares to be subject to awards and the terms and conditions of awards, and to make all other determinations and to take all other actions necessary or advisable for the administration of the 2026 Plan. The administrator is also authorized to adopt, amend or rescind rules relating to administration of the 2026 Plan. Our board of directors may at any time remove the compensation committee as the administrator and revest in itself the authority to administer the 2026 Plan. The full board of directors will administer the 2026 Plan with respect to awards to non-employee directors.

资格。2026 年计划项下的奖励可授予当时担任我们高级管理人员、员工或顾问的个人，或担任我们某些子公司高级管理人员、员工或顾问的个人。此类奖励亦可授予我们的董事。仅我们公司或我们某些子公司的员工方可获授激励性股票期权。

Eligibility. Awards under the 2026 Plan may be granted to individuals who are then our officers, employees, or consultants or are the officers, employees, or consultants of certain of our subsidiaries. Such awards also may be granted to our directors. Only employees of our company or certain of our subsidiaries may be granted incentive stock options.

奖励。2026 年计划规定，管理人可授予或发行股票期权、股票增值权（SARs）、限制性股票、限制性股票单位（RSU）、其他基于股票或现金的奖励及股息等值权利，或上述各项的任意组合。每项奖励将在与获授人另行签订的协议中载明，并注明奖励的类型、条款和条件。

Awards. The 2026 Plan provides that the administrator may grant or issue stock options, SARs, restricted stock, RSUs, other stock-or cash-based awards and dividend equivalents, or any combination thereof. Each award will be set forth in a separate agreement with the person receiving the award and will indicate the type, terms, and conditions of the award.

- 非合格股票期权（“NSOs”）将赋予按指定价格购买我们 A 类普通股的权利，该价格不得低于授予日的公允市场价值，且通常将在授予日后（由管理人酌情决定）分一期或多期归属可行权，前提是参与人继续受雇于我们或为我们提供服务，和/或满足管理人设定的公司业绩目标和个人业绩目标。NSOs 的授予期限可由管理人指定，但不得超过十年。

- Nonqualified Stock Options (“NSOs”) will provide for the right to purchase shares of our Class A common stock at a specified price which may not be less than fair market value on the date of grant, and usually will become exercisable (at the discretion of the administrator) in one or more installments after the grant date, subject to the participant’s continued employment or service with us and/or subject to the satisfaction of corporate performance targets and individual performance targets established by the administrator. NSOs may be granted for any term specified by the administrator that does not exceed ten years.

- 激励性股票期权（“ISOs”）的设计旨在符合《税法》第 422 条的规定，并受《税法》所载特定限制的约束。此类限制包括：ISOs 的行权价格不得低于授予日 A 类普通股每股的公允市场价值，仅可授予员工，且自授予日起满十年后不得行权。对于授予拥有（或被视同拥有）我们全部股本各类别合计投票权至少 10% 的个人的 ISO，2026 年计划规定行权价格必须至少为授予日 A 类普通股每股公允市场价值的 110%，且该 ISO 自授予日起满五年后不得行权。

- Incentive Stock Options (“ISOs”) will be designed in a manner intended to comply with the provisions of Section 422 of the Code and will be subject to specified restrictions contained in the Code. Among such restrictions, ISOs must have an exercise price of not less than the fair market value of a share of Class A common stock on the date of grant, may only be granted to employees, and must not be exercisable after a period of ten years measured from the date of grant. In the case of an ISO granted to an individual who owns (or is deemed to own) at least 10% of the total combined voting power of all classes of our capital stock, the 2026 Plan provides that the exercise price must be at least 110% of the fair market value of a share of Class A common stock on the date of grant and the ISO must not be exercisable after a period of five years measured from the date of grant.

- 限制性股票可授予任何符合条件的个人，并受管理人可能确定的限制条件约束。通常情况下，若归属条件或限制未达成，限制性股票可被无偿没收，或由我们按原始购买价格或其他约定价格或公式价格回购。一般而言，在限制解除或到期之前，限制性股票不得出售或以其他方式转让。与期权获授人不同，限制性股票的购买者在限制失效之前享有投票权，并有权获得股息（如有）；但特别股息通常将被置于托管账户，直至限制解除或到期后方可释放。

- Restricted Stock may be granted to any eligible individual and made subject to such restrictions as may be determined by the administrator. Restricted stock, typically, may be forfeited for no consideration or repurchased by us at the original purchase price or other stated or formula price if the conditions or restrictions on vesting are not met. In general, restricted stock may not be sold or otherwise transferred until restrictions are removed or expire. Purchasers of restricted stock, unlike recipients of options, will have voting rights and will have the right to receive dividends, if any, prior to the time when the restrictions lapse, however, extraordinary dividends will generally be placed in escrow, and will not be released until restrictions are removed or expire.

- RSU 可授予任何符合条件的个人，通常无需支付对价，但须满足基于持续雇佣或服务或管理人设定的业绩标准的归属条件。与限制性股票一样，在归属条件解除或到期之前，RSU 不得出售或以其他方式转让或质押。与限制性股票不同，RSU 所对应的股票在 RSU 归属之前不会发行，且 RSU 获授人在归属条件满足之前通常不享有投票权或股息权。

- RSUs may be awarded to any eligible individual, typically without payment of consideration, but subject to vesting conditions based on continued employment or service or on performance criteria established by the administrator. Like restricted stock, RSUs may not be sold, or otherwise transferred or hypothecated, until vesting conditions are removed or expire. Unlike restricted stock, stock underlying RSUs will not be issued until the RSUs have vested, and recipients of RSUs generally will have no voting or dividend rights prior to the time when vesting conditions are satisfied.

- SAR 可与股票期权或其他奖励一并授予，也可单独授予。与股票期权或其他奖励一并授予的 SAR 通常规定，根据我们的 A 类普通股价格超过设定行权价格的涨幅向持有人付款。根据 2026 年计划授予的任何 SAR 的行权价格必须至少为授予日我们 A 类普通股每股公允市场价值的 100%。2026 年计划下的 SAR 将由管理人选择以现金或我们的 A 类普通股股份或两者组合方式结算。

- SARs may be granted in connection with stock options or other awards, or separately. SARs granted in connection with stock options or other awards typically will provide for payments to the holder based upon increases in the price of our Class A common stock over a set exercise price. The exercise price of any SAR granted under the 2026 Plan must be at least 100% of the fair market value of a share of our Class A common stock on the date of grant. SARs under the 2026 Plan will be settled in cash or shares of our Class A common stock, or in a combination of both, at the election of the administrator.

- 其他股票或现金奖励是指现金奖励、完全归属的我们的 A 类普通股股份，以及全部或部分参照我们的 A 类普通股股份估值或以其他方式基于我们的 A 类普通股股份的其他奖励。其他股票或现金奖励可授予参与者，也可作为其他奖励结算时的支付形式、作为独立付款以及作为替代任何有资格获得奖励的个人原本应得的基本工资、奖金、费用或其他现金薪酬的付款方式。管理人将确定其他股票或现金奖励的条款和条件，其中可能包括基于持续服务、业绩和/或其他条件的归属条件。

- Other Stock or Cash Based Awards are awards of cash, fully vested shares of our Class A common stock and other awards valued wholly or partially by referring to, or otherwise based on, shares of our Class A common stock. Other stock-or cash-based awards may be granted to participants and may also be available as a payment form in the settlement of other awards, as standalone payments and as payment in lieu of base salary, bonus, fees or other cash compensation otherwise payable to any individual who is eligible to receive awards. The administrator will determine the terms and conditions of other stock-or cash-based awards, which may include vesting conditions based on continued service, performance and/or other conditions.

- 股息等值代表收取我们 A 类普通股所支付股息等值金额的权利，可单独授予，也可与股票期权或 SAR 以外的其他奖励一并授予。股息等值在指定日期与该奖励终止或到期之日之间的股息支付日计入，由管理人确定。此外，与绩效奖励所涵盖股份相关的股息等值，仅在归属条件（如有）随后得到满足且该绩效奖励就该等股份归属时，于相同时间或相同次数、按相同程度支付给参与者。

- Dividend Equivalents represent the right to receive the equivalent value of dividends paid on shares of our Class A common stock and may be granted alone or in tandem with awards other than stock options or SARs. Dividend equivalents are credited as of dividend payments dates during the period between a specified date and the date such award terminates or expires, as determined by the administrator. In addition, dividend equivalents with respect to shares covered by a performance award will only be paid to the participant at the same time or times and to the same extent that the vesting conditions, if any, are subsequently satisfied and the performance award vests with respect to such shares.

任何奖励均可作为绩效奖励授予，即该奖励将根据特定绩效目标的达成情况而受归属和/或支付条件的约束。

Any award may be granted as a performance award, meaning that the award will be subject to vesting and/or payment based on the attainment of specified performance goals.

控制权变更。在控制权变更的情况下，除非管理人选择以现金、权利或其他财产终止奖励，或促使奖励在控制权变更前全部加速归属，否则该奖励将继续有效，或由收购方承继或替代，但奖励中任何基于绩效的部分将受适用奖励协议条款和条件的约束。如收购方拒绝承继或替换已授予的奖励，则在该交易完成前，根据 2026 年计划发行的奖励将加速归属，使该等奖励的 100%归属并可行使或应付（视情况而定）。管理人还可对 2026 年计划下的奖励作出适当调整，并有权在控制权变更或某些其他不寻常或非经常性事件或交易的情况下，规定该等奖励的加速、现金兑现、终止、承继、替代或转换。

Change in Control. In the event of a change in control, unless the administrator elects to terminate an award in exchange for cash, rights, or other property, or cause an award to accelerate in full prior to the change in control, such award will continue in effect or be assumed or substituted by the acquirer, provided that any performance-based portion of the award will be subject to the terms and conditions of the applicable award agreement. In the event the acquirer refuses to assume or replace awards granted, prior to the completion of such transaction, awards issued under the 2026 Plan will be subject to accelerated vesting such that 100% of such awards will become vested and exercisable or payable, as applicable. The administrator may also make appropriate adjustments to awards under the 2026 Plan and is authorized to provide for the acceleration, cash-out, termination, assumption, substitution or conversion of such awards in the event of a change in control or certain other unusual or nonrecurring events or transactions.

奖励的调整。在发生任何股票股息或其他分配、股票拆分、反向股票拆分、重组、股份合并或交换、合并、整合、拆股、分拆、资本重组、回购，或任何其他影响我们 A 类普通股流通股数量或 A 类普通股股价、且需要对 2026 年计划或 2026 年计划下任何奖励进行调整以防止稀释或扩大拟根据该计划提供的潜在利益的公司事件时，管理人将作出适当、按比例的调整，涉及：(i) 2026 年计划所涵盖股份的总数量和类型；(ii) 未兑现奖励所涵盖股份的数量和种类以及未兑现奖励的条款和条件（包括但不限于该等奖励的任何适用绩效目标或标准）；以及(iii) 2026 年计划下任何未兑现奖励的每股授予价格或行权价格。

Adjustments of Awards. In the event of any stock dividend or other distribution, stock split, reverse stock split, reorganization, combination or exchange of shares, merger, consolidation, split-up, spin-off, recapitalization, repurchase, or any other corporate event affecting the number of outstanding shares of our Class A common stock or the share price of our Class A common stock that would require adjustments to the 2026 Plan or any awards under the 2026 Plan in order to prevent the dilution or enlargement of the potential benefits intended to be made available thereunder, the administrator will make appropriate, proportionate adjustments to: (i) the aggregate number and type of shares subject to the 2026 Plan; (ii) the number and kind of shares subject to outstanding awards and terms and conditions of outstanding awards (including, without limitation, any applicable performance targets or criteria with respect to such awards); and (iii) the grant or exercise price per share of any outstanding awards under the 2026 Plan.

修订与终止。管理人可随时并不时终止、修订或修改 2026 年计划。但是，在适用法律、规则或法规（包括任何适用的证券交易所规则）要求的范围内，我们通常必须获得股东批准。尽管有前述规定，可将期权修订为将每股行权价格降至低于该期权授予日的每股行权价格，且可授予期权以换取或配合注销或交回每股行权价格更高的期权，而无需另行获得股东批准。

Amendment and Termination. The administrator may terminate, amend or modify the 2026 Plan at any time and from time to time. However, we must generally obtain stockholder approval to the extent required by applicable law, rule or regulation (including any applicable stock exchange rule). Notwithstanding the foregoing, an option may be amended to reduce the per share exercise price below the per share exercise price of such option on the grant date and options may be granted in exchange for, or in connection with, the cancellation or surrender of options having a higher per share exercise price without receiving additional stockholder approval.

在 2026 年计划经我们董事会批准之日起满十周年后，不得根据 2026 年计划授予任何 ISO，且自该周年日起，2026 年计划的总股份限额不再发生额外的年度股份增加。在 2026 年计划终止日尚未行权或归属的任何奖励，将根据 2026 年计划及适用奖励协议的条款继续有效。

No ISOs may be granted pursuant to the 2026 Plan after the tenth anniversary of the date the 2026 Plan was approved by our board of directors, and no additional annual share increases to the 2026 Plan’s aggregate share limit will occur from and after such anniversary. Any award that is outstanding on the termination date of the 2026 Plan will remain in force according to the terms of the 2026 Plan and the applicable award agreement.

#### 2016 年股权激励计划

#### 2016 Equity Incentive Plan

2016 年计划于 2016 年 5 月 5 日经我们董事会通过并经我们股东批准后生效。本次发行完成后，并与我们 2026 年计划的生效相关，2016 年计划终止，且不再根据 2016 年计划授予任何奖励。但是，所有尚未行权或归属的奖励将继续受其现有条款的约束。

The 2016 Plan became effective on May 5, 2016 upon its adoption by our board of directors and approval of our stockholders. Following this offering and in connection with the effectiveness of our 2026 Plan, the 2016 Plan terminated and no further awards will be granted under the 2016 Plan. However, all outstanding awards will continue to be governed by their existing terms.

管理。我们的董事会、薪酬委员会或董事会任命的其他委员会有权管理 2016 年计划及根据其授予的奖励。管理人有权选择将根据 2016 年计划向其授予奖励的服务提供商、根据 2016 年计划受该等奖励约束的股份数量以及所授予奖励的条款和条件。此外，管理人有权解释和阐释 2016 年计划，制定与 2016 年计划相关的规则，并行使其认为必要且适当、符合 2016 年计划条款且有助于促进公司最佳利益的其他权力。

Administration. Our board of directors, the compensation committee, or another committee thereof appointed by our board of directors, has the authority to administer the 2016 Plan and the awards granted under it. The administrator has the authority to select the service providers to whom awards will be granted under the 2016 Plan, the number of shares to be subject to those awards under the 2016 Plan, and the terms and conditions of the awards granted. In addition, the administrator has the authority to construe and interpret the 2016 Plan and to adopt rules relating to the 2016 Plan and exercise such other powers that it deems necessary and desirable to promote the best interests of the company and that are consistent with the terms of the 2016 Plan.

股份储备。截至 2025 年 12 月 31 日，在使普通股重分类生效后，可购买总计 28,361,707 股我们 B 类普通股的股票期权尚未行权，在归属前行使期权所获得的 772,584 股限制性股票尚未归属，涵盖我们 B 类普通股的 15,229,068 份 RSU 尚未归属，且根据 2016 年计划仍有 9,036,864 股可供未来授予。

Share Reserve. As of December 31, 2025, after giving effect to the Common Stock Reclassification, stock options to purchase a total of 28,361,707 shares of our Class B common stock were outstanding, 772,584 shares of restricted stock acquired upon exercise of options prior to vesting were outstanding, 15,229,068 RSUs covering shares of our Class B common stock were outstanding, and 9,036,864 shares remained available for future grants under the 2016 Plan.

奖励。2016 年计划规定，管理人可向员工、董事和顾问授予或发行股票期权（包括 ISO 和 NSO）、限制性股票和 RSU，但只有员工可获授 ISO。

Awards. The 2016 Plan provides that the administrator may grant or issue stock options, including ISOs and NSOs, restricted stock, and RSUs to employees, directors, and consultants, provided that only employees may be granted ISOs.

- 股票期权。2016 年计划规定授予 ISO 或 NSO。ISO 仅可授予员工。NSO 可授予员工、董事或顾问。授予在授予时持有代表我们全部普通股各类别表决权 10% 以上股票的员工的 ISO，其行权价格不得低于授予日我们普通股每股公允市场价值的 110%；授予任何其他员工的 ISO，其行权价格不得低于授予日我们普通股每股公允市场价值的 100%。授予员工、董事或顾问的 NSO，其行权价格不得低于授予日我们普通股每股公允市场价值的 100%。

- Stock Options. The 2016 Plan provides for the grant of ISOs or NSOs. ISOs may be granted only to employees. NSOs may be granted to employees, directors, or consultants. The exercise price of ISOs granted to employees who at the time of grant own stock representing more than 10% of the voting power of all classes of our common stock may not be less than 110% of the fair market value per share of our common stock on the date of grant, and the exercise price of ISOs granted to any other employees may not be less than 100% of the fair market value per share of our common stock on the date of grant. The exercise price of NSOs to employees, directors, or consultants may not be less than 100% of the fair market value per share of our common stock on the date of grant.

- 限制性股票。2016 年计划规定授予限制性股票。每一股被接受的限制性股票将由一份限制性股票购买协议管辖，该协议将详细规定可转让性限制、没收风险以及管理人批准的其他限制。一般而言，通过行使股票购买权获得的限制性股票在限制解除或到期之前不得出售、转让、质押、抵押、以保证金方式处置或以其他方式设置权利负担。与股票期权接受者不同，限制性股票持有人在限制失效之前享有表决权，并有权获得股息（如有）。

- Restricted Stock. The 2016 Plan provides for the grant of restricted stock. Each share of restricted stock that is accepted will be governed by a restricted stock purchase agreement, which will detail the restrictions on transferability, risk of forfeiture, and other restrictions the administrator approves. In general, restricted stock acquired upon exercise of a stock purchase right may not be sold, transferred, pledged, hypothecated, margined, or otherwise encumbered until restrictions are removed or expire. Holders of restricted stock, unlike recipients of stock options, will have voting rights and will have the right to receive dividends, if any, prior to the time when the restrictions lapse.

- RSU。2016 年计划规定授予 RSU。每份 RSU 代表一项无资金支持、无担保的权利，即获得一股我们普通股或相当于一股我们普通股公允市场价值的现金或其他对价。每项 RSU 授予的条款均在 RSU 协议中规定。

- RSUs. The 2016 Plan provides for the grant of RSUs. Each RSU represents the unfunded, unsecured right to receive a share of our common stock or an amount of cash or other consideration equal to the fair market value of a share of our common stock. The terms of each award of RSUs are set forth in a RSU agreement.

- SAR。2016 年计划规定授予 SAR。SAR 可以现金或股份结算（股份可包括限制性股票或 RSU 或其组合，其价值等于行权日公允市场价值与行权价格之间的差额乘以正在行权的 SAR 所对应的股份数量）。所有 SAR 授予均以授予协议为凭证。

- SARs. The 2016 Plan provides for the grant of SARs. SARs may be settled in cash or shares (which may consist of restricted stock or RSUs or a combination thereof, having a value equal to multiplying the difference between the fair market value on the date of exercise over the exercise price and the number of shares with respect to which the SARs are being exercised). All grants of SARs made will be evidenced by an award agreement.

奖励的调整。如发生任何股息或其他分配、重组、合并、整合、联合、回购、清算、解散，或出售、转让、交换或以其他方式处置我们几乎全部资产，或股份交换或其他类似公司交易或事件，管理人将对 2016 年计划下可供发行的股份数量和类别以及受未决奖励约束的股份数量、类别和价格进行调整，以防止利益被稀释或扩大。

Adjustments of Awards. In the event of any dividend or other distribution, reorganization, merger, consolidation, combination, repurchase, liquidation, dissolution, or sale, transfer, exchange, or other disposition of substantially all of our assets, or exchange of shares or other similar corporate transaction or event, the administrator will make adjustments to the number and class of shares available for issuance under the 2016 Plan and the number, class, and price of shares subject to outstanding awards, in order to prevent dilution or enlargement of benefits.

控制权变更。若发生控制权变更，根据 2016 年计划已授予的任何未行权奖励应受证明该控制权变更的协议约束。继受实体或收购实体可选择承接或替换该等未行权奖励。否则，在发生合并或控制权变更时，控制权变更协议拥有广泛的自由裁量权，以决定每项未行权奖励的处理方式，包括规定奖励终止或加速行权，或规定奖励终止以换取现金或其他财产。

Change in Control. In the event of a change in control, any outstanding awards acquired under the 2016 Plan shall be subject to the agreement evidencing the change of control. The successor or acquiring entity may elect for such outstanding awards to be assumed or substituted. Otherwise, in the event of a merger or change in control, the change of control agreement has broad discretion to determine the treatment of each outstanding award, including providing for awards to terminate or accelerate or for awards to terminate in exchange for cash or other property.

修订与终止。我们的董事会可随时修订或终止 2016 年计划或其任何部分。但是，未经持有人同意，任何修订不得损害已授予未行权期权的持有人的权利，且董事会任何增加计划项下股份数量或延长计划期限的行动均须经我们的股东批准。此外，在适用法律要求股东批准某项修订的情况下，对计划的修订亦须经我们的股东批准。随着我们 2026 年计划的生效，2016 年计划已终止，且不再根据 2016 年计划授予任何奖励。

Amendment and Termination. Our board of directors may amend or terminate the 2016 Plan or any portion thereof at any time. However, no amendment may impair the rights of a holder of an outstanding option grant without the holder’s consent, and any action by our board of directors to increase the number of shares subject to the plan or extend the term of the plan is subject to the approval of our stockholders. Additionally, an amendment of the plan shall be subject to the approval of our stockholders, where such approval by our stockholders of an amendment is required by applicable law. In connection with the effectiveness of our 2026 Plan, the 2016 Plan terminated and no further awards will be granted under the 2016 Plan.

#### 2026 年员工购股计划

#### 2026 Employee Stock Purchase Plan

我们已采纳 ESPP，该计划于本招股说明书构成其一部分的注册声明生效日期的前一天生效。ESPP 旨在允许我们的合资格员工按定期间隔，以其累积的工资扣款购买我们的 A 类普通股股份。ESPP 拟符合《税法》第 423 条的规定。ESPP 的重大条款概述如下。

We have adopted the ESPP, which became effective on the day immediately prior to the date of effectiveness of the registration statement of which this prospectus forms a part. The ESPP is designed to allow our eligible employees to purchase shares of our Class A common stock, at periodic intervals, with their accumulated payroll deductions. The ESPP is intended to qualify under Section 423 of the Code. The material terms of the ESPP are summarized below.

管理。在 ESPP 的条款和条件约束下，我们的薪酬委员会将管理 ESPP。我们的薪酬委员会可将 ESPP 项下的行政事务委托给代理人和/或员工的服务，以协助 ESPP 的管理。管理方将拥有管理和解释 ESPP 的自由裁量权。管理方对 ESPP 任何条款或项下任何权利的解释和构建将对所有人具有终局性和约束力。我们将承担 ESPP 管理方产生的所有费用和负债。

Administration. Subject to the terms and conditions of the ESPP, our compensation committee will administer the ESPP. Our compensation committee can delegate administrative tasks under the ESPP to the services of an agent and/or employees to assist in the administration of the ESPP. The administrator will have the discretionary authority to administer and interpret the ESPP. Interpretations and constructions of the administrator of any provision of the ESPP or of any rights thereunder will be conclusive and binding on all persons. We will bear all expenses and liabilities incurred by the ESPP administrator.

股份储备。根据 ESPP 授权可供出售的 A 类普通股最大股数等于以下两项之和：(i) 3,554,189 股 A 类普通股，以及 (ii) 自 2027 年起至 2036 年止，于每个财年首日按年增加的股份数，该增加额等于以下两项中的较小者：(A) (1) 我们全部类别普通股的全部股份数与 (2) 可因行使购买我们普通股的认股权证（每股行权价等于或低于 $0.01）而发行的股份数之和的 1%，在每种情况下均指紧接前一财年最后一日尚未发行的股份，以及 (B) 由我们的董事会确定的较小 A 类普通股股数；但是，根据 ESPP 发行的 A 类普通股不得超过 48,870,099 股。根据 ESPP 预留供发行的股份可为已授权但未发行的股份、库存股份或回购股份。

Share Reserve. The maximum number of our shares of our Class A common stock that will be authorized for sale under the ESPP is equal to the sum of (i) 3,554,189 shares of Class A common stock and (ii) an annual increase on the first day of each fiscal year beginning in 2027 and ending in 2036, equal to the lesser of (A) 1% of the sum of (1) all shares of all classes of our common stock, and (2) the number of shares issuable upon the exercise of warrants to purchase shares of our common stock with an exercise price per share of $0.01 or less, in each case, outstanding on the last day of the immediately preceding fiscal year and (B) such smaller number of shares of Class A common stock as determined by our board of directors; provided, however, no more than 48,870,099 shares of our Class A common stock may be issued under the ESPP. The shares reserved for issuance under the ESPP may be authorized but unissued shares, treasury shares, or reacquired shares.

资格。有资格参与某一发售期 ESPP 的员工通常包括在该发售期首日受雇于我们或我们某一子公司的员工。惯常在一个日历年内工作不足五个月或惯常被安排每周工作不足 20 小时的我们的员工（以及如适用，我们任何子公司的员工）将无资格参与 ESPP。最后，拥有（或被认定通过归属而拥有）我们全部类别股票或我们某一子公司合计投票权或价值 5% 或以上的员工不得参与 ESPP。

Eligibility. Employees eligible to participate in the ESPP for a given offering period generally include employees who are employed by us or one of our subsidiaries on the first day of the offering period. Our employees (and, if applicable, any employees of our subsidiaries) who customarily work less than five months in a calendar year or are customarily scheduled to work less than 20 hours per week will not be eligible to participate in the ESPP. Finally, an employee who owns (or is deemed to own through attribution) 5% or more of the combined voting power or value of all our classes of stock or of one of our subsidiaries will not be allowed to participate in the ESPP.

参与。员工将通过填写工资扣款表来加入 ESPP，该表允许从其薪酬中扣除至少为其基本薪酬的 1% 但不超过其基本薪酬的 15%。该等工资扣款将以整数百分比表示，累计扣款将用于在每个购买日购买股份。但是，参与者在每个发售期内不得购买超过 10,000 股，且不得累积以超过以下速度购买 A 类普通股的权利：在该期权尚未行权的每个日历年度内，所购买 A 类普通股的公平市场价值超过 $25,000（按授予期权时确定）（依据《税法》第 423 条确定）。ESPP 管理人有权就任何特定发售期更改该等限制。

Participation. Employees will enroll under the ESPP by completing a payroll deduction form permitting the deduction from their compensation of at least 1% of their base compensation but not more than 15% of their base compensation. Such payroll deductions will be expressed as a whole number percentage, and the accumulated deductions will be applied to the purchase of shares on each purchase date. However, a participant may not purchase more than 10,000 shares in each offering period and may not accrue the right to purchase shares of Class A common stock at a rate that exceeds $25,000 in fair market value of shares of our Class A common stock (determined at the time the option is granted) for each calendar year the option is outstanding (as determined in accordance with Section 423 of the Code). The ESPP administrator has the authority to change these limitations for any particular offering period.

发售。根据 ESPP，参与者在由 ESPP 管理人确定期限和时间的连续一系列发售期内，被授予按折扣价购买我们 A 类普通股的选择权。但是，任何发售期的期限在任何情况下均不得超过 27 个月。首个发售期自本招股说明书构成其一部分的注册声明生效之日起开始，并于 2027 年 2 月结束。

Offering. Under the ESPP, participants are offered the option to purchase shares of our Class A common stock at a discount during a series of successive offering periods, the duration and timing of which will be determined by the ESPP administrator. However, in no event may an offering period be longer than 27 months in length. The first offering period commenced on the date of effectiveness of the registration statement of which this prospectus forms a part and ends in February 2027.

期权购买价格将取以下两者中的较低者：参与人加入的发行期首日我们 A 类普通股每股收盘交易价格的 85%，或购买日每股收盘交易价格的 85%，购买日为发行期内每个购买期的最后一日。

The option purchase price will be the lower of 85% of the closing trading price per share of our Class A common stock as of the first date of an offering period in which a participant is enrolled or 85% of the closing trading price per share as of the purchase date, which will occur on the last day of each purchase period within an offering period.

除非参与人此前已在购买日之前取消其参与 ESPP，否则参与人将被视为已于每个购买日全额行使其期权。行权时，参与人将按期权购买价格购买其累计工资扣款所能购买的整数股份，但须受上述参与限制的约束。

Unless a participant has previously cancelled his or her participation in the ESPP before the purchase date, the participant will be deemed to have exercised his or her option in full as of each purchase date. Upon exercise, the participant will purchase the number of whole shares that his or her accumulated payroll deductions will buy at the option purchase price, subject to the participation limitations listed above.

参与人可在发行期结束前的任何时间取消其工资扣款授权。取消后，参与人可选择：(i) 以现金方式获得其账户余额的退款，不计利息；或 (ii) 在适用的购买日就当前发行期行使其期权，购买最多数量的 A 类普通股，剩余账户余额以现金方式退还，不计利息。在至少进行一次工资扣款后，参与人还可在任一发行期内一次调低（但不得调高）其工资扣款授权。若参与人希望调高或调低工资扣款比例，其可在拟生效的发行期之前提交新表格，使该变更自下一发行期起生效。

A participant may cancel his or her payroll deduction authorization at any time prior to the end of the offering period. Upon cancellation, the participant will have the option to either (i) receive a refund of the participant’s account balance in cash without interest or (ii) exercise the participant’s option for the current offering period for the maximum number of shares of Class A common stock on the applicable purchase date, with the remaining account balance refunded in cash without interest. Following at least one payroll deduction, a participant may also decrease (but not increase) his or her payroll deduction authorization once during any offering period. If a participant wants to increase or decrease the rate of payroll withholding, he or she may do so effective for the next offering period by submitting a new form before the offering period for which such change is to be effective.

参与人不得转让、转移、质押或以其他方式处置（遗赠或继承与分配法律规定除外）记入参与人账户的工资扣款或 ESPP 项下行使期权或收取我们 A 类普通股的任何权利，且在参与人在世期间，ESPP 项下的期权仅可由该参与人行使。任何此类转让、转移、质押或其他处置的尝试均不产生效力。

A participant may not assign, transfer, pledge or otherwise dispose of (other than by will or the laws of descent and distribution) payroll deductions credited to a participant’s account or any rights to exercise an option or to receive shares of our Class A common stock under the ESPP, and during a participant’s lifetime, options in the ESPP shall be exercisable only by such participant. Any such attempt at assignment, transfer, pledge, or other disposition will not be given effect.

资本重组、解散、清算、合并或资产出售时的调整。若因 A 类普通股的股票拆分、反向股票拆分、股票股息、股份合并或 A 类普通股重新分类，或因我们未收取对价而实施的任何其他导致 A 类普通股已发行股份数量增加或减少的情形，我们将按比例调整 ESPP 项下拟发售的 A 类普通股总股数、任何参与人根据 ESPP 选择购买的股份数量及价格，以及任何参与人在任一发售期内可选择购买的股份数量上限。若出现解散或清算我们的提案，则 ESPP 将在该拟议解散或清算完成前立即终止，届时正在进行的任何发售期将通过设定一个新的购买日期而缩短，该购买日期应早于我们解散或清算之日。我们将在新的行权日期之前以书面形式通知各参与人该等变更。若我们与另一家公司合并或并入另一家公司，或出售我们全部或实质上全部资产，则每一未行权期权将由承继公司或其母公司或子公司承继，或由承继公司或其母公司或子公司以等值期权替代。若承继公司拒绝承继未行权期权或以等值期权替代，则届时正在进行的任何发售期将通过设定一个新的购买日期而缩短，该购买日期应早于我们拟议出售或合并之日。我们将在新的行权日期之前以书面形式通知各参与人该等变更。

Adjustments Upon Changes in Recapitalization, Dissolution, Liquidation, Merger, or Asset Sale. In the event of any increase or decrease in the number of issued shares of our Class A common stock resulting from a stock split, reverse stock split, stock dividend, combination, or reclassification of the Class A common stock, or any other increase or decrease in the number of shares of Class A common stock effected without receipt of consideration by us, we will proportionately adjust the aggregate number of shares of our Class A common stock offered under the ESPP, the number and price of shares which any participant has elected to purchase under the ESPP and the maximum number of shares which a participant may elect to purchase in any single offering period. If there is a proposal to dissolve or liquidate us, then the ESPP will terminate immediately prior to the consummation of such proposed dissolution or liquidation, and any offering period then in progress will be shortened by setting a new purchase date to take place before the date of our dissolution or liquidation. We will notify each participant of such change in writing prior to the new exercise date. If we undergo a merger with or into another corporation or sell all or substantially all of our assets, each outstanding option will be assumed or an equivalent option substituted by the successor corporation or the parent or subsidiary of the successor corporation. If the successor corporation refuses to assume the outstanding options or substitute equivalent options, then any offering period then in progress will be shortened by setting a new purchase date to take place before the date of our proposed sale or merger. We will notify each participant of such change in writing prior to the new exercise date.

修订与终止。我们的董事会可随时修订、暂停或终止 ESPP。但是，在适用法律要求的范围内，董事会不得在未经股东批准的情况下修订 ESPP，该股东批准须在该等修订前后 12 个月内取得。

Amendment and Termination. Our board of directors may amend, suspend, or terminate the ESPP at any time. However, the board of directors may not amend the ESPP without obtaining stockholder approval within 12 months before or after such amendment to the extent required by applicable laws.

董事薪酬 Director Compensation

截至 2025 年 12 月 31 日止年度，我们并无正式的非雇员董事薪酬计划，且我们的非雇员董事在 2025 年期间均未因向我们提供服务而获得现金薪酬或被授予期权或股票奖励。截至 2025 年 12 月 31 日，Paul Auvil 持有 138,855 股受限 B 类普通股，该等股份系于提前行权期权时取得，且仍须按每股原行权价格受制于公司回购权；Glenda Dorchak 持有可购买 215,000 股我们 B 类普通股的期权；Thomas Lantzsch 持有 13,918 个 RSU。因 Dorchak 女士于 2026 年 4 月从我们的董事会卸任，其期权的归属被部分加速，以致合计 120,000 股被视为已归属。在 Lantzsch 先生于 2026 年 4 月从我们的董事会卸任之前，其获授 5,000 个已完全归属的 RSU，且其 13,918 个 RSU 的服务及流动性归属条件被完全加速。

For the year ended December 31, 2025, we did not have a formalized non-employee director compensation program, and none of our non-employee directors was paid cash compensation or granted an option or stock award in connection with the non-employee director’s service to us during 2025. As of December 31, 2025, Paul Auvil held 138,855 shares of restricted Class B common stock that were acquired upon early exercise of an option and remained subject to a company repurchase right at the original exercise price per share, Glenda Dorchak held an option to purchase 215,000 shares of our Class B common stock, and Thomas Lantzsch held 13,918 RSUs. In connection with Ms. Dorchak stepping down from our board of directors in April 2026, the vesting of her option was partially accelerated such that a total of 120,000 shares were deemed vested. Prior to Mr. Lantzsch stepping down from our board of directors in April 2026, he was granted an award of 5,000 fully vested RSUs, and the service-and liquidity-based vesting conditions on his 13,918 RSUs were fully accelerated.

我们已采纳一项非雇员董事薪酬计划（“董事薪酬计划”），该计划自本次发行完成时生效，规定董事会及委员会服务的年度津贴以及初始和年度股权奖励的自动授予。

We have adopted a non-employee director compensation program (the “Director Compensation Program”) that, effective upon the completion of this offering, provides for annual retainers for board and committee service and the automatic grant of initial and annual equity awards.

根据董事薪酬计划，我们的非雇员董事将获得现金薪酬，按季度于期末支付，具体如下：

Under the Director Compensation Program, our non-employee directors will receive cash compensation, paid quarterly in arrears, as follows:

- 每位非雇员董事（我们的董事会非雇员主席或首席独立董事除外）将获得每年$60,000 的现金津贴。

- Each non-employee director (other than the non-employee chairperson of our board of directors or the lead independent director) will receive a cash retainer in the amount of $60,000 per year.

- 我们的董事会非雇员主席或首席独立董事将获得每年$70,000 的现金津贴。

- The non-employee chairperson of our board of directors or the lead independent director will receive a cash retainer in the amount of $70,000 per year.

- 审计委员会主席将因其在审计委员会的服务获得每年$25,000 的现金津贴。审计委员会每位非主席成员将因其在审计委员会的服务获得每年$12,500 的现金津贴。

- The chairperson of the audit committee will receive a cash retainer in the amount of $25,000 per year for such chairperson’s service on the audit committee. Each non-chairperson member of the audit committee will receive a cash retainer in the amount of $12,500 per year for such member’s service on the audit committee.

- 薪酬委员会主席将因其在薪酬委员会的服务获得每年$20,000 的现金津贴。薪酬委员会每位非主席成员将因其在薪酬委员会的服务获得每年$10,000 的现金津贴。

- The chairperson of the compensation committee will receive a cash retainer in the amount of $20,000 per year for such chairperson’s service on the compensation committee. Each non-chairperson member of the compensation committee will receive a cash retainer in the amount of $10,000 per year for such member’s service on the compensation committee.

- 提名与公司治理委员会主席将因其在提名与公司治理委员会的服务获得每年$10,000 的现金津贴。提名与公司治理委员会每位非主席成员将因其在提名与公司治理委员会的服务获得每年$5,000 的现金津贴。

- The chairperson of the nominating and corporate governance committee will receive a cash retainer in the amount of $10,000 per year for such chairperson’s service on the nominating and corporate governance committee. Each non-chairperson member of the nominating and corporate governance committee will receive a cash retainer in the amount of $5,000 per year for such member’s service on the nominating and corporate governance committee.

我们的董事会或薪酬委员会可自行决定，允许非雇员董事选择将其全部或部分现金董事费转换为根据 2026 年计划授予的一定数量的 RSU，该等 RSU 将于授予日全部归属。

At its discretion, our board of directors or compensation committee may allow non-employee directors to elect to convert all or a portion of their cash retainer into a number of RSUs granted under the 2026 Plan, which will be fully vested on the date of grant.

根据董事薪酬计划，每位非雇员董事在其被任命为董事会成员之日，将自动获授根据 2026 年计划确定的一定数量的 RSU（“首次授予”），该数量等于 $3,000,000 除以截至授予日最近 30 个交易日内我们 A 类普通股每股平均收盘交易价格。首次授予将在三年内以基本相等的年度分期归属，前提是该非雇员董事持续在董事会任职至适用的归属日。此外，在我们每次股东年会之日，每位在该年会结束后立即继续担任非雇员董事的非雇员董事将自动获授根据 2026 年计划确定的一定数量的 RSU（“年度授予”），该数量等于 $250,000 除以截至授予日最近 30 个交易日内我们 A 类普通股每股平均收盘交易价格。年度授予将于以下两者中较早者全部归属：(i) 授予日一周年之日，及 (ii) 授予日之后我们股东年会召开之前，前提是该非雇员董事持续在董事会任职至适用的归属日。

Under the Director Compensation Program, each non-employee director on the date the non-employee director is appointed to our board of directors will automatically be granted that number of RSUs (the “Initial Grant”) under the 2026 Plan determined by dividing $3,000,000 by the average closing trading price of a share of our Class A common stock over the most recent 30 trading days as of the date of grant. The Initial Grant will vest in substantially equal annual installments over three years, subject to continued service on our board of directors through the applicable vesting date. In addition, on the date of each annual meeting of our stockholders, each non-employee director who will continue to serve as a non-employee director immediately following such annual meeting will automatically be granted that number of RSUs (the “Annual Grant”) under the 2026 Plan determined by dividing $250,000 by the average closing trading price of a share of our Class A common stock over the most recent 30 trading days as of the date of grant. The Annual Grant will vest in full on the earlier of (i) the first anniversary of the grant date and (ii) immediately prior to the annual meeting of our stockholders following the date of grant, subject to continued service on our board of directors through the applicable vesting date.

我们的董事会或薪酬委员会可自行决定，允许非雇员董事选择推迟根据董事薪酬计划授予他们的 RSU 的结算。

At its discretion, our board of directors or compensation committee may allow non-employee directors to elect to defer the settlement of RSUs granted to them under the Director Compensation Program.

根据董事薪酬计划，在控制权变更交易发生时，我们的非雇员董事持有的所有未归属股权奖励将全部归属。

Pursuant to the Director Compensation Program, upon a change in control transaction, all outstanding equity awards held by our non-employee directors will vest in full.

**某些关系及关联方交易**

**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS**

以下内容概述了自 2023 年 1 月 1 日以来的交易以及任何目前拟议的交易，我们曾经或将要参与其中，且 (i) 所涉金额超过或将超过 $120,000；及 (ii) 我们的任何董事、高级管理人员或持有我们超过 5% 资本股的持有人，或上述人士或实体的任何关联方或直系亲属成员，曾经或将要拥有直接或间接的重大利益，但“高管及董事薪酬”一节中所述的薪酬及其他安排除外。

The following includes a summary of transactions since January 1, 2023 and any currently proposed transactions, to which we were or are to be a participant, in which (i) the amount involved exceeded or will exceed $120,000; and (ii) any of our directors, executive officers, or holders of more than 5% of our capital stock, or any affiliate or member of the immediate family of the foregoing persons or entities, had or will have a direct or indirect material interest, other than compensation and other arrangements that are described under the section titled “Executive and Director Compensation.”

我们认为，就下述交易获得的条件或我们支付或收到的对价（如适用），与我们在公平交易中可获得的条件或我们应支付或收取的金额（如适用）相当。

We believe the terms obtained or consideration that we paid or received, as applicable, in connection with the transactions described below were comparable to terms available or the amounts that we would pay or receive, as applicable, in arm’s-length transactions.

可赎回可转换优先股融资 Redeemable Convertible Preferred Stock Financings

#### F-1 系列可赎回可转换优先股融资

#### Series F-1 Redeemable Convertible Preferred Stock Financing

2024 年 5 月，我们与多家投资者签订了 F-1 系列可赎回可转换优先股购买协议（该协议随后于 2025 年 8 月进行了修订和重述），据此，我们同意以每股 $14.66 的购买价格发行并出售 5,798,089 股 F-1 系列可赎回可转换优先股，总募集资金毛额约为 $85.0 million。2024 年 7 月和 8 月，多家投资者合计购买了 2,728,512 股 F-1 系列可赎回可转换优先股，合计购买价格约为 $40.0 million。

In May 2024, we entered into a Series F-1 redeemable convertible preferred stock purchase agreement, as subsequently amended and restated in August 2025, with various investors pursuant to which we agreed to issue and sell 5,798,089 shares of our Series F-1 redeemable convertible preferred stock at a purchase price of $14.66 per share, for aggregate gross proceeds of approximately $85.0 million. In July and August 2024, various investors purchased an aggregate of 2,728,512 shares of our Series F-1 redeemable convertible preferred stock for an aggregate purchase price of approximately $40.0 million.

2024 年 9 月，现有股东 Alpha Wave Ventures II, LP 购买了 3,069,577 股 F-1 系列可赎回可转换优先股，合计购买价格约为 $45.0 million。在购买我们的 F-1 系列可赎回可转换优先股后，Alpha Wave 关联实体合计实益拥有我们已发行股本超过 5% 的股份。更多信息请参见标题为“主要股东”的章节。

In September 2024, Alpha Wave Ventures II, LP, an existing stockholder, purchased 3,069,577 shares of our Series F-1 redeemable convertible preferred stock for an aggregate purchase price of approximately $45.0 million. Entities affiliated with Alpha Wave collectively beneficially own more than 5% of our outstanding capital stock following the purchase of our Series F-1 redeemable convertible preferred stock. See the section titled “Principal Stockholders” for additional information.

#### G 系列可赎回可转换优先股融资

#### Series G Redeemable Convertible Preferred Stock Financing

2025 年 9 月，我们与多家投资者签订了 G 系列可赎回可转换优先股购买协议，据此，我们以每股 $36.2324 的购买价格发行并出售了合计 30,359,557 股 G 系列可赎回可转换优先股，在截至 2025 年 10 月的多次交割中合计购买价格约为 $1.1 billion。

In September 2025, we entered into a Series G redeemable convertible preferred stock purchase agreement with various investors pursuant to which we issued and sold an aggregate of 30,359,557 shares of our Series G redeemable convertible preferred stock at a purchase price of $36.2324 per share, for an aggregate purchase price of approximately $1.1 billion in multiple closings through October 2025.

下表列示了持有我们股本超过 5% 的股东及其关联实体购买的 G 系列可赎回可转换优先股股数。我们的董事或高级管理人员均未购买 G 系列可赎回可转换优先股。

The table below sets forth the number of shares of our Series G redeemable convertible preferred stock purchased by holders of more than 5% of our capital stock and their affiliated entities. None of our directors or executive officers purchased shares of Series G redeemable convertible preferred stock.

**名称 (1)**

**Name (1)**

**G 系列**

**Series G**

可赎回可转换优先股购买价格

Redeemable Convertible Preferred StockPurchase Price

Alpha Wave 关联实体(2) · 1,241,982 · $44,999,989 Benchmark 关联实体(3) · 689,990 · $24,999,994 Fidelity 关联实体(4) · 19,319,724 · $699,999,968

Entities affiliated with Alpha Wave(2) · 1,241,982 · $44,999,989 Entities affiliated with Benchmark(3) · 689,990 · $24,999,994 Entities affiliated with Fidelity(4) · 19,319,724 · $699,999,968

_______________ (1) 有关这些股东及其持股的更多信息，请参见标题为“主要股东”的章节。 (2) Alpha Wave 关联实体合计实益拥有我们已发行股本超过 5% 的股份。

_______________ (1) See the section titled “Principal Stockholders” for additional information regarding these stockholders and their equity holdings. (2) Entities affiliated with Alpha Wave collectively beneficially own more than 5% of our outstanding capital stock.

(3) Benchmark 关联实体合计实益拥有我们已发行股本超过 5% 的股份。我们董事会成员 Eric Vishria 是 Benchmark 的普通合伙人。 (4) 在购买我们的 G 系列可赎回可转换优先股后，Fidelity 关联实体合计实益拥有我们已发行股本超过 5% 的股份。

(3) Entities affiliated with Benchmark collectively beneficially own more than 5% of our outstanding capital stock. Eric Vishria, a member of our board of directors, is a General Partner of Benchmark. (4) Entities affiliated with Fidelity collectively beneficially own more than 5% of our outstanding capital stock following the purchase of our Series G redeemable convertible preferred stock.

#### H 轮可赎回可转换优先股融资

#### Series H Redeemable Convertible Preferred Stock Financing

2026 年 1 月，我们与多家投资者签订了 H 轮可赎回可转换优先股购买协议，据此，我们以每股 $89.0156 的购买价格发行并出售了合计 11,394,059 股 H 轮可赎回可转换优先股，总购买价格约为 $1.0 billion，并于 2026 年 2 月前分多次交割完成。

In January 2026, we entered into a Series H redeemable convertible preferred stock purchase agreement with various investors pursuant to which we issued and sold an aggregate of 11,394,059 shares of our Series H redeemable convertible preferred stock at a purchase price of $89.0156 per share, for an aggregate purchase price of approximately $1.0 billion in multiple closings through February 2026.

下表列示了我们股本 5% 以上的持有人及其关联实体购买的 H 轮可赎回可转换优先股股数。我们的董事或高级管理人员均未购买 H 轮可赎回可转换优先股。

The table below sets forth the number of shares of our Series H redeemable convertible preferred stock purchased by holders of more than 5% of our capital stock and their affiliated entities. None of our directors or executive officers purchased shares of Series H redeemable convertible preferred stock.

**名称 (1)**

**Name (1)**

**H 轮**

**Series H**

可赎回可转换优先股购买价格

Redeemable Convertible Preferred StockPurchase Price

与 Alpha Wave 关联的实体(2) · 1,123,398 · $99,999,947 与 Benchmark 关联的实体(3) · 2,527,646 · $224,999,925 与 Fidelity 关联的实体(4) · 1,123,398 · $99,999,947

Entities affiliated with Alpha Wave(2) · 1,123,398 · $99,999,947 Entities affiliated with Benchmark(3) · 2,527,646 · $224,999,925 Entities affiliated with Fidelity(4) · 1,123,398 · $99,999,947

_______________ (1) 有关该等股东及其持股的更多信息，请参见“主要股东”一节。(2) 与 Alpha Wave 关联的实体合计实益拥有我们已发行股本 5% 以上。(3) 与 Benchmark 关联的实体合计实益拥有我们已发行股本 5% 以上。我们董事会成员 Eric Vishria 是 Benchmark 的普通合伙人。(4) 与 Fidelity 关联的实体合计实益拥有我们已发行股本 5% 以上。

_______________ (1) See the section titled “Principal Stockholders” for additional information regarding these stockholders and their equity holdings. (2) Entities affiliated with Alpha Wave collectively beneficially own more than 5% of our outstanding capital stock. (3) Entities affiliated with Benchmark collectively beneficially own more than 5% of our outstanding capital stock. Eric Vishria, a member of our board of directors, is a General Partner of Benchmark. (4) Entities affiliated with Fidelity collectively beneficially own more than 5% of our outstanding capital stock.

要约收购 Tender Offer

2025 年 12 月，我们完成了对我们已发行 B 类普通股的收购要约，从我们的部分员工处购买了我们已发行的 B 类普通股合计 2,156,765 股，购买价格为每股$36.2324，总购买价（毛额）为$78.1 million（“2025 年收购要约”）。在 2025 年收购要约中，我们从我们的首席财务官 Robert Komin 处回购了我们 B 类普通股合计 27,599 股，并从我们的首席运营官 Dhiraj Mallick 处回购了我们 B 类普通股合计 27,599 股，总购买价（毛额）分别为$1.0 million 和$1.0 million。

In December 2025, we completed a tender offer for shares of our outstanding Class B common stock from certain of our employees and purchased an aggregate of 2,156,765 shares of our outstanding Class B common stock at a purchase price of $36.2324 per share, for an aggregate gross purchase price of $78.1 million (the “2025 Tender Offer”). We repurchased an aggregate of 27,599 shares of our Class B common stock from Robert Komin, our Chief Financial Officer, and an aggregate of 27,599 shares of our Class B common stock from Dhiraj Mallick, our Chief Operating Officer, in the 2025 Tender Offer, for an aggregate gross purchase price of $1.0 million and $1.0 million, respectively.

OpenAI 关系 OpenAI Relationship

#### 主关系协议

#### Master Relationship Agreement

2025 年 12 月，我们与 OpenAI 签订了主关系协议（MRA），根据该协议，OpenAI 同意购买承诺算力及相关服务。我们预计将在 2026 年至 2028 年期间分批部署承诺算力，每批已部署算力的期限为三年或四年，OpenAI 可将期限延长至总计最长五年。除承诺算力（我们有合同义务交付且 OpenAI 有合同义务购买）外，OpenAI 还可选择购买额外算力，并在 2030 年底前分批部署。

In December 2025, we entered into the MRA with OpenAI, under which OpenAI agreed to purchase the Committed Capacity and related services. We expect to deploy the Committed Capacity in tranches during 2026 through 2028, with each tranche of deployed capacity having a term of three or four years that is extendable by OpenAI to a maximum of five years in total. In addition to the Committed Capacity, which we are contractually obligated to deliver and OpenAI is contractually obligated to purchase, OpenAI has the option to purchase the Additional Capacity for deployment in tranches by the end of 2030.

2026 年 1 月，OpenAI 向我们预付了 $1.0 billion 的营运资金贷款，以加速我们的工程开发、制造规模扩大和数据中心扩建。营运资金贷款可以现金偿还，也可以通过交付算力或根据 MRA 购买硬件或其他服务的方式偿还。营运资金贷款由一份有担保本票作为凭证，到期日不迟于 2032 年 12 月 31 日。

In January 2026, OpenAI advanced to us the $1.0 billion Working Capital Loan to accelerate our engineering development, manufacturing scale-up, and data center expansion. The Working Capital Loan can be repaid in cash or through the delivery of compute capacity or purchase of hardware or other services under the MRA. The Working Capital Loan is subject to a secured promissory note with a maturity date of no later than December 31, 2032.

#### OpenAI 认股权证

#### OpenAI Warrant

2025 年 12 月，我们与 OpenAI 签署 MRA 的同时，向 OpenAI 发行了 OpenAI 认股权证。根据 OpenAI 认股权证，OpenAI 有权以每股 $0.00001 的行权价购买最多 33,445,026 股我们的 N 类普通股。OpenAI 认股权证于 2035 年 12 月 24 日与 MRA 项下不存在有约束力的算力购买承诺或合同约定的当前或未来付款义务之日后的第五个工作日两者中的较早者到期。

In December 2025, we issued the OpenAI Warrant to OpenAI in connection with the execution of the MRA. Pursuant to the OpenAI Warrant, OpenAI has the right to purchase up to 33,445,026 shares of our Class N common stock at an exercise price of $0.00001 per share. The OpenAI Warrant expires on the earlier of December 24, 2035 and five business days following the first date during which there is no binding capacity purchase commitments or contractually obligated current or future payments under the MRA.

OpenAI 认股权证对应的 N 类普通股在发生下述特定事件时归属并可行使：

The shares of Class N common stock underlying the OpenAI Warrant vest and become exercisable upon the occurrence of certain events, as set forth below:

- 4,459,337 股已于 2026 年 1 月在我们收到营运资金贷款时归属；

- 4,459,337 shares vested in January 2026 upon our receipt of the Working Capital Loan;

- 5,574,171 股将在以下两者中的较早者归属：(i) 我们的市值首次超过 $40 billion 之日，市值按 (a) 已发行普通股股数（按我们各类已授权普通股或系列普通股转换后的基准计算）乘以 (b) 我们 A 类普通股在纳斯达克的 30 日成交量加权平均收盘价计算，以及 (ii) 我们收到 OpenAI 根据 MRA 支付的某些费用款项之日；以及

- 5,574,171 shares will vest upon the earlier of (i) the first date that our market capitalization exceeds $40 billion, measured by the product of (a) the number of shares of common stock outstanding (on an as-converted basis for each authorized class or series of our common stock), multiplied by (b) the 30-day volume-weighted average closing price per share of our Class A common stock on Nasdaq, and (ii) receipt by us of certain fee payments from OpenAI under the MRA; and

- 合计 23,411,518 股将根据 MRA 在特定承诺算力交付日期分批归属，包括就额外算力（如有）经双方共同商定的承诺交付日期。

- 23,411,518 shares in the aggregate will vest in multiple tranches on certain committed delivery dates of compute capacity pursuant to the MRA, including committed delivery dates to be mutually agreed upon for the Additional Capacity (if any).

只有在 OpenAI 行使 MRA 项下购买额外算力的全部选择权，从而使 OpenAI 购买的 AI 推理算力及相关服务总计达到 2GW 时，OpenAI 认股权证才会完全归属。

The OpenAI Warrant will only fully vest if OpenAI exercises all options to purchase Additional Capacity under the MRA, such that a total of 2GW of AI inference compute capacity and related services is purchased by OpenAI.

登记权 Registration Rights

#### 修订及重述的投资者权利协议

#### Amended and Restated Investors’ Rights Agreement

我们是修订及重述的投资者权利协议的一方，该协议规定，除其他事项外，我们股本的某些持有人，包括与 Alpha Wave、Benchmark、Eclipse、Fidelity 和 Foundation Capital 有关联的实体，各自持有我们已发行股本超过 5%，有权要求我们提交注册声明。该协议还规定，该等各方及其他人士，包括我们的首席执行官、总裁兼董事会成员 Andrew D. Feldman 以及我们的首席技术官 Sean Lie，有权要求将其持有的我们股本股份纳入我们另行提交的注册声明中。有关该等注册权利的更多信息，请参见标题为“股本说明——注册权利——修订及重述的投资者权利协议”的章节。

We are party to an amended and restated investors’ rights agreement which provides, among other things, that certain holders of our capital stock, including entities affiliated with Alpha Wave, Benchmark, Eclipse, Fidelity, and Foundation Capital, each of which hold more than 5% of our outstanding capital stock, have the right to demand that we file a registration statement. This agreement also provides that such parties and others, including Andrew D. Feldman, our Chief Executive Officer, President, and a member of our board of directors, and Sean Lie, our Chief Technology Officer, have the right to request that their shares of our capital stock be included on a registration statement that we are otherwise filing. See the section titled “Description of Capital Stock—Registration Rights— Amended and Restated Investors’ Rights Agreement” for additional information regarding these registration rights.

#### OpenAI 注册权利协议

#### OpenAI Registration Rights Agreement

2025 年 12 月，我们就 OpenAI 认股权证与 OpenAI 签订了注册权利协议，据此，除其他事项外，OpenAI 有权要求我们提交注册声明，以登记因行使 OpenAI 认股权证而向 OpenAI 发行或可向其发行的 N 类普通股股份以供转售。有关该等注册权利的更多信息，请参见标题为“股本说明——注册权利——OpenAI 注册权利协议”的章节。

In December 2025, we entered into a registration rights agreement with OpenAI in connection with the OpenAI Warrant, pursuant to which, among other things, OpenAI has the right to demand that we file a registration statement to register for resale the shares of Class N common stock issued or issuable to OpenAI upon the exercise of the OpenAI Warrant. See the section titled “Description of Capital Stock—Registration Rights—OpenAI Registration Rights Agreement” for additional information regarding these registration rights.

优先购买权 Right of First Refusal

根据我们的股权激励计划以及与部分股东签订的若干协议（包括与部分股本持有人签订的优先购买权和共同出售权协议，这些持有人包括与 Alpha Wave、Benchmark、Eclipse、Fidelity 和 Foundation Capital 关联的实体，上述各方各自持有我们已发行股本 5% 以上，以及 Feldman 先生、Lie 先生和 Mallick 先生），我们或我们的受让人有权购买若干股东拟向其他方出售的股本股份。优先购买权和共同出售权协议项下的该项权利在本招股说明书构成其一部分的注册声明生效时终止。

Pursuant to our equity compensation plans and certain agreements with our stockholders, including a right of first refusal and co-sale agreement with certain holders of our capital stock, including entities affiliated with Alpha Wave, Benchmark, Eclipse, Fidelity, and Foundation Capital, each of which hold more than 5% of our outstanding capital stock, and Messrs. Feldman, Lie, and Mallick, we or our assignees have a right to purchase shares of our capital stock which certain stockholders propose to sell to other parties. This right under the right of first refusal and co-sale agreement terminated upon the effectiveness of the registration statement of which this prospectus forms a part.

自 2023 年 1 月 1 日起，我们已就股本的二级出售（包括由我们部分高级管理人员进行的出售）放弃我们的优先购买权。

Since January 1, 2023, we have waived our right of first refusal in connection with secondary sales of shares of our capital stock, including sales by certain of our executive officers.

投票协议 Voting Agreement

我们是一份经修订和重述的表决协议的当事方，根据该协议，我们股本的部分持有人（包括与 Alpha Wave、Benchmark、Eclipse、Fidelity 和 Foundation Capital 有关联的实体，其中每一方均持有我们已发行股本 5% 以上）以及 Feldman、Lie 和 Mallick 先生已就其在某些事项（包括董事选举）上对其所持我们股本股份的投票方式达成一致。本招股说明书构成其一部分的注册声明生效后，该表决协议即告终止，且我们的任何股东均不享有关于选举或指定董事会成员的任何特殊权利。

We are party to an amended and restated voting agreement under which certain holders of our capital stock, including entities affiliated with Alpha Wave, Benchmark, Eclipse, Fidelity, and Foundation Capital, each of which hold more than 5% of our outstanding capital stock, and Messrs. Feldman, Lie, and Mallick have agreed as to the manner in which they will vote their shares of our capital stock on certain matters, including with respect to the election of directors. Upon the effectiveness of the registration statement of which this prospectus forms a part, the voting agreement terminated and none of our stockholders have any special rights regarding the election or designation of members of our board of directors.

定向股份计划 Directed Share Program

应本公司请求，承销商已预留本招股说明书发售的最多 1,500,000 股 A 类普通股，通过定向股份计划按首次公开发行价格向本公司管理层指定的若干人士及若干长期任职员工出售，其中可能包括与本公司存在业务关系的各方以及管理层和该等员工的亲友。详情请参见“承销商——定向股份计划”一节。

At our request, the underwriters have reserved up to 1,500,000 shares of Class A common stock offered by this prospectus, for sale at the initial public offering price through a directed share program to certain persons identified by our management and certain long-tenured employees, which may include parties with whom we have a business relationship and friends and family of management and such employees. See the section titled “Underwriters— Directed Share Program” for additional information.

其他交易 Other Transactions

我们已与部分高级管理人员签订录用通知书协议，其中除其他事项外，约定了若干薪酬及控制权变更福利。有关与我们列名高级管理人员签订的该等协议的说明，请参见标题为“高管与董事薪酬——高管薪酬安排”的章节。

We have entered into offer letter agreements with certain of our executive officers that, among other things, provide for certain compensatory and change in control benefits. For a description of these agreements with our named executive officers, see the section titled “Executive and Director Compensation—Executive Compensation Arrangements.”

我们还向我们的高级管理人员和董事授予了股票期权、限制性股票单位（RSU）和限制性股票。有关该等股权奖励的说明，请参见标题为“高管与董事薪酬——截至 2025 年末的未行使股权奖励”的章节。

We have also granted stock options, RSUs, and restricted stock to our executive officers and directors. For a description of these equity awards, see the section titled “Executive and Director Compensation—Outstanding Equity Awards at 2025 Year End.”

董事与高管赔偿 Director and Officer Indemnification

我们已与部分现任高级管理人员和董事签订了赔偿协议，并计划在本次发行完成前与每一位现任高级管理人员和董事签订新的赔偿协议。

We have entered into indemnification agreements with certain of our current executive officers and directors, and intend to enter into new indemnification agreements with each of our current executive officers and directors before the completion of this offering.

我们修订并重述的公司章程还规定，在法律允许的最大范围内，我们将就任何现任或曾任本公司高级管理人员或董事、或应本公司要求担任任何其他企业高级管理人员或董事的人员，因其身份而产生的所有损害赔偿、索赔和责任予以赔偿。修订该条款不会减少我们与修订前所采取行动相关的赔偿义务。

Our amended and restated certificate of incorporation also provides that, to the fullest extent permitted by law, we will indemnify any officer or director of our company against all damages, claims, and liabilities arising out of the fact that the person is or was our officer or director, or served any other enterprise at our request as an officer or director. Amending this provision will not reduce our indemnification obligations relating to actions taken before an amendment.

关联人士交易政策 Related Person Transaction Policy

我们已制定书面关联人交易政策，该政策将在本次发行完成后生效，适用于我们的高级管理人员、董事、董事候选人、持有我们任何类别有表决权证券超过 5% 的持有人，以及上述任何人员的直系亲属成员和与上述任何人员有关联的任何实体。未经我们的审计委员会事先同意，或在因利益冲突而不宜由我们的审计委员会审查该交易的情况下未经我们董事会其他独立成员事先同意，上述人员不得与我们进行关联人交易。任何要求我们与高级管理人员、董事、董事候选人、主要股东或其任何直系亲属或关联方进行且涉及金额超过 $120,000 的交易，必须首先提交我们的审计委员会进行审查、审议和批准。在批准或否决任何此类提案时，我们的审计委员会将考虑现有且其认为相关的有关事实和情况，包括但不限于交易条款在商业上的合理性，以及关联人在该交易中的直接或间接利益的重大性和性质。本节所述的所有交易均发生在本政策通过之前。

We have a written related person transaction policy, to be effective upon the completion of this offering, that applies to our executive officers, directors, director nominees, holders of more than 5% of any class of our voting securities and any member of the immediate family of, and any entity affiliated with, any of the foregoing persons. Such persons will not be permitted to enter into a related person transaction with us without the prior consent of our audit committee, or other independent members of our board of directors in the event it is inappropriate for our audit committee to review such transaction due to a conflict of interest. Any request for us to enter into a transaction with an executive officer, director, director nominee, principal stockholder, or any of their immediate family members or affiliates, in which the amount involved exceeds $120,000 must first be presented to our audit committee for review, consideration, and approval. In approving or rejecting any such proposal, our audit committee will consider the relevant facts and circumstances available and deemed relevant to our audit committee, including, but not limited to, the commercial reasonableness of the terms of the transaction and the materiality and character of the related person’s direct or indirect interest in the transaction. All of the transactions described in this section occurred prior to the adoption of this policy.

主要股东 Principal Stockholders

下表载列了截至 2026 年 3 月 31 日，以下各方对我们普通股的实益拥有权信息：(i) 本次发行完成前，以及 (ii) 经调整以反映本招股说明书所发售的 A 类普通股出售后（假设承销商未行使向我们购买额外股份的超额配售选择权）：

The following table contains information about the beneficial ownership of our common stock as of March 31, 2026, (i) immediately prior to the completion of this offering and (ii) as adjusted to the sale of shares of our Class A common stock offered by this prospectus, assuming no exercise of the underwriters’ over-allotment option to purchase additional shares from us, by:

- 我们的每一位董事；

- each of our directors;

- 我们的每一位具名高管；

- each of our named executive officers;

- 全体董事及高管作为一个整体；以及

- all directors and executive officers as a group; and

- 我们所知的每一位实益拥有我们股本 5% 以上的个人或群体。

- each person, or group of persons, known to us who beneficially owns more than 5% of our capital stock.

本次发行前我们普通股的持股比例，系基于截至 2026 年 3 月 31 日我们已发行的 A 类普通股 0 股、B 类普通股 185,304,949 股及 N 类普通股 2,026,025 股计算，并假设经修订及重述的公司章程（将于本次发行完成前立即生效）的提交与生效、优先股转换、普通股重分类及 RSU 净额结算均已于 2026 年 3 月 31 日发生，但未考虑将于本次发行相关事项中到期的任何投票权委托。因 RSU 净额结算而从股东处扣留的 B 类普通股的确切股数将因股东个人税率而异。本次发行后我们普通股的持股比例亦假设上述事项已发生，并假设我们于本次发行中发行并出售 30,000,000 股 A 类普通股，且假设承销商未行使超额配售选择权。

We have based percentage ownership of our common stock before this offering on no shares of our Class A common stock, 185,304,949 shares of our Class B common stock, and 2,026,025 shares of our Class N common stock outstanding, in each case, as of March 31, 2026, and assume the occurrence of each of the filing and effectiveness of our amended and restated certificate of incorporation, which will be in effect immediately prior to the completion of this offering, the Preferred Stock Conversion, the Common Stock Reclassification, and the RSU Net Settlement, in each case as if it had occurred as of March 31, 2026, but do not give effect to any voting proxies that will expire in connection with this offering. The exact number of shares of our Class B common stock that will be withheld from a stockholder in connection with the RSU Net Settlement will differ based on the stockholder’s personal tax rates. The percentage ownership of our common stock after this offering also assumes the foregoing and the issuance and sale of 30,000,000 shares of Class A common stock by us in this offering, and assumes no exercise of the underwriters’ over-allotment option.

根据 SEC 规则，实益拥有权包括对证券的投票权或投资权，并包括根据可于 2026 年 3 月 31 日后 60 天内行使的股票期权可发行的股份，或根据预计将于 2026 年 3 月 31 日后 60 天内满足归属及结算条件的 RSU（在 RSU 净额结算生效后，基于个人预扣税选择）可发行的股份。计算持有该等期权之人士的持股比例时，根据股票期权可发行的股份被视为已发行在外，但在计算任何其他人士的持股比例时则不被视为已发行在外。此外，下表未反映可能在本次发行中或根据标题为“承销商—定向股份计划”一节所述我们的定向股份计划购买的 A 类普通股股份。

In accordance with the rules of the SEC, beneficial ownership includes voting or investment power with respect to securities and includes the shares issuable pursuant to stock options that are exercisable within 60 days of March 31, 2026 or issuable pursuant to RSUs that are subject to vesting and settlement conditions expected to occur within 60 days of March 31, 2026, after giving effect to the RSU Net Settlement (based on individual tax withholding elections). Shares issuable pursuant to stock options are deemed outstanding for computing the percentage of the person holding such options but are not outstanding for computing the percentage of any other person. In addition, the below table does not reflect any shares of Class A common stock that may be purchased in this offering or pursuant to our directed share program described in the section titled “Underwriters—Directed Share Program.”

有关我们与某些股东之间重大交易的更多信息，请参见题为“某些关系及关联方交易”的章节。除另有说明外，所列各股东的地址均为：c/o Cerebras Systems Inc., 1237 E. Arques Avenue, Sunnyvale, California 94085。除下表脚注所述或依据适用的夫妻共同财产法外，我们基于向我们提供的信息认为，表中列名的各股东对其名下所列股份拥有唯一的投票权和投资权。

For further information regarding material transactions between us and certain of our stockholders, see the section titled “Certain Relationships and Related Party Transactions.” Unless otherwise indicated, the address for each listed stockholder is: c/o Cerebras Systems Inc., 1237 E. Arques Avenue, Sunnyvale, California 94085. Except as indicated in the footnotes to the following table or pursuant to applicable community property laws, we believe, based on information furnished to us, that each stockholder named in the table has sole voting and investment power with respect to the shares set forth opposite such stockholder’s name.

本次发行前实益拥有的股份 B 类普通股 · 占已发行 总数 百分比 投票权 百分比 A 类 普通股 B 类普通股 · 占已发行 总数 百分比 投票权 百分比 实益拥有人名称 · 股份 · % · 股份 · % · 股份 · % 列名执行官及董事： Andrew D. Feldman(1) · 10,158,635 5.4% · 5.3% · 5.4% · — · — · 10,144,876 5.4% · 4.6% · 5.4% Sean Lie(2) · 5,359,293 2.9% · 2.8% · 2.9% · — · — · 5,347,647 2.9% · 2.4% · 2.8% Dhiraj Mallick(3) · 1,867,612 1.0% · * · 1.0% · — · — · 1,805,200 · * · * · * Paul Auvil(4) · 203,750 · * · * · * · — · — · 203,750 · * · * · * Elena Donio · — · — · — · — · — · — · — · — · — · — Lior Susan(5) · 13,466,197 7.3% · 7.2% · 7.3% · — · — · 13,466,197 7.3% · 6.2% · 7.2% Eric Vishria · — · — · — · — · — · — · — · — · — · — Steve Vassallo(6) · 15,302,343 8.3% · 8.2% · 8.3% · — · — · 15,302,343 8.3% · 7.0% · 8.2% 全体现任执行官及董事作为一个整体（9 人）(7) · 47,330,23124.9% · 21.0% · 24.9% · — · — · 47,242,41424.9% · 18.5% · 24.7% 其他 5% 或以上 股东： 与 Alpha Wave 关联的 实体(8) · 12,074,647 6.5% · 6.4% · 6.5% · — · — · 12,074,647 6.5% · 5.6% · 6.5% 与 Benchmark 关联的 实体(9) · 17,602,983 9.5% · 9.4% · 9.5% · — · — · 17,602,983 9.5% · 8.1% · 9.4% 与 Eclipse 关联的 实体(10) · 13,466,197 7.3% · 7.2% · 7.3% · — · — · 13,466,197 7.3% · 6.2% · 7.2% 与 Fidelity 关联的 实体(11) · 20,443,12211.0% · 10.9% · 11.0% · — · — · 20,443,12211.0% · 9.4% · 10.9% 与 Foundation Capital 关联的 实体(12) · 15,302,343 8.3% · 8.2% · 8.3% · — · — · 15,302,343 8.3% · 7.0% · 8.2%

Shares Beneficially Owned Before this Offering Class B Common Stock · % of Total Outstanding % of Total Voting Power Class A Common Stock Class B Common Stock · % of Total Outstanding % of Total Voting Power Name of Beneficial Owner · Shares · % · Shares · % · Shares · % Named Executive Officers and Directors: Andrew D. Feldman(1) · 10,158,635 5.4% · 5.3% · 5.4% · — · — · 10,144,876 5.4% · 4.6% · 5.4% Sean Lie(2) · 5,359,293 2.9% · 2.8% · 2.9% · — · — · 5,347,647 2.9% · 2.4% · 2.8% Dhiraj Mallick(3) · 1,867,612 1.0% · * · 1.0% · — · — · 1,805,200 · * · * · * Paul Auvil(4) · 203,750 · * · * · * · — · — · 203,750 · * · * · * Elena Donio · — · — · — · — · — · — · — · — · — · — Lior Susan(5) · 13,466,197 7.3% · 7.2% · 7.3% · — · — · 13,466,197 7.3% · 6.2% · 7.2% Eric Vishria · — · — · — · — · — · — · — · — · — · — Steve Vassallo(6) · 15,302,343 8.3% · 8.2% · 8.3% · — · — · 15,302,343 8.3% · 7.0% · 8.2% All current executive officers and directors as a group (9 persons)(7) · 47,330,23124.9% · 21.0% · 24.9% · — · — · 47,242,41424.9% · 18.5% · 24.7% Other 5% or Greater Stockholders: Entities affiliated with Alpha Wave(8) · 12,074,647 6.5% · 6.4% · 6.5% · — · — · 12,074,647 6.5% · 5.6% · 6.5% Entities affiliated with Benchmark (9) · 17,602,983 9.5% · 9.4% · 9.5% · — · — · 17,602,983 9.5% · 8.1% · 9.4% Entities affiliated with Eclipse(10) · 13,466,197 7.3% · 7.2% · 7.3% · — · — · 13,466,197 7.3% · 6.2% · 7.2% Entities affiliated with Fidelity(11) · 20,443,12211.0% · 10.9% · 11.0% · — · — · 20,443,12211.0% · 9.4% · 10.9% Entities affiliated with Foundation Capital(12) · 15,302,343 8.3% · 8.2% · 8.3% · — · — · 15,302,343 8.3% · 7.0% · 8.2%

_______________ * 代表实益所有权不足 1%。(1) 代表 (i) 7,449,857 股 B 类普通股；(ii) 根据 RSU 净额结算发行的 103,353 股 B 类普通股；(iii) 由 Feldman 先生担任受托人的授予人保留年金信托持有的 50,000 股 B 类普通股；(iv) 由 Feldman 先生配偶担任受托人的授予人保留年金信托持有的 50,000 股 B 类普通股；以及 (v) 可在 2026 年 3 月 31 日后 60 天内行使的购买 B 类普通股的期权所对应的 2,491,666 股股份。(2) 代表 (i) 4,089,338 股 B 类普通股；(ii) 根据 RSU 净额结算发行的 94,376 股 B 类普通股；(iii) 由 Lie 先生配偶持有的 180,600 股 B 类普通股；以及 (iv) 可在 2026 年 3 月 31 日后 60 天内行使的购买 B 类普通股的期权所对应的 983,333 股股份。(3) 代表 (i) 118,089 股 B 类普通股；(ii) 根据 RSU 净额结算发行的 475,575 股 B 类普通股；以及 (iii) 可在 2026 年 3 月 31 日后 60 天内行使的购买 B 类普通股的期权所对应的 1,211,536 股股份。(4) 代表 203,750 股 B 类普通股，其中 116,459 股可在 2026 年 3 月 31 日后 60 天内被回购。(5) 与 Eclipse 关联的实体所持股份见脚注 (10)。Eclipse 的创始人兼管理合伙人 Susan 先生为本公司董事会成员。(6) 与 Foundation Capital 关联的实体所持股份见脚注 (12)。Foundation Capital 的普通合伙人 Vassallo 先生为本公司董事会成员。(7) 代表 (i) 本公司现任高级管理人员和董事作为一个整体实益拥有的 47,242,414 股 B 类普通股，其中 574,793 股可在 2026 年 3 月 31 日后 60 天内被回购；(ii) 根据 RSU 净额结算发行的 637,304 股 B 类普通股；以及 (iii) 可在 2026 年 3 月 31 日后 60 天内行使的购买 B 类普通股的期权所对应的 4,704,783 股股份。(8) 代表 (i) Alpha Wave Ventures II, LP（“Alpha Wave Ventures”）持有的 8,057,636 股 B 类普通股；(ii) Alpha Wave Holdings, LP（“Alpha Wave Holdings”）持有的 1,364,263 股 B 类普通股；以及 (iii) Falcon Q LP（“Falcon Q”，与 Alpha Wave Ventures 和 Alpha Wave Holdings 合称“Alpha Wave”）持有的 2,652,748 股 B 类普通股。Alpha Wave Ventures GP, Ltd（“Alpha Wave Ventures GP”）为 Alpha Wave Ventures 的普通合伙人，可能被视为对 Alpha Wave Ventures 所持股份行使投票权和处置权。Alpha Wave Ventures GP 为 Alpha Wave Global, LP（“Alpha Wave Global”）与 Lunate Capital Holding RSC LTD（“Lunate”）的合资企业。Lunate 由 Chimera Investment LLC（“Chimera”）持有多数股权。Chimera 由其董事会控制。Lunate 的全资投资管理子公司 Lunate Capital Limited 的管理合伙人负责管理 Lunate 的投资活动。Richard Gerson 为 Alpha Wave Global 的董事长兼首席投资官。Alpha Wave Global 为 Alpha Wave Holdings 和 Falcon Q 的投资管理人。因此，Gerson 先生可能被视为对与 Alpha Wave 关联的实体所持股份行使投票权和处置权。与 Alpha Wave 关联的所有实体的地址为 c/o Alpha Wave Global, LP, 667 Madison Ave, 19th Floor, New York, New York 10065。Lunate 的地址为 Unit No. 1, Floor 8, 9, 10, 11, 12, Al Maryah Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates。(9) 代表 (i) Benchmark Capital Partners VIII, L.P.（“BCP VIII”）为其自身并作为 Benchmark Founders’Fund VIII, L.P.（“BFF VIII”）和 Benchmark Founders’Fund VIII-B, L.P.（“BFF VIII-B”）的指定代表持有的 14,385,347 股 B 类普通股；(ii) Benchmark Capital Partners IX, L.P.（“BCP IX”）为其自身并作为 Benchmark Founders’Fund IX, L.P.（“BFF IX”）、Benchmark Founders’Fund IX-A, L.P.（“BFF IX-A”）和 Benchmark Founders’Fund IX-B, L.P.（“BFF IX-B”）的指定代表持有的 689,990 股 B 类普通股；以及 (iii) Benchmark AI Infrastructure Fund, L.P.（“BAIF”）为其自身并作为 Benchmark AI Infrastructure Fund B, L.P.（“BAIF-B”）的指定代表持有的 2,527,646 股 B 类普通股。Benchmark Capital Management Co. VIII, L.L.C.（“BCMC VIII”）为 BCP VIII、BFF VIII 和 BFF VIII-B 各自的普通合伙人，可能被视为对 BCP VIII 所持股份拥有唯一投票权和投资权。本公司董事会成员 Vishria 先生、Matthew R. Cohler、Peter H. Fenton、J. William Gurley、An-Yen Hu、Mitchell H. Lasky 和 Chetan Puttagunta 为 BCMC VIII 的管理成员。Benchmark Capital Management Co. IX, L.L.C.（“BCMC IX”）为 BCP IX、BFF IX、BFF IX-A 和 BFF IX-B 各自的普通合伙人，可能被视为对 BCP IX 所持股份拥有唯一投票权和投资权。本公司董事会成员 Vishria 先生、Peter H. Fenton、J. William Gurley、An-Yen Hu 和 Chetan Puttagunta 为 BCMC IX 的管理成员。Benchmark AI Infrastructure Management Co., L.L.C.（“BAIMC”）为 BAIF 和 BAIF-B 各自的普通合伙人，可能被视为对 BAIF 所持股份拥有唯一投票权和投资权。本公司董事会成员 Vishria 先生、Peter H. Fenton、An-Yen Hu、Chetan Puttagunta 和 Everett Randle 为 BAIMC 的管理成员。与 Benchmark 关联的所有实体的地址为 2965 Woodside Road, Woodside, California 94062。(10) 代表 (i) Eclipse Continuity Fund I, L.P.（“Eclipse Continuity Fund”）持有的 800,358 股 B 类普通股；(ii) Eclipse SPV II, L.P.（“Eclipse SPV II”）持有的 6,548,466 股 B 类普通股；(iii) Eclipse SPV XIII, L.P.（“Eclipse SPV XIII”）持有的 599,880 股 B 类普通股；以及 (iv) Eclipse Ventures Fund I, L.P.（“Eclipse Fund”，与 Eclipse Continuity Fund、Eclipse SPV II 和 Eclipse SPV XIII 合称“Eclipse Entities”）持有的 5,517,493 股 B 类普通股。Susan 先生为各 Eclipse Entities 普通合伙人的唯一管理成员，可能被视为对此类实体所持股份拥有投票权、投资权和处置权。Eclipse Entities 的地址为 514 High Street, Palo Alto, California 94301。(11) 由以下各项组成：(i) FIAM Target Date Blue Chip Growth Commingled Pool By: Fidelity Institutional Asset Management Trust Company as Trustee 持有的 122,400 股 B 类普通股；(ii) Fidelity Advisor Series I: Fidelity Advisor Growth Opportunities Fund 持有的 1,250,100 股 B 类普通股；(iii) Fidelity Advisor Series I: Fidelity Advisor Series Growth Opportunities Fund 持有的 40,300 股 B 类普通股；(iv) Fidelity Advisor Series VII: FA Semiconductors Fund 持有的 116,400 股 B 类普通股；(v) Fidelity Blue Chip Growth Commingled Pool By: Fidelity Management Trust Company, as Trustee 持有的 241,324 股 B 类普通股；(vi) Fidelity Blue Chip Growth Institutional Trust By its manager Fidelity Investments Canada ULC 持有的 6,700 股 B 类普通股；(vii) Fidelity Blue Chip Growth Multi-Asset Base Fund by its manager Fidelity Investments Canada ULC 持有的 10,900 股 B 类普通股；(viii) Fidelity Canadian Growth Company Fund by its manager Fidelity Investments Canada ULC 持有的 181,600 股 B 类普通股；(ix) Fidelity Central Investment Portfolios LLC: Fidelity U.S. Equity Central Fund - Communication Services Sub 持有的 3,600 股 B 类普通股；(x) Fidelity Contrafund Commingled Pool By: Fidelity Management Trust Company, as Trustee 持有的 1,229,100 股 B 类普通股；(xi) Fidelity Contrafund: Fidelity Advisor New Insights Fund 持有的 577,700 股 B 类普通股；(xii) Fidelity Contrafund: Fidelity Contrafund 持有的 3,145,300 股 B 类普通股；(xiii) Fidelity Contrafund: Fidelity Contrafund K6 持有的 736,400 股 B 类普通股；(xiv) Fidelity Contrafund: Fidelity Series Opportunistic Insights Fund 持有的 340,600 股 B 类普通股；(xv) Fidelity Global Growth and Value Investment Trust By its manager Fidelity Investments Canada ULC 持有的 35,700 股 B 类普通股；(xvi) Fidelity Global Innovators Investment Trust by its manager Fidelity Investments Canada ULC 持有的 399,800 股 B 类普通股；(xvii) Fidelity Growth Company Commingled Pool By: Fidelity Management Trust Company, as Trustee 持有的 3,470,000 股 B 类普通股；（xviii）Fidelity Insights Investment Trust By its manager Fidelity Investments Canada ULC 持有的 405,700 股 B 类普通股；(xix) Fidelity Investment Trust: Fidelity Worldwide US Equity Sub 持有的 16,500 股 B 类普通股；(xx) Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund 持有的 2,570,200 股 B 类普通股；(xxi) Fidelity Mt. Vernon Street Trust: Fidelity Growth Company K6 Fund 持有的 763,800 股 B 类普通股；(xxii) Fidelity Mt. Vernon Street Trust: Fidelity Series Growth Company Fund 持有的 678,900 股 B 类普通股；（xxiii）Fidelity NorthStar Fund - Sub D by its manager Fidelity Investments Canada ULC 持有的 32,200 股 B 类普通股；(xxiv) Fidelity Puritan Trust: Balanced K6 Fund - Communication Services Subportfolio 持有的 300 股 B 类普通股；(xxv) Fidelity Puritan Trust: Fidelity Balanced Fund - Communication Services Sub 持有的 7,100 股 B 类普通股；(xxvi) Fidelity Securities Fund: Fidelity Blue Chip Growth Fund 持有的 1,109,600 股 B 类普通股；（xxvii）Fidelity Securities Fund: Fidelity Blue Chip Growth K6 Fund 持有的 239,800 股 B 类普通股；（xxviii）Fidelity Securities Fund: Fidelity Series Blue Chip Growth Fund 持有的 191,700 股 B 类普通股；(xxix) Fidelity Select Portfolios: Select Communication Services Portfolio 持有的 4,700 股 B 类普通股；(xxx) Fidelity Select Portfolios: Select Semiconductors Portfolio 持有的 742,098 股 B 类普通股；(xxxi) Fidelity Select Portfolios: Select Technology Portfolio 持有的 769,100 股 B 类普通股；（xxxii）Fidelity Special Situations Fund by its manager Fidelity Investments Canada ULC 持有的 62,000 股 B 类普通股；（xxxiii）Fidelity U.S. Growth Opportunities Investment Trust by its manager Fidelity Investments Canada ULC 持有的 8,000 股 B 类普通股；（xxxiv）Fidelity Venture Capital Fund I LP By: Fidelity Diversifying Solutions LLC as Investment Manager 持有的 214,300 股 B 类普通股；(xxxv) Variable Insurance Products Fund II: VIP Contrafund Portfolio 持有的 431,200 股 B 类普通股；（xxxvi）Variable Insurance Products Fund III: Growth Opportunities Portfolio 持有的 191,700 股 B 类普通股；（xxxvii）Variable Insurance Products Fund III: VIP Balanced - Communication Services Subportfolio 持有的 1,000 股 B 类普通股；（xxxviii）Variable Insurance Products Fund IV: VIP Communication Services Portfolio 持有的 700 股 B 类普通股；（xxxix）Variable Insurance Products Fund IV: VIP Technology Portfolio 持有的 93,800 股 B 类普通股；以及（xl）Variable Insurance Products Fund: VIP Stock Selector All Cap Portfolio Communication Services Subportfolio 持有的 800 股 B 类普通股。这些基金和账户所持股份由 FMR LLC、其若干子公司或关联方以及其他公司实益拥有，或可能被视为由其实益拥有。Abigail P. Johnson 为 FMR LLC 的董事、董事长兼首席执行官。包括 Abigail P. Johnson 在内的 Johnson 家族成员直接或通过信托持有 FMR LLC 的 B 系列有表决权普通股，占 FMR LLC 投票权的 49%，为其主要所有者。Johnson 家族集团与所有其他 B 系列股东已签订股东投票协议，根据该协议，所有 B 系列有表决权普通股将按照 B 系列有表决权普通股的多数票进行投票。因此，通过其对有表决权普通股的所有权及股东投票协议的签署，根据《1940 年投资公司法》，Johnson 家族成员可能被视为就 FMR LLC 构成控制集团。FMR LLC 的地址为 245 Summer Street, Boston, Massachusetts 02210。(12) 代表 (i) Foundation Capital Leadership Fund II, L.P.（“Foundation Leadership Fund”）持有的 1,091,411 股 B 类普通股；(ii) Foundation Capital VIII Principals Fund, LLC（“Foundation Capital VIII Principals”）持有的 299,627 股 B 类普通股；以及 (iii) Foundation Capital VIII, L.P.（“Foundation Capital VIII”，与 Foundation Leadership Fund 和 Foundation Capital VIII Principals 合称“Foundation Capital”）持有的 13,911,305 股 B 类普通股。Foundation Capital Management Co. VIII, L.L.C. 为 Foundation Capital VIII 的普通合伙人和 Foundation Capital VIII Principals 的管理人，拥有唯一投票权和投资权。Ashu Garg、Paul R. Holland、Charles P. Moldow 和 Steven P. Vassallo 为 Foundation Capital Management Co. VIII, L.L.C. 的管理人，共同行使该等权力。Foundation Capital Management Co. LF II, L.L.C. 为 Foundation Capital Leadership Fund 的普通合伙人，拥有唯一投票权和投资权。Ashu Garg、Charles P. Moldow 和 Steven P. Vassallo 为 Foundation Capital Management Co. LF II, L.L.C. 的管理人，共同行使该等权力。与 Foundation Capital 关联的所有实体的地址为 550 High Street, 3rd Floor, Palo Alto, California 94301。

_______________ * Represents beneficial ownership of less than 1%. (1) Represents (i) 7,449,857 shares of Class B common stock; (ii) 103,353 shares of Class B common stock issued pursuant to the RSU Net Settlement; (iii) 50,000 shares of Class B common stock held in a grantor retained annuity trust of which Mr. Feldman is the trustee; (iv) 50,000 shares of Class B common stock held in a grantor retained annuity trust of which Mr. Feldman’s spouse is the trustee; and (v) 2,491,666 shares underlying options to purchase shares of Class B common stock that are exercisable within 60 days of March 31, 2026 . (2) Represents (i) 4,089,338 shares of Class B common stock; (ii) 94,376 shares of Class B common stock issued pursuant to the RSU Net Settlement; (iii) 180,600 shares of Class B common stock held by Mr. Lie’s spouse; and (iv) 983,333 shares underlying options to purchase shares of Class B common stock that are exercisable within 60 days of March 31, 2026 . (3) Represents (i) 118,089 shares of Class B common stock; (ii) 475,575 shares of Class B common stock issued pursuant to the RSU Net Settlement; and (iii) 1,211,536 shares underlying options to purchase shares of Class B common stock that are exercisable within 60 days of March 31, 2026 . (4) Represents 203,750 shares of Class B common stock, of which 116,459 shares are subject to repurchase within 60 days of March 31, 2026 . (5) See footnote (10) for shares held by the entities affiliated with Eclipse. Mr. Susan, the Founder and Managing Partner of Eclipse, is a member of our board of directors. (6) See footnote (12) for shares held by the entities affiliated with Foundation Capital. Mr. Vassallo, a general partner of Foundation Capital, is a member of our board of directors. (7) Represents (i) 47,242,414 shares of Class B common stock beneficially owned by our current executive officers and directors as a group, of which 574,793 shares are subject to repurchase within 60 days of March 31, 2026; (ii) 637,304 shares of Class B common stock issued pursuant to the RSU Net Settlement; and (iii) 4,704,783 shares underlying options to purchase shares of Class B common stock that are exercisable within 60 days of March 31, 2026 . (8) Represents (i) 8,057,636 shares of Class B common stock held by Alpha Wave Ventures II, LP (“Alpha Wave Ventures”); (ii) 1,364,263 shares of Class B common stock held by Alpha Wave Holdings, LP (“Alpha Wave Holdings”); and (iii) 2,652,748 shares of Class B common stock held by Falcon Q LP (“Falcon Q,” and together with Alpha Wave Ventures and Alpha Wave Holdings, “Alpha Wave”). Alpha Wave Ventures GP, Ltd (“Alpha Wave Ventures GP”) is the general partner of Alpha Wave Ventures and may be deemed to exercise voting and dispositive control over the shares held by Alpha Wave Ventures. Alpha Wave Ventures GP is a joint venture between Alpha Wave Global, LP (“Alpha Wave Global”) and Lunate Capital Holding RSC LTD (“Lunate”). Lunate is majority owned by Chimera Investment LLC (“Chimera”). Chimera is controlled by its board of directors. The managing partners of Lunate Capital Limited, a wholly owned investment manager subsidiary of Lunate, manage the investment activities of Lunate. Richard Gerson is the Chairman and Chief Investment Officer of Alpha Wave Global. Alpha Wave Global is the Investment Manager for Alpha Wave Holdings and Falcon Q. Mr. Gerson therefore may be deemed to exercise voting and dispositive control over the shares held by the entities affiliated with Alpha Wave. The address for all entities affiliated with Alpha Wave is c/o Alpha Wave Global, LP, 667 Madison Ave, 19th Floor, New York, New York 10065. The address for Lunate is Unit No. 1, Floor 8, 9, 10, 11, 12, Al Maryah Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates. (9) Represents (i) 14,385,347 shares of Class B common stock held by Benchmark Capital Partners VIII, L.P. (“BCP VIII”), for itself and as nominee for Benchmark Founders’ Fund VIII, L.P. (“BFF VIII”) and Benchmark Founders’ Fund VIII-B, L.P. (“BFF VIII-B”); (ii) 689,990 shares of Class B common stock held by Benchmark Capital Partners IX, L.P. (“BCP IX”), for itself and as nominee for Benchmark Founders’ Fund IX, L.P. (“BFF IX”), Benchmark Founders’ Fund IX-A, L.P. (“BFF IX-A”), and Benchmark Founders’ Fund IX-B, L.P. (“BFF IX-B”); and (iii) 2,527,646 shares of Class B common stock held by Benchmark AI Infrastructure Fund, L.P. (“BAIF”), for itself and as nominee for Benchmark AI Infrastructure Fund B, L.P. (“BAIF-B”). Benchmark Capital Management Co. VIII, L.L.C. (“BCMC VIII”) is the general partner of each of BCP VIII, BFF VIII, and BFF VIII-B and may be deemed to have sole voting and investment power with respect to the shares held by BCP VIII. Mr. Vishria, a member of our board of directors, Matthew R. Cohler, Peter H. Fenton, J. William Gurley, An-Yen Hu, Mitchell H. Lasky, and Chetan Puttagunta are the managing members of BCMC VIII. Benchmark Capital Management Co. IX, L.L.C. (“BCMC IX”) is the general partner of each of BCP IX, BFF IX, BFF IX­A, and BFF IX-B and may be deemed to have sole voting and investment power with respect to the shares held by BCP IX. Mr. Vishria, a member of our board of directors, Peter H. Fenton, J. William Gurley, An-Yen Hu, and Chetan Puttagunta are the managing members of BCMC IX. Benchmark AI Infrastructure Management Co., L.L.C. (“BAIMC”) is the general partner of each of BAIF and BAIF-B and may be deemed to have sole voting and investment power with respect to the shares held by BAIF. Mr. Vishria, a member of our board of directors, Peter H. Fenton, An-Yen Hu, Chetan Puttagunta, and Everett Randle are the managing members of BAIMC. The address for all entities affiliated with Benchmark is 2965 Woodside Road, Woodside, California 94062. (10)Represents (i) 800,358 shares of Class B common stock held by Eclipse Continuity Fund I, L.P. (“Eclipse Continuity Fund”); (ii) 6,548,466 shares of Class B common stock held by Eclipse SPV II, L.P. (“Eclipse SPV II”); (iii) 599,880 shares of Class B common stock held by Eclipse SPV XIII, L.P. (“Eclipse SPV XIII”); and (iv) 5,517,493 shares of Class B common stock held by Eclipse Ventures Fund I, L.P. (“Eclipse Fund,” and together with Eclipse Continuity Fund, Eclipse SPV II, and Eclipse SPV XIII, “Eclipse Entities”). Mr. Susan is the sole managing member of the general partner of each of the Eclipse Entities and may be deemed to have voting, investment, and dispositive power with respect to the shares held by such entities. The address for the Eclipse Entities is 514 High Street, Palo Alto, California 94301. (11)Consists of (i) 122,400 shares of Class B common stock held by FIAM Target Date Blue Chip Growth Commingled Pool By: Fidelity Institutional Asset Management Trust Company as Trustee; (ii) 1,250,100 shares of Class B common stock held by Fidelity Advisor Series I: Fidelity Advisor Growth Opportunities Fund; (iii) 40,300 shares of Class B common stock held by Fidelity Advisor Series I: Fidelity Advisor Series Growth Opportunities Fund; (iv) 116,400 shares of Class B common stock held by Fidelity Advisor Series VII: FA Semiconductors Fund; (v) 241,324 shares of Class B common stock held by Fidelity Blue Chip Growth Commingled Pool By: Fidelity Management Trust Company, as Trustee; (vi) 6,700 shares of Class B common stock held by Fidelity Blue Chip Growth Institutional Trust By its manager Fidelity Investments Canada ULC; (vii) 10,900 shares of Class B common stock held by Fidelity Blue Chip Growth Multi-Asset Base Fund by its manager Fidelity Investments Canada ULC; (viii) 181,600 shares of Class B common stock held by Fidelity Canadian Growth Company Fund by its manager Fidelity Investments Canada ULC; (ix) 3,600 shares of Class B common stock held by Fidelity Central Investment Portfolios LLC: Fidelity U.S. Equity Central Fund - Communication Services Sub; (x) 1,229,100 shares of Class B common stock held by Fidelity Contrafund Commingled Pool By: Fidelity Management Trust Company, as Trustee; (xi) 577,700 shares of Class B common stock held by Fidelity Contrafund: Fidelity Advisor New Insights Fund; (xii) 3,145,300 shares of Class B common stock held by Fidelity Contrafund: Fidelity Contrafund; (xiii) 736,400 shares of Class B common stock held by Fidelity Contrafund: Fidelity Contrafund K6; (xiv) 340,600 shares of Class B common stock held by Fidelity Contrafund: Fidelity Series Opportunistic Insights Fund; (xv) 35,700 shares of Class B common stock held by Fidelity Global Growth and Value Investment Trust By its manager Fidelity Investments Canada ULC; (xvi) 399,800 shares of Class B common stock held by Fidelity Global Innovators Investment Trust by its manager Fidelity Investments Canada ULC; (xvii) 3,470,000 shares of Class B common stock held by Fidelity Growth Company Commingled Pool By: Fidelity Management Trust Company, as Trustee; (xviii) 405,700 shares of Class B common stock held by Fidelity Insights Investment Trust By its manager Fidelity Investments Canada ULC; (xix) 16,500 shares of Class B common stock held by Fidelity Investment Trust: Fidelity Worldwide US Equity Sub; (xx) 2,570,200 shares of Class B common stock held by Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund; (xxi) 763,800 shares of Class B common stock held by Fidelity Mt. Vernon Street Trust: Fidelity Growth Company K6 Fund; (xxii) 678,900 shares of Class B common stock held by Fidelity Mt. Vernon Street Trust: Fidelity Series Growth Company Fund; (xxiii) 32,200 shares of Class B common stock held by Fidelity NorthStar Fund - Sub D by its manager Fidelity Investments Canada ULC; (xxiv) 300 shares of Class B common stock held by Fidelity Puritan Trust: Balanced K6 Fund - Communication Services Subportfolio; (xxv) 7,100 shares of Class B common stock held by Fidelity Puritan Trust: Fidelity Balanced Fund - Communication Services Sub; (xxvi) 1,109,600 shares of Class B common stock held by Fidelity Securities Fund: Fidelity Blue Chip Growth Fund, (xxvii) 239,800 shares of Class B common stock held by Fidelity Securities Fund: Fidelity Blue Chip Growth K6 Fund; (xxviii) 191,700 shares of Class B common stock held by Fidelity Securities Fund: Fidelity Series Blue Chip Growth Fund; (xxix) 4,700 shares of Class B common stock held by Fidelity Select Portfolios: Select Communication Services Portfolio; (xxx) 742,098 shares of Class B common stock held by Fidelity Select Portfolios: Select Semiconductors Portfolio; (xxxi) 769,100 shares of Class B common stock held by Fidelity Select Portfolios: Select Technology Portfolio; (xxxii) 62,000 shares of Class B common stock held by Fidelity Special Situations Fund by its manager Fidelity Investments Canada ULC; (xxxiii) 8,000 shares of Class B common stock held by Fidelity U.S. Growth Opportunities Investment Trust by its manager Fidelity Investments Canada ULC; (xxxiv) 214,300 shares of Class B common stock held by Fidelity Venture Capital Fund I LP By: Fidelity Diversifying Solutions LLC as Investment Manager; (xxxv) 431,200 shares of Class B common stock held by Variable Insurance Products Fund II: VIP Contrafund Portfolio; (xxxvi) 191,700 shares of Class B common stock held by Variable Insurance Products Fund III: Growth Opportunities Portfolio; (xxxvii) 1,000 shares of Class B common stock held by Variable Insurance Products Fund III: VIP Balanced - Communication Services Subportfolio; (xxxviii) 700 shares of Class B common stock held by Variable Insurance Products Fund IV: VIP Communication Services Portfolio; (xxxix) 93,800 shares of Class B common stock held by Variable Insurance Products Fund IV: VIP Technology Portfolio; and (xl) 800 shares of Class B common stock held by Variable Insurance Products Fund: VIP Stock Selector All Cap Portfolio Communication Services Subportfolio . The shares held by these funds and accounts are beneficially owned, or may be deemed to be beneficially owned, by FMR LLC, certain of its subsidiaries or affiliates, and other companies. Abigail P. Johnson is a Director, the Chairman and the Chief Executive Officer of FMR LLC. Members of the Johnson family, including Abigail P. Johnson, are the predominant owners, directly or through trusts, of Series B voting common shares of FMR LLC, representing 49% of the voting power of FMR LLC. The Johnson family group and all other Series B shareholders have entered into a shareholders’ voting agreement under which all Series B voting common shares will be voted in accordance with the majority vote of Series B voting common shares. Accordingly, through their ownership of voting common shares and the execution of the shareholders’ voting agreement, members of the Johnson family may be deemed, under the Investment Company Act of 1940, to form a controlling group with respect to FMR LLC. The address of FMR LLC is 245 Summer Street, Boston, Massachusetts 02210. (12)Represents (i) 1,091,411 shares of Class B common stock held by Foundation Capital Leadership Fund II, L.P. (“Foundation Leadership Fund”); (ii) 299,627 shares of Class B common stock held by Foundation Capital VIII Principals Fund, LLC (“Foundation Capital VIII Principals”); and (iii) 13,911,305 shares of Class B common stock held by Foundation Capital VIII, L.P. (“Foundation Capital VIII,” and together with Foundation Leadership Fund and Foundation Capital VIII Principals, “Foundation Capital”). Foundation Capital Management Co. VIII, L.L.C. is the General Partner of Foundation Capital VIII and the Manager of Foundation Capital VIII Principals and has sole voting and investment power. Ashu Garg, Paul R. Holland, Charles P. Moldow, and Steven P. Vassallo are the Managers of Foundation Capital Management Co. VIII, L.L.C. and share such powers. Foundation Capital Management Co. LF II, L.L.C. is the General Partner of Foundation Capital Leadership Fund and has sole voting and investment power. Ashu Garg, Charles P. Moldow, and Steven P. Vassallo are the Managers of Foundation Capital Management Co. LF II, L.L.C. and share such powers. The address for all entities affiliated with the Foundation Capital is 550 High Street, 3rd Floor, Palo Alto, California 94301.

股本说明 Description of Capital Stock

以下概要介绍了我们的股本以及我们经修订并重述的公司章程和经修订并重述的公司细则的若干条款（该等章程和细则将在本次发行完成前立即生效）、我们与若干股东签署的经修订并重述的投资者权利协议，以及《特拉华州普通公司法》。由于以下内容仅为概要，因此并不包含可能对您重要的全部信息。如需完整说明，您应参阅我们经修订并重述的公司章程、经修订并重述的公司细则以及经修订并重述的投资者权利协议，其副本已作为本招股说明书所属注册声明的附件提交。

The following summary describes our capital stock and certain provisions of our amended and restated certificate of incorporation and our amended and restated bylaws, which will become effective immediately prior to the completion of this offering, the amended and restated investors’ rights agreement to which we and certain of our stockholders are parties, and of the Delaware General Corporation Law. Because the following is only a summary, it does not contain all of the information that may be important to you. For a complete description, you should refer to our amended and restated certificate of incorporation, amended and restated bylaws, and amended and restated investors’ rights agreement, copies of which are filed as exhibits to the registration statement of which this prospectus is part.

概述 General

本次发行完成后，我们的授权股本将由 3,500,000,000 股 A 类普通股（每股面值$0.00001）、240,000,000 股 B 类普通股（每股面值$0.00001）、100,000,000 股 N 类普通股（每股面值$0.00001）以及 100,000,000 股未指定优先股（每股面值$0.00001）组成。

Immediately following the completion of this offering, our authorized capital stock will consist of 3,500,000,000 shares of Class A common stock, par value $0.00001 per share, 240,000,000 shares of Class B common stock, par value $0.00001 per share, 100,000,000 shares of Class N common stock, par value $0.00001 per share, and 100,000,000 shares of undesignated preferred stock, par value $0.00001 per share.

截至 2025 年 12 月 31 日，在使(i)我们经修订和重述的公司章程的提交和生效、(ii)优先股转换、(iii)普通股重新分类以及(iv)RSU 净额结算生效后，我们的 B 类普通股有 185,110,345 股流通在外，由 1,386 名登记在册的股东持有，且我们的 A 类普通股、N 类普通股或优先股均无流通在外的股份。

As of December 31, 2025, after giving effect to (i) the filing and effectiveness of our amended and restated certificate of incorporation, (ii) the Preferred Stock Conversion, (iii) the Common Stock Reclassification, and (iv) the RSU Net Settlement, there were 185,110,345 shares of our Class B common stock outstanding, held by 1,386 stockholders of record, and no shares of our Class A common stock, Class N common stock, or preferred stock outstanding.

普通股 Common Stock

本次发行完成后，我们将拥有三类获授权普通股：A 类普通股、B 类普通股和 N 类普通股。A 类普通股、B 类普通股和 N 类普通股持有人的权利将完全相同，但在投票权和转换权方面除外。

Immediately following the completion of this offering, we will have three classes of authorized common stock: Class A common stock, Class B common stock, and Class N common stock. The rights of holders of Class A common stock, Class B common stock, and Class N common stock will be identical, except with respect to voting and conversion rights.

#### 投票权

#### Voting Rights

我们 A 类普通股的每位持有人每股享有 1 票投票权，B 类普通股的每位持有人每股享有 20 票投票权，N 类普通股的每位持有人每股不享有投票权。除非特拉华州法律或我们经修订并重述的公司章程另有要求，否则我们 A 类普通股和 B 类普通股的持有人通常将作为单一类别就提交我们股东投票的所有事项进行投票。在下列情形下，特拉华州法律可能要求我们 A 类普通股、B 类普通股或 N 类普通股的持有人作为单一类别单独投票：

Each holder of our Class A common stock is entitled to one vote per share, each holder of our Class B common stock is entitled to 20 votes per share, and each holder of our Class N common stock is entitled to no votes per share. The holders of our Class A common stock and Class B common stock will generally vote as a single class on all matters submitted to a vote of our stockholders, unless otherwise required by Delaware law or our amended and restated certificate of incorporation. Delaware law could require holders of our Class A common stock, Class B common stock, or Class N common stock to vote separately as a single class in the following circumstances:

- 如果我们寻求修订我们经修订并重述的公司章程，以增加或减少我们某一类别股本的票面价值，则该类别将被要求单独投票以批准拟议修订；以及

- if we were to seek to amend our amended and restated certificate of incorporation to increase or decrease the par value of a class of our capital stock, then that class would be required to vote separately to approve the proposed amendment; and

- 如果我们寻求以对某一类别股本持有人产生不利影响的方式修订我们经修订并重述的公司章程，从而改变或变更该类别股本的权力、优先权或特殊权利，则该类别将被要求单独投票以批准拟议修订。

- if we were to seek to amend our amended and restated certificate of incorporation in a manner that alters or changes the powers, preferences, or special rights of a class of our capital stock in a manner that affected its holders adversely, then that class would be required to vote separately to approve the proposed amendment.

我们经修订并重述的公司章程未规定董事选举的累积投票制。因此，我们 A 类普通股和 B 类普通股多数股份的持有人可以选举当时全部参选董事。我们经修订并重述的公司章程设立了分类董事会，将分为三个类别，任期交错，每类任期三年。每次年度股东大会上仅选举一个类别的董事，其他类别董事将继续完成其各自三年任期的剩余部分。

Our amended and restated certificate of incorporation does not provide for cumulative voting for the election of directors. As a result, the holders of a majority of shares of our Class A common stock and Class B common stock can elect all of the directors then standing for election. Our amended and restated certificate of incorporation establishes a classified board of directors, to be divided into three classes with staggered three-year terms. Only one class of directors will be elected at each annual meeting of our stockholders, with the other classes continuing for the remainder of their respective three-year terms.

#### 转换权

#### Conversion Rights

#### B 类普通股

#### Class B Common Stock

每股 B 类普通股可由持有人随时选择转换为一股 A 类普通股。本次发行完成后至最终转换日（定义见下文）之前，每股 B 类普通股在出售或转让时将自动转换为一股 A 类普通股，但经修订并重述的公司章程所规定的若干允许转让除外，包括在创始人（定义见下文）及其允许实体和允许受让人之间进行的遗产规划或其他转让。此外，创始人持有的每股 B 类普通股将在以下较早日期自动转换为一股 A 类普通股：(i) 该创始人死亡或丧失行为能力之日，或 (ii) 该创始人不再担任本公司员工或董事之日起满六个月之日（除非该创始人在该六个月期间内重新加入本公司）。此外，在所有创始人均不再担任本公司员工或董事之日起满六个月之日（除非某创始人在该六个月期间内重新加入本公司），所有已发行的 B 类普通股将自动转换为一股 A 类普通股。我们将根据经修订并重述的公司章程条款，所有已发行 B 类普通股完成最终转换的日期称为“最终转换日”，并将 Andrew D. Feldman、Sean Lie、Jean-Philippe Fricker 和 Michael James 各自称为“创始人”。B 类普通股一经转换为 A 类普通股，将不再重新发行。

Each share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. Following the completion of this offering and prior to the Final Conversion Date (as defined below), each share of Class B common stock will convert automatically into one share of Class A common stock upon sale or transfer, except for certain permitted transfers, as set forth in our amended and restated certificate of incorporation, including estate planning or other transfers among our Founders (as defined below) and their permitted entities and permitted transferees. In addition, each share of our Class B common stock held by a Founder will convert automatically into one share of our Class A common stock on the earlier of (i) the death or incapacity of such Founder or (ii) the date that is six months following the date on which such Founder is no longer an employee or director of our company (unless such Founder has rejoined our company during such six-month period). In addition, all outstanding shares of Class B common stock will convert automatically into one share of Class A common stock on the date that is six months following the date on which no Founder is an employee or director of our company (unless a Founder has rejoined our company during such six-month period). We refer to the date on which such final conversion of all outstanding shares of Class B common stock pursuant to the terms of our amended and restated certificate of incorporation occurs as the “Final Conversion Date,” and we refer to each of Andrew D. Feldman, Sean Lie, Jean-Philippe Fricker, and Michael James as the “Founders.” Once converted into Class A common stock, the Class B common stock will not be reissued.

#### N 类普通股

#### Class N Common Stock

每股 N 类普通股在任何转让时（无论是否有偿）将自动转换为一股 A 类普通股，但经修订并重述的公司章程所规定的若干允许转让除外。允许受让人包括与该 N 类普通股持有人受共同控制或受其控制的实体，或该持有人事先向我们发出书面通知，选择使该转让不导致转换的情形。N 类普通股一经转换为 A 类普通股，将不再重新发行。

Each share of Class N common stock will convert automatically into one share of Class A common stock upon any transfer, whether or not for value, except for certain permitted transfers, as set forth in our amended and restated certificate of incorporation. Permitted transferees include entities under common control with or controlled by such holder of our Class N common stock or if the holder provides prior written notice to us electing for the transfer to not result in a conversion. Once converted into Class A common stock, the Class N common stock will not be reissued.

#### 股息

#### Dividends

在受制于可能适用于当时任何已发行优先股的优先权的前提下，我们普通股的持有人有权从合法可用资金中收取我们董事会不时宣布派发的股息；但前提是，如果股息以普通股（或可收购该等股份的权利，或可转换为该等股份或可交换为该等股份的证券）形式支付，则 A 类普通股持有人应获得 A 类普通股股份（或可收购该等股份的权利，或可转换为该等股份或可交换为该等股份的证券，视情况而定），B 类普通股持有人应获得 B 类普通股股份（或可收购该等股份的权利，或可转换为该等股份或可交换为该等股份的证券，视情况而定），N 类普通股持有人应获得 N 类普通股股份（或可收购该等股份的权利，或可转换为该等股份或可交换为该等股份的证券，视情况而定），除非对每一该类别的股份采取不同股息待遇已获得当时已发行的 A 类普通股、B 类普通股和 N 类普通股各自作为独立类别分别投票的多数持有人的赞成票批准。

Subject to preferences that may be applicable to any then outstanding preferred stock, holders of our common stock are entitled to receive dividends as may be declared from time to time by our board of directors out of legally available funds; provided, however, that if a dividend is paid in the form of common stock (or rights to acquire, or securities convertible into or exchangeable for, such shares), then the holders of the Class A common stock shall receive shares of Class A common stock (or rights to acquire, or securities convertible into or exchangeable for, such shares, as the case may be), holders of the Class B common stock shall receive shares of Class B common stock (or rights to acquire, or securities convertible into or exchangeable for, such shares, as the case may be), and holders of Class N common stock shall receive shares of Class N common stock (or rights to acquire, or securities convertible into or exchangeable for, such shares, as the case may be), unless a disparate dividend treatment of the shares of each such class is approved by the affirmative vote of the holders of a majority of the then-outstanding shares of Class A common stock, Class B common stock, and Class N common stock, each voting separately as a class.

#### 获得清算分配的权利

#### Right to Receive Liquidation Distributions

在我们清算、解散或停业清理的情况下，我们普通股的持有人将有权在支付我们所有债务和其他负债后，按比例分享合法可用于向股东分配的净资产，但须满足授予当时任何已发行优先股持有人的任何清算优先权。

In the event of our liquidation, dissolution, or winding up, holders of our common stock will be entitled to share ratably in the net assets legally available for distribution to stockholders after the payment of all of our debts and other liabilities, subject to the satisfaction of any liquidation preference granted to the holders of any then outstanding shares of preferred stock.

#### 无优先认购权或类似权利

#### No Preemptive or Similar Rights

我们的普通股不享有优先认购权，也不受赎回或偿债基金条款的约束。我们普通股持有人的权利、优先权和特权将受制于我们未来可能指定的任何系列优先股股份持有人的权利，并可能受到其不利影响。

Our common stock is not entitled to preemptive rights and is not subject to redemption or sinking fund provisions. The rights, preferences, and privileges of the holders of our common stock will be subject to, and may be adversely affected by, the rights of the holders of shares of any series of our preferred stock that we may designate in the future.

优先股 Preferred Stock

根据我们经修订和重述的公司章程细则的规定，每一股目前已发行的可赎回可转换优先股将在本次发行完成后自动转换为一股普通股。本次发行完成后，将不再有任何已发行的可赎回可转换优先股。

Pursuant to the provisions of our amended and restated certificate of incorporation, each currently outstanding share of redeemable convertible preferred stock will automatically be converted into one share of common stock effective upon the completion of this offering. Following this offering, no shares of redeemable convertible preferred stock will be outstanding.

本次发行完成后，我们的董事会将获授权，在特拉华州法律规定的限制下，发行一个或多个系列的优先股，不时确定每个系列所包含的股份数量，并确定每个系列股份的名称、权力、优先权和权利及其任何资格、限制或约束，在每种情况下均无需我们的股东进一步投票或采取行动。我们的董事会还可以增加或减少任何系列优先股的股份数量，但不得低于该系列当时已发行的股份数量，且无需我们的股东进一步投票或采取行动。我们的董事会可以授权发行具有投票权或转换权的优先股，这些权利可能对我们普通股持有人的投票权或其他权利产生不利影响。发行优先股虽然在可能的收购和其他公司目的方面提供了灵活性，但除其他事项外，可能具有延迟、推迟或阻止我们公司控制权变更的效果，并可能对我们普通股的价格以及我们普通股持有人的投票权和其他权利产生不利影响。我们目前没有发行任何优先股股份的计划。

Following the completion of this offering, our board of directors will be authorized, subject to limitations prescribed by Delaware law, to issue preferred stock in one or more series, to establish from time to time the number of shares to be included in each series, and to fix the designation, powers, preferences, and rights of the shares of each series and any of its qualifications, limitations, or restrictions, in each case without further vote or action by our stockholders. Our board of directors can also increase or decrease the number of shares of any series of preferred stock, but not below the number of shares of that series then outstanding, without any further vote or action by our stockholders. Our board of directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of our common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring, or preventing a change in control of our company and might adversely affect the price of our common stock and the voting and other rights of the holders of our common stock. We have no current plans to issue any shares of preferred stock.

股票期权 Stock Options

截至 2025 年 12 月 31 日，我们根据 2016 年计划已发行在外的可购买合计 28,361,707 股 B 类普通股的期权，加权平均行权价为每股 $4.97。

As of December 31, 2025, we had outstanding options to purchase an aggregate of 28,361,707 shares of our Class B common stock, with a weighted-average exercise price of $4.97 per share, issued pursuant to the 2016 Plan.

限制性股票单位 Restricted Stock Units

截至 2025 年 12 月 31 日，我们拥有代表 15,229,068 股 B 类普通股的未行权 RSU，该等 RSU 在满足基于服务和基于流动性的归属条件后可发行，且系根据 2016 年计划发行。

As of December 31, 2025, we had outstanding RSUs representing 15,229,068 shares of our Class B common stock, issuable upon satisfaction of service-based and liquidity-based vesting conditions and issued pursuant to the 2016 Plan.

就 RSU 净额结算而言，我们将发行 2,550,477 股 B 类普通股，此前已扣留合计约 2,249,088 股 B 类普通股，以满足相关的预计税款预扣和汇缴义务。

In connection with the RSU Net Settlement, we will issue 2,550,477 shares of our Class B common stock, after withholding an aggregate of an estimated 2,249,088 shares of Class B common stock, to satisfy associated estimated tax withholding and remittance obligations.

认股权证 Warrants

截至 2025 年 12 月 31 日，我们有一份尚未行权的认股权证，可购买最多 1,857,516 股 N 类普通股，行权价为每股 $0.01，该认股权证已于 2026 年 1 月全部行权。

As of December 31, 2025, we had an outstanding warrant to purchase up to 1,857,516 shares of our Class N common stock, with an exercise price of $0.01 per share, which was exercised in full in January 2026.

截至 2025 年 12 月 31 日，根据 OpenAI 认股权证，我们有一份尚未行权的认股权证，可购买最多 33,445,026 股 N 类普通股，行权价为每股 $0.00001。

As of December 31, 2025, we had an outstanding warrant to purchase up to 33,445,026 shares of our Class N common stock, with an exercise price of $0.00001 per share, pursuant to the OpenAI Warrant.

登记权 Registration Rights

#### 经修订和重述的投资者权利协议

#### Amended and Restated Investors’ Rights Agreement

本次发行完成后，在遵守与本次发行相关的锁定协议及市场禁售规定的前提下，合计约 148.7 百万股普通股（不包括在行使 OpenAI 认股权证时已发行或可发行的 N 类普通股股份）的持有人或其获准受让人，将有权就该等股份转换后可发行的 A 类普通股依据《证券法》进行注册登记享有相关权利。该等权利依据我们与该等股份持有人之间签订的经修订和重述的投资者权利协议条款提供，该协议系与我们可赎回可转换优先股融资相关而订立，包括 S-1 表格和 S-3 表格的请求注册权和附带注册权。在依据该经修订和重述的投资者权利协议进行的任何注册中，承销注册的所有费用、成本和开支将由我们承担，所有出售费用，包括所有承销折扣、销售佣金和股票转让税，将由被注册股份的持有人承担。如果持有拟注册证券多数的出售股东随后要求撤回注册请求，我们将无需承担与该请求注册权行使相关的费用。在承销公开发行中，承销商有权在特定条件下限制该等持有人可纳入的股份数量。

Following the completion of this offering, and subject to the lock-up agreements entered into in connection with this offering and market standoff provisions, the holders of up to an aggregate of approximately 148.7 million shares of our common stock (excluding shares of our Class N common stock issued or issuable upon the exercise of the OpenAI Warrant), or their permitted transferees, will be entitled to rights with respect to the registration of the Class A common stock issuable upon conversion of such shares under the Securities Act. These rights are provided under the terms of an amended and restated investors’ rights agreement between us and the holders of these shares, which was entered into in connection with our redeemable convertible preferred stock financings, and include Form S-1 and Form S-3 demand registration rights and piggyback registration rights. In any registration made pursuant to such amended and restated investors’ rights agreement, all fees, costs, and expenses of underwritten registrations will be borne by us and all selling expenses, including all underwriting discounts, selling commissions, and stock transfer taxes, will be borne by the holders of the shares being registered. We will not be required to bear the expenses in connection with the exercise of the demand registration rights of a registration if the request is subsequently withdrawn at the request of the selling stockholders holding a majority of securities to be registered. In an underwritten public offering, the underwriters have the right, subject to specified conditions, to limit the number of shares such holders may include.

注册权在以下最早发生的情形下终止：(i) 经修订和重述的投资者权利协议所定义的视为清算事件或股票出售发生时，(ii) 本次发行完成后五年，或 (iii) 任何特定股东可在任何 90 天期间内依据 Rule 144 或《证券法》下其他类似豁免出售其全部股份之时。

The registration rights terminate upon the earliest of (i) upon a deemed liquidation event or stock sale, each as defined in the amended and restated investors’ rights agreement, (ii) five years following the completion of this offering, or (iii) at such time as any particular stockholder may sell all of its shares during any 90-day period pursuant to Rule 144 or another similar exemption under the Securities Act.

S-1 表格请求注册权

Form S-1 Demand Registration Rights

合计约 130.5 百万股普通股（不包括在行使 OpenAI 认股权证时已发行或可发行的 N 类普通股股份）的持有人或其获准受让人，享有 S-1 表格要求登记权。根据经修订和重述的投资者权利协议，自本招股说明书构成其一部分的注册声明生效日起 180 天后的任何时间，持有当时已发行且享有登记权股份多数的持有人，可要求我们在可行的情况下尽快提交涵盖其全部或部分股份的 S-1 表格注册声明，且无论如何应在该要求提出之日起 90 天内提交，前提是所发售股份向公众发行的总价至少为 $25.0 百万（扣除承销折扣、销售佣金和股票转让税后）。根据经修订和重述的投资者权利协议的这一条款，我们可能被要求最多进行两次登记。如果我们的董事会认定提交注册声明会对我们造成重大不利影响，我们可在 12 个月期间内推迟提交注册声明一次，最长不超过 90 天。在经修订和重述的投资者权利协议规定的某些额外情形下，我们无需履行 S-1 表格要求登记，包括自我们善意估计的提交日期前 60 天起，至我们主动提交的注册声明生效日后 180 天之日止的期间。

The holders of up to an aggregate of approximately 130.5 million shares of our common stock (excluding shares of our Class N common stock issued or issuable upon the exercise of the OpenAI Warrant), or their permitted transferees, are entitled to Form S-1 demand registration rights. Under the terms of the amended and restated investors’ rights agreement, at any time beginning 180 days after the effective date of the registration statement of which this prospectus forms a part, the holders representing a majority of the then-outstanding shares that are entitled to registration rights can request that we file a registration statement on Form S-1 covering all or some of their shares as soon as practicable, and in any event within 90 days after the date of such request, if the aggregate price to the public of the shares offered is at least $25.0 million (net of underwriting discounts, selling commissions, and stock transfer taxes). We may be required to effect up to two registrations pursuant to this provision of the amended and restated investors’ rights agreement. We may postpone the filing of a registration statement once for up to 90 days in a 12-month period if our board of directors determines that the filing would be materially detrimental to us. We are not required to effect a Form S-1 demand registration under certain additional circumstances specified in the amended and restated investors’ rights agreement, including during the period beginning 60 days prior to our good faith estimate of the date of filing and ending on a date 180 days after the effective date of a registration statement filed by our initiation.

S-3 表格要求登记权

Form S-3 Demand Registration Rights

最多合计约 130.5 百万股我们普通股的持有人（不包括在行使 OpenAI 认股权证时已发行或可发行的 N 类普通股股份），或其获准受让人，亦享有 S-3 表格要求登记权。根据经修订和重述的投资者权利协议条款，一旦我们符合提交 S-3 表格注册声明的资格，持有当时已发行且享有登记权股份多数的持有人即可要求我们在切实可行的情况下尽快提交涵盖其全部或部分股份的 S-3 表格注册声明，且无论如何应在该请求提出后 45 天内完成，前提是所发售股份向公众发售的总价至少为 $5.0 百万（扣除承销折扣、销售佣金和股票转让税后）。持有人在任何 12 个月期间内最多只能要求我们提交两份 S-3 表格注册声明。若我们的董事会认定提交注册声明将对我们造成重大不利影响，我们可在 12 个月期间内推迟提交注册声明一次，最长不超过 90 天。在经修订和重述的投资者权利协议规定的某些其他情形下，我们无须办理 S-3 表格登记，包括自我们善意估计的提交日期前 30 天起至我们主动提交的注册声明生效日期后 90 天止的期间。

The holders of up to an aggregate of approximately 130.5 million shares of our common stock (excluding shares of our Class N common stock issued or issuable upon the exercise of the OpenAI Warrant), or their permitted transferees, are also entitled to Form S-3 demand registration rights. Under the terms of the amended and restated investors’ rights agreement, at any time once we are eligible to file a registration statement on Form S-3, the holders representing a majority of the then-outstanding shares that are entitled to registration rights can request that we file a registration statement on Form S-3 covering all or some of their shares, as soon as practicable, and in any event within 45 days of such request, if the aggregate price to the public of the shares offered is at least $5.0 million (net of underwriting discounts, selling commissions, and stock transfer taxes). The holders may only require us to effect at most two registration statements on Form S-3 in any 12-month period. We may postpone the filing of a registration statement once for up to 90 days in a 12-month period if our board of directors determines that the filing would be materially detrimental to us. We are not required to effect a Form S-3 registration under certain additional circumstances specified in the amended and restated investors’ rights agreement, including during the period beginning 30 days prior to our good faith estimate of the date of filing and ending on a date 90 days after the effective date of a registration statement filed by our initiation.

附带登记权

Piggyback Registration Rights

若我们登记任何证券进行公开发售，最多合计约 148.7 百万股我们普通股的持有人（不包括在行使 OpenAI 认股权证时已发行或可发行的 N 类普通股股份），或其获准受让人，将有权将该等股份转换后可发行的 A 类普通股纳入注册声明。但是，该权利不适用于根据任何公司股票计划进行的证券发售登记、与 SEC 规则 145 交易相关的登记、采用任何不包含与涵盖普通股发售的注册声明所需包含信息实质相同信息的表格进行的登记，或仅登记在转换亦同时登记债务证券时可发行普通股的登记。任何包销发售的承销商若认定市场因素要求限制，将有权限制该等持有人登记的股份数量，在此情况下，拟登记的股份数量将按各持有人有权纳入的证券总量在这些持有人之间按比例分配。但是，除非首先将该等持有人的所有其他证券完全排除在承销之外，否则不得减少该等持有人拟登记的股份数量。

If we register any of our securities for public sale, holders of up to an aggregate of approximately 148.7 million shares of our common stock (excluding shares of our Class N common stock issued or issuable upon the exercise of the OpenAI Warrant), or their permitted transferees, will have the right to include the Class A common stock issuable upon conversion of such shares in the registration statement. However, this right does not apply to a registration relating to the sale of securities pursuant to any company stock plan, a registration relating to an SEC Rule 145 transaction, a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the common stock, or a registration in which the only common stock being registered is common stock issuable upon conversion of debt securities that are also being registered. The underwriters of any underwritten offering will have the right to limit the number of shares registered by these holders if they determine that marketing factors require limitation, in which case the number of shares to be registered will be apportioned pro rata among these holders, according to the total amount of securities entitled to be included by each holder. However, the number of shares to be registered by these holders cannot be reduced unless all other securities of such holders are first entirely excluded from the underwriting.

#### OpenAI 登记权协议

#### OpenAI Registration Rights Agreement

本次发行完成后，在遵守与本次发行相关的锁定期协议及市场禁售条款的前提下，OpenAI 将有权就其因行使 OpenAI 认股权证而已发行或可发行的我方 N 类普通股股份，享有根据《证券法》对该等股份进行注册登记的权利。该等权利依据我方与 OpenAI 之间就 OpenAI 认股权证签订的注册权协议条款予以提供，包括 S-3 表格要求注册权及附带注册权。在依据该注册权协议进行的任何注册中，包销注册的全部费用、成本及开支由我方承担，而全部承销折扣、销售佣金、与根据注册声明出售证券相关的适用转让税以及 OpenAI 律师的费用及支出由 OpenAI 承担。如该等要求随后应 OpenAI 的请求被撤回，我方无须承担与该次注册的要求注册权行使相关的费用。在包销公开发行中，承销商有权在特定条件约束下限制 OpenAI 可纳入的股份数量。

Following the completion of this offering, and subject to the lock-up agreements entered into in connection with this offering and market standoff provisions, OpenAI will be entitled, with respect to the shares of our Class N common stock issued or issuable upon the exercise of the OpenAI Warrant, to rights with respect to the registration of these shares under the Securities Act. These rights are provided under the terms of a registration rights agreement between us and OpenAI, which was entered into in connection with the OpenAI Warrant, and includes Form S-3 demand registration rights and piggyback registration rights. In any registration made pursuant to such registration rights agreement, all fees, costs, and expenses of underwritten registrations will be borne by us and all underwriting discounts, selling commissions, applicable transfer taxes in connection with the sale of the securities under the registration statement, and the fees and disbursements of OpenAI’s counsel will be borne by OpenAI. We will not be required to bear the expenses in connection with the exercise of the demand registration rights of a registration if the request is subsequently withdrawn at the request of OpenAI. In an underwritten public offering, the underwriters have the right, subject to specified conditions, to limit the number of shares OpenAI may include.

注册权在以下最早发生之日终止：(i) OpenAI 认股权证到期日三周年之日，(ii) 2032 年 12 月 24 日，或 (iii) OpenAI 不再持有依据 OpenAI 认股权证发行的我方 N 类普通股股份之时。

The registration rights terminate upon the earliest of (i) the three-year anniversary of the expiration date of the OpenAI warrant, (ii) December 24, 2032, or (iii) at such time as OpenAI ceases to hold shares of our Class N common stock issued pursuant to the OpenAI Warrant.

S-3 表格要求注册权

Form S-3 Demand Registration Rights

OpenAI 有权享有 Form S-3 要求注册权。根据注册权协议的条款，一旦我们具备提交 Form S-3 注册声明的资格，OpenAI 即可在任何时候要求我们尽商业上合理的努力，在该要求提出后 30 天内提交一份 Form S-3 注册声明，涵盖 OpenAI 认股权证所对应的全部或部分 N 类普通股，前提是所发售股份的公开总价至少为 $50.0 million（基于要求提出之日我们 A 类普通股的市场价格）。在任何 12 个月期间内，OpenAI 仅可要求我们就其全部或部分股份进行一次包销注册和一次非包销注册，且包销注册累计最多不超过三次。如果我们的董事会认定提交注册声明将对我们造成重大不利影响，我们可在任何 12 个月期间内或 OpenAI 在注册权协议项下的注册权到期前的 12 个月期间内，两次推迟提交注册声明，每次最长 75 天。在注册权协议规定的某些额外情形下，我们无需进行 Form S-3 注册，包括自我们善意估计的提交日期前 30 天起，至我们主动提交的注册声明生效日期后 90 天之日止的期间。

OpenAI is entitled to Form S-3 demand registration rights. Under the terms of the registration rights agreement, at any time once we are eligible to file a registration statement on Form S-3, OpenAI can request that we use commercially reasonable efforts to file a registration statement on Form S-3 covering all or some of the shares of Class N common stock underlying the OpenAI Warrant within 30 days of such request, if the aggregate price to the public of the shares offered is at least $50.0 million (based on the market price of our Class A common stock as of the date of the demand request). OpenAI may only require us to effect one registration of all or a portion of its shares on an underwritten basis and one registration on a non-underwritten basis in any 12-month period, not to exceed a maximum of three registrations on an underwritten basis in the aggregate. We may postpone the filing of a registration statement twice for up to 75 days in any 12-month period or in the 12-month period prior to the expiration of OpenAI’s registration rights under the registration rights agreement if our board of directors determines that the filing would be materially detrimental to us. We are not required to effect a Form S-3 registration under certain additional circumstances specified in the registration rights agreement, including during the period beginning 30 days prior to our good faith estimate of the date of filing and ending on a date 90 days after the effective date of a registration statement filed by our initiation.

附带注册权

Piggyback Registration Rights

如果我们为公开出售而注册我们的 N 类普通股股份，OpenAI 或其获准受让人将有权将 OpenAI 认股权证所对应的股份纳入该注册声明。但是，此项权利不适用于在 Form S-8、Form S-4 或其它表格上的注册，也不适用于此类“附带”注册不适当的其它情形。任何包销发售的承销商如果认定营销因素要求限制注册股份数量，将有权限制这些持有人注册的股份数量，在此情况下，将按照各持有人要求纳入的证券总量，在这些持有人之间按比例分配拟注册的股份数量。

If we register shares of our Class N common stock for public sale, OpenAI, or its permitted transferees, will have the right to include the shares underlying the OpenAI Warrant in the registration statement. However, this right does not apply to a registration on Form S-8, Form S-4, or on another form, or in another context, in which such “piggyback” registration would be inappropriate. The underwriters of any underwritten offering will have the right to limit the number of shares registered by these holders if they determine that marketing factors require limitation, in which case the number of shares to be registered will be apportioned pro rata among these holders, according to the total amount of securities requested to be included by each holder.

反收购条款 Anti-Takeover Provisions

特拉华州法律、我们经修订并重述的公司章程以及我们经修订并重述的公司细则（二者将在本次发行完成前立即生效）的某些条款（概述如下）可能具有延迟、推迟或阻止他人取得我们控制权的效果。这些条款的部分目的还在于鼓励寻求取得我们控制权的人首先与我们的董事会进行协商。我们认为，增强对我们与不友好或未经请求的收购方进行协商的潜在能力的保护所带来的益处，超过因阻止收购我们的提议而产生的不利之处，因为对此类提议进行协商可能会改善其条款。

Certain provisions of Delaware law, our amended and restated certificate of incorporation and our amended and restated bylaws, which will become effective immediately prior to the completion of this offering, which are summarized below, may have the effect of delaying, deferring, or discouraging another person from acquiring control of us. They are also designed, in part, to encourage persons seeking to acquire control of us to negotiate first with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us because negotiation of these proposals could result in an improvement of their terms.

#### 特拉华州法律

#### Delaware Law

我们受《特拉华州普通公司法》第 203 条的约束，该条禁止特拉华州公司在任何股东成为利益相关股东之日起的三年内与该利益相关股东进行任何业务合并，但以下例外情况除外：

We are subject to Section 203 of the Delaware General Corporation Law, which prohibits a Delaware corporation from engaging in any business combination with any interested stockholder for a period of three years after the date that such stockholder became an interested stockholder, with the following exceptions:

- 导致该股东成为利益相关股东的业务合并或交易在该股东成为利益相关股东之前已获得董事会批准；

- the business combination or transaction which resulted in the stockholder becoming an interested stockholder was approved by the board of directors prior to the time that the stockholder became an interested stockholder;

- 在导致该股东成为利益相关股东的交易完成后，该利益相关股东拥有该公司在交易开始时已发行有表决权股份的至少 85%，但不包括兼任公司高管的董事所拥有的股份，以及员工参与者无权保密决定计划所持股份是否将在要约收购或交换要约中出售的员工持股计划所拥有的股份；或

- upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding shares owned by directors who are also officers of the corporation and shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

- 在该股东成为利益相关股东之时或之后，该业务合并经董事会批准，并在年度或特别股东大会上经授权，而非通过书面同意方式，由至少 66 2/3% 的非该利益相关股东所拥有的已发行有表决权股份投赞成票通过。

- at or subsequent to the time the stockholder became an interested stockholder, the business combination was approved by the board of directors and authorized at an annual or special meeting of the stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder .

一般而言，第 203 条将“业务合并”定义为包括合并、资产出售以及其他使股东获得财务利益的交易，并将“利益相关股东”定义为与关联方和联营方一起拥有、或在三年内曾拥有公司已发行有表决权股份 15% 或以上的人。这些条款可能具有延迟、推迟或阻止我们公司控制权变更的效果。

In general, Section 203 defines a “business combination” to include mergers, asset sales and other transactions resulting in financial benefit to a stockholder and an “interested stockholder” as a person who, together with affiliates and associates, owns, or within three years did own, 15% or more of the corporation’s outstanding voting stock. These provisions may have the effect of delaying, deferring, or preventing changes in control of our company.

**经修订并重述的公司章程及经修订并重述的公司细则**

**Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws**

我们经修订并重述的公司章程及经修订并重述的公司细则将在本次发行完成前立即生效，其中将包含若干可能阻止敌意收购或延迟或阻止我们董事会或管理团队控制权变更的条款，包括以下内容：

Our amended and restated certificate of incorporation and our amended and restated bylaws, which will become effective immediately prior to the completion of this offering, will include a number of provisions that could deter hostile takeovers or delay or prevent changes in control of our board of directors or management team, including the following:

#### 分类董事会

#### Classified Board

我们修订并重述的公司章程将进一步规定，我们的董事会分为三类，即 I 类、II 类和 III 类，每类董事的任期交错，均为三年。此外，董事仅可因正当理由被免职。分类董事会的存在可能延迟潜在收购方获得我们董事会多数控制权，而这种延迟的前景可能使潜在收购方望而却步。有关更多信息，请参见标题为“管理层——董事会结构与组成”的章节。

Our amended and restated certificate of incorporation will further provide that our board of directors is divided into three classes, Class I, Class II, and Class III, with each class serving staggered three-year terms. In addition, directors may only be removed from the board of directors for cause. The existence of a classified board could delay a potential acquirer from obtaining majority control of our board of directors, and the prospect of that delay might deter a potential acquirer. See the section titled “Management—Board Structure and Composition” for additional information.

#### 董事会空缺

#### Board of Directors Vacancies

我们修订并重述的公司章程以及修订并重述的公司细则将授权仅由我们的董事会填补董事空缺，包括新设立的席位。此外，构成我们董事会的董事人数将仅允许通过经我们全体董事会多数票通过的决议来确定。这些条款将阻止股东扩大我们董事会的规模，然后通过用其自己的提名人填补由此产生的空缺来获得对我们董事会的控制权。这将使改变我们董事会的组成变得更加困难，并将促进管理层的连续性。

Our amended and restated certificate of incorporation and our amended and restated bylaws will authorize only our board of directors to fill vacant directorships, including newly created seats. In addition, the number of directors constituting our board of directors will be permitted to be set only by a resolution adopted by a majority vote of our entire board of directors. These provisions would prevent a stockholder from increasing the size of our board of directors and then gaining control of our board of directors by filling the resulting vacancies with its own nominees. This will make it more difficult to change the composition of our board of directors and will promote continuity of management.

#### 股东行动；股东特别会议

#### Stockholder Action; Special Meeting of Stockholders

我们修订并重述的公司章程将规定，我们的股东不得通过书面同意采取行动，而只能在我们的股东年度会议或特别会议上采取行动。因此，控制我们多数股本的持有人将无法在不按照我们修订并重述的公司细则召开股东会议的情况下修改我们修订并重述的公司细则或罢免董事。我们修订并重述的公司章程将进一步规定，我们的股东特别会议只能由我们董事会的多数成员、我们的董事会主席、我们的首席执行官或我们的总裁召集，从而禁止股东召集特别会议。这些条款可能延迟我们的股东强制审议提案的能力，或延迟控制我们多数股本的股东采取任何行动（包括罢免董事）的能力。

Our amended and restated certificate of incorporation will provide that our stockholders may not take action by written consent, but may only take action at annual or special meetings of our stockholders. As a result, a holder controlling a majority of our capital stock would not be able to amend our amended and restated bylaws or remove directors without holding a meeting of our stockholders called in accordance with our amended and restated bylaws. Our amended and restated certificate of incorporation will further provide that special meetings of our stockholders may be called only by a majority of our board of directors, the chairperson of our board of directors, our Chief Executive Officer, or our President, thus prohibiting a stockholder from calling a special meeting. These provisions might delay the ability of our stockholders to force consideration of a proposal or for stockholders controlling a majority of our capital stock to take any action, including the removal of directors.

#### 股东提案和董事提名的提前通知要求

#### Advance Notice Requirements for Stockholder Proposals and Director Nominations

我们修订并重述的公司章程将规定股东提案预告程序，适用于拟在年度股东大会上提出事项或提名董事候选人的股东。我们修订并重述的公司章程还将就股东通知的形式和内容规定若干要求。若未遵循适当程序，该等条款可能使我们的股东无法在年度股东大会上提出事项或提名董事。我们预计，该等条款还可能阻碍或抑制潜在收购方征集委托书以选举其自身提名的董事人选，或以其他方式试图取得对我们公司的控制权。

Our amended and restated bylaws will provide advance notice procedures for stockholders seeking to bring business before our annual meeting of stockholders or to nominate candidates for election as directors at our annual meeting of stockholders. Our amended and restated bylaws will also specify certain requirements regarding the form and content of a stockholder’s notice. These provisions might preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders if the proper procedures are not followed. We expect that these provisions may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of our company.

#### 无累积投票制

#### No Cumulative Voting

《特拉华州普通公司法》规定，除非公司章程另有规定，股东在选举董事时无权累积投票。我们修订并重述的公司章程将不规定累积投票制。

The Delaware General Corporation Law provides that stockholders are not entitled to cumulate votes in the election of directors unless a corporation’s certificate of incorporation provides otherwise. Our amended and restated certificate of incorporation will not provide for cumulative voting.

#### 章程条款的修订

#### Amendment of Charter and Bylaws Provisions

对我们修订并重述的公司章程的修订，须经我们普通股已发行表决权 66 2/3%的批准。我们修订并重述的公司章程将规定，股东修订或采纳我们公司章程的任何条款，须经持有我们已发行表决权 66 2/3%的股东作为一个单一类别表决批准。此外，对我们修订并重述的公司章程或我们修订并重述的公司章程的修订，若以修改 N 类普通股的投票权、转换权或其他权力、优先权或其他特殊权利或特权，或限制的方式修订、变更、更改、采纳或废止任何条款，须经当时已发行的 N 类普通股多数股份作为一个单独类别表决批准。

Amendments to our amended and restated certificate of incorporation will require the approval of 66 2/3% of the outstanding voting power of our common stock. Our amended and restated bylaws will provide that approval of stockholders holding 66 2/3% of our outstanding voting power voting as a single class is required for stockholders to amend or adopt any provision of our bylaws. In addition, amendments to our amended and restated certificate of incorporation or our amended and restated bylaws that amend, alter, change, adopt, or repeal any provision in a manner that modifies the voting, conversion, or other powers, preferences, or other special rights or privileges, or restrictions of the Class N common stock will require the approval of a majority of the then-outstanding shares of Class N common stock, voting as a separate class.

#### 发行未指定优先股

#### Issuance of Undesignated Preferred Stock

我们的董事会有权在无需股东进一步行动的情况下，发行最多 100,000,000 股未指定优先股，其权利和优先权（包括投票权）由我们的董事会不时指定。已授权但未发行的优先股的存在，将使我们的董事会能够通过合并、要约收购、委托书争夺或其他方式，使取得对我们控制权的尝试变得更加困难或予以阻碍。

Our board of directors will have the authority, without further action by our stockholders, to issue up to 100,000,000 shares of undesignated preferred stock with rights and preferences, including voting rights, designated from time to time by our board of directors. The existence of authorized but unissued shares of preferred stock would enable our board of directors to render more difficult or to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest, or other means.

#### 管辖法院的选择

#### Choice of Forum

我们修订并重述的公司章程和修订并重述的公司细则将规定，除非我们书面同意选择替代法院，否则特拉华州衡平法院将作为以下类型依据特拉华州成文法或普通法提起的诉讼或程序的专属法院：任何代表我们提起的派生诉讼或程序；任何主张我们的任何董事、高级职员或股东对我们或我们的股东负有违反信义义务的索赔的诉讼；任何依据《特拉华州普通公司法》、我们修订并重述的公司章程或我们修订并重述的公司细则（两者均可不时修订）对我们提出索赔的诉讼；或任何主张受内部事务原则管辖的针对我们的索赔的诉讼。因此，我们的任何股东就任何该等事项提起的任何诉讼均需向特拉华州衡平法院提起，而不得向任何其他司法管辖区提起；但前提是，专属法院条款不适用于为执行仅由《交易法》创设的任何责任或义务而提起的诉讼，或联邦法院拥有专属管辖权的任何其他索赔；并且进一步前提是，当且仅当特拉华州衡平法院因缺乏标的物管辖权而驳回任何该等诉讼时，该等诉讼可在位于特拉华州的另一州法院或联邦法院提起。我们修订并重述的公司章程和修订并重述的公司细则还将规定，美利坚合众国联邦地区法院将作为解决任何依据《证券法》对我们或任何被告主张一项或多项诉因的投诉的专属法院。该条款旨在使我们、我们的高级职员和董事、员工和代理人（包括承销商以及任何其他编制或认证本招股说明书任何部分的专业人士或实体）受益，并可由其强制执行。我们修订并重述的公司章程和修订并重述的公司细则中的任何内容均不阻止依据《交易法》提出索赔的股东在适用法律允许的情况下向州法院或联邦法院提起该等索赔。

Our amended and restated certificate of incorporation and amended and restated bylaws will provide that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will be the exclusive forum for the following types of actions or proceedings under Delaware statutory or common law: any derivative action or proceeding brought on our behalf; any action asserting a claim of breach of fiduciary duty owed by any of our directors, officers or stockholders to us or to our stockholders; any action asserting a claim against us arising pursuant to the Delaware General Corporation Law, our amended and restated certificate of incorporation or our amended and restated bylaws (as either may be amended from time to time); or any action asserting a claim against us that is governed by the internal affairs doctrine. As a result, any action brought by any of our stockholders with regard to any of these matters will need to be filed in the Court of Chancery of the State of Delaware and cannot be filed in any other jurisdiction; provided that, the exclusive forum provision will not apply to suits brought to enforce any liability or duty created solely by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction; and provided further that, if and only if the Court of Chancery of the State of Delaware dismisses any such action for lack of subject matter jurisdiction, such action may be brought in another state or federal court sitting in the State of Delaware. Our amended and restated certificate of incorporation and amended and restated bylaws will also provide that the federal district courts of the United States of America will be the exclusive forum for the resolution of any complaint asserting a cause or causes of action against us or any defendant arising under the Securities Act. Such provision is intended to benefit and may be enforced by us, our officers and directors, employees, and agents, including the underwriters and any other professional or entity who has prepared or certified any part of this prospectus. Nothing in our amended and restated certificate of incorporation and amended and restated bylaws preclude stockholders that assert claims under the Exchange Act from bringing such claims in state or federal court, subject to applicable law.

若上述标的范围内的任何诉讼以任何股东的名义向特拉华州以外的法院提起（“域外诉讼”），该股东应被视为已同意特拉华州内州法院和联邦法院对为执行我们经修订和重述的公司章程及经修订和重述的章程细则的适用条款而在任何此类法院提起的任何诉讼具有属人管辖权，并同意在任何此类诉讼中通过向该股东在域外诉讼中的律师送达法律文书作为该股东的代理人而向其送达法律文书。尽管我们经修订和重述的公司章程及经修订和重述的章程细则将包含上述法院选择条款，但法院仍可能认定该条款对特定索赔或诉讼不适用，或认定该条款不可执行。

If any action the subject matter of which is within the scope described above is filed in a court other than a court located within the State of Delaware (a “Foreign Action”), in the name of any stockholder, such stockholder shall be deemed to have consented to the personal jurisdiction of the state and federal courts located within the State of Delaware in connection with any action brought in any such court to enforce the applicable provisions of our amended and restated certificate of incorporation and amended and restated bylaws and having service of process made upon such stockholder in any such action by service upon such stockholder’s counsel in the Foreign Action as agent for such stockholder. Although our amended and restated certificate of incorporation and amended and restated bylaws will contain the choice of forum provision described above, it is possible that a court could find that such a provision is inapplicable for a particular claim or action or that such provision is unenforceable.

该法院选择条款可能限制股东就与我们或我们的任何董事、高级管理人员、其他员工或股东之间的争议向其认为有利的司法论坛提起诉讼，这可能抑制就此等索赔提起诉讼，或使股东提起此类诉讼的成本更高，尽管我们的股东不会被视为已放弃我们遵守联邦证券法及其项下规则和法规的义务。

This choice of forum provision may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or any of our directors, officers, other employees or stockholders, which may discourage lawsuits with respect to such claims or make such lawsuits more costly for stockholders, although our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder.

责任限制与赔偿事项 Limitations on Liability and Indemnification Matters

我们修订并重述的公司章程将在《特拉华州普通公司法》允许的最大范围内限制我们的董事和高级管理人员的责任，且我们修订并重述的公司细则将规定，我们将在该法允许的最大范围内对他们进行补偿。我们预计将在本次发行完成前与现任董事和高级管理人员签订补偿协议，并预计与任何新任董事或高级管理人员签订类似协议。此外，根据我们的补偿协议以及董事和高级管理人员责任保险，我们的董事和高级管理人员将在特定情况下就抗辩、和解或判决支付的成本获得补偿和保险保障。另外，在特拉华州法律允许的范围内，我们修订并重述的公司章程将包含相关条款，免除我们的董事和高级管理人员因作为董事或高级管理人员违反某些信义义务而产生的金钱损害的个人责任。该条款的效果是限制我们及我们的股东在衍生诉讼中就董事或高级管理人员因作为董事或高级管理人员违反信义义务而追索金钱损害赔偿的权利。

Our amended and restated certificate of incorporation will limit the liability of our directors and officers to the fullest extent permitted by the Delaware General Corporation Law, and our amended and restated bylaws will provide that we will indemnify them to the fullest extent permitted by such law. We expect to enter into indemnification agreements with our current directors and executive officers prior to the completion of this offering and expect to enter into a similar agreement with any new directors or executive officers. Further, pursuant to our indemnification agreements and directors’ and officers’ liability insurance, our directors and executive officers will be indemnified and insured against the cost of defense, settlement, or payment of a judgment under certain circumstances. In addition, as permitted by Delaware law, our amended and restated certificate of incorporation will include provisions that eliminate the personal liability of our directors and executive officers for monetary damages resulting from breaches of certain fiduciary duties as a director or officer. The effect of this provision is to restrict our rights and the rights of our stockholders in derivative suits to recover monetary damages against a director or officer for breach of fiduciary duties as a director or officer.

上述条款可能因违反美国联邦证券法而被认定为不可执行。

These provisions may be held not to be enforceable for violations of the federal securities laws of the United States.

上市 Listing

我们已获准在纳斯达克全球精选市场（Nasdaq Global Select Market）上市我们的 A 类普通股，股票代码为“CBRS”。

We have been approved to list our Class A common stock on the Nasdaq Global Select Market under the symbol “CBRS.”

过户代理与登记机构 Transfer Agent and Registrar

我们 A 类普通股、B 类普通股和 N 类普通股的过户代理及登记机构将为 Computershare Trust Company, N.A.。过户代理及登记机构的地址为 250 Royall Street, Canton, Massachusetts 02021。

The transfer agent and registrar for our Class A common stock, Class B common stock, and Class N common stock will be Computershare Trust Company, N.A. The address of the transfer agent and registrar is 250 Royall Street, Canton, Massachusetts 02021.

未来可出售股份 Shares Eligible for Future Sale

在本次发行之前，我们的普通股不存在公开市场。未来在公开市场大量出售我们的 A 类普通股可能会对不时 prevailing 的市场价格产生不利影响。此外，由于下述现有的合同和法律转售限制，本次发行后不久可供出售的股份数量有限，因此在限制解除后，公开市场可能会出现大量 A 类普通股的出售。这可能对 prevailing 市场价格以及我们未来筹集股权资本的能力产生不利影响。

Prior to this offering, there has been no public market for our common stock. Future sales of substantial amounts of our Class A common stock in the public market could adversely affect market prices prevailing from time to time. Furthermore, because only a limited number of shares will be available for sale shortly after this offering due to existing contractual and legal restrictions on resale as described below, there may be sales of substantial amounts of our Class A common stock in the public market after the restrictions lapse. This may adversely affect the prevailing market price and our ability to raise equity capital in the future.

本次发行完成后，基于截至 2025 年 12 月 31 日我们已发行的股本股份数量，在使以下事项生效后：(i) 我们经修订和重述的公司章程的提交和生效，该事项将在本次发行完成前立即发生；(ii) 优先股转换；(iii) 普通股重新分类；以及 (iv) RSU 净额结算，并假设 2025 年 12 月 31 日之后不行使任何额外期权或结算额外 RSU；且假设承销商不行使向我们购买额外股份的超额配售选择权，我们将合计拥有 30,000,000 股 A 类普通股（若承销商全额行使超额配售选择权，则为 34,500,000 股 A 类普通股）、185,110,345 股 B 类普通股，以及无已发行的 N 类普通股。

Upon the completion of this offering, based on the number of shares of our capital stock outstanding as of December 31, 2025, we will have an aggregate of 30,000,000 shares of our Class A common stock (or 34,500,000 shares of Class A common if the underwriters exercise their over-allotment option in full), 185,110,345 shares of our Class B common stock, and no shares of our Class N common stock outstanding, after giving effect to (i) the filing and effectiveness of our amended and restated certificate of incorporation, which will occur immediately prior to the completion of this offering; (ii) the Preferred Stock Conversion; (iii) the Common Stock Reclassification; and (iv) the RSU Net Settlement, and assuming no exercise of any additional options or settlement of additional RSUs subsequent to December 31, 2025; and assuming no exercise of the underwriters’ over-allotment option to purchase additional shares from us.

在这些股份中，本次发行中出售的全部 A 类普通股，加上我们（如有）在承销商行使超额配售选择权时出售的任何股份，将可自由交易，无需根据《证券法》进行限制或进一步登记，但我们的“关联方”（定义见《证券法》第 144 条）购买的任何股份除外，其出售将受下述第 144 条转售限制的约束，持有期要求除外。

Of these shares, all of the shares of Class A common stock sold in this offering, plus any shares sold by us, if any, upon exercise of the underwriters’ over-allotment option, will be freely tradable without restrictions or further registration under the Securities Act, except for any shares purchased by our “affiliates,” as that term is defined in Rule 144 under the Securities Act, whose sales would be subject to the Rule 144 resale restrictions described below, other than the holding period requirement.

剩余的 B 类普通股股份及受股票期权约束的 B 类普通股股份在发行时将被视为“受限证券”（定义见《证券法》第 144 条）。这些受限证券只有在根据《证券法》登记，或符合《证券法》第 144 条或第 701 条规定的登记豁免条件时，才可公开出售，相关概述如下。

The remaining shares of Class B common stock and shares of Class B common stock subject to stock options will be on issuance deemed “restricted securities,” as that term is defined in Rule 144 under the Securities Act. These restricted securities are eligible for public sale only if they are registered under the Securities Act or if they qualify for an exemption from registration under Rules 144 or 701 under the Securities Act, which are summarized below.

由于下述的锁定期协议和市场禁售条款，并根据《证券法》第 144 条和第 701 条以及我们的内幕交易合规政策的规定，这些受限证券可按以下方式在公开市场出售：

As a result of the lock-up agreements and market standoff provisions described below, and subject to the provisions of Rule 144 and Rule 701 under the Securities Act and our insider trading compliance policy, these restricted securities may be available for sale in the public market as follows:

**可在公开市场出售的最早日期**

**Earliest Date Available for Sale in the Public Market**

包含本招股说明书的注册声明生效后第一个交易日的美国东部时间上午 6:00（“首个交易日”）。

6:00 a.m. Eastern Time on the first trading day following the effectiveness of the registration statement of which this prospectus forms a part (the “First Trading Day”).

非执行员工（定义见下文）持有的合计最多 2.5 百万股股份。

An aggregate of up to 2.5 million shares held by Non-Executive Employees (as defined below).

注册声明（本招股说明书构成其一部分）生效后第二个交易日上午 6:00（美国东部时间），前提是首个交易日我们 A 类普通股在纳斯达克全球精选市场的收盘价已超过本招股说明书封面所载每股首次公开发行价格的 133%

6:00 a.m. Eastern Time on the second trading day following the effectiveness of the registration statement of which this prospectus forms a part, provided that the closing price of our Class A common stock on the Nasdaq Global Select Market on the First Trading Day has exceeded 133% of the initial public offering price per share set forth on the cover page of this prospectus

（“第二个交易日释放触发条件”） · 。

(the “Second Trading Day Release Trigger”) · .

由 Non- 持有的合计最多 2.5 million 股

An aggregate of up to 2.5 million shares held by Non-

高管员工 · 。

Executive Employees · .

**可在公开市场出售的最早日期**

**Earliest Date Available for Sale in the Public Market**

在我们发布截至 2026 年 3 月 31 日止季度财报后的第二个交易日美国东部时间上午 6:00。

6:00 a.m. Eastern Time on the second trading day following our release of earnings for the quarter ended March 31, 2026.

如果第二个交易日释放触发条件已满足，则合计最多约 27.7 百万股由董事和高级管理人员（定义见下文）及非员工持有人（定义见下文）持有的股份。

If the Second Trading Day Release Trigger was satisfied, an aggregate of up to approximately 27.7 million shares held by Directors and Officers (as defined below) and Non-Employee Holders (as defined below).

如果第二个交易日释放触发条件未得到满足，则由董事和高级管理人员、非高管员工及非员工持有人持有的合计最多约 30.2 百万股股份。

If the Second Trading Day Release Trigger was not satisfied, an aggregate of up to approximately 30.2 million shares held by Directors and Officers, Non-Executive Employees, and Non-Employee Holders.

在我们发布截至 2026 年 6 月 30 日止季度业绩后的第二个交易日东部时间上午 6:00。 · 董事和高级管理人员、非执行 员工及非员工持有人合计持有的最多约 36.4 百万股。 2026 年 8 月 19 日东部时间上午 6:00。 · 董事和高级管理人员、非执行 员工及非员工持有人合计持有的最多约 14.6 百万股。 2026 年 9 月 2 日东部时间上午 6:00。 · 董事和高级管理人员、非执行 员工及非员工持有人合计持有的最多约 14.6 百万股。 2026 年 9 月 16 日东部时间上午 6:00。 · 董事和高级管理人员、非执行 员工及非员工持有人合计持有的最多约 14.6 百万股。 2026 年 9 月 30 日东部时间上午 6:00。 · 董事和高级管理人员、非执行 员工及非员工持有人合计持有的最多约 19.4 百万股。 2026 年 10 月 14 日东部时间上午 6:00。 · 董事和高级管理人员、非执行 员工及非员工持有人合计持有的最多约 19.4 百万股。 2026 年 10 月 28 日东部时间上午 6:00。 · 董事和高级管理人员、非执行 员工及非员工持有人合计持有的最多约 19.4 百万股。 以下两者中较早者：(i) 在我们发布截至 2026 年 9 月 30 日止季度业绩后的第二个交易日东部时间上午 6:00，或 (ii) 本招股说明书日期后 180 天（“锁定期”）。 · 我们的股东持有的所有此前不具备出售资格的剩余股份，但须遵守 Rule 144 下的适用限制（包括针对“关联方”的限制）并遵守下文所述的其他适用法律。

6:00 a.m. Eastern Time on the second trading day following our release of earnings for the quarter ending June 30, 2026. · An aggregate of up to approximately 36.4 million shares held by Directors and Officers, Non-Executive Employees, and Non-Employee Holders. 6:00 a.m. Eastern Time on August 19, 2026. · An aggregate of up to approximately 14.6 million shares held by Directors and Officers, Non-Executive Employees, and Non-Employee Holders. 6:00 a.m. Eastern Time on September 2, 2026. · An aggregate of up to approximately 14.6 million shares held by Directors and Officers, Non-Executive Employees, and Non-Employee Holders. 6:00 a.m. Eastern Time on September 16, 2026. · An aggregate of up to approximately 14.6 million shares held by Directors and Officers, Non-Executive Employees, and Non-Employee Holders. 6:00 a.m. Eastern Time on September 30, 2026. · An aggregate of up to approximately 19.4 million shares held by Directors and Officers, Non-Executive Employees, and Non-Employee Holders. 6:00 a.m. Eastern Time on October 14, 2026. · An aggregate of up to approximately 19.4 million shares held by Directors and Officers, Non-Executive Employees, and Non-Employee Holders. 6:00 a.m. Eastern Time on October 28, 2026. · An aggregate of up to approximately 19.4 million shares held by Directors and Officers, Non-Executive Employees, and Non-Employee Holders. The earlier of (i) 6:00 a.m. Eastern Time on the second trading day following our release of earnings for the quarter ending September 30, 2026 or (ii) 180 days after the date of this prospectus (the “Lock-up Period”). · All remaining shares held by our stockholders not previously eligible for sale, subject to applicable limitations under Rule 144, including for “affiliates” and compliance with other applicable law, as described below.

如本文所用，

As used herein,

- “董事及高管”指在锁定期内须根据《交易法》第 16 条履行报告义务的本公司董事及高管。

- “Directors and Officers” means our directors and officers subject to reporting under Section 16 of the Exchange Act during the Lock-up Period.

- “非高管员工”指截至 2026 年 3 月 31 日不属于董事和高管的我们的员工。

- “Non-Executive Employees” means our employees as of March 31, 2026, who are not Directors and Officers.

- “非员工持有人”指非董事及高管或非执行员工的、持有我们股本以及可转换为或可行使或可交换为我们股本股份的证券的持有人。

- “Non-Employee Holders” means holders of our capital stock, and securities convertible into or exercisable or exchangeable for shares of our capital stock, who are not Directors and Officers or Non-Executive Employees .

- “合格证券”指截至 2026 年 4 月 30 日由董事及高管、非执行员工和非员工持有人持有的已归属 A 类普通股股份，以及可直接或间接转换为或可交换或可行使为我们的 A 类普通股的证券。合格证券还包括在 2026 年 4 月 30 日之前授予董事及高管和非执行员工的股权奖励（包括股票期权和 RSU），其基于服务的归属条件将于 2026 年 11 月 9 日满足。

- “Eligible Securities” means vested shares of our Class A common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our Class A common stock held by the Directors and Officers, Non-Executive Employees, and Non-Employee Holders as of April 30, 2026 . Eligible Securities also include equity awards (including stock options and RSUs) granted prior to April 30, 2026 to Directors and Officers and Non-Executive Employees for which the service-based vesting condition will be satisfied as of November 9, 2026.

规则 144 Rule 144

一般而言，实益持有本公司普通股受限股份至少六个月的人士，有权出售该等证券，前提是：(i) 该人士在出售时或出售前 90 天内任何时点均不被视为我们的关联方之一；且 (ii) 我们在出售前至少 90 天内受《交易法》定期报告要求的约束。实益持有本公司普通股受限股份至少六个月、但在出售时或出售前 90 天内任何时点属于我们关联方的人士，将受到额外限制，据此该人士在任何三个月期间内仅有权出售不超过以下两者中较大者的证券数量：

In general, a person who has beneficially owned restricted shares of our common stock for at least six months would be entitled to sell such securities, provided that (i) such person is not deemed to have been one of our affiliates at the time of, or at any time during the 90 days preceding, a sale; and (ii) we are subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale. Persons who have beneficially owned restricted shares of our common stock for at least six months but who are our affiliates at the time of, or any time during the 90 days preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of either of the following:

- 当时已发行的 A 类普通股股份数量的 1%，假设承销商未行使超额配售选择权，本次发行后立即约为 300,000 股；或

- 1% of the number of shares of our Class A common stock then outstanding, which will equal approximately 300,000 shares immediately after this offering, assuming no exercise of the underwriters’ over-allotment option; or

- 在就该项出售向 SEC 提交 Form 144 通知之前的四个日历周内，本公司 A 类普通股在纳斯达克全球精选市场的平均每周交易量；

- the average weekly trading volume of shares of our Class A common stock on the Nasdaq Global Select Market during the four calendar weeks preceding the filing of a notice on Form 144 with respect to that sale;

但在每种情况下，均须我们在出售前至少 90 天内受《交易法》定期报告要求的约束。关联方和非关联方的此类出售还必须在适用范围内遵守 Rule 144 的出售方式、当前公开信息和通知条款。

provided, in each case, that we are subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale. Such sales both by affiliates and by non-affiliates must also comply with the manner of sale, current public information and notice provisions of Rule 144 to the extent applicable.

规则 701 Rule 701

一般而言，根据现行有效的 Rule 701，我们的任何员工、董事、高级管理人员、顾问或咨询人，凡在包含本招股说明书的注册声明生效日之前，依据书面薪酬性股票或期权计划或其他书面协议、按照 Rule 701 从我方取得普通股的（以该等普通股不受锁定期协议或市场禁售条款约束为限），且在此前紧接的 90 天内不属于 Rule 144 所定义的我们的“关联方”的，有权自本招股说明书日期起 90 天后依据 Rule 144 转售该等股份，但无需遵守 Rule 144 的通知、销售方式、公开信息要求或成交量限制规定。属于我们“关联方”的人士可自本招股说明书日期起 90 天后转售该等股份，而无需遵守 Rule 144 项下的最低持有期要求（受下文所述锁定期协议和市场禁售条款的约束，如适用）。

In general, under Rule 701 as currently in effect, any of our employees, directors, officers, consultants, or advisors who acquired common stock from us in connection with a written compensatory stock or option plan or other written agreement in compliance with Rule 701 before the effective date of the registration statement of which this prospectus is a part (to the extent such common stock is not subject to a lock-up agreement or market standoff provision) and who are not our “affiliates” as defined in Rule 144 during the immediately preceding 90 days, is entitled to rely on Rule 701 to resell such shares beginning 90 days after the date of this prospectus in reliance on Rule 144, but without complying with the notice, manner of sale, public information requirements or volume limitation provisions of Rule 144. Persons who are our “affiliates” may resell those shares beginning 90 days after the date of this prospectus without compliance with minimum holding period requirements under Rule 144 (subject to the terms of the lock-up agreements and market standoff provisions referred to below, if applicable).

锁定期与市场禁售协议 Lock-Up and Market Standoff Agreements

就本次发行而言，我们、我们的高级管理人员和董事，以及合计持有约 71.4% 的 A 类普通股、股票期权及可转换为、可行使或可交换为 A 类普通股的其他证券的若干其他登记持有人，已与承销商签订锁定期协议，据此，我们及上述各方已同意，除其他事项外并受若干例外情形约束，在锁定期内不会要约、出售、订立出售合同、质押或以其他方式处置（或订立任何旨在或合理预期会导致处置（无论是实际处置，还是因现金结算或其他原因导致的有效经济处置）任何 A 类普通股或可转换为或可交换为 A 类普通股的证券的交易）。

In connection with this offering, we, our executive officers and directors, and certain other record holders that together represent approximately 71.4% of our Class A common stock, stock options, and other securities convertible into, exercisable, or exchangeable for our Class A common stock have entered into lock-up agreements with the underwriters pursuant to which we and they have agreed to not, among other things and subject to certain exceptions, offer, sell, contract to sell, pledge, or otherwise dispose of, (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) any shares of Class A common stock or securities convertible into or exchangeable for shares of our Class A common stock during the Lock-up Period.

此外，(i) 另有约 4.9% 的已发行 A 类普通股及可直接或间接转换为、可交换或可行使为 A 类普通股的证券，受我们经修订和重述的投资者权利协议中市场禁售条款的约束，据此，该等持有人同意，在锁定期内不会出借、要约、质押、出售、订立出售合同、出售任何购买期权或合同、购买任何出售期权或合同、授予任何购买期权、权利或认股权证，或以其他方式直接或间接转让或处置其在本注册声明生效前立即持有的任何 A 类普通股或可转换为、可行使或可交换为 A 类普通股的任何证券，或订立任何互换或其他安排，将此类证券所有权的任何经济后果全部或部分转移给他人；以及 (ii) 另有约 23.7% 的已发行 A 类普通股及可直接或间接转换为、可交换或可行使为 A 类普通股的证券，受与我们签订的市场禁售协议中所含限制的约束，该等限制包括在锁定期内对出售、转让或其他处置股份的限制。这些市场禁售条款的形式和具体限制性规定因证券持有人而异。例如，尽管其中部分市场禁售条款并未明确限制对冲交易，其他条款在是否限制对冲的问题上可能在我们与证券持有人之间存在不同解释，但我们的内幕交易合规政策禁止我们所有现任董事、高级管理人员、员工、承包商和顾问进行对冲。涉及我们股权证券的出售、卖空或对冲交易，无论发生在本次发行之前还是之后，也无论我们是否认为其被禁止，均可能对我们 A 类普通股的价格产生不利影响。

Furthermore, (i) an additional approximately 4.9% of our outstanding Class A common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our Class A common stock are subject to the market standoff provisions in our amended and restated investors’ rights agreement, pursuant to which such holders agreed to not lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of our Class A common stock or any securities convertible into or exercisable or exchangeable for our Class A common stock held immediately prior to the effectiveness of this registration statement, or enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities during the Lock-up Period and (ii) an additional approximately 23.7% of our outstanding Class A common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our Class A common stock are subject to restrictions contained in market standoff agreements with us that include restrictions on the sale, transfer, or other disposition of shares during the Lock-up Period. The forms and specific restrictive provisions within these market standoff provisions vary among security holders. For example, although some of these market standoff provisions do not specifically restrict hedging transactions and others may be subject to different interpretations between us and security holders as to whether they restrict hedging, our insider trading compliance policy prohibits hedging by all of our current directors, officers, employees, contractors, and consultants. Sales, short sales, or hedging transactions involving our equity securities, whether before or after this offering and whether or not we believe them to be prohibited, could adversely affect the price of our Class A common stock.

基于上述情况，在我们已发行在外的 A 类普通股以及可直接或间接转换为 A 类普通股或可交换为 A 类普通股或可对其行使认购权的证券中，绝大部分在锁定期内均受锁定期协议或市场禁售条款的约束。我们已同意代表承销商执行所有该等市场禁售限制，并且在锁定期内，未经 Morgan Stanley & Co. LLC、Citigroup Global Markets Inc. 和 Barclays Capital Inc.（代表承销商）事先同意，我们不会修订或豁免任何该等市场禁售条款；但前提是，对于根据本文件所述由我们的董事和高级管理人员以及我们证券的某些其他登记持有人与承销商签署的锁定期协议格式本应有权解除限制的股份，我们可以解除该等限制。

As a result of the foregoing, substantially all of our outstanding shares of Class A common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our Class A common stock are subject to a lock-up agreement or market standoff provisions during the Lock-up Period. We have agreed to enforce all such market standoff restrictions on behalf of the underwriters and not to amend or waive any such market standoff provisions during the Lock-up Period without the prior consent of Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., and Barclays Capital Inc., on behalf of the underwriters, provided that we may release shares from such restrictions to the extent such shares would be entitled to release under the form of lock-up agreement with the underwriters signed by our directors and executive officers and certain other record holders of our securities as described herein.

尽管有上述规定，且在每种情况下均受《证券法》第 144 条和第 701 条以及我们的内幕交易合规政策（如适用）的约束：

Notwithstanding the foregoing, and in each case, subject to the provisions of Rule 144 and Rule 701 under the Securities Act and our insider trading compliance policy, as applicable:

(i) 非高管员工持有的合格证券中的 7.5% 将自首个交易日上午 6:00（美国东部时间）起解除限制；

(i) 7.5% of the Eligible Securities held by Non-Executive Employees will be released beginning at 6:00 a.m. Eastern Time on the First Trading Day;

(ii) 如果第二个交易日解除触发条件得到满足，非高管员工持有的合格证券中的 7.5% 将自我们的 A 类普通股在纳斯达克交易的第二个交易日上午 6:00（美国东部时间）起解除限制；

(ii) if the Second Trading Day Release Trigger is satisfied, 7.5% of the Eligible Securities held by Non-Executive Employees will be released beginning at 6:00 a.m. Eastern Time on the second trading day on which our Class A common stock is traded on Nasdaq;

(iii) 在我们公开公布截至 2026 年 3 月 31 日止季度的业绩后的第二个交易日上午 6:00（美国东部时间），

(iii) 6:00 a.m. Eastern Time on the second trading day after we publicly announce earnings for the quarter ended March 31, 2026,

(A) 如果第二个交易日解除触发条件得到满足：

(A) if the Second Trading Day Release Trigger is satisfied:

- 董事和高级管理人员持有的合格证券中的 15%；以及

- 15% of the Eligible Securities held by Directors and Officers; and

- 非雇员持有人持有的合格证券中的 15%

- 15% of the Eligible Securities held by the Non-Employee Holders

将解除限制；或者，

will be released; or,

(B) 如果第二个交易日解除触发条件未得到满足：

(B) if the Second Trading Day Release Trigger is not satisfied:

- 董事和高级管理人员持有的合格证券中的 15%；

- 15% of the Eligible Securities held by Directors and Officers;

- 非高管员工持有的合格证券中的 7.5%；以及

- 7.5% of the Eligible Securities held by Non-Executive Employees; and

- 非雇员持有人所持合格证券的 15%

- 15% of the Eligible Securities held by the Non-Employee Holders

将被解除；

will be released;

(iv) 董事及高管、非执行雇员和非雇员持有人各自所持合格证券的 16.7%，将在我们公开公布截至 2026 年 6 月 30 日止季度业绩后的第二个交易日东部时间上午 6:00 解除；

(iv) 16.7% of the Eligible Securities held by each of the Directors and Officers, Non-Executive Employees, and Non-Employee Holders will be released at 6:00 a.m. Eastern Time on the second trading day after we publicly announce earnings for the quarter ending June 30, 2026;

(v) 董事及高管、非执行雇员和非雇员持有人各自所持合格证券的 6.7%，将在以下各日东部时间上午 6:00 解除：

(v) 6.7% of the Eligible Securities held by each of the Directors and Officers, Non-Executive Employees, and Non-Employee Holders will be released at 6:00 a.m. Eastern Time on each of:

- 2026 年 8 月 19 日；

- August 19, 2026;

- 2026 年 9 月 2 日；及

- September 2, 2026; and

- 2026 年 9 月 16 日；及

- September 16, 2026; and

(vi) 董事及高管、非执行雇员和非雇员持有人各自所持合格证券的 8.9%，将在以下各日东部时间上午 6:00 解除：

(vi) 8.9% of the Eligible Securities held by each of the Directors and Officers, Non-Executive Employees, and Non-Employee Holders will be released at 6:00 a.m. Eastern Time on each of:

- 2026 年 9 月 30 日；

- September 30, 2026;

- 2026 年 10 月 14 日；及

- October 14, 2026; and

- 2026 年 10 月 28 日。

- October 28, 2026.

在不限制上述规定的前提下，锁定期内锁定期协议及市场禁售条款所施加的限制还受若干额外例外情形的约束，包括涉及以下方面的例外：

Without limiting the above, the restrictions imposed by the lock-up agreements and market standoff provisions during the Lock-up Period are subject to certain additional exceptions, including with respect to:

(i) 依据与本发行相关的承销协议将向承销商出售的任何 A 类普通股股份；

(i) any sales of our Class A common stock to the underwriters pursuant to the underwriting agreement to be entered into in connection with this offering;

(ii) 以下转让：(A) 作为一项或多项善意赠与（包括向慈善组织或教育机构的捐赠），或 (B) 出于善意的遗产或税务规划目的（包括向家族基金会的捐赠）；

(ii) transfers (A) as a bona fide gift or gifts (including contributions to a charitable organization or educational institution) or (B) for bona fide estate or tax planning purposes (including contributions to a family foundation);

(iii) 通过遗嘱、其他遗嘱文件或无遗嘱继承进行的转让；

(iii) transfers by will, other testamentary document, or intestacy;

(iv) 向为锁定期方或锁定期方直系亲属直接或间接利益设立的任何信托进行的转让，或若锁定期方为信托，则向该信托的委托人、受益人或该信托受益人的遗产进行的转让；

(iv) transfers to any trust for the direct or indirect benefit of the lock-up party or the immediate family of the lock-up party, or if the lock-up party is a trust, to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust;

(v) 向锁定期方和/或锁定期方直系亲属为全部已发行股权证券或类似权益的法定和/或实益拥有人的合伙企业、有限责任公司或其他实体进行的转让；

(v) transfers to a partnership, limited liability company, or other entity of which the lock-up party and/or the immediate family of the lock-up party are the legal and/or beneficial owner of all of the outstanding equity securities or similar interests;

(vi) 向根据上文第(ii)至(v)项允许进行处置或转让的人士或实体的名义持有人、托管人或受托人进行的转让；

(vi) transfers to a nominee, custodian or trustee of a person or entity to whom a disposition or transfer would be permissible under clauses (ii) through (v) above;

(vii) 与锁定期方在本发行中或在本发行交割日之后通过公开市场交易取得的 A 类普通股股份相关的交易；

(vii)transactions relating to shares of Class A common stock acquired by the lock-up party in this offering or in open market transactions after the closing date of this offering;

(viii) 若锁定期方为公司、合伙企业、有限责任公司、信托或其他商业实体，(A) 向作为锁定期方关联方（定义见《证券法》第 405 条）的另一公司、合伙企业、有限责任公司、信托或其他商业实体，或向控制锁定期方、受锁定期方控制、与锁定期方共同管理或受其管理、或与锁定期方或锁定期方关联方处于共同控制之下的任何投资基金或其他实体进行的转让（包括，为免疑义，若锁定期方为合伙企业，向其普通合伙人或继任合伙企业或基金，或由该合伙企业管理的任何其他基金进行的转让），或 (B) 作为向锁定期方成员、合伙人、股东或其他权益持有人进行分配的一部分而进行的转让；

(viii) if the lock-up party is a corporation, partnership, limited liability company, trust, or other business entity, (A) transfers to another corporation, partnership, limited liability company, trust, or other business entity that is an affiliate (as defined in Rule 405 promulgated under the Securities Act) of the lock-up party, or to any investment fund or other entity controlling, controlled by, managing, or managed by or under common control with the lock-up party or affiliates of the lock-up party (including, for the avoidance of doubt, where the lock-up party is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership), or (B) transfers as part of a distribution to members, partners, shareholders, or other equity-holders of the lock-up party;

(ix) 依法律实施的转让，例如依据合格家庭关系令、离婚和解协议、离婚判决、分居协议或其他法院命令进行的转让；

(ix) transfers by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree, separation agreement or other court order;

(x) 公司服务提供方在其死亡、丧失行为能力或服务终止时向本公司进行的转让（在每种情况下均指该服务提供方）。

(x) transfers to us from a service provider of the Company upon death, disability or termination of services, in each case, of such service provider;

(xi) 就期权、认股权证、RSU 或其他购买我们 A 类普通股、B 类普通股或 N 类普通股股份的权利的归属、行权或结算而向我们进行的转让（在每种情况下均包括通过“净额”或“无现金”行权方式），包括用于支付行权价格以及因该等期权、认股权证、RSU 或权利的归属、行权或结算而应付的税款和汇款款项，前提是于该等归属、行权或结算时收到的任何 A 类普通股、B 类普通股或 N 类普通股股份仍应受上述限制的约束，并且进一步前提是该等期权、认股权证、RSU 或权利由锁定方依据 (A) 一项协议或 (B) 根据本招股说明书中所述的股权激励计划、股票购买计划或其他股权奖励计划授予的股权奖励而持有；

(xi) transfers to us in connection with the vesting, exercise, or settlement of options, warrants, RSUs, or other rights to purchase shares of our Class A common stock, Class B common stock, or Class N common stock (including, in each case, by way of “net” or “cashless” exercise), including for the payment of exercise price and tax and remittance payments due as a result of the vesting, exercise, or settlement of such options, warrants, RSUs, or rights, provided that any shares of Class A common stock, Class B common stock, or Class N common stock received upon such vesting, exercise, or settlement shall remain subject to the restrictions set forth above, and provided further that any such options, warrants, RSUs, or rights are held by the lock-up party pursuant to (A) an agreement or (B) equity awards granted under an equity incentive plan, stock purchase plan, or other equity award plan described in this prospectus;

(xii) 就出售或以其他方式转让锁定方的 A 类普通股股份以履行因 (A) 行使股票期权或 (B) 结算 RSU（不包括与本发售完成相关或于本发售完成时归属的 RSU）而应付的任何税务义务或款项而进行的转让，上述行权或结算系依据本招股说明书中所述的股权激励计划、股票购买计划或其他股权奖励计划授予的奖励进行，前提是在每种情况下，于该等行权或结算时收到的任何剩余 A 类普通股或 B 类普通股股份仍应受上述限制的约束；

(xii)transfers in connection with the sale or other transfer of the lock-up party’s shares of Class A common stock to satisfy any tax obligations or payments due as a result of (A) the exercise of stock options or (B) the settlement of RSUs (other than RSUs that vest in connection with or upon the completion of this offering) pursuant to awards granted under an equity incentive plan, stock purchase plan, or other equity award plan described in this prospectus, provided that, in each case, any remaining shares of Class A common stock or Class B common stock received upon such exercise or settlement shall remain subject to the restrictions set forth above;

(xiii) 我们已发行的 B 类普通股、N 类普通股或优先股转换为我们的 A 类普通股或 N 类普通股股份（视情况而定），前提是于该等转换时收到的任何该等 A 类普通股或 B 类普通股股份应受上述限制的约束；或

(xiii) the conversion of our outstanding Class B common stock, Class N common stock, or preferred stock into shares of our Class A common stock or Class N common stock, as applicable, provided that any such shares of Class A common stock or Class B common stock received upon such conversion shall be subject to the restrictions set forth above; or

(xiv) 依据经我们董事会批准并向我们全部股本持有人作出、涉及公司控制权变更的善意第三方要约收购、合并、兼并或其他类似交易而进行的转让；前提是倘若该等要约收购、合并、兼并或其他类似交易未能完成，锁定方的证券仍应受上述限制的约束；

(xiv) transfers pursuant to a bona fide third-party tender offer, merger, consolidation, or other similar transaction that is approved by our board of directors and made to all holders of our capital stock involving a change of control of the company; provided that in the event that such tender offer, merger, consolidation, or other similar transaction is not completed, the lock-up party’s securities shall remain subject to the restrictions set forth above;

前提是：(A) 对于依据第 (a)(ii)、(iii)、(iv)、(v)、(vi)、(viii) 和 (ix) 项进行的任何转让、分配或其他处置，该等转让不得涉及有偿处置，且该等证券仍应受上述限制的约束；(B) 对于依据第 (a)(vii) 和 (viii) 项进行的任何转让、分配或其他处置，任何一方均无需根据《交易法》进行申报，亦不会就该等转让、处置或分配自愿进行任何公开公告（依据 Form 5 或《交易法》第 13 条进行的申报除外）；以及 (C) 对于依据第 (a)(ii)、(iii)、(iv)、(v)、(vi)、(ix)、(x)、(xi) 和 (xii) 项进行的任何转让或分配，不会自愿进行任何公开申报、报告或公告，且如果在锁定期内依法要求就与该等转让或分配相关的 A 类普通股受益所有权减少进行《交易法》第 16(a) 条项下的任何申报或其他公开申报、报告或公告，则该等申报、报告或公告必须在其脚注中明确说明该等转让的性质和条件。

provided that (A) in the case of any transfer, distribution or other disposition pursuant to clauses (a)(ii), (iii), (iv), (v), (vi), (viii), and (ix), such transfer shall not involve a disposition for value and such securities shall remain subject to the restrictions set forth above; (B) in the case of any transfer, distribution, or other disposition pursuant to clauses (a)(vii) and (viii), no filing by any party under the Exchange Act or other public announcement shall be required or will be made voluntarily in connection with such transfer, disposition, or distribution (other than a filing on a Form 5 or pursuant to Section 13 of the Exchange Act); and (C) in the case of any transfer or distribution pursuant to clauses (a)(ii), (iii), (iv), (v), (vi), (ix), (x), (xi), and (xii), that no public filing, report, or announcement will be voluntarily made, and if any filing under Section 16(a) of the Exchange Act, or other public filing, report, or announcement reporting a reduction in beneficial ownership of shares of Class A common stock in connection with the transfer or distribution is legally required during the Lock-up Period, such filing, report, or announcement must clearly indicate in the footnotes thereto the nature and conditions of the transfer.

我们的证券持有人持有的、此前不具备出售资格的所有剩余证券，在遵守第 144 条适用限制（包括针对“关联方”的限制）及遵守其他适用法律的前提下，并受我们的内幕交易合规政策条款（如适用）的约束，将在以下两者中较早发生之日完全解除限制：(i) 我们发布截至 2026 年 9 月 30 日止季度财报后第二个交易日美国东部时间上午 6:00，或 (ii) 本招股说明书日期后 180 天。

All remaining securities held by our security holders and not previously eligible for sale, subject to applicable limitations under Rule 144, including for “affiliates” and compliance with other applicable law, and subject to the provisions of our insider trading compliance policy, as applicable, will be fully released on the earlier of (i) 6:00 a.m. Eastern Time on the second trading day following our release of earnings for the quarter ending September 30, 2026 or (ii) 180 days after the date of this prospectus.

有关上述锁定期协议和市场禁售条款的例外情况以及这些协议的进一步说明，请参见题为“承销商”的章节。锁定期届满后，受该等转让限制约束的绝大部分证券将具备出售资格，但须遵守上述讨论的限制。

See the section titled “Underwriters” for information about exceptions to the lock-up agreements and market standoff provisions described above and a further description of these agreements. Upon the expiration of the Lock-up Period, substantially all of the securities subject to such transfer restrictions will become eligible for sale, subject to the limitations discussed above.

登记权 Registration Rights

我们已向部分股东授予 S-1 表格和 S-3 表格的主动请求及附带登记权。根据《证券法》登记这些股份的出售，将使这些股份在登记生效后立即可以根据《证券法》自由交易而不受限制，但关联方购买的股份除外。更多信息请参见“股本说明——登记权”一节。

We have granted Form S-1 and Form S-3 demand and piggyback registration rights to certain of our stockholders. Registration of the sale of these shares under the Securities Act would result in these shares becoming freely tradable without restriction under the Securities Act immediately upon the effectiveness of the registration, except for shares purchased by affiliates. See the section titled “Description of Capital Stock—Registration Rights” for additional information.

股权激励计划 Equity Incentive Plans

我们拟根据《证券法》向 SEC 提交一份或多份 S-8 表格注册声明，以登记根据 2016 年计划、2026 年计划和 ESPP 可发行或可发行并预留供发行的全部 A 类普通股股份。该等注册声明所涵盖的股份将有资格在公开市场出售，但须遵守第 144 条限制、归属限制以及上文所述（如适用）的锁定期协议。

We intend to file with the SEC one or more registration statements on Form S-8 under the Securities Act to register all of the shares of our Class A common stock issuable or issuable and reserved for issuance under the 2016 Plan, the 2026 Plan, and the ESPP. Shares covered by such registration statement will be eligible for sale in the public market, subject to the Rule 144 limitations, vesting restrictions, and the lock-up agreements described above, if applicable.

对非美国持有人的重大美国联邦所得税后果 Material U.S. Federal Income Tax Consequences to Non-u.s. Holders

以下讨论是对非美国持有人（定义见下文）依据本次发行获得的 A 类普通股的购买、持有和处置所涉及的重大美国联邦所得税后果的摘要，但并非对所有潜在税务影响的完整分析。其他美国联邦税法（如遗产税和赠与税法）以及任何适用的州、地方或非美国税法的影响未予讨论。本讨论基于经修订的 1986 年《美国国内税收法典》（“法典”）、据此颁布的财政部条例、司法判决以及美国国税局（“IRS”）已公布的裁定和行政公告，且均以本文件日期生效的版本为准。这些权威依据可能发生变化或受到不同解释。任何此类变化或不同解释可能具有追溯力，从而可能对 A 类普通股的非美国持有人产生不利影响。我们未曾且不会就下文讨论的事项向 IRS 寻求任何裁定。无法保证 IRS 或法院不会就 A 类普通股的购买、持有和处置的税务后果采取与下文讨论相反的立场。

The following discussion is a summary of the material U.S. federal income tax consequences to Non-U.S. Holders (as defined below) of the purchase, ownership, and disposition of our Class A common stock issued pursuant to this offering, but does not purport to be a complete analysis of all potential tax effects. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local, or non-U.S. tax laws are not discussed. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended (the “Code”), Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the U.S. Internal Revenue Service (the “IRS”), in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a Non-U.S. Holder of our Class A common stock. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position to that discussed below regarding the tax consequences of the purchase, ownership, and disposition of our Class A common stock.

本讨论仅限于将 A 类普通股作为《法典》第 1221 条含义内的“资本资产”（一般为持有用于投资的财产）持有的非美国持有人。本讨论并未涉及与非美国持有人特定情况相关的所有美国联邦所得税后果，包括对净投资收入征收的医疗保险附加税以及替代性最低税的影响。此外，本讨论也未涉及适用于受特别规则约束的非美国持有人的相关后果，包括但不限于：

This discussion is limited to Non-U.S. Holders that hold our Class A common stock as a “capital asset” within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a Non-U.S. Holder’s particular circumstances, including the impact of the Medicare contribution tax on net investment income and the alternative minimum tax. In addition, it does not address consequences relevant to Non-U.S. Holders subject to special rules, including, without limitation:

- 美国侨民以及美国前公民或长期居民；

- U.S. expatriates and former citizens or long-term residents of the United States;

- 作为对冲、跨式或其他风险降低策略的一部分，或作为转换交易或其他综合投资的一部分持有 A 类普通股的人士；

- persons holding our Class A common stock as part of a hedge, straddle, or other risk reduction strategy or as part of a conversion transaction or other integrated investment;

- 银行、保险公司和其他金融机构；

- banks, insurance companies, and other financial institutions;

- 证券经纪商、交易商或交易员；

- brokers, dealers, or traders in securities;

- “受控外国公司”、“外国控制的受控外国公司”、“被动外国投资公司”，以及为规避美国联邦所得税而累积收益的公司；

- “controlled foreign corporations,” “foreign controlled foreign corporations,” “passive foreign investment companies,” and corporations that accumulate earnings to avoid U.S. federal income tax;

- 在美国联邦所得税目的下被视为合伙企业的合伙企业或其他实体或安排（及其中的投资者）；

- partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes (and investors therein);

- 免税组织或政府组织；

- tax-exempt organizations or governmental organizations;

- 根据《法典》的推定出售条款被视为出售 A 类普通股的人士；

- persons deemed to sell our Class A common stock under the constructive sale provisions of the Code;

- 根据任何员工股票期权的行使或以其他方式作为补偿而持有或接收 A 类普通股的人士；

- persons who hold or receive our Class A common stock pursuant to the exercise of any employee stock option or otherwise as compensation;

- 符合税务条件的退休计划；以及

- tax-qualified retirement plans; and

- 符合《税法》第 897(l)(2) 条定义的“合格外国养老基金”，以及全部权益均由合格外国养老基金持有的实体。

- “qualified foreign pension funds” as defined in Section 897(l)(2) of the Code and entities all of the interests of which are held by qualified foreign pension funds.

若某一实体在美国联邦所得税目的下被视为合伙企业并持有我们的 A 类普通股，则该合伙企业中合伙人的税务处理将取决于该合伙人的身份、合伙企业的活动以及在合伙人层面作出的某些认定。因此，持有我们 A 类普通股的合伙企业及其合伙人应就其美国联邦所得税后果咨询其税务顾问。

If an entity treated as a partnership for U.S. federal income tax purposes holds our Class A common stock, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership, and certain determinations made at the partner level. Accordingly, partnerships holding our Class A common stock and the partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them.

**本讨论仅供参考，不构成税务建议。**

**THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE.**

投资者应就其特定情况适用美国联邦所得税法，以及因购买、持有和处置我们的 A 类普通股而产生的、根据美国联邦遗产税或赠与税法、或任何州、地方或非美国征税管辖区法律、或根据……而产生的任何税务后果，咨询其税务顾问 Investors Should Consult Their Tax Advisors with Respect to the Application OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP, AND DISPOSITION OF OUR CLASS A COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL, OR NON-U.S. TAXING JURISDICTION OR UNDER

**任何适用的所得税协定。**

**ANY APPLICABLE INCOME TAX TREATY.**

非美国持有人定义 Definition of a Non-U.S. Holder

就本讨论而言，“非美国持有人”指不属于“美国人”、且就美国联邦所得税目的不被视为合伙企业的我们 A 类普通股的任何受益所有人。美国人指就美国联邦所得税目的属于或被视为下列任何情形的人：

For purposes of this discussion, a “Non-U.S. Holder” is any beneficial owner of our Class A common stock that is neither a “U.S. person” nor an entity treated as a partnership for U.S. federal income tax purposes. A U.S. person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

- 美国公民或居民的个人；

- an individual who is a citizen or resident of the United States;

- 根据美国、美国任何州或哥伦比亚特区法律设立或组织的公司；

- a corporation created or organized under the laws of the United States, any state thereof, or the District of Columbia;

- 其收入无论来源如何均须缴纳美国联邦所得税的遗产；或

- an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

- 符合下列条件的信托：(i) 受美国法院的主要监督，且其所有实质性决定均受一名或多名“美国人”(按《税法》第 7701(a)(30) 条的含义)控制；或 (ii) 已作出有效选择，就美国联邦所得税目的被视为美国人。

- a trust that (i) is subject to the primary supervision of a U.S. court and all substantial decisions of which are subject to the control of one or more “United States persons” (within the meaning of Section 7701(a)(30) of the Code), or (ii) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes.

分配 Distributions

如“股息政策”一节所述，我们预计在可预见的未来不会宣布或支付任何现金股息。但是，如果我们确实就我们的 A 类普通股进行现金或财产分配，则该等分配在美国联邦所得税目的下将构成股息，但以从我们根据美国联邦所得税原则确定的当期或累计收益和利润中支付的部分为限。在美国联邦所得税目的下不被视为股息的金额将构成资本返还，并首先用于冲抵并减少非美国持有人在其 A 类普通股中的调整后计税基础，但不得低于零。任何超出部分将被视为资本利得，并按下文“—出售或其他应税处置”小节所述处理。

As described in the section titled “Dividend Policy,” we do not anticipate declaring or paying any cash dividends in the foreseeable future. However, if we do make distributions of cash or property on our Class A common stock, such distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts not treated as dividends for U.S. federal income tax purposes will constitute a return of capital and first be applied against and reduce a Non-U.S. Holder’s adjusted tax basis in its Class A common stock, but not below zero. Any excess will be treated as capital gain and will be treated as described under the subsection titled “—Sale or Other Taxable Disposition” below.

在受下文关于有效关联收入的讨论约束的前提下，向非美国持有人支付的股息将按股息总额的 30%（或适用的所得税条约规定的较低税率，前提是该非美国持有人提供有效的 IRS Form W-8BEN 或 W-8BEN-E（或其他适用文件），证明其符合享受较低条约税率的资格）缴纳美国联邦预扣税。未及时提供所需文件但符合享受较低条约税率资格的非美国持有人，可通过及时向 IRS 提交适当的退税申请，获得任何超额预扣金额的退款。非美国持有人应就其是否有权享受任何适用税收条约下的优惠咨询其税务顾问。

Subject to the discussion below regarding effectively connected income, dividends paid to a Non-U.S. Holder will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by an applicable income tax treaty, provided the Non-U.S. Holder furnishes a valid IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) certifying qualification for the lower treaty rate). A Non-U.S. Holder that does not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under any applicable tax treaties.

如果向非美国持有人支付的股息与该非美国持有人在美国境内开展贸易或业务有效关联（并且，如果适用的所得税条约要求，该非美国持有人在美国维持该等股息所归属的常设机构），则该非美国持有人将免于缴纳上述美国联邦预扣税。为申请该豁免，非美国持有人必须向适用的预扣代理人提供有效的 IRS Form W-8ECI，证明该等股息与该非美国持有人在美国境内开展贸易或业务有效关联。

If dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder’s conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such dividends are attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above. To claim the exemption, the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI, certifying that the dividends are effectively connected with the Non-U.S. Holder’s conduct of a trade or business within the United States.

任何该等有效关联股息将按适用于美国人的常规税率，以净收入为基础缴纳美国联邦所得税。作为公司的非美国持有人还可能须就该等有效关联股息缴纳税率为 30%（或适用的所得税条约规定的较低税率）的分支利润税，并针对某些项目进行调整。非美国持有人应就其可能规定不同规则的任何适用税收条约咨询其税务顾问。

Any such effectively connected dividends will be subject to U.S. federal income tax on a net income basis at the regular rates applicable to U.S. persons. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected dividends, as adjusted for certain items. Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different rules.

出售或其他应税处置 Sale or Other Taxable Disposition

非美国持有人就出售或以其他方式应税处置我们的 A 类普通股所实现的任何收益，无需缴纳美国联邦所得税，除非：

A Non-U.S. Holder will not be subject to U.S. federal income tax on any gain realized upon the sale or other taxable disposition of our Class A common stock unless:

- 该收益与非美国持有人在美国境内开展的贸易或业务存在实际关联（且若适用所得税条约有要求，该非美国持有人在美国设有可归属于该收益的常设机构）；

- the gain is effectively connected with the Non-U.S. Holder’s conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such gain is attributable);

- 该非美国持有人为在处置所在纳税年度内在美国停留 183 天或以上的非居民外籍个人，且满足某些其他要求；或

- the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition and certain other requirements are met; or

- 由于我们在美国联邦所得税目的下属于美国不动产控股公司（“USRPHC”），我们的 A 类普通股构成美国不动产权益（“USRPI”）。

- our Class A common stock constitutes a U.S. real property interest (“USRPI”) by reason of our status as a U.S. real property holding corporation (“USRPHC”) for U.S. federal income tax purposes.

上述第一项要点所述收益，一般将按适用于美国人的常规税率，以净收入为基础缴纳美国联邦所得税。作为公司的非美国持有人，还可能就该实际关联收益按 30%的税率（或适用所得税条约规定的较低税率）缴纳分支机构利润税，并针对某些项目进行调整。

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular rates applicable to U.S. persons. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain items.

上述第二项要点所述的非美国持有人，就出售或以其他方式应税处置我们的 A 类普通股所实现的收益，将按 30%的税率（或适用所得税条约规定的较低税率）缴纳美国联邦所得税，该收益可用该非美国持有人的某些美国来源资本损失予以抵减（即使该个人不被视为美国居民），前提是该非美国持有人已就此类损失及时申报美国联邦所得税申报表。

A Non-U.S. Holder described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on gain realized upon the sale or other taxable disposition of our Class A common stock, which may be offset by certain U.S. source capital losses of the Non-U.S. Holder (even though the individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

关于上述第三项要点，我们认为我们目前不是、且预计不会成为 USRPHC。然而，由于我们是否为 USRPHC 取决于我们的 USRPI 的公允市场价值相对于我们的非美国不动产权益及其他业务资产的公允市场价值，因此无法保证我们目前不是 USRPHC 或将来不会成为 USRPHC。即使我们目前是或将来成为 USRPHC，只要我们的 A 类普通股在成熟证券市场上“定期交易”（按适用财政部条例的定义），且该非美国持有人在截至出售或其他应税处置之日止的五年期间与该非美国持有人持有期中较短者的整个期间内，实际和推定拥有的我们的 A 类普通股不超过 5%，则非美国持有人出售或以其他方式应税处置我们的 A 类普通股所产生的收益将无需缴纳美国联邦所得税。

With respect to the third bullet point above, we believe we currently are not, and do not anticipate becoming, a USRPHC. Because the determination of whether we are a USRPHC depends, however, on the fair market value of our USRPIs relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance we currently are not a USRPHC or will not become one in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition of our Class A common stock by a Non-U.S. Holder will not be subject to U.S. federal income tax if our Class A common stock is “regularly traded,” as defined by applicable Treasury Regulations, on an established securities market, and such Non-U.S. Holder owned, actually and constructively, 5% or less of our Class A common stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or the Non-U.S. Holder’s holding period.

非美国持有人应就其可能规定不同规则的任何适用税收条约咨询其税务顾问。

Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different rules.

信息申报与备用预扣税 Information Reporting and Backup Withholding

只要非美国持有人证明其非美国身份（例如提供有效的 IRS W-8BEN、W-8BEN-E 或 W-8ECI 表格），或以其他方式确立豁免，我们 A 类普通股的股息支付将不受备用预扣税约束。但是，无论该等分配是否构成股息，也无论是否实际预扣任何税款，向非美国持有人支付的我们 A 类普通股的任何分配均须向 IRS 提交信息申报表。此外，如果适用的预扣代理人收到上述证明，或非美国持有人以其他方式确立豁免，则在美国境内或通过某些与美国相关的经纪商进行的我们 A 类普通股出售或其他应税处置的所得款项，通常不受备用预扣税或信息申报的约束。通过非美国经纪商的非美国办事处进行的我们 A 类普通股处置所得款项，如果该非美国经纪商与美国不存在某些列举的关系，通常不受备用预扣税或信息申报的约束。

Payments of dividends on our Class A common stock will not be subject to backup withholding, provided the Non-U.S. Holder certifies its non-U.S. status, such as by furnishing a valid IRS Form W-8BEN, W-8BEN-E or W-8ECI, or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection with any distributions on our Class A common stock paid to the Non-U.S. Holder, regardless of whether such distributions constitute dividends or whether any tax was actually withheld. In addition, proceeds of the sale or other taxable disposition of our Class A common stock within the United States or conducted through certain U.S.-related brokers generally will not be subject to backup withholding or information reporting if the applicable withholding agent receives the certification described above or the Non-U.S. Holder otherwise establishes an exemption. Proceeds of a disposition of our Class A common stock conducted through a non-U.S. office of a non-U.S. broker that does not have certain enumerated relationships with the United States generally will not be subject to backup withholding or information reporting.

向 IRS 提交的信息申报表副本，也可能根据适用的条约或协定的规定，提供给非美国持有人居住或设立所在国家的税务机关。

Copies of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the Non-U.S. Holder resides or is established.

备用预扣税不是额外税款。根据备用预扣税规则预扣的任何金额，只要及时向 IRS 提供所需信息，均可作为退款或抵免非美国持有人的美国联邦所得税负债。

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a Non-U.S. Holder’s U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

向外国账户付款的额外预扣税 Additional Withholding Tax on Payments Made to Foreign Accounts

根据《税法》第 1471 条至第 1474 条（该等条款通常称为《外国账户税收合规法案》（“FATCA”）），对向非美国金融机构及某些其他非美国实体支付的某些类型款项可能征收预提税。具体而言，就向我们 A 类普通股支付的股息，或（在受下述拟议财政部条例约束的前提下）出售或以其他方式处置我们 A 类普通股所得的毛收入，若支付给“外国金融机构”或“非金融外国实体”（《税法》所定义），可能被征收 30%的预提税，除非(i)该外国金融机构承担某些尽职调查和报告义务，(ii)该非金融外国实体证明其没有任何“美国实质性所有人”（《税法》所定义）或提供每一美国实质性所有人的身份信息，或(iii)该外国金融机构或非金融外国实体另行符合上述规则的豁免条件。如果收款人是外国金融机构且须遵守上述(i)中的尽职调查和报告要求，则其必须与美国财政部签订协议，要求其除其他事项外承诺识别由某些“特定美国人”或“美国拥有的外国实体”（《税法》所定义）持有的账户，每年报告有关该等账户的某些信息，并对向不合规的外国金融机构及某些其他账户持有人支付的某些款项预提 30%。位于与美国签有政府间协议以规范 FATCA 的司法管辖区的外国金融机构可能适用不同的规则。

Withholding taxes may be imposed under Sections 1471 to 1474 of the Code (such Sections commonly referred to as the Foreign Account Tax Compliance Act (“FATCA”)) on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on, or (subject to the proposed Treasury Regulations discussed below) gross proceeds from the sale or other disposition of, our Class A common stock paid to a “foreign financial institution” or a “non-financial foreign entity” (each as defined in the Code), unless (i) the foreign financial institution undertakes certain diligence and reporting obligations, (ii) the non-financial foreign entity either certifies it does not have any “substantial United States owners” (as defined in the Code) or furnishes identifying information regarding each substantial United States owner, or (iii) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in (i) above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain “specified United States persons” or “United States owned foreign entities” (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain payments to non-compliant foreign financial institutions and certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules.

根据适用的财政部条例和行政指引，FATCA 项下的预提通常适用于向我们 A 类普通股支付的股息。尽管自 2019 年 1 月 1 日起，FATCA 项下的预提原本也将适用于出售或以其他方式处置我们 A 类普通股所得的毛收入款项，但拟议的财政部条例完全取消了针对毛收入款项的 FATCA 预提。在最终财政部条例发布之前，纳税人通常可以依赖该等拟议的财政部条例。

Under applicable Treasury Regulations and administrative guidance, withholding under FATCA generally applies to payments of dividends on our Class A common stock. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of our Class A common stock beginning on January 1, 2019, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued.

潜在投资者应就其对我们 A 类普通股的投资可能适用 FATCA 项下预提的问题咨询其税务顾问。

Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our Class A common stock.

承销商 Underwriters

根据本招股说明书日期签署的承销协议所载条款并受其条件约束，下列承销商（由 Morgan Stanley & Co. LLC、Citigroup Global Markets Inc. 和 Barclays Capital Inc. 担任其代表）已分别同意购买，且我们已同意分别向其出售下列数量的 A 类普通股股份：

Under the terms and subject to the conditions in an underwriting agreement dated the date of this prospectus, the underwriters named below, for whom Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., and Barclays Capital Inc. are acting as representatives, have severally agreed to purchase, and we have agreed to sell to them, severally, the number of shares of our Class A common stock indicated below:

**名称**

**Name**

股份数

Shares

Morgan Stanley & Co. LLC · 9,839,362 Citigroup Global Markets Inc. · 5,910,638 Barclays Capital Inc. · 5,910,638 UBS Securities LLC · 3,255,319 Mizuho Securities USA LLC · 1,627,660 TD Securities (USA) LLC · 1,474,468 Needham & Company, LLC · 440,426 Craig-Hallum Capital Group LLC · 402,128 Wedbush Securities Inc. · 335,106 Rosenblatt Securities Inc. · 268,085 Academy Securities, Inc. · 201,064 Credit Agricole Securities (USA) Inc. · — MUFG Securities Americas Inc. · 335,106 First Citizens Capital Securities, LLC · — 合计： · 30,000,000

Morgan Stanley & Co. LLC · 9,839,362 Citigroup Global Markets Inc. · 5,910,638 Barclays Capital Inc. · 5,910,638 UBS Securities LLC · 3,255,319 Mizuho Securities USA LLC · 1,627,660 TD Securities (USA) LLC · 1,474,468 Needham & Company, LLC · 440,426 Craig-Hallum Capital Group LLC · 402,128 Wedbush Securities Inc. · 335,106 Rosenblatt Securities Inc. · 268,085 Academy Securities, Inc. · 201,064 Credit Agricole Securities (USA) Inc. · — MUFG Securities Americas Inc. · 335,106 First Citizens Capital Securities, LLC · — Total: · 30,000,000

承销商与代表分别统称为“承销商”和“代表”。承销商发售 A 类普通股股份，以承销商从我们处接受股份为前提，并须以先行售出为条件。承销协议规定，各承销商支付并接受本招股说明书所发售 A 类普通股股份交付的义务，须经其法律顾问对若干法律事项的批准并满足若干其他条件。若承销商接受本招股说明书所发售的任何 A 类普通股股份，则有义务接受并支付全部该等股份。但是，承销商无须接受或支付下文所述承销商超额配售选择权所涵盖的股份。

The underwriters and the representatives are collectively referred to as the “underwriters” and the “representatives,” respectively. The underwriters are offering the shares of Class A common stock subject to their acceptance of the shares from us, and subject to prior sale. The underwriting agreement provides that the obligations of the several underwriters to pay for and accept delivery of the shares of Class A common stock offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the shares of Class A common stock offered by this prospectus if any such shares are taken. However, the underwriters are not required to take or pay for the shares covered by the underwriters’ option to purchase additional shares described below.

承销商初步提议按本招股说明书封面所列的发售价格直接向公众发售部分 A 类普通股股份，并按低于公开发售价格每股不超过 $2.6085 的折让价向若干交易商发售部分股份。在 A 类普通股股份的首次发售后，代表可不时变更发售价格及其他销售条款。在美国境外进行的任何 A 类普通股股份销售可由承销商的关联方进行。

The underwriters initially propose to offer part of the shares of Class A common stock directly to the public at the offering price listed on the cover page of this prospectus and part to certain dealers at a price that represents a concession not in excess of $2.6085 per share under the public offering price. After the initial offering of the shares of Class A common stock, the offering price and other selling terms may from time to time be varied by the representatives. Sales of any shares of Class A common stock made outside of the United States may be made by affiliates of the underwriters.

我们已授予承销商一项期权，自本招股说明书之日起 30 天内可行使，按本招股说明书封面所列公开发行价格（扣除承销折扣和佣金）向我们额外购买最多 4,500,000 股 A 类普通股。承销商行使该期权仅用于覆盖与本招股说明书所发售 A 类普通股相关的超额配售（如有）。在期权被行使的范围内，各承销商将有义务（受某些条件约束）按其名称在前表中对应的 A 类普通股数量占前表中所有承销商名称对应的 A 类普通股总数的比例，购买大致相同比例的额外 A 类普通股。

We have granted the underwriters an option, exercisable for 30 days from the date of this prospectus, to purchase up to 4,500,000 additional shares of Class A common stock from us at the public offering price listed on the cover page of this prospectus, less the underwriting discounts and commissions. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with the offering of the shares of Class A common stock offered by this prospectus. To the extent the option is exercised, each underwriter will become obligated, subject to certain conditions, to purchase about the same percentage of the additional shares of Class A common stock as the number listed next to the underwriter’s name in the preceding table bears to the total number of shares of Class A common stock listed next to the names of all underwriters in the preceding table.

下表列示了每股及合计的公开发行价格、承销折扣和佣金以及扣除费用前归属于我们的所得款项。这些金额分别按未行使和全额行使承销商向我们额外购买最多 4,500,000 股 A 类普通股的期权两种情形列示。

The following table shows the per share and total public offering price, underwriting discounts and commissions, and proceeds before expenses to us. These amounts are shown assuming both no exercise and full exercise of the underwriters’ option to purchase up to an additional 4,500,000 shares of Class A common stock from us.

**合计**

**Total**

每股 · 未行使 · 全额行使 公开发行价格 · $185.00 · $ 5,550,000,000 · $ 6,382,500,000 我们应付的承销折扣和佣金 · $4.3475 · $130,425,000 · $149,988,750 扣除费用前归属于我们的所得款项 · $180.6525 · $ 5,419,575,000 · $ 6,232,511,250

Per Share · No Exercise · Full Exercise Public offering price · $185.00 · $ 5,550,000,000 · $ 6,382,500,000 Underwriting discounts and commissions to be paid by us · $4.3475 · $130,425,000 · $149,988,750 Proceeds, before expenses, to us · $180.6525 · $ 5,419,575,000 · $ 6,232,511,250

我们应付的预计发行费用（不包括承销折扣和佣金）约为 $11.1 million。我们已同意就本次发行向美国金融业监管局（Financial Industry Regulatory Authority）申请清算相关费用向承销商报销，最高不超过 $50,000。

The estimated offering expenses payable by us, exclusive of the underwriting discounts and commissions, are approximately $11.1 million. We have agreed to reimburse the underwriters for expenses relating to clearance of this offering with the Financial Industry Regulatory Authority up to $50,000.

承销商已告知我们，其不打算向全权委托账户的销售超过其发售的 A 类普通股总数的 5%。

The underwriters have informed us that they do not intend sales to discretionary accounts to exceed 5% of the total number of shares of Class A common stock offered by them.

我们已获准将我们的 A 类普通股在纳斯达克全球精选市场（Nasdaq Global Select Market）上市，股票代码为“CBRS”。

We have been approved to list our Class A common stock on the Nasdaq Global Select Market under the symbol “CBRS.”

就本次发行而言，我们、我们的高级管理人员和董事，以及合计持有约 71.4% 的 A 类普通股、股票期权及可转换为、可行使或可交换为 A 类普通股的其他证券的若干其他登记持有人，已与承销商签订锁定期协议。根据该等协议，除若干例外情形外，我们及上述各方已同意，自本招股说明书之日起至下列较早者为止的期间内（即“锁定期”）：(i) 我们发布截至 2026 年 9 月 30 日止季度业绩后的第二个交易日东部时间上午 6:00，或 (ii) 本招股说明书日期后 180 天，不进行下列行为（其中包括）：要约、出售、订立出售合同、质押或以其他方式处置（或订立任何旨在、或合理预期将导致处置（无论是实际处置，还是因现金结算或其他原因而产生的有效经济处置）任何 A 类普通股或可转换为或可交换为 A 类普通股的证券的交易）。

In connection with this offering, we, our executive officers and directors, and certain other record holders that together represent approximately 71.4% of our Class A common stock, stock options, and other securities convertible into, exercisable, or exchangeable for our Class A common stock have entered into lock-up agreements with the underwriters pursuant to which we and they have agreed to not, among other things and subject to certain exceptions, offer, sell, contract to sell, pledge, or otherwise dispose of, (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) any shares of Class A common stock or securities convertible into or exchangeable for shares of our Class A common stock during the period from the date of this prospectus continuing through the earlier of (i) 6:00 a.m. Eastern Time on the second trading day following our release of earnings for the quarter ending September 30, 2026 or (ii) 180 days after the date of this prospectus (the “Lock-up Period”).

此外，(i) 我们已发行 A 类普通股中另有约 4.9% 的股份，以及可直接或间接转换为、交换为或行使为我们的 A 类普通股的证券，受我们经修订并重述的投资者权利协议中市场禁售条款的约束；根据该条款，该等持有人同意，在本注册声明生效前立即持有的任何 A 类普通股股份或可转换为、可行使为或可交换为我们的 A 类普通股的任何证券，在锁定期内不得出借、要约、质押、出售、签订出售合同、出售任何期权或购买合同、购买任何期权或出售合同、授予任何购买期权、权利或认股权证，或以其他方式直接或间接转让或处置，亦不得订立任何互换或其他安排，将此类证券所有权的任何经济后果全部或部分转移给他人；并且 (ii) 我们已发行 A 类普通股中另有约 23.7% 的股份，以及可直接或间接转换为、交换为或行使为我们的 A 类普通股的证券，受与我们签订的市场禁售协议中所含限制的约束，该等限制包括在锁定期内对股份出售、转让或其他处置的限制。这些市场禁售条款的形式和具体限制性规定因证券持有人而异。例如，尽管其中部分市场禁售条款并未明确限制对冲交易，且其他条款在我们与证券持有人之间就可能是否限制对冲存在不同解释，但我们的内幕交易政策禁止我们所有现任董事、高级管理人员、员工、承包商和顾问进行对冲。涉及我们股权证券的出售、卖空或对冲交易，无论发生在本次发行之前还是之后，也无论我们是否认为其被禁止，均可能对我们 A 类普通股的价格产生不利影响。

Furthermore, (i) an additional approximately 4.9% of our outstanding Class A common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our Class A common stock are subject to the market standoff provisions in our amended and restated investors’ rights agreement, pursuant to which such holders agreed to not lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of our Class A common stock or any securities convertible into or exercisable or exchangeable for our Class A common stock held immediately prior to the effectiveness of this registration statement, or enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities during the Lock-up Period and (ii) an additional approximately 23.7% of our outstanding Class A common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our Class A common stock are subject to restrictions contained in market standoff agreements with us that include restrictions on the sale, transfer, or other disposition of shares during the Lock-up Period. The forms and specific restrictive provisions within these market standoff provisions vary among security holders. For example, although some of these market standoff provisions do not specifically restrict hedging transactions and others may be subject to different interpretations between us and security holders as to whether they restrict hedging, our insider trading policy prohibits hedging by all of our current directors, officers, employees, contractors, and consultants. Sales, short sales, or hedging transactions involving our equity securities, whether before or after this offering and whether or not we believe them to be prohibited, could adversely affect the price of our Class A common stock.

鉴于上述情况，我们已发行的 A 类普通股股份以及可直接或间接转换为、交换为或行使为我们的 A 类普通股的证券中，绝大部分在锁定期内均受锁定期协议或市场禁售条款的约束。我们已同意代表承销商执行所有该等市场禁售限制，并且未经 Morgan Stanley & Co. LLC、Citigroup Global Markets Inc. 和 Barclays Capital Inc.（代表承销商）事先同意，我们不会在锁定期内修订或豁免任何该等市场禁售条款；但前提是，如果根据我们的董事和高级管理人员以及本文所述我们证券的某些其他登记持有人与承销商签署的锁定期协议格式，相关股份有权解除限制，我们可解除该等股份的上述限制。

As a result of the foregoing, substantially all of our outstanding shares of Class A common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our Class A common stock are subject to a lock-up agreement or market standoff provisions during the Lock-up Period. We have agreed to enforce all such market standoff restrictions on behalf of the underwriters and not to amend or waive any such market standoff provisions during the Lock-up Period without the prior consent of Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., and Barclays Capital Inc., on behalf of the underwriters, provided that we may release shares from such restrictions to the extent such shares would be entitled to release under the form of lock-up agreement with the underwriters signed by our directors and executive officers and certain other record holders of our securities as described herein.

尽管有上述规定，且在每种情况下均须遵守《证券法》第 144 条和第 701 条的规定以及我们的内幕交易合规政策（如适用）：

Notwithstanding the foregoing, and in each case, subject to the provisions of Rule 144 and Rule 701 under the Securities Act and our insider trading compliance policy, as applicable:

(i) 非高管员工持有的合格证券的 7.5% 将于首个交易日上午 6:00（美国东部时间）起解除限售；

(i) 7.5% of the Eligible Securities held by Non-Executive Employees will be released beginning at 6:00 a.m. Eastern Time on the First Trading Day;

(ii) 若第二个交易日解除限售触发条件得到满足，非高管员工持有的合格证券的 7.5% 将于我们的 A 类普通股在纳斯达克交易的第二个交易日上午 6:00（美国东部时间）起解除限售；

(ii) if the Second Trading Day Release Trigger is satisfied, 7.5% of the Eligible Securities held by Non-Executive Employees will be released beginning at 6:00 a.m. Eastern Time on the second trading day on which our Class A common stock is traded on Nasdaq;

(iii) 在我们公开公布截至 2026 年 3 月 31 日止季度业绩后的第二个交易日上午 6:00（美国东部时间），

(iii) at 6:00 a.m. Eastern Time on the second trading day after we publicly announce earnings for the quarter ended March 31, 2026,

(A) 若第二个交易日解除限售触发条件得到满足：

(A) if the Second Trading Day Release Trigger is satisfied:

- 董事及高管持有的合格证券的 15%；以及

- 15% of the Eligible Securities held by Directors and Officers; and

- 非员工持有人持有的合格证券的 15%

- 15% of the Eligible Securities held by the Non-Employee Holders

将解除限售；或，

will be released; or,

(B) 若第二个交易日解除限售触发条件未得到满足：

(B) if the Second Trading Day Release Trigger is not satisfied:

- 董事及高管持有的合格证券的 15%;

- 15% of the Eligible Securities held by Directors and Officers;

- 非高管员工持有的合格证券的 7.5%；以及

- 7.5% of the Eligible Securities held by Non-Executive Employees; and

- 非员工持有人持有的合格证券的 15%

- 15% of the Eligible Securities held by the Non-Employee Holders

将解除限售；

will be released;

(iv) 董事和高级管理人员、非高管员工及非员工持有人各自持有的合格证券中的 16.7%，将在我们公开公布截至 2026 年 6 月 30 日止季度业绩后的第二个交易日美国东部时间上午 6:00 解除锁定；

(iv) 16.7% of the Eligible Securities held by each of the Directors and Officers, Non-Executive Employees, and Non-Employee Holders will be released at 6:00 a.m. Eastern Time on the second trading day after we publicly announce earnings for the quarter ending June 30, 2026;

(v) 董事和高级管理人员、非高管员工及非员工持有人各自持有的合格证券中的 6.7%，将在以下每一日的美国东部时间上午 6:00 解除锁定：

(v) 6.7% of the Eligible Securities held by each of the Directors and Officers, Non-Executive Employees, and Non-Employee Holders will be released at 6:00 a.m. Eastern Time on each of:

- 2026 年 8 月 19 日；

- August 19, 2026;

- 2026 年 9 月 2 日；及

- September 2, 2026; and

- 2026 年 9 月 16 日；及 (vi) 董事和高级管理人员、非高管员工及非员工持有人各自持有的合格证券中的 8.9%，将在以下每一日的美国东部时间上午 6:00 解除锁定：

- September 16, 2026; and (vi) 8.9% of the Eligible Securities held by each of the Directors and Officers, Non-Executive Employees, and Non-Employee Holders will be released at 6:00 a.m. Eastern Time on each of:

- 2026 年 9 月 30 日；

- September 30, 2026;

- 2026 年 10 月 14 日；及

- October 14, 2026; and

- 2026 年 10 月 28 日。

- October 28, 2026.

本文件所用术语，

As used herein,

- “董事和高级管理人员”指在锁定期内须根据《交易法》第 16 条进行报告的我们的董事和高级管理人员。

- “Directors and Officers” means our directors and officers subject to reporting under Section 16 of the Exchange Act during the Lock-up Period.

- “非高管员工”指截至 2026 年 3 月 31 日不属于董事和高级管理人员的我们的员工。

- “Non-Executive Employees” means our employees as of March 31, 2026, who are not Directors and Officers.

- “非员工持有人”指不属于董事和高级管理人员或非高管员工的我们的股本以及可转换为或可行使或可交换为我们的股本股份的证券的持有人。

- “Non-Employee Holders” means holders of our capital stock, and securities convertible into or exercisable or exchangeable for shares of our capital stock, who are not Directors and Officers or Non-Executive Employees .

- “合格证券”指截至 2026 年 4 月 30 日由董事和高级管理人员、非高管员工及非员工持有人持有的、已归属的 A 类普通股股份，以及可直接或间接转换为 A 类普通股或可交换或可行使为 A 类普通股的证券。合格证券还包括在 2026 年 4 月 30 日之前授予董事和高级管理人员及非高管员工的股权奖励（包括股票期权和 RSU），且该等奖励的服务期归属条件将于 2026 年 11 月 9 日满足。

- “Eligible Securities” means vested shares of our Class A common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our Class A common stock held by the Directors and Officers, Non-Executive Employees, and Non-Employee Holders as of April 30, 2026. Eligible Securities also include equity awards (including stock options and RSUs) granted prior to April 30, 2026 to Directors and Officers and Non-Executive Employees for which the service-based vesting condition will be satisfied as of November 9, 2026.

此外，根据下文所述锁定期协议和禁售条款的若干例外情形，部分 A 类普通股股份将有资格在锁定期内通过卖出补足（sell-to-cover）交易在公开市场出售，以满足与 RSU 结算相关的代扣税义务。根据该等例外情形，我们估计，在与该等代扣税义务相关的交易中（基于假设的 46.9% 代扣税率），最多合计 (i) 0.2 百万股和 (ii) 0.4 百万股可分别于 2026 年 6 月 24 日前后和 2026 年 8 月 18 日前后在公开市场出售（对应服务期 RSU 的按季归属）。此外，锁定期协议和禁售条款的若干例外情形允许股票期权持有人为支付与行使该等期权相关的到期税款或款项而在公开市场出售其 A 类普通股股份。截至 2026 年 4 月 30 日，已归属的未行权股票期权合计约 21.5 百万份。

Furthermore, pursuant to certain exceptions to the lock-up agreements and market standoff provisions as described below, certain shares of our Class A common stock will be eligible for sale in the open market during the Lock-up Period in sell-to-cover transactions in order to satisfy tax withholding obligations in connection with the settlement of RSUs. Pursuant to such exceptions, we estimate up to an aggregate of (i) 0.2 million shares and (ii) 0.4 million shares may be sold in the open market on or around June 24, 2026 and August 18, 2026, respectively (representing quarterly vesting of service-based RSUs), in connection with such tax withholding obligations (based on an assumed 46.9% tax withholding rate). In addition, certain exceptions to the lock-up agreements and market standoff provisions permit holders of stock options to sell shares of our Class A common stock on the open market to cover the tax obligations or payments due in connection with the exercise of such options. As of April 30, 2026, there were an aggregate of approximately 21.5 million vested stock options outstanding.

在不限制上述规定的前提下，锁定期内锁定期协议和禁售条款所施加的限制还受若干额外例外情形的约束，包括就以下事项而言：

Without limiting the above, the restrictions imposed by the lock-up agreements and market standoff provisions during the Lock-up Period are subject to certain additional exceptions, including with respect to:

(i) 根据与本发行相关的将订立的承销协议向承销商出售的任何 A 类普通股股份；

(i) any sales of our Class A common stock to the underwriters pursuant to the underwriting agreement to be entered into in connection with this offering;

(ii) (A) 作为善意赠与（包括向慈善组织或教育机构捐赠）或 (B) 出于善意遗产或税务规划目的（包括向家族基金会捐赠）的转让；

(ii) transfers (A) as a bona fide gift or gifts (including contributions to a charitable organization or educational institution) or (B) for bona fide estate or tax planning purposes (including contributions to a family foundation);

(iii) 通过遗嘱、其他遗嘱文件或无遗嘱继承进行的转让；

(iii) transfers by will, other testamentary document, or intestacy;

(iv) 向为锁定期一方或其直系亲属直接或间接利益设立的任何信托进行的转让，或若锁定期一方为信托，则向该信托的委托人、受益人或该信托受益人的遗产进行的转让；

(iv) transfers to any trust for the direct or indirect benefit of the lock-up party or the immediate family of the lock-up party, or if the lock-up party is a trust, to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust;

(v) 向锁定期一方和/或其直系亲属为全部已发行股权证券或类似权益的法定和/或实益拥有人的合伙企业、有限责任公司或其他实体进行的转让；

(v) transfers to a partnership, limited liability company, or other entity of which the lock-up party and/or the immediate family of the lock-up party are the legal and/or beneficial owner of all of the outstanding equity securities or similar interests;

(vi) 向根据上文第 (ii) 至 (v) 项允许进行处置或转让的人士或实体的名义持有人、托管人或受托人进行的转让；

(vi) transfers to a nominee, custodian or trustee of a person or entity to whom a disposition or transfer would be permissible under clauses (ii) through (v) above;

(vii) 与锁定期一方在本发行中或在本发行交割日之后的公开市场交易中取得的 A 类普通股股份相关的交易；

(vii)transactions relating to shares of Class A common stock acquired by the lock-up party in this offering or in open market transactions after the closing date of this offering;

(viii) 若锁定期一方为公司、合伙企业、有限责任公司、信托或其他商业实体，(A) 向该锁定期一方的关联方（按《证券法》第 405 条规则的定义）的另一公司、合伙企业、有限责任公司、信托或其他商业实体转让，或向控制该锁定期一方、受该锁定期一方控制、与该锁定期一方共同管理或受其管理、或与该锁定期一方或其关联方处于共同控制之下的任何投资基金或其他实体转让（为免疑义，包括在锁定期一方为合伙企业时，向其普通合伙人或承继合伙企业或基金，或由该合伙企业管理的任何其他基金转让），或 (B) 作为向该锁定期一方的成员、合伙人、股东或其他权益持有人进行分配的一部分而转让；

(viii) if the lock-up party is a corporation, partnership, limited liability company, trust, or other business entity, (A) transfers to another corporation, partnership, limited liability company, trust, or other business entity that is an affiliate (as defined in Rule 405 promulgated under the Securities Act) of the lock-up party, or to any investment fund or other entity controlling, controlled by, managing, or managed by or under common control with the lock-up party or affiliates of the lock-up party (including, for the avoidance of doubt, where the lock-up party is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership), or (B) transfers as part of a distribution to members, partners, shareholders, or other equity-holders of the lock-up party;

(ix) 依法律实施的转让，例如依据适格家庭关系令、离婚和解协议、离婚判决、分居协议或其他法院命令进行的转让；

(ix) transfers by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree, separation agreement or other court order;

(x) 公司服务提供者在其死亡、丧失劳动能力或服务终止时向本公司进行的转让（在每种情况下均指该服务提供者）；

(x) transfers to us from a service provider of the Company upon death, disability or termination of services, in each case, of such service provider;

(xi) 就期权、认股权证、RSU 或其他购买本公司 A 类普通股、B 类普通股或 N 类普通股股份的权利的归属、行权或结算（在每种情况下包括通过“净额”或“无现金”行权方式）而向本公司进行的转让，包括用于支付行权价格以及因该等期权、认股权证、RSU 或权利的归属、行权或结算而应缴的税款和汇款，但前提是因该等归属、行权或结算而收到的任何 A 类普通股、B 类普通股或 N 类普通股股份仍应受上述限制的约束，且进一步前提是该等期权、认股权证、RSU 或权利系由锁定期一方依据 (A) 一项协议或 (B) 本招股说明书所述股权激励计划、股票购买计划或其他股权奖励计划项下授予的股权奖励而持有；

(xi) transfers to us in connection with the vesting, exercise, or settlement of options, warrants, RSUs, or other rights to purchase shares of our Class A common stock, Class B common stock, or Class N common stock (including, in each case, by way of “net” or “cashless” exercise), including for the payment of exercise price and tax and remittance payments due as a result of the vesting, exercise, or settlement of such options, warrants, RSUs, or rights, provided that any shares of Class A common stock, Class B common stock, or Class N common stock received upon such vesting, exercise, or settlement shall remain subject to the restrictions set forth above, and provided further that any such options, warrants, RSUs, or rights are held by the lock-up party pursuant to (A) an agreement or (B) equity awards granted under an equity incentive plan, stock purchase plan, or other equity award plan described in this prospectus;

(xii) 与出售或以其他方式转让锁定期一方的 A 类普通股股份相关的转让，以满足因 (A) 股票期权的行权或 (B) RSU（不包括与本首次公开发行完成相关或于其完成时归属的 RSU）的结算而应缴的任何税务义务或款项，该等行权或结算系依据本招股说明书所述股权激励计划、股票购买计划或其他股权奖励计划项下授予的奖励进行，但前提是在每种情况下，因该等行权或结算而收到的任何剩余 A 类普通股或 B 类普通股股份仍应受上述限制的约束；

(xii)transfers in connection with the sale or other transfer of the lock-up party’s shares of Class A common stock to satisfy any tax obligations or payments due as a result of (A) the exercise of stock options or (B) the settlement of RSUs (other than RSUs that vest in connection with or upon completion of this offering) pursuant to awards granted under an equity incentive plan, stock purchase plan, or other equity award plan described in this prospectus, provided that, in each case, any remaining shares of Class A common stock or Class B common stock received upon such exercise or settlement shall remain subject to the restrictions set forth above;

(xiii) 本公司已发行的 B 类普通股、N 类普通股或优先股转换为 A 类普通股或 B 类普通股股份（视情况而定），但前提是因该等转换而收到的任何 A 类普通股或 B 类普通股股份应受上述限制的约束；或

(xiii) the conversion of our outstanding Class B common stock, Class N common stock, or preferred stock into shares of our Class A common stock or Class B common stock, as applicable, provided that any such shares of Class A common stock or Class B common stock received upon such conversion shall be subject to the restrictions set forth above; or

(xiv) 依据经我们董事会批准、向本公司全体股本持有人发出、涉及公司控制权变更的善意第三方要约收购、合并、兼并或其他类似交易进行的转让；但若该等要约收购、合并、兼并或其他类似交易未能完成，则锁定方证券仍应受上述限制约束；但前提是：(A) 对于依据第 (a)(ii)、(iii)、(iv)、(v)、(vi)、(viii) 和 (ix) 项进行的任何转让、分配或其他处置，该等转让不得涉及有偿处置，且该等证券仍应受上述限制约束；(B) 对于依据第 (a)(vii) 和 (viii) 项进行的任何转让、分配或其他处置，任何一方均无需根据《交易法》进行申报，亦不会就该等转让、处置或分配自愿进行任何公开公告（依据 Form 5 或《交易法》第 13 条进行的申报除外）；以及 (C) 对于依据第 (a)(ii)、(iii)、(iv)、(v)、(vi)、(ix)、(x)、(xi) 和 (xii) 项进行的任何转让或分配，不会自愿进行任何公开申报、报告或公告，且若在锁定期内法律要求依据《交易法》第 16(a) 条进行任何申报，或进行其他公开申报、报告或公告，以报告与该等转让或分配相关的 A 类普通股受益所有权的减少，则该等申报、报告或公告必须在其脚注中明确说明该等转让的性质和条件。

(xiv) transfers pursuant to a bona fide third-party tender offer, merger, consolidation, or other similar transaction that is approved by our board of directors and made to all holders of our capital stock involving a change of control of the company; provided that in the event that such tender offer, merger, consolidation, or other similar transaction is not completed, the lock-up party’s securities shall remain subject to the restrictions set forth above; provided that (A) in the case of any transfer, distribution or other disposition pursuant to clauses (a)(ii), (iii), (iv), (v), (vi), (viii), and (ix), such transfer shall not involve a disposition for value and such securities shall remain subject to the restrictions set forth above; (B) in the case of any transfer, distribution, or other disposition pursuant to clauses (a)(vii) and (viii), no filing by any party under the Exchange Act or other public announcement shall be required or will be made voluntarily in connection with such transfer, disposition, or distribution (other than a filing on a Form 5 or pursuant to Section 13 of the Exchange Act); and (C) in the case of any transfer or distribution pursuant to clauses (a)(ii), (iii), (iv), (v), (vi), (ix), (x), (xi), and (xii), that no public filing, report, or announcement will be voluntarily made, and if any filing under Section 16(a) of the Exchange Act, or other public filing, report, or announcement reporting a reduction in beneficial ownership of shares of Class A common stock in connection with the transfer or distribution is legally required during the Lock-up Period, such filing, report, or announcement must clearly indicate in the footnotes thereto the nature and conditions of the transfer.

我们在锁定期内发行证券所受的限制受若干例外情形约束，包括：

The restrictions on issuances by us during the Lock-up Period are subject to certain exceptions, including with respect to:

(i) 依据承销协议向承销商出售我们的 A 类普通股；

(i) the sale of our Class A common stock to the underwriters pursuant to the underwriting agreement;

(ii) 因行使期权或认股权证、或转换截至本招股说明书日期已发行的证券、或结算 RSU 而发行普通股股份；

(ii) the issuance of shares of common stock upon the exercise of an option or warrant or the conversion of a security outstanding as of the date of this prospectus or the settlement of RSUs;

(iii) 依据截至本次发行交割时生效且在本招股说明书中描述的股权激励计划或员工福利计划的条款，向公司员工、高级管理人员、董事、顾问或咨询人员授予股票期权、股票奖励、限制性股票、RSU 或其他股权奖励，以及发行普通股股份或可转换为普通股或可行使为普通股的证券（无论是因行使股票期权还是其他方式），但前提是，任何该等授予、股票奖励、限制性股票、RSU 或其他股权奖励的所有接收方均应签署并向承销商交付一份涵盖锁定期剩余期间的锁定协议，前提是该等人士所持证券未以其他方式受限于一份限制性不低于本协议所述条款的市场禁售协议；

(iii) grants of stock options, stock awards, restricted stock, RSUs, or other equity awards and the issuance of shares of common stock or securities convertible into or exercisable for common stock (whether upon the exercise of stock options or otherwise) to employees, officers, directors, advisors or consultants of the Company pursuant to the terms of an equity incentive plan or employee benefit plan in effect as of the closing of this offering and described herein, provided that all recipients of any such grants, stock awards, restricted stock, RSUs, or other equity awards shall execute and deliver to the underwriters a lock-up agreement covering the remainder of the Lock-up Period to the extent the securities held by such person are not otherwise bound by a market standoff agreement that is at least as restrictive as the terms described herein;

(iv) 代表股东、高级管理人员或董事根据《交易法》第 10b5-1 条规则设立交易计划以转让 A 类普通股股份，前提是 (A) 该计划未规定在锁定期内转让 A 类普通股（锁定期协议另有许可的除外），且 (B) 若我们就设立该计划须根据《交易法》作出任何公告或备案，或我们自愿作出该等公告或备案，则该等公告或备案应包含一项声明，表明在锁定期内不得根据该计划转让 A 类普通股股份（锁定期协议另有许可的除外）；

(iv) facilitating the establishment of a trading plan on behalf of a stockholder, officer, or director pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of Class A common stock, provided that (A) such plan does not provide for the transfer of Class A common stock during the Lock-up Period (except as otherwise permitted under the lock-up agreement) and (B) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by us regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of shares of Class A common stock may be made under such plan during the Lock-up Period (except as otherwise permitted under the lock-up agreement);

(v) 就一项或多项合并、收购证券、业务、财产或其他资产、产品或技术、合资、商业关系或其他战略性公司交易或联盟，出售或发行 A 类普通股或可转换为、可行使或可交换为 A 类普通股的证券，或订立出售或发行该等证券的协议；前提是我们根据本第 (v) 项可能出售或发行或同意出售或发行的 A 类普通股或可转换为、可行使或可交换为 A 类普通股的证券（按转换后、行使后或交换后基准计算）的合计数量不得超过本次发行完成后我们已发行在外普通股总数的 10%，并且进一步前提是，该等证券的每一接收方须与承销商订立锁定期协议，涵盖锁定期剩余期间，但以该人士所持证券未受限于一项限制性不低于本协议所述条款的市场禁售协议为限；

(v) the sale or issuance of or entry into an agreement to sell or issue Class A common stock or any securities convertible into or exercisable or exchangeable for Class A common stock in connection with one or more mergers, acquisitions of securities, businesses, property or other assets, products or technologies, joint ventures, commercial relationships, or other strategic corporate transactions or alliances; provided that the aggregate amount of Class A common stock or any securities convertible into or exercisable or exchangeable for Class A common stock (on an as-converted, as-exercised, or as-exchanged basis) that we may sell or issue or agree to sell or issue pursuant to this clause (v) shall not exceed 10% of the total number of shares of our common stock issued and outstanding immediately following the completion of this offering, and provided, further, that each recipient of such securities enter into a lock-up agreement with the underwriters covering the remainder of the Lock-up Period to the extent the securities held by such person are not otherwise bound by a market standoff agreement that is at least as restrictive as the terms described herein;

(vi) 就商业交易出售或发行可购买我们 N 类普通股股份的认股权证，前提是该等证券的接收方须与承销商订立锁定期协议，涵盖锁定期剩余期间；

(vi) the sale or issuance of warrants to purchase shares of our Class N common stock in connection with commercial transactions, provided, that the recipient of such securities enter into a lock-up agreement with the underwriters covering the remainder of the Lock-up Period;

(vii) 因转换我们的 B 类普通股或 N 类普通股股份而发行 A 类普通股股份；或

(vii) the issuance of shares of Class A common stock upon the conversion of shares of our Class B common stock or Class N common stock; or

(viii) 就根据本招股说明书所披露的股权激励计划和员工福利计划发行的 A 类普通股股份，提交一份或多份 S-8 表格注册声明以进行注册。

(viii) the filing of one or more registration statements on Form S-8 for the registration of shares of Class A common stock issued pursuant to our equity incentive and employee benefit plans disclosed in this prospectus.

为便于我们 A 类普通股的发行，承销商可能进行稳定、维持或以其他方式影响我们 A 类普通股价格的交易。具体而言，承销商可能出售超过其在承销协议项下有义务购买的股份，从而形成空头头寸。如果空头头寸不超过承销商根据超额配售选择权可购买的股份数量，则该卖空为有担保卖空。承销商可通过行使超额配售选择权或在一级市场购买股份来平掉有担保卖空。在确定平掉有担保卖空的股份来源时，承销商将考虑（其中包括）股份的一级市场价格与超额配售选择权项下可购买价格之间的比较。承销商还可能出售超过超额配售选择权数量的股份，从而形成裸空头头寸。承销商必须通过在一级市场购买股份来平掉任何裸空头头寸。如果承销商担心定价后我们 A 类普通股的一级市场价格可能面临下行压力，从而可能对本次发行中购买股份的投资者产生不利影响，则更有可能形成裸空头头寸。作为促进本次发行的额外手段，承销商可能在一级市场出价购买 A 类普通股，以稳定我们 A 类普通股的价格。这些活动可能使我们的 A 类普通股市场价格高于独立市场水平，或阻止或延缓我们 A 类普通股市场价格的下跌。承销商无义务进行这些活动，并可随时终止任何此类活动。

In order to facilitate the offering of our Class A common stock, the underwriters may engage in transactions that stabilize, maintain, or otherwise affect the price of our Class A common stock. Specifically, the underwriters may sell more shares than they are obligated to purchase under the underwriting agreement, creating a short position. A short sale is covered if the short position is no greater than the number of shares available for purchase by the underwriters under the option to purchase additional shares. The underwriters can close out a covered short sale by exercising the option to purchase additional shares or purchasing shares in the open market. In determining the source of shares to close out a covered short sale, the underwriters will consider, among other things, the open market price of shares compared to the price available under the option to purchase additional shares. The underwriters may also sell shares in excess of the option to purchase additional shares, creating a naked short position. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of our Class A common stock in the open market after pricing that could adversely affect investors who purchase in this offering. As an additional means of facilitating this offering, the underwriters may bid for, and purchase, shares of Class A common stock in the open market to stabilize the price of our Class A common stock. These activities may raise or maintain the market price of our Class A common stock above independent market levels or prevent or retard a decline in the market price of our Class A common stock. The underwriters are not required to engage in these activities and may end any of these activities at any time.

我们与承销商已同意就某些责任（包括《证券法》项下的责任）相互赔偿。

We and the underwriters have agreed to indemnify each other against certain liabilities, including liabilities under the Securities Act.

电子格式的招股说明书可能在一个或多个承销商或参与本次发行的任何销售团成员维护的网站上提供。承销商代表可能同意向承销商分配一定数量的 A 类普通股，由其出售给其在线经纪账户持有人。互联网分销将由承销商代表分配给可能以与其他分配相同的基础进行互联网分销的承销商。

A prospectus in electronic format may be made available on websites maintained by one or more underwriters, or selling group members, if any, participating in this offering. The representatives may agree to allocate a number of shares of Class A common stock to underwriters for sale to their online brokerage account holders. Internet distributions will be allocated by the representatives to underwriters that may make Internet distributions on the same basis as other allocations.

其他关系 Other Relationships

承销商及其各自的关联方均为提供全方位服务的金融机构，从事各类业务，可能包括证券交易、商业与投资银行业务、财务顾问、投资管理、投资研究、自营投资、对冲、融资及经纪业务。部分承销商及其各自的关联方不时为我们提供并可能在未来继续提供各类财务顾问及投资银行服务，并已就此收取或将收取惯常的费用及开支。例如，Morgan Stanley & Co. LLC、Citigroup Global Markets Inc.、Barclays Capital Inc.、UBS Securities LLC、Mizuho Securities USA LLC、TD Securities (USA) LLC、Credit Agricole Securities (USA) Inc.、MUFG Securities Americas Inc. 及 First Citizens Capital Securities, LLC（本次发行的承销商或财务顾问）和/或其关联方，系循环信贷融资项下的贷款人。

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing, and brokerage activities. Certain of the underwriters and their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory and investment banking services for us, for which they received or will receive customary fees and expenses. For example, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Barclays Capital Inc., UBS Securities LLC, Mizuho Securities USA LLC, TD Securities (USA) LLC, Credit Agricole Securities (USA) Inc., MUFG Securities Americas Inc., and First Citizens Capital Securities, LLC, underwriters or financial advisors in this offering, and/or their affiliates, are lenders under the Revolving Credit Facility.

此外，Credit Agricole Securities (USA) Inc. 担任与本次发行相关的我们的财务顾问，我们将就此向其支付相当于本次发行中向承销商支付的承销折扣及佣金总额最高 1.67% 的费用。

In addition, Credit Agricole Securities (USA) Inc. is acting as our financial advisor in connection with this offering, for which we will pay them a fee equal to up to 1.67% of the total underwriting discounts and commissions paid to the underwriters in connection with the offering.

我们还授予部分承销商优先购买权，使其有权在截至 2026 年 9 月的期间内，就我们进行的任何“承销”Rule 144A 发行、承销公开发行或其他股权融资，担任账簿管理人牵头主承销商、账簿管理人牵头安排行或独家配售代理。FINRA 将视该优先购买权为承销补偿，其价值为发行募集资金的 1%。

We have also granted certain of the underwriters a right of first refusal to participate as book-running lead managing underwriters, book-running lead arrangers, or exclusive placement agents in connection with any “underwritten” Rule 144A offering, underwritten public offering or other equity financing by us through September 2026. Such right of first refusal will be deemed by FINRA to be underwriting compensation with a value of 1% of the offering proceeds.

在其各类日常业务活动中，承销商及其各自的关联方可能进行或持有广泛的投资，并为其自身账户及客户账户积极交易债务和权益证券（或相关衍生证券）及金融工具（包括银行贷款），并可能随时持有该等证券及工具的多头或空头头寸。该等投资及证券活动可能涉及我们的证券及工具。承销商及其各自的关联方还可能就该等证券或工具提出投资建议，或发布或表达独立的研究观点，并可能随时持有或建议客户取得该等证券及工具的多头或空头头寸。

In the ordinary course of their various business activities, the underwriters and their respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities and instruments. Such investment and securities activities may involve our securities and instruments. The underwriters and their respective affiliates may also make investment recommendations or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long or short positions in such securities and instruments.

定向股份计划 Directed Share Program

应我们的要求，承销商已预留最多 1,500,000 股由本招股说明书发售的 A 类普通股，通过定向股份计划按首次公开发行价格向由我们管理层指定的若干人士及若干长期任职员工出售，其中可能包括与我们存在业务关系的各方以及管理层和该等员工的亲友。若该等人士购买，该等股份将不受锁定期限制，但若该等股份的购买人因其与我们之间的关系而另行受锁定期协议约束的除外。向公众发售的 A 类普通股数量将减去向该等人士出售的预留股份数量。该等人士未购买的任何预留股份将由承销商按与本招股说明书发售的其他 A 类普通股相同的基础向公众发售。除本招股说明书封面所述的承销折扣外，承销商无权就根据定向股份计划出售的 A 类普通股收取任何佣金。我们已同意就定向股份计划预留股份的出售事宜，赔偿承销商若干责任和费用，包括《证券法》项下的责任。Morgan Stanley & Co. LLC 将管理我们的定向股份计划。

At our request, the underwriters have reserved up to 1,500,000 shares of Class A common stock offered by this prospectus for sale at the initial public offering price through a directed share program to certain persons identified by our management and certain long-tenured employees, which may include parties with whom we have a business relationship and friends and family of management and such employees. If purchased by these persons, these shares will not be subject to a lock-up restriction, except to the extent that the purchasers of such shares are otherwise subject to lock-up agreements as a result of their relationships with us. The number of shares of Class A common stock available for sale to the general public will be reduced by the number of reserved shares sold to these persons. Any reserved shares not purchased by these persons will be offered by the underwriters to the general public on the same basis as the other shares of Class A common stock offered by this prospectus. Other than the underwriting discount described on the front cover of this prospectus, the underwriters will not be entitled to any commission with respect to shares of Class A common stock sold pursuant to the directed share program. We have agreed to indemnify the underwriters against certain liabilities and expenses, including liabilities under the Securities Act, in connection with sales of the shares reserved for the directed share program. Morgan Stanley & Co. LLC will administer our directed share program.

发行定价 Pricing of the Offering

在本次发行之前，我们的 A 类普通股不存在公开市场。首次公开发行价格由我们与承销商代表协商确定。在确定首次公开发行价格时考虑的因素包括我们的未来前景及所处行业的整体前景、我们近期的销售额、盈利以及某些其他财务和经营信息，以及从事与我们类似业务的公司的市盈率、市销率、证券市场价格及某些财务和经营信息。我们和承销商均无法向投资者保证，我们的 A 类普通股将形成活跃的交易市场，或该等股份将在公开市场以等于或高于首次公开发行价格的价格交易。

Prior to this offering, there has been no public market for our Class A common stock. The initial public offering price was determined by negotiations between us and the representatives. Among the factors considered in determining the initial public offering price were our future prospects and those of our industry in general, our sales, earnings, and certain other financial and operating information in recent periods, and the price-earnings ratios, price-sales ratios, market prices of securities, and certain financial and operating information of companies engaged in activities similar to ours. Neither we nor the underwriters can assure investors that an active trading market will develop for shares of our Class A common stock, or that the shares will trade in the public market at or above the initial public offering price.

销售限制 Selling Restrictions

#### 欧洲经济区

#### European Economic Area

就欧洲经济区各成员国（各称“相关国家”）而言，在有关我们 A 类普通股的招股说明书经该相关国家主管机关批准，或在适当情况下经另一相关国家批准并通知该相关国家主管机关之前，概无亦不会根据本次发行在该相关国家向公众发售任何 A 类普通股，上述一切均须遵守《招股说明书条例》，但根据《招股说明书条例》的下列豁免情形，我们 A 类普通股可随时在该相关国家向公众发售：

In relation to each Member State of the European Economic Area (each a “Relevant State”), no shares of our Class A common stock have been offered or will be offered pursuant to the offering to the public in that Relevant State prior to the publication of a prospectus in relation to the shares of our Class A common stock which has been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation, except that offers of shares of our Class A common stock may be made to the public in that Relevant State at any time under the following exemptions under the Prospectus Regulation:

(a) 向《招股说明书条例》第 2 条所界定的任何合格投资者法人实体发售；

(a) to any legal entity which is a qualified investor as defined under Article 2 of the Prospectus Regulation;

(b) 向少于 150 名自然人或法人（不包括《招股说明书条例》第 2 条所界定的合格投资者）发售，但须就任何该等发售事先取得代表同意；或

(b) to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

(c) 属于《招股说明书条例》第 1(4)条规定的任何其他情形，

(c) in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

前提是任何该等 A 类普通股发售均不要求我们或任何承销商根据《招股说明书条例》第 3 条刊发招股说明书或根据《招股说明书条例》第 23 条补充招股说明书，且每位初始认购任何 A 类普通股的人士或任何发售对象将被视为已向各承销商及本公司陈述、确认并同意，其属于《招股说明书条例》第 2(e)条含义内的“合格投资者”。

provided that no such offer of shares of our Class A common stock shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation, and each person who initially acquires any shares of our Class A common stock or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with each of the underwriters and the Company that it is a “qualified investor” within the meaning of Article 2(e) of the Prospectus Regulation.

如向《招股说明书条例》第 5 条所指的金融中介机构发售任何 A 类普通股，则各该等金融中介机构将被视为已陈述、确认并同意，其于本次发行中认购的 A 类普通股并非以非自主方式代表他人认购，亦非以向可能引致任何 A 类普通股向公众发售的情形下的人士发售或转售为目的而认购，但其在相关国家向上述所界定的合格投资者发售或转售，或已就每项该等拟议发售或转售取得代表事先同意的情形除外。

In the case of any shares of our Class A common stock being offered to a financial intermediary as that term is used in Article 5 of the Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed that the shares of our Class A common stock acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any shares of our Class A common stock to the public other than their offer or resale in a Relevant State to qualified investors as so defined or in circumstances in which the prior consent of the representatives has been obtained to each such proposed offer or resale.

就本条规定而言，在任何相关国家与 A 类普通股有关的“向公众发售”一语，指以任何形式及任何方式传达有关发售条款及拟发售的任何 A 类普通股的充分信息，以使投资者能够决定购买或认购任何 A 类普通股，而“招股说明书条例”一语指第（EU）2017/1129 号条例（经修订）。

For the purposes of this provision, the expression an “offer to the public” in relation to shares of our Class A common stock in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares of our Class A common stock to be offered so as to enable an investor to decide to purchase or subscribe for any shares of our Class A common stock, and the expression “Prospectus Regulation” means Regulation (EU) 2017/1129 (as amended).

#### 英国

#### United Kingdom

除以下情形外，未曾且不会依据本次发行在英国向公众发售任何股份：股份可在任何时间在英国向公众发售：

No shares have been offered or will be offered pursuant to the offering to the public in the United Kingdom except that the shares may be offered to the public in the United Kingdom at any time:

(a) 在以下情况下：(i) 该要约以股份获准在 London Stock Exchange plc 主板市场交易为条件（依据 POATR 附表 1 第 6(a) 段的例外规定），或 (ii) 所发售的股份在要约发出时已获准在 London Stock Exchange plc 主板市场交易（依据 POATR 附表 1 第 6(b) 段的例外规定）；

(a) where (i) the offer is conditional on the admission of the shares to trading on the London Stock Exchange plc’s main market (in reliance on the exception in paragraph 6(a) of Schedule 1 of the POATR) or (ii) the shares being offered are at the time of the offer already admitted to trading on London Stock Exchange plc’s main market (in reliance on the exception in paragraph 6(b) of Schedule 1 of the POATR);

(b) 向 POATR 附表 1 第 15 段所定义的任何“合格投资者”发售；

(b) to any “qualified investor” as defined in paragraph 15 of Schedule 1 of the POATR;

(c) 向少于 150 名人士（POATR 附表 1 第 15 段所定义的合格投资者除外）发售，但任何此类要约须事先取得代表的同意；或

(c) to fewer than 150 persons (other than qualified investors as defined in paragraph 15 of Schedule 1 of the POATR), subject to obtaining the prior consent of the representatives for any such offer; or

(d) 属于 POATR 附表 1 第 1 部分范围内的任何其他情形。

(d) in any other circumstances falling within Part 1 of Schedule 1 of the POATR.

就本条规定而言，在英国与股份相关的“向公众发售”一词，指向任何人传达以下方面的充分信息：(a) 拟发售的股份；以及 (b) 发售该等股份所依据的条款，以使投资者能够决定购买或认购该等股份；“POATR”一词指《2024 年公开发售与上市交易条例》。

For the purposes of this provision, the expression an “offer to the public” in relation to the shares in the United Kingdom means the communication to any person which presents sufficient information on: (a) the shares to be offered; and (b) the terms on which they are to be offered, to enable an investor to decide to buy or subscribe for the shares and the expression “POATR” means the Public Offers and Admissions to Trading Regulations 2024.

本招股说明书仅向以下对象分发并仅面向以下对象：(A) 英国境外人士，或 (B) 同时属于以下情形的合格投资者：(i) 属于《2005 年金融服务与市场法（金融推广）令》（以下简称“《令》”）第 19(5) 条所指的投资专业人士，或 (ii) 属于《令》第 49(2)(a) 至 (d) 条所指的高净值公司及其他可合法接收本文件的实体（上述所有人士统称“相关人士”）。股份仅向相关人士提供，任何认购、购买或以其他方式取得股份的邀请、要约或协议亦仅与相关人士进行。任何非相关人士均不得依据本招股说明书或其任何内容行事。

This prospectus is only being distributed to and is only directed at: (A) persons who are outside the United Kingdom, or (B) qualified investors who are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), or (ii) high-net-worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the shares will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this prospectus or any of its contents.

#### 香港

#### Hong Kong

本文件内容未经香港任何监管机构审阅。建议您就本次发行审慎行事。如您对本文件任何内容存有疑问，应获取独立专业意见。我们 A 类普通股的股份未曾且不得以任何文件方式要约或出售，但以下情形除外：(i) 在不构成《公司（清盘及杂项条文）条例》（香港法例第 32 章）所指的向公众作出要约的情况下；(ii) 向《证券及期货条例》（香港法例第 571 章）及其项下任何规则所定义的“专业投资者”作出；或(iii) 在其他不会导致该文件构成《公司（清盘及杂项条文）条例》（香港法例第 32 章）所指的“招股说明书”的情况下。概无与我们的 A 类普通股股份有关的广告、邀请或文件已经或可能被发出，或已经或可能由任何人管有，以供发出（无论在香港或其他地方），而该等广告、邀请或文件是针对香港公众的，或其内容相当可能由香港公众查阅或阅读的（除非根据香港法律获准如此行事），但就仅向香港以外人士或仅向《证券及期货条例》（香港法例第 571 章）及其项下任何规则所定义的“专业投资者”处置或拟处置的 A 类普通股股份者除外。

The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. Shares of our Class A common stock have not been offered or sold and may not be offered or sold by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32, Laws of Hong Kong), (ii) to “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a “prospectus” within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32, Laws of Hong Kong). No advertisement, invitation, or document relating to shares of our Class A common stock has been or may be issued or has been or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to shares of our Class A common stock that are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.

#### 日本

#### Japan

概无就招揽认购 A 类普通股股份的申请，根据日本《金融商品交易法》（1948 年第 25 号法律，经修订）（“FIEL”）第 4 条第 1 款办理或将会办理任何登记。

No registration pursuant to Article 4, paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended) (the “FIEL”) has been made or will be made with respect to the solicitation of the application for the acquisition of the shares of Class A common stock.

因此，A 类普通股股份未曾且将不会直接或间接在日本境内，或向任何日本居民（本文件所用该术语指任何居住在日本的人士，包括根据日本法律组建的任何公司或其他实体），或为任何日本居民的利益，或向他人作出要约或出售，以供直接或间接在日本境内，或向任何日本居民，或为任何日本居民的利益，进行再次要约或转售，但根据 FIEL 及其他适用日本法律法规的登记要求豁免并另行遵守该等法律法规者除外。

Accordingly, the shares of Class A common stock have not been, directly or indirectly, offered or sold and will not be, directly or indirectly, offered or sold in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan) or to others for re-offering or re-sale, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan except pursuant to an exemption from the registration requirements, and otherwise in compliance with, the FIEL and the other applicable laws and regulations of Japan.

#### 面向合格机构投资者（“QII”）

#### For Qualified Institutional Investors (“QII”)

请注意，就 A 类普通股股份而言，对 FIEL 第 4 条第 2 款所述新发行证券或二级证券（各自定义见该款）的招揽，构成“仅面向 QII 的非公开发行”或“仅面向 QII 的二级分销”（各自定义见 FIEL 第 23-13 条第 1 款）。对于任何此类招揽，FIEL 第 4 条第 1 款另行规定的披露并未就 A 类普通股股份作出。A 类普通股股份仅可转让给 QII。

Please note that the solicitation for newly issued or secondary securities (each as described in Paragraph 2, Article 4 of the FIEL) in relation to the shares of Class A common stock constitutes either a “QII only private placement” or a “QII only secondary distribution” (each as described in Paragraph 1, Article 23-13 of the FIEL). Disclosure regarding any such solicitation, as is otherwise prescribed in Paragraph 1, Article 4 of the FIEL, has not been made in relation to the shares of Class A common stock. The shares of Class A common stock may only be transferred to QIIs.

#### 面向非 QII 投资者

#### For Non-QII Investors

请注意，就 A 类普通股股份而言，对 FIEL 第 4 条第 2 款所述新发行证券或二级证券（各自定义见该款）的招揽，构成“小规模非公开发行”或“小规模二级分销”（各自定义见 FIEL 第 23-13 条第 4 款）。对于任何此类招揽，FIEL 第 4 条第 1 款另行规定的披露并未就 A 类普通股股份作出。A 类普通股股份仅可整体转让、不得拆分，且仅可转让给单一投资者。

Please note that the solicitation for newly issued or secondary securities (each as described in Paragraph 2, Article 4 of the FIEL) in relation to the shares of Class A common stock constitutes either a “small number private placement” or a “small number private secondary distribution” (each as is described in Paragraph 4, Article 23-13 of the FIEL). Disclosure regarding any such solicitation, as is otherwise prescribed in Paragraph 1, Article 4 of the FIEL, has not been made in relation to the shares of Class A common stock. The shares of Class A common stock may only be transferred en bloc without subdivision to a single investor.

#### 新加坡

#### Singapore

本招股说明书未作为招股说明书向新加坡金融管理局注册。因此，本招股说明书及与要约或出售、或认购或购买要约邀请相关的任何其他文件或材料，不得在新加坡境内向人士传阅或分发，我们的 A 类普通股股份亦不得直接或间接向新加坡境内人士要约或出售，或作为认购或购买要约邀请的标的，但以下情形除外：(i) 依据新加坡第 289 章《证券与期货法》（“SFA”）第 274 条向机构投资者作出；(ii) 依据 SFA 第 275（1A）条向相关人士或任何人士作出，并符合 SFA 第 275 条规定的条件；或 (iii) 依据 SFA 任何其他适用条款并符合其条件作出。

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of shares of our Class A common stock may not be circulated or distributed, nor may the shares of our Class A common stock be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor pursuant to Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”), (ii) to a relevant person, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

凡相关人士依据第 275 条认购或购买我们的 A 类普通股股份，且该相关人士为：

Where shares of our Class A common stock are subscribed or purchased under Section 275 by a relevant person which is:

(a) 一家公司（非 SFA 第 4A 条所定义的认可投资者），其唯一业务为持有投资，且其全部股本由一名或多名个人拥有，且每名个人均为认可投资者；或

(a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

(b) 一项信托（其受托人非认可投资者），其唯一目的为持有投资，且该信托的每名受益人均为认可投资者，则该等公司或该信托的证券或证券衍生品合约（各自定义见 SFA 第 2(1)条），或该信托中受益人的权利和权益，在该公司或该信托依据 SFA 第 275 条取得我们的 A 类普通股股份后六个月内不得转让，但以下情形除外：

(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, securities or securities-based derivatives contracts (each as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries’ rights and interest in that trust shall not be transferable within six months after that corporation or that trust has acquired shares of our Class A common stock under Section 275 of the SFA except:

(1) 向机构投资者或相关人士，或依据 SFA 第 275（1A）条向任何人士，并符合 SFA 第 275 条规定的条件；

(1) to an institutional investor or to a relevant person, or to any person pursuant to Section 275(1A), and in accordance with the conditions, specified in Section 275 of the SFA;

(2) 转让未支付或将不会支付任何对价；

(2) where no consideration is or will be given for the transfer;

(3) 转让因法律实施而发生；

(3) where the transfer is by operation of law;

(4) 符合 SFA 第 276(7) 条规定；或

(4) as specified in Section 276(7) of the SFA; or

(5) 符合《2018 年证券与期货（投资要约）（证券及证券挂钩衍生品合约）条例》第 37A 条规定。

(5) as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities based Derivatives Contracts) Regulation 2018.

仅为满足 SFA 第 309B(1)(c) 条项下的通知要求之目的，我们已认定并特此通知所有相关人士，该等股份属于“规定资本市场产品”（定义见《2018 年证券与期货（资本市场产品）条例》）及除外投资产品（定义见 MAS 通知 SFA 04-N12:《投资产品销售通知》及 MAS 通知 FAA-N16:《投资产品推荐通知》）。

Solely for purposes of the notification requirements under Section 309B(1)(c) of the SFA, we have determined, and hereby notify all relevant persons, that the shares are “prescribed capital markets products” (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

#### 迪拜国际金融中心

#### Dubai International Financial Centre

本招股说明书涉及依据迪拜金融服务管理局（以下简称“DFSA”）《要约证券规则》进行的豁免要约。本招股说明书仅拟向 DFSA《要约证券规则》所规定类型的人士分发。不得向任何其他人士交付本招股说明书，亦不得由任何其他人士依赖本招股说明书。DFSA 无责任审阅或核实与豁免要约相关的任何文件。DFSA 未批准本招股说明书，亦未采取措施核实本招股说明书所载信息，且对本招股说明书不承担任何责任。本招股说明书所涉及的 A 类普通股股份可能缺乏流动性，和/或受限于转售限制。本次发行股份的潜在购买者应自行对股份进行尽职调查。如您不理解本招股说明书的内容，应咨询经授权的财务顾问。

This prospectus relates to an Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority (the “DFSA”). This prospectus is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility for the prospectus. The shares of our Class A common stock to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the shares offered should conduct their own due diligence on the shares. If you do not understand the contents of this prospectus, you should consult an authorized financial advisor.

#### 加拿大

#### Canada

我们的 A 类普通股股份仅可出售给作为委托人购买或被视为作为委托人购买的购买者，且该等购买者须为《国家文书 45-106 招股说明书豁免》或《证券法（安大略省）》第 73.3(1) 条所定义的获许投资者，并且，除根据定向股份计划进行的某些销售外，还须为《国家文书 31-103 注册要求、豁免及持续注册人义务》所定义的获准客户。

Shares of our Class A common stock may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and except for certain sales made under the directed share program, that also are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.

A 类普通股股份的任何转售均须依据适用证券法招股说明书要求的豁免进行，或在不受该等要求约束的交易中进行。

Any resale of the shares of Class A common stock must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

加拿大某些省或地区的证券立法可能规定，若本招股说明书（包括其任何修订）存在虚假陈述，购买者可获得撤销交易或损害赔偿的救济，但前提是该购买者在购买者所在省或地区的证券立法规定的期限内行使撤销交易或损害赔偿的救济。购买者应查阅购买者所在省或地区证券立法的任何适用条款以了解这些权利的详情，或咨询法律顾问。

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser’s province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser’s province or territory for particulars of these rights or consult with a legal advisor.

根据 National Instrument 33-105《承销利益冲突》（NI 33-105）第 3A.3 条（或，对于由非加拿大司法管辖区政府发行或担保的证券，第 3A.4 条），承销商无需就本次发行遵守 NI 33-105 中有关承销商利益冲突的披露要求，但根据定向股份计划向非获准客户购买者作出的销售除外。

Pursuant to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering, except in respect of sales made under the directed share program to purchasers who are not permitted clients.

#### 巴西

#### Brazil

我们 A 类普通股的发行和销售未曾且不会向巴西证券委员会 Comissão de Valores Mobiliários（“CVM”）注册，因此，不会以根据 2022 年 7 月 13 日第 160 号 CVM 决议（经修订，“CVM 第 160 号决议”）构成在巴西公开发行或根据巴西法律法规构成未经授权分销的任何方式进行。我们 A 类普通股将获准在非巴西有组织证券市场交易，且仅可向巴西专业投资者（按适用 CVM 法规的定义）发行，该等投资者仅可通过非巴西账户、以非巴西货币在巴西境外结算的方式购买我们 A 类普通股。禁止该等证券在巴西受监管证券市场交易。

The offer and sale of our shares of Class A common stock has not been, and will not be, registered with the Brazilian Securities Commission, Comissão de Valores Mobiliários (“CVM”), and, therefore, will not be carried out by any means that would constitute a public offering in Brazil under CVM Resolution No. 160, dated July 13, 2022, as amended (“CVM Resolution 160”) or unauthorized distribution under Brazilian laws and regulations. The shares of our Class A common stock will be authorized for trading on organized non-Brazilian securities markets and may only be offered to Brazilian Professional Investors (as defined by applicable CVM regulation), who may only acquire our shares of Class A common stock through a non-Brazilian account, with settlement outside Brazil in non-Brazilian currency. The trading of these securities on regulated securities markets in Brazil is prohibited.

#### 瑞士

#### Switzerland

我们 A 类普通股不得在瑞士公开发行，且不会在 SIX 瑞士交易所（“SIX”）或瑞士任何其他证券交易所或受监管交易设施上市。本文件不构成《瑞士义务法典》第 652a 条或第 1156 条所指的招股说明书，且编制时未考虑《瑞士义务法典》第 652a 条或第 1156 条项下发行招股说明书的披露标准，亦未考虑 SIX 上市规则第 27 条及以下条款或瑞士任何其他证券交易所或受监管交易设施上市规则项下上市招股说明书的披露标准。本文件及与我们的 A 类普通股或本次发行有关的任何其他发行或营销材料均不得在瑞士公开分发或以其他方式公开提供。

Shares of our Class A common stock may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (“SIX”), or on any other stock exchange or regulated trading facility in Switzerland. This document does not constitute a prospectus within the meaning of, and has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the shares of our Class A common stock or the offering may be publicly distributed or otherwise made publicly available in Switzerland.

本文件及与本次发行、我们或我们的 A 类普通股相关的任何其他发行或营销材料，均未曾且不会向任何瑞士监管机构提交或获得其批准。特别是，本文件不会向瑞士金融市场监管局提交，我们的 A 类普通股发行亦不受瑞士金融市场监管局监管，且 A 类普通股的发行未曾且不会根据《瑞士联邦集合投资计划法》（“CISA”）获得授权。CISA 项下赋予集合投资计划权益购买人的投资者保护不适用于我们 A 类普通股的购买人。

Neither this document nor any other offering or marketing material relating to the offering, us or the shares of our Class A common stock have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of our Class A common stock will not be supervised by, the Swiss Financial Market Supervisory Authority, and the offer of Class A common stock has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes (“CISA”). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of the shares of our Class A common stock.

#### 澳大利亚

#### Australia

就本次发行而言，未向澳大利亚证券和投资委员会提交任何配售文件、招股说明书、产品披露声明或其他披露文件。本招股说明书不构成《2001 年公司法》（“《公司法》”）项下的招股说明书、产品披露声明或其他披露文件，亦不意图包含《公司法》项下招股说明书、产品披露声明或其他披露文件所要求的信息。

No placement document, prospectus, product disclosure statement, or other disclosure document has been lodged with the Australian Securities and Investments Commission in relation to this offering. This prospectus does not constitute a prospectus, product disclosure statement, or other disclosure document under the Corporations Act 2001 (the “Corporations Act”) and does not purport to include the information required for a prospectus, product disclosure document statement, or other disclosure document under the Corporations Act.

在澳大利亚，我们的 A 类普通股的任何发行仅可向以下人士（“豁免投资者”）作出：属于《公司法》第 708(8)条含义内的“成熟投资者”、属于《公司法》第 708(11)条含义内的“专业投资者”的人士，或依据《公司法》第 708 条所载的一项或多项豁免作出的其他情形，从而使得在不依据《公司法》第 6D 章向投资者披露的情况下发行我们的 A 类普通股属合法行为。

Any offer in Australia of our Class A common stock may only be made to persons (“Exempt Investors”) who are “sophisticated investors” (within the meaning of section 708(8) of the Corporations Act), “professional investors” (within the meaning of section 708(11) of the Corporations Act), or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer our Class A common stock without disclosure to investors under Chapter 6D of the Corporations Act.

豁免投资者在澳大利亚认购的 A 类普通股，在本次发行配发日期后的 12 个月内不得在澳大利亚发售，除非依据《公司法》第 708 条项下的豁免或其他规定无需依据《公司法》第 6D 章向投资者披露，或该发售系依据符合《公司法》第 6D 章的披露文件进行。任何取得证券的人士均须遵守该等澳大利亚转售限制。

The Class A common stock applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring securities must observe such Australian on-sale restrictions.

本招股说明书仅包含一般性信息，并未考虑任何特定人士的投资目标、财务状况或特定需求。其不包含任何证券推荐或金融产品建议。在作出投资决策前，投资者需考虑本招股说明书中的信息是否适合其需求、目标和情况，并在必要时就该等事项寻求专家意见。

This prospectus contains general information only and does not take account of the investment objectives, financial situation, or particular needs of any particular person. It does not contain any securities recommendation or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances, and, if necessary, seek expert advice on those matters.

#### 以色列

#### Israel

在以色列国，本招股说明书不应被视为根据《以色列证券法》（5728—1968）向公众发出的购买 A 类普通股的要约；该法要求，招股说明书须经以色列证券管理局授权并公布，前提是其符合《以色列证券法》（5728—1968）第 15 条的某些规定，其中包括：(i) 该要约仅向不超过 35 名投资者发出、分发或定向发出，并须满足某些条件（“定向投资者”），或 (ii) 该要约仅向《以色列证券法》（5728—1968）第一附录所界定的某些合格投资者发出、分发或定向发出，并须满足某些条件（“合格投资者”）。合格投资者不计入定向投资者的数量，并可在 35 名定向投资者之外另行获邀购买证券。我们未曾且将不会采取任何行动以致需要其根据《以色列证券法》（5728—1968）公布招股说明书。除合格投资者及最多 35 名定向投资者外，我们未曾且将不会在以色列国境内向任何人士分发本招股说明书，或作出、分发或定向发出认购我们 A 类普通股的要约。

In the State of Israel, this prospectus shall not be regarded as an offer to the public to purchase shares of Class A common stock under the Israeli Securities Law, 5728—1968, which requires a prospectus to be published and authorized by the Israel Securities Authority, if it complies with certain provisions of Section 15 of the Israeli Securities Law, 5728—1968, including, inter alia, if: (i) the offer is made, distributed or directed to not more than 35 investors, subject to certain conditions (the “Addressed Investors”), or (ii) the offer is made, distributed or directed to certain qualified investors defined in the First Addendum of the Israeli Securities Law, 5728—1968, subject to certain conditions (the “Qualified Investors”). The Qualified Investors shall not be taken into account in the count of the Addressed Investors and may be offered to purchase securities in addition to the 35 Addressed Investors. We have not and will not take any action that would require it to publish a prospectus in accordance with and subject to the Israeli Securities Law, 5728—1968. We have not and will not distribute this prospectus or make, distribute, or direct and offer to subscribe for our Class A common stock to any person within the State of Israel, other than to Qualified Investors and up to 35 Addressed Investors.

合格投资者可能须提交书面证据，证明其符合《以色列证券法》（5728—1968）第一附录所载的定义。特别是，作为获发行 A 类普通股的一项条件，我们可能要求各合格投资者向我们和/或代表我们行事的任何人士作出陈述、保证并证明：(i) 其属于《以色列证券法》（5728—1968）第一附录所列类别之一的投资者；(ii) 其适用《以色列证券法》（5728—1968）第一附录中关于合格投资者的哪一类别；(iii) 其将遵守《以色列证券法》（5728—1968）及其项下颁布的法规中与本次发行 A 类普通股有关的全部规定；(iv) 其将获发行的 A 类普通股股份，在《以色列证券法》（5728—1968）项下可获得的豁免范围内：(a) 为其自身账户持有；(b) 仅为投资目的持有；且 (c) 并非以在以色列国境内转售为目的而发行，但依照《以色列证券法》（5728—1968）的规定进行者除外；以及 (v) 其愿意提供其合格投资者身份的进一步证据。定向投资者可能须就其身份提交书面证据，并可能须签署和提交一份声明，其中除其他事项外，载明该定向投资者的姓名、地址及护照号码或以色列身份证号码。

Qualified Investors may have to submit written evidence that they meet the definitions set out in the First Addendum to the Israeli Securities Law, 5728—1968. In particular, we may request, as a condition to be offered Class A common stock, that Qualified Investors will each represent, warrant, and certify to us and/or to anyone acting on our behalf: (i) that it is an investor falling within one of the categories listed in the First Addendum to the Israeli Securities Law, 5728—1968; (ii) which of the categories listed in the First Addendum to the Israeli Securities Law, 5728—1968 regarding Qualified Investors is applicable to it; (iii) that it will abide by all provisions set forth in the Israeli Securities Law, 5728—1968 and the regulations promulgated thereunder in connection with the offer to be issued Class A common stock; (iv) that the shares of Class A common stock that it will be issued are, subject to exemptions available under the Israeli Securities Law, 5728—1968: (a) for its own account; (b) for investment purposes only; and (c) not issued with a view to resale within the State of Israel, other than in accordance with the provisions of the Israeli Securities Law, 5728—1968; and (v) that it is willing to provide further evidence of its Qualified Investor status. Addressed Investors may have to submit written evidence in respect of their identity and may have to sign and submit a declaration containing, inter alia, the Addressed Investor’s name, address, and passport number or Israeli identification number.

法律事项 Legal Matters

本次发行的 A 类普通股的有效性将由 Latham & Watkins LLP 为我们出具法律意见。位于加利福尼亚州雷德伍德城的 Davis Polk & Wardwell LLP 正担任承销商的法律顾问，就与本次发行相关的若干法律事项提供服务。

The validity of the shares of Class A common stock offered hereby will be passed upon for us by Latham & Watkins LLP. Davis Polk & Wardwell LLP, Redwood City, California, is acting as counsel for the underwriters in connection with certain legal matters related to this offering.

独立会计师变更 Change in Independent Accountant

2025 年 11 月 10 日，我们解聘了 BDO USA, P.C.（“BDO”）作为我们的独立会计师，随后聘请 KPMG LLP（“KPMG”）按照 PCAOB 准则以及美国普遍公认审计准则，对我们截至 2025 年 12 月 31 日止年度的合并财务报表进行审计。我们此前曾聘请 BDO 按照 PCAOB 准则以及美国普遍公认审计准则，对我们截至 2023 年 12 月 31 日和 2024 年 12 月 31 日止年度的合并财务报表进行审计。解聘 BDO 并聘请 KPMG 的决定已获我们董事会审计委员会批准。

On November 10, 2025, we dismissed BDO USA, P.C. (“BDO”) as our independent accountant and subsequently engaged KPMG LLP (“KPMG”) to audit our consolidated financial statements in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America as of and for the year ending December 31, 2025. We previously engaged BDO to audit our consolidated financial statements in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States as of and for the years ended December 31, 2023 and 2024. The decision to dismiss BDO and engage KPMG was approved by the audit committee of our board of directors.

BDO 对我们截至 2023 年 12 月 31 日和 2024 年 12 月 31 日止年度的合并财务报表出具的报告，不包含否定意见或无法表示意见，也未就不确定性、审计范围或会计原则作出保留或修改。

The reports of BDO on our consolidated financial statements as of and for the years ended December 31, 2023 and 2024 did not contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainties, audit scope, or accounting principles.

在截至 2023 年 12 月 31 日和 2024 年 12 月 31 日止年度内，以及截至 2025 年 11 月 10 日的期间内，不存在：

During the years ended December 31, 2023 and 2024, and through the period ended November 10, 2025, there were:

- 与 BDO 在会计原则或实务、财务报表披露或审计范围或程序等任何事项上的“分歧”(定义见 Regulation S-K 第 304(a)(1)(iv) 项及其相关指示)，且该等分歧若未能按其满意的方式解决，将导致 BDO 在其意见中提及该分歧所涉事项。

- no “disagreements” (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions thereto) with BDO on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to its satisfaction, would have caused BDO to make reference in connection with its opinion to the subject matter of the disagreement.

- 除与财务报告内部控制相关的重大缺陷外，不存在 Regulation S-K 第 304(a)(1)(v) 项及其相关指示所定义的“应报告事件”，该等重大缺陷涉及：(i) 具备适当专业水平的资源不足或缺失，无法及时复核账目调节表，并就无法确定、选择及适用涉及若干财务报表领域（包括收入确认、存货以及股权管理）的美国普遍公认会计原则；以及 (ii) 未能维持充分的 IT 一般控制，包括职责分离无效。

- no “reportable events” as such term is defined in Item 304(a)(1)(v) of Regulation S-K and the related instructions thereto other than the material weaknesses in the internal control over financial reporting relating to (i) inadequate or missing resources who possess an appropriate level of expertise to timely review account reconciliations and identify, select, and apply U.S. generally accepted accounting principles pertaining to several financial statement areas, including revenue recognition, inventory, and equity administration and (ii) the failure to maintain adequate IT general controls, including ineffective segregation of duties.

我们已向 BDO 提供上述披露内容的副本，并要求 BDO 向我们提供一封致 SEC 的函件，说明其是否同意我们上述陈述，如不同意，则说明其不同意的方面。BDO 日期为 2025 年 12 月 22 日的函件副本已作为附件 16.1 提交于本注册声明。

We have provided BDO with a copy of the foregoing disclosures and have requested that BDO furnish us with a letter addressed to the SEC stating whether it agrees with the statements made by us as set forth above and, if not, stating the respects in which it does not agree. A copy of BDO’s letter, dated December 22, 2025, is filed as Exhibit 16.1 to this registration statement.

在截至 2023 年 12 月 31 日和 2024 年 12 月 31 日的各年度内，以及截至 2025 年 11 月 10 日的期间内，我们及任何代表我们行事的人均未就以下事项与 KPMG 进行咨询：将会计原则应用于特定交易（无论已完成或拟议）、可能就我们的财务报表出具的审计意见类型，或任何其他属于 Regulation S-K 第 304(a)(1)(iv) 项及其相关指引所称“分歧”的事项，或属于 Regulation S-K 第 304(a)(1)(v) 项及其相关指引所称“应报告事件”的事项。

During the years ended December 31, 2023 and 2024, and through the period ended November 10, 2025, neither we, nor anyone acting on our behalf, consulted with KPMG on matters that involved the application of accounting principles to a specified transaction, either completed or proposed, the type of audit opinion that might be rendered on our financial statements, or any other matter that was the subject of a disagreement as that term is used in Item 304 (a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K or a reportable event as that term is used in Item 304(a)(1)(v) and the related instructions to Item 304 of Regulation S-K.

专家 Experts

Cerebras Systems Inc. 截至 2025 年 12 月 31 日及该年度的合并财务报表已收录于本文件及注册声明中，依据的是独立注册公共会计师事务所 KPMG LLP 出具的报告（该报告载于本文件其他部分），并基于该事务所作为会计与审计专家的权威。

The consolidated financial statements of Cerebras Systems Inc. as of December 31, 2025, and for the year then ended, have been included herein and in the registration statement in reliance upon the report of KPMG LLP, independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing.

本招股说明书及注册声明中收录的 Cerebras Systems Inc. 截至 2024 年 12 月 31 日及该年度的合并财务报表，系依据独立注册公共会计师事务所 BDO USA, P.C. 出具的报告收录，并基于该事务所作为审计与会计专家的权威。

The consolidated financial statements of Cerebras Systems Inc. as of December 31, 2024, and for the year then ended included in this prospectus and in the registration statement, have been so included in reliance on the report of BDO USA, P.C., an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting .

如何获取更多信息 Where You Can Find Additional Information

我们已依据《证券法》就本招股说明书所发售的 A 类普通股股份向 SEC 提交了 S-1 表格注册声明（包括附件和附表）。本招股说明书构成注册声明的一部分，但不包含注册声明及其附件中的全部信息。有关我们及我们 A 类普通股的进一步信息，请参阅注册声明及其附件。本招股说明书中关于任何合同或所提及任何其他文件内容的陈述未必完整，在每种情况下，请参阅作为注册声明附件提交的该合同或其他文件的副本。上述各项陈述均以该等引用为其整体限定。

We have filed with the SEC a registration statement on Form S-1, including exhibits and schedules, under the Securities Act, with respect to the shares of Class A common stock being offered by this prospectus. This prospectus, which constitutes part of the registration statement, does not contain all of the information in the registration statement and its exhibits. For further information with respect to us and our Class A common stock, we refer you to the registration statement and its exhibits. Statements contained in this prospectus as to the contents of any contract or any other document referred to are not necessarily complete, and in each instance, we refer you to the copy of the contract or other document filed as an exhibit to the registration statement. Each of these statements is qualified in all respects by this reference.

您可以通过互联网在 SEC 网站 www.sec.gov 上查阅我们的 SEC 文件，包括本注册声明。本次发行完成后，我们将受《交易法》的信息报告要求约束，并将向 SEC 提交报告、委托书声明及其他信息。该等报告、委托书声明及其他信息将可在上述 SEC 网站查阅。我们还维护一个网站 www.cerebras.ai，在本次发行完成后，您可以在这些材料以电子方式提交或提供给 SEC 后，在合理可行的范围内尽快免费访问该等材料。我们网站上包含的或可通过我们网站访问的信息不构成本招股说明书或其构成部分的注册声明的一部分，本招股说明书中包含我们网站地址仅为非活动性的文字引用。

You may read our SEC filings, including this registration statement, over the Internet at the SEC’s website at www.sec.gov. Upon the completion of this offering, we will be subject to the information reporting requirements of the Exchange Act and we will file reports, proxy statements, and other information with the SEC. These reports, proxy statements, and other information will be available for review at the SEC’s website referred to above. We also maintain a website at www.cerebras.ai, at which, following the completion of this offering, you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. Information contained on, or that can be accessed through, our website does not constitute part of this prospectus or the registration statement of which it forms a part, and the inclusion of our website address in this prospectus is an inactive textual reference only.

合并财务报表索引 Index to the Consolidated Financial Statements

**截至 2025 年 12 月 31 日及 2024 年 12 月 31 日止年度的合并财务报表**

**Consolidated Financial Statements for the Years Ended December 31, 2025 and 2024**

独立注册会计师事务所报告 · F-2 合并资产负债表 · F-4 合并经营报表 · F-5 合并综合收益（亏损）表 · F-6 合并可赎回可转换优先股及股东权益（赤字）表 · F-7 合并现金流量表 · F-8 合并财务报表附注 · F-9

Reports of Independent Registered Public Accounting Firms · F-2 Consolidated Balance Sheets · F-4 Consolidated Statements of Operations · F-5 Consolidated Statements of Comprehensive Income (Loss) · F-6 Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit · F-7 Consolidated Statements of Cash Flows · F-8 Notes to the Consolidated Financial Statements · F-9

**独立注册会计师事务所报告**

**Report of Independent Registered Public Accounting Firm**

股东及董事会 Cerebras Systems Inc. 加利福尼亚州桑尼维尔

Shareholders and Board of Directors Cerebras Systems Inc. Sunnyvale, California

合并财务报表审计意见 Opinion on the Consolidated Financial Statements

我们已审计了随附的 Cerebras Systems Inc.（“公司”）截至 2024 年 12 月 31 日的合并资产负债表，以及截至 2024 年 12 月 31 日止年度的相关合并经营报表、综合收益（亏损）表、可赎回可转换优先股及股东权益赤字表和现金流量表，以及相关附注（统称为“合并财务报表”）。我们认为，合并财务报表在所有重大方面公允反映了公司截至 2024 年 12 月 31 日的财务状况以及该年度止的经营成果和现金流量，符合美国公认会计原则。

We have audited the accompanying consolidated balance sheet of Cerebras Systems Inc. (the “Company”) as of December 31, 2024, the related consolidated statements of operations, comprehensive income (loss), redeemable convertible preferred stock and stockholders’ deficit, and cash flows for the year ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

审计意见基础 Basis for Opinion

这些合并财务报表由公司管理层负责。我们的责任是在审计的基础上对公司的合并财务报表发表意见。我们是一家在美国公众公司会计监督委员会（“PCAOB”）注册的公共会计师事务所，并须根据美国联邦证券法律以及美国证券交易委员会和 PCAOB 的适用规则和规定，对公司保持独立性。

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

我们按照 PCAOB 的标准开展审计。这些标准要求我们计划和执行审计，以就合并财务报表是否不存在由于错误或舞弊导致的重大错报获取合理保证。公司无须对其财务报告内部控制进行审计，我们亦未受聘执行该项审计。作为审计的一部分，我们须了解财务报告内部控制，但并非为对公司财务报告内部控制的有效性发表意见。因此，我们不对其发表此类意见。

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

我们的审计包括执行程序以评估合并财务报表因错误或舞弊导致的重大错报风险，并执行应对这些风险的程序。此类程序包括在测试基础上检查有关合并财务报表中金额和披露的证据。我们的审计还包括评价管理层采用的会计原则和作出的重大估计，以及评价合并财务报表的整体列报。我们认为，我们的审计为我们的意见提供了合理基础。

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ BDO USA, P.C.

/s/ BDO USA, P.C.

我们自 2020 年至 2025 年担任公司的审计师。

We served as the Company’s auditor from 2020 to 2025.

加利福尼亚州圣何塞 2025 年 9 月 18 日

San Jose, California September 18, 2025

**独立注册公共会计师事务所报告**

**Report of Independent Registered Public Accounting Firm**

致 Cerebras Systems Inc. 股东及董事会：

To the Stockholders and Board of Directors Cerebras Systems Inc.:

合并财务报表审计意见 Opinion on the Consolidated Financial Statements

我们已审计了随附的 Cerebras Systems Inc. 及其子公司（以下简称“公司”）截至 2025 年 12 月 31 日的合并资产负债表，以及截至该年度止的相关合并经营报表、综合收益（亏损）表、可赎回可转换优先股及股东权益（亏损）表和现金流量表，以及相关附注（统称“合并财务报表”）。我们认为，合并财务报表在所有重大方面公允地反映了公司截至 2025 年 12 月 31 日的财务状况，以及截至该年度止的经营成果和现金流量，符合美国公认会计原则。

We have audited the accompanying consolidated balance sheet of Cerebras Systems Inc. and subsidiaries (the Company) as of December 31, 2025, the related consolidated statements of operations, comprehensive income (loss), redeemable convertible preferred stock and stockholders’ deficit, and cash flows for the year then ended, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year then ended, in conformity with U.S. generally accepted accounting principles.

审计意见基础 Basis for Opinion

这些合并财务报表由公司管理层负责。我们的责任是在审计的基础上对这些合并财务报表发表意见。我们是一家在美国上市公司会计监督委员会（PCAOB）注册的会计师事务所，并须根据美国联邦证券法律以及美国证券交易委员会和 PCAOB 的适用规则和规定，对公司保持独立性。

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

我们按照 PCAOB 的标准开展审计。这些标准要求我们计划和执行审计，以就合并财务报表是否不存在由于错误或舞弊导致的重大错报获取合理保证。我们的审计包括执行程序以评估合并财务报表因错误或舞弊导致的重大错报风险，并执行应对这些风险的程序。此类程序包括在测试基础上检查有关合并财务报表中金额和披露的证据。我们的审计还包括评价管理层采用的会计原则和作出的重大估计，以及评价合并财务报表的整体列报。我们认为，我们的审计为我们的意见提供了合理基础。

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ KPMG LLP

/s/ KPMG LLP

我们自 2025 年起担任公司的审计师。

We have served as the Company’s auditor since 2025.

加利福尼亚州圣克拉拉 2026 年 3 月 31 日

Santa Clara, California March 31, 2026

合并资产负债表 Consolidated Balance Sheets

（单位：千，每股金额及股数除外）

(in thousand s, except per share and share amounts)

**12 月 31 日，**

**December 31,**

2025 · 2024 资产 流动资产： 现金及现金等价物 · $701,706 · $220,208 受限现金 · 228,672 · 361,757 投资 · 406,531 · 116,943 应收账款净额 · 50,423 · 137,436 存货 · 63,626 · 174,492 预付费用及其他流动资产 · 92,688 · 19,643 流动资产合计 · 1,543,646 · 1,030,479 物业及设备净额 · 437,396 · 43,174 经营租赁使用权资产 · 248,950 · 36,571 其他非流动资产 · 96,045 · 2,514 资产总计 · $2,326,037 · $1,112,738

2025 · 2024 ASSETS Current assets: Cash and cash equivalents · $701,706 · $220,208 Restricted cash · 228,672 · 361,757 Investments · 406,531 · 116,943 Accounts receivable, net · 50,423 · 137,436 Inventories · 63,626 · 174,492 Prepaid expenses and other current assets · 92,688 · 19,643 Total current assets · 1,543,646 · 1,030,479 Property and equipment, net · 437,396 · 43,174 Operating lease right-of-use assets · 248,950 · 36,571 Other non-current assets · 96,045 · 2,514 Total assets · $2,326,037 · $1,112,738

**负债、可赎回可转换优先股及**

**LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND**

股东权益赤字 流动负债：

STOCKHOLDERS’ DEFICIT Current liabilities:

应付账款 · $48,630 · $25,630 递延收入，流动 · 131,049 · 38,537 客户存款 · 354,460 · 640,317 远期合同负债 · — · 363,336 应计及其他流动负债 · 185,401 · 110,315 流动负债合计 · 719,540 · 1,178,135 经营租赁负债，扣除流动部分 · 215,957 · 27,370 其他非流动负债 · 35,847 · 23,958 负债合计 · $971,344 · $1,229,463

Accounts payable · $48,630 · $25,630 Deferred revenue, current · 131,049 · 38,537 Customer deposits · 354,460 · 640,317 Forward contract liability · — · 363,336 Accrued and other current liabilities · 185,401 · 110,315 Total current liabilities · 719,540 · 1,178,135 Operating lease liability, net of current portion · 215,957 · 27,370 Other non-current liabilities · 35,847 · 23,958 Total liabilities · $971,344 · $1,229,463

承诺及或有事项（附注 17）可赎回可转换优先股，每股面值 $0.00001:113,258,719 股及

Commitments and contingencies (Note 17) Redeemable convertible preferred stock, $0.00001 par value per share: 113,258,719 shares and

105,750,455 股已授权，分别截至 2025 年 12 月 31 日和 · 2024 年； · 113,258,716 以及截至 2025 年 12 月 31 日和 2024 年已发行和流通的 82,899,159 股， 分别 · $1,933,348 · $850,066

105,750,455 shares authorized, at December 31, 2025 and · 2024, respectively; · 113,258,716 and 82,899,159 shares issued and outstanding as of December 31, 2025 and 2024, respectively · $1,933,348 · $850,066

股东权益赤字

Stockholders’ deficit

A 类普通股，面值 $0.00001； · 271,800,000 股和 · 204,519,000 股，截至 2025 年 12 月 31 日和 · 2024 年 12 月 31 日，分别； · 57,907,093 股和 · 53,372,691 股已发行且流通在外，截至 2025 年 12 月 31 日和 · 2024 年 12 月 31 日，分别 · 1 · 1 N 类普通股，面值 $0.00001； · 授权股数分别为 37,100,000 股和零股 分别为 2025 年 12 月 31 日和 · 2024 年 12 月 31 日；截至该日已发行和流通的股份为零 2025 年 12 月 31 日和 · 2024 年，分别 · — · — 库存股，按成本计， · 截至 2025 年 12 月 31 日为 889,890 股和 300,138 股，以及 · 2024, 分别 · (21,456) · (88) 额外实收资本 · 346,829 · 176,233 累计其他综合收益 · 1,301 · 220 累计亏损 · (905,330) · (1,143,157) 股东权益合计赤字 · (578,655) · (966,791) 负债总额、可赎回可转换优先股及股东权益赤字 · $2,326,037 · $1,112,738

Class A common stock, $0.00001 par value; · 271,800,000 and · 204,519,000 shares authorized at December 31, 2025 and · 2024, respectively; · 57,907,093 and · 53,372,691 shares issued and outstanding as of December 31, 2025 and · 2024, respectively · 1 · 1 Class N common stock, $0.00001 par value; · 37,100,000 and nil shares authorized at December 31, 2025 and · 2024, respectively; nil shares issued and outstanding as of December 31, 2025 and · 2024, respectively · — · — Treasury stock, at cost, · 889,890 and 300,138 shares as of December 31, 2025 and · 2024, respectively · (21,456) · (88) Additional paid-in capital · 346,829 · 176,233 Accumulated other comprehensive income · 1,301 · 220 Accumulated deficit · (905,330) · (1,143,157) Total stockholders’ deficit · (578,655) · (966,791) Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit · $2,326,037 · $1,112,738

随附附注为本合并财务报表不可分割的组成部分。

The accompanying notes are an integral part of these consolidated financial statements.

合并经营报表 Consolidated Statements of Operations

（单位：千，每股数据除外）

(in thousand s, except per share data)

**截至 12 月 31 日的年度**

**Years Ended December 31,**

2025 · 2024 收入 硬件 · $358,440 · $211,965 云及其他服务 · 151,551 · 78,287 总收入 · 509,991 · 290,252 收入成本 硬件 · 204,746 · 137,310 云及其他服务 · 106,174 · 30,204 收入成本合计 · 310,920 · 167,514 毛利 · 199,071 · 122,738 经营费用 研究与开发 · 243,319 · 158,234 销售与营销 · 70,645 · 20,980 一般及行政 · 30,969 · 44,962 经营费用合计 · 344,933 · 224,176 经营亏损 · (145,862) · (101,438) 其他收入（费用），净额 · 390,746 · (378,237) 所得税前收入（亏损） · 244,884 · (479,675) 所得税费用 · 7,057 · 1,927 净利润（亏损） · 237,827 · (481,602) 减：归属于参与证券的净利润 · 149,952 · — 减：发行 F-1 系列可赎回可转换优先股的视同股息 · — · 3,182 归属于普通股股东的净利润（亏损） · $87,875 · $(484,784)

2025 · 2024 Revenue Hardware · $358,440 · $211,965 Cloud and other services · 151,551 · 78,287 Total revenue · 509,991 · 290,252 Cost of revenue Hardware · 204,746 · 137,310 Cloud and other services · 106,174 · 30,204 Total cost of revenue · 310,920 · 167,514 Gross profit · 199,071 · 122,738 Operating expenses Research and development · 243,319 · 158,234 Sales and marketing · 70,645 · 20,980 General and administrative · 30,969 · 44,962 Total operating expenses · 344,933 · 224,176 Loss from operations · (145,862) · (101,438) Other income (expense), net · 390,746 · (378,237) Income (loss) before income taxes · 244,884 · (479,675) Income tax expense · 7,057 · 1,927 Net income (loss) · 237,827 · (481,602) Less: Net income attributable to participating securities · 149,952 · — Less: Deemed dividend on issuance of Series F-1 redeemable convertible preferred stock · — · 3,182 Net income (loss) attributable to common shareholders · $87,875 · $(484,784)

归属于普通股股东的每股净利润（亏损）

Net income (loss) per share attributable to common shareholders

基本 · $1.64 · $(9.90) 稀释 · $1.38 · $(9.90) 用于每股计算的加权平均股数： 基本 · 53,616 · 48,972 稀释 · 171,821 · 48,972

Basic · $1.64 · $(9.90) Diluted · $1.38 · $(9.90) Weighted average shares used in per share computation: Basic · 53,616 · 48,972 Diluted · 171,821 · 48,972

随附附注是本合并财务报表不可分割的组成部分。

The accompanying notes are an integral part of these consolidated financial statements.

Cerebras Systems Inc. Cerebras Systems Inc.

**合并综合收益（亏损）表**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

（单位：千美元）

(in thousand s)

**截至 12 月 31 日的年度**

**Years Ended December 31,**

2025 · 2024 净利润（亏损） · $237,827 · $(481,602) 外币折算调整变动，税后净额 · (521) · (304) 可供出售投资： 债务证券未实现收益（亏损）净额变动，税后净额 · 1,602 · (579) 综合收益（亏损） · $238,908 · $(482,485)

2025 · 2024 Net income (loss) · $237,827 · $(481,602) Change in foreign currency translation adjustments, net of tax · (521) · (304) Available-for-sale investments: Change in net unrealized gain (loss) on debt securities, net of tax · 1,602 · (579) Comprehensive income (loss) · $238,908 · $(482,485)

随附附注是这些合并财务报表不可分割的组成部分。

The accompanying notes are an integral part of these consolidated financial statements.

Cerebras Systems Inc. 可赎回可转换优先股及股东权益赤字合并报表 Cerebras Systems Inc. CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT

可赎回可转换 优先股 实收资本 其他 综合 收益（亏损）赤字 股东 赤字 （千美元） · 股份 · 金额 · 股份 · 金额 · 股份 · 金额 截至 2023 年 12 月 31 日余额 · 77,033 · $722,780 · 45,362 · $— · $101,578 · (300) · $(88) · $1,103 · $(661,555) · $(558,962) 发行 F-1 系列可赎回可转换优先股股份，扣除发行费用 · 5,798 · 84,898 · — · — · — · — · — · — · — · — 结算 F-1 系列可赎回可转换优先股远期合同负债 · — · 37,928 · — · — · — · — · — · — · — · — 发行 F-1 系列 可赎回可转换优先股产生的视同股息 · — · 3,182 · — · — · (3,182) · — · — · — · — · (3,182) 行使认股权证时发行 E 系列可赎回可转换优先股股份 · 68 · 1,278 · — · — · — · — · — · — · — · — 行使股票期权发行的股份，扣除提前行使股票期权的回购 · — · — · 8,011 · 1 · 17,667 · — · — · — · — · 17,668 提前行使股票期权的归属 · — · — · — · — · 1,733 · — · — · — · — · 1,733 股权激励费用 · — · — · — · — · 57,525 · — · — · — · — · 57,525 将股份支付负债分类奖励转换为股份支付权益分类奖励 · — · — · — · — · 912 · — · — · — · — · 912 外币折算调整，扣除税项 · — · — · — · — · — · — · — · (304) · — · (304) 债务证券未实现净亏损变动，扣除税项 · — · — · — · — · — · — · — · (579) · — · (579) 净亏损 · — · — · — · — · — · — · — · — · (481,602) (481,602) 截至 2024 年 12 月 31 日余额 · 82,899 · $850,066 · 53,373 · $1 · $176,233 · (300) · $(88) · $220 · $(1,143,157) · $(966,791) 发行 G 系列可赎回可转换优先股股份，扣除发行费用 · 30,360 · 1,083,282 · — · — · — · — · — · — · — · — 发行客户认股权证 · — · — · — · — · 152,353 · — · — · — · — · 152,353 就要约收购注销并结算股票期权 · — · — · — · — · (49,320) · — · — · — · — · (49,320) 回购普通股 · — · — · — · — · — · (590) · (21,368) · — · — · (21,368) 因加速 RSU 归属及行使股票期权而发行的股份，扣除回购及代扣税款 · — · — · 4,623 · — · 17,169 · — · — · — · — · 17,169 与 RSU 结算相关的代扣税款 · — · — · (89) · — · (2,950) · — · — · — · — · (2,950) 提前行使股票期权的归属 · — · — · — · — · 3,449 · — · — · — · — · 3,449 股权激励费用 · — · — · — · — · 48,857 · — · — · — · — · 48,857 将股份支付负债分类奖励转换为股份支付权益分类奖励 · — · — · — · — · 1,038 · — · — · — · — · 1,038 外币折算调整，扣除税项 · — · — · — · — · — · — · — · (521) · — · (521) 债务证券未实现净亏损变动，扣除税项 · — · — · — · — · — · — · — · 1,602 · — · 1,602 净利润 · — · — · — · — · — · — · — · — · 237,827 · 237,827 截至 2025 年 12 月 31 日余额 · 113,259 · $1,933,348 · 57,907 · $1 · 346,829 · $(890) · $(21,456) · $1,301 · $(905,330) · $(578,655)

Redeemable Convertible Preferred Stock Paid-in Capital Other Comprehensive Income (Loss)Deficit Stockholders’ Deficit (in thousands) · Shares · Amount · Shares · Amount · Shares · Amount Balance as of December 31, 2023 · 77,033 · $722,780 · 45,362 · $— · $101,578 · (300) · $(88) · $1,103 · $(661,555) · $(558,962) Issuance of shares of Series F-1 redeemable convertible preferred stock, net of issuance costs · 5,798 · 84,898 · — · — · — · — · — · — · — · — Settlement of Series F-1 redeemable convertible preferred stock forward contract liability · — · 37,928 · — · — · — · — · — · — · — · — Deemed dividend on issuance of Series F-1 redeemable convertible preferred stock · — · 3,182 · — · — · (3,182) · — · — · — · — · (3,182) Issuance of shares of Series E redeemable convertible preferred stock upon exercise of warrant · 68 · 1,278 · — · — · — · — · — · — · — · — Shares issued upon exercise of stock options, net of repurchases of early exercised stock options · — · — · 8,011 · 1 · 17,667 · — · — · — · — · 17,668 Vesting of early exercised stock options · — · — · — · — · 1,733 · — · — · — · — · 1,733 Stock-based compensation expense · — · — · — · — · 57,525 · — · — · — · — · 57,525 Conversion of stock-based liability classified awards to stock-based equity classified awards · — · — · — · — · 912 · — · — · — · — · 912 Foreign currency translation adjustments, net of tax · — · — · — · — · — · — · — · (304) · — · (304) Change in net unrealized loss on debt securities, net of tax · — · — · — · — · — · — · — · (579) · — · (579) Net loss · — · — · — · — · — · — · — · — · (481,602) (481,602) Balance as of December 31, 2024 · 82,899 · $850,066 · 53,373 · $1 · $176,233 · (300) · $(88) · $220 · $(1,143,157) · $(966,791) Issuance of shares of Series G redeemable convertible preferred stock, net of issuance costs · 30,360 · 1,083,282 · — · — · — · — · — · — · — · — Customer warrants issued · — · — · — · — · 152,353 · — · — · — · — · 152,353 Cancellation and settlement of stock options in connection with the Tender Offer · — · — · — · — · (49,320) · — · — · — · — · (49,320) Repurchase of common stock · — · — · — · — · — · (590) · (21,368) · — · — · (21,368) Shares issued upon acceleration of RSUs vesting and exercise of stock options, net of repurchases and withholding taxes · — · — · 4,623 · — · 17,169 · — · — · — · — · 17,169 Tax withheld related to RSU settlement · — · — · (89) · — · (2,950) · — · — · — · — · (2,950) Vesting of early exercised stock options · — · — · — · — · 3,449 · — · — · — · — · 3,449 Stock-based compensation expense · — · — · — · — · 48,857 · — · — · — · — · 48,857 Conversion of stock-based liability classified awards to stock-based equity classified awards · — · — · — · — · 1,038 · — · — · — · — · 1,038 Foreign currency translation adjustments, net of tax · — · — · — · — · — · — · — · (521) · — · (521) Change in net unrealized loss on debt securities, net of tax · — · — · — · — · — · — · — · 1,602 · — · 1,602 Net income · — · — · — · — · — · — · — · — · 237,827 · 237,827 Balance as of December 31, 2025 · 113,259 · $1,933,348 · 57,907 · $1 · 346,829 · $(890) · $(21,456) · $1,301 · $(905,330) · $(578,655)

随附附注是这些合并财务报表不可分割的组成部分。

The accompanying notes are an integral part of these consolidated financial statements.

合并现金流量表 Consolidated Statements of Cash Flows

（单位：千）

(in thousand s)

**截至 12 月 31 日的年度，**

**Years Ended December 31,**

2025 · 2024 经营活动产生的现金流量： 净利润（亏损） · $237,827 · $(481,602) 将净利润（亏损）调节为经营活动提供（使用）的净现金流量：

2025 · 2024 Cash flows from operating activities: Net income (loss) · $237,827 · $(481,602) Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating

活动：

activities:

折旧和摊销 · 34,454 · 11,537 股权激励费用 · 49,767 · 58,564 非现金租赁费用 · 22,673 · 7,607 产品保修计提 · 20,969 · 12,525 远期合同负债公允价值变动（清偿） · (363,336) · 401,264 其他 · 3,235 · (1,388) 经营性资产和负债变动： 应收账款 · 87,012 · (130,672) 存货 · 63,307 · (144,969) 预付费用及其他资产 · (13,867) · (17,051) 应付账款 · 21,151 · 9,010 递延收入 · 109,474 · 38,196 客户存款 · (285,857) · 640,317 其他负债 · 3,141 · 48,640 经营活动提供（使用）的净现金流量 · (10,050) · 451,978 投资活动产生的现金流量： 购置物业和设备 · (382,739) · (23,435) 购买投资 · (525,414) · (302,898) 投资到期及出售 · 240,577 · 309,548 投资活动使用的净现金流量 · (667,576) · (16,785) 筹资活动产生的现金流量： 出售可赎回可转换优先股股份所得款项 · 1,100,000 · 85,000 与出售可赎回可转换优先股股份相关的成本 .. (16,718) (102) 行使股票期权所得款项 · 17,299 · 27,752 回购早期行使的股票期权 · (28) · (28) 与要约收购相关的股票期权注销和结算 · (49,320) · — 回购普通股 · (21,368) · — 与 RSU 结算相关的代扣税款 · (2,950) · — 支付递延发行成本 · (355) · (326) 筹资活动提供的净现金流量 · 1,026,560 · 112,296 汇率对现金的影响 · (521) · (304) 现金、现金等价物及受限现金增加额 · 348,413 · 547,185 期初现金、现金等价物及受限现金 · 581,965 · 34,780 期末现金、现金等价物及受限现金 · $930,378 · $581,965

Depreciation and amortization · 34,454 · 11,537 Stock-based compensation · 49,767 · 58,564 Non-cash lease expense · 22,673 · 7,607 Provision for product warranties · 20,969 · 12,525 Change in fair value (extinguishment) of forward contract liability · (363,336) · 401,264 Other · 3,235 · (1,388) Changes in operating assets and liabilities: Accounts receivable · 87,012 · (130,672) Inventories · 63,307 · (144,969) Prepaid expenses and other assets · (13,867) · (17,051) Accounts payable · 21,151 · 9,010 Deferred revenue · 109,474 · 38,196 Customer deposits · (285,857) · 640,317 Other liabilities · 3,141 · 48,640 Net cash flows provided by (used in) operating activities · (10,050) · 451,978 Cash flows from investing activities: Purchases of property and equipment · (382,739) · (23,435) Purchases of investments · (525,414) · (302,898) Maturities and sales of investments · 240,577 · 309,548 Net cash flows used in investing activities · (667,576) · (16,785) Cash flows from financing activities: Proceeds from sale of shares of redeemable convertible preferred stock · 1,100,000 · 85,000 Costs incurred in connection with the sale of shares of redeemable convertible preferred stock .. (16,718) (102) Proceeds from exercise of stock options · 17,299 · 27,752 Repurchases of early exercised stock options · (28) · (28) Cancellation and settlement of stock options in connection with the Tender Offer · (49,320) · — Repurchase of common stock · (21,368) · — Tax withheld related to RSU settlement · (2,950) · — Payments of deferred offering costs · (355) · (326) Net cash flows provided by financing activities · 1,026,560 · 112,296 Effect of exchange rate on cash · (521) · (304) Increase in cash, cash equivalents, and restricted cash · 348,413 · 547,185 Cash, cash equivalents, and restricted cash beginning of period · 581,965 · 34,780 Cash, cash equivalents, and restricted cash end of period · $930,378 · $581,965

**现金流量信息补充披露：**

**Supplemental disclosures of cash flow information:**

已支付所得税 · $1,699 · $258 非现金投资和筹资活动： 从存货转入物业和设备 · $67,303 · $18,452 从物业和设备转入存货 · $26,534 · $2,456 计入应付账款及应计和其他流动负债的物业和设备购置 · 9,453 · $4,286 早期行使期权的归属 · $3,449 · $1,733 以租赁义务换取的使用权资产 · $235,053 · $43,659 计入应计和其他流动负债的未付递延融资成本 · $536 · $337 F-1 系列可赎回可转换优先股远期合同负债的结算 · $— · $37,928 发行 F-1 系列可赎回可转换优先股时视为股息 · $— · $3,182

Income taxes paid · $1,699 · $258 Non-cash investing and financing activities: Transfer to property and equipment out of inventories · $67,303 · $18,452 Transfer of property and equipment into inventories · $26,534 · $2,456 Purchases of property and equipment included in accounts payable and accrued and other current liabilities · 9,453 · $4,286 Vesting of early exercised options · $3,449 · $1,733 Right-of-use assets obtained in exchange for lease obligations · $235,053 · $43,659 Unpaid deferred financing costs included in accrued and other current liabilities · $536 · $337 Settlement of Series F-1 redeemable convertible preferred stock forward contract liability · $— · $37,928 Deemed dividend upon issuance of Series F-1 redeemable convertible preferred stock · $— · $3,182

随附附注是这些合并财务报表的组成部分。

The accompanying notes are an integral part of these consolidated financial statements.

附注 1 – 业务性质 Note 1 – Nature of Operations

Cerebras Systems Inc.（“公司”或“Cerebras”）于 2016 年 4 月在特拉华州注册成立。Cerebras 是一家 AI 基础设施公司，设计并制造由专有系统与软件构成的 AI 算力平台，该平台以标准机架形式交付，可部署于我们及客户的数据中心，规模最高可达超级计算机级别。公司的开创性晶圆级引擎（“WSE”）是一颗涵盖整片硅晶圆的芯片，专为在推理、生成式 AI（“GenAI”）及其他 AI 应用的计算需求上实现比 GPU 更高的性能与速度而设计。自成立以来，Cerebras 持续投入资源开展研发活动，以支持其当前项目及未来开发工作。公司总部位于加利福尼亚州桑尼维尔。

Cerebras Systems Inc. (the “Company” or “Cerebras”) was incorporated in Delaware in April 2016. Cerebras is an artificial intelligence (“AI”) infrastructure company that designs and manufactures an AI compute platform comprised of proprietary systems and software that is delivered in standard racks for deployment in our, and our customers, data centers up to supercomputer scale. The Company’s pioneering Wafer-Scale Engine (“WSE”), a chip encompassing an entire silicon wafer, was specifically designed to enable higher performance and speeds than GPUs for the computational demands of inference, Generative AI (“GenAI”), and other AI applications. Since its inception, Cerebras has dedicated resources to research and development activities that support its current projects and future development efforts. The Company is headquartered in Sunnyvale, California.

附注 2 – 列报基础 Note 2 – Basis of Presentation

该等合并财务报表以美元列报，并按照美国公认会计原则（“美国 GAAP”）编制。合并财务报表包括本公司及其全资子公司的账目和经营情况。在本地货币环境中经营且该本地货币为功能货币的非美国子公司的资产和负债，按资产负债表日的汇率折算为美元，由此产生的折算调整直接计入累计其他综合收益（亏损）。收入和费用账目按年度平均汇率折算。重新计量调整计入其他收益（亏损）净额。所有公司间往来账目和交易已在合并时抵销。上一年度财务报表中列报的某些金额已重新分类，以符合本年度的列报方式。该等列报方式的变化不影响此前已报告的结果。

These consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts and operations of the Company and its wholly owned subsidiaries. Assets and liabilities of non-U.S. subsidiaries that operate in a local currency environment, where that local currency is the functional currency, are translated to U.S. dollars at exchange rates in effect at the balance sheet date, with the resulting translation adjustments directly recorded in accumulated other comprehensive income (loss). Income and expense accounts are translated at average exchange rates during the year. Remeasurement adjustments are recorded in other income (loss), net. All intercompany accounts and transactions have been eliminated upon consolidation. Certain amounts reported in the prior year financial statements have been reclassified to conform to the current year presentation. These changes in presentation do not affect previously reported results.

#### 估计的使用

#### Use of Estimates

按照美国 GAAP 编制合并财务报表要求管理层作出估计和假设，该等估计和假设会影响合并财务报表日资产和负债的报告金额、或有资产和或有负债的披露，以及报告期内收入和费用的报告金额。

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.

重大估计领域包括但不限于：收入确认，包括确定履约义务的单独售价（“SSP”）、物业、厂房及设备的使用寿命、产品保修计提、长期资产减值、存货的市场价值及需求、递延所得税资产的估值备抵、普通股的公允价值以及用于计量股权激励费用的其他假设，以及远期合同负债和认股权证的估值。本公司基于历史经验、已知趋势以及其他其认为在当时情况下合理的市场特定因素或其他相关因素作出估计。实际结果可能与这些估计存在重大差异。管理层在情况、事实和经验发生变化时持续评估其估计。估计变更在已知悉的期间前瞻性地记录。

Areas of significant estimates include, but are not limited to, revenue recognition, including the determination of the standalone selling price (“SSP”) of performance obligations, useful life of property, plant and equipment, product warranty accruals, impairment of long-lived assets, the market value of and demand for inventory, valuation allowance on deferred income tax assets, the fair value of common stock and other assumptions used to measure stock-based compensation and the valuation of forward contract liability and warrants. The Company bases its estimates on historical experience, known trends, and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Actual results could significantly differ from those estimates. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts, and experience. Changes in estimates are recorded prospectively in the period in which they become known.

附注 3 – 近期会计公告 Note 3 – Recent Accounting Pronouncements

#### 近期采用的会计准则

#### Recently Adopted Accounting Pronouncements

2023 年 12 月，财务会计准则委员会（“FASB”）发布了第 2023-09 号会计准则更新（“ASU”），所得税（主题 740）：所得税披露的改进（“ASU 2023-09”）。该指引要求提供关于报告主体有效税率调节的分项信息以及已支付所得税的信息。公司在截至 2025 年 12 月 31 日的年度内以未来适用法采用了 ASU 2023-09。该采用未对公司的合并财务报表或相关披露产生重大影响。进一步讨论参见附注 15 – 所得税。

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The guidance requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The Company adopted ASU 2023‑09 on a prospective basis during the year ended December 31, 2025. The adoption did not have a material impact on the Company’s consolidated financial statements or related disclosures. Refer to Note 15 – Income Taxes for further discussion.

2025 年 5 月，FASB 发布了第 2025-04 号 ASU，薪酬——股票薪酬（主题 718）与客户合同收入（主题 606）：对应付给

In May 2025, the FASB issued ASU No. 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a

合并财务报表附注 Notes to the Consolidated Financial Statements

客户（“ASU 2025-04”）。ASU 2025-04 减少了实务中的多样性，并提高了与销售商品或提供服务相关、应付客户的股份支付对价指引的决策有用性和可操作性。该 ASU 对自 2026 年 12 月 15 日之后开始的年度报告期间生效，更新应采用追溯或修改追溯基础应用。允许提前采用。本公司已对自 2025 财年开始的年度期间采用 ASU 2025-04，采用前瞻性基础，将该准则适用于采用日期之后授予的奖励。采用 ASU 2025-04 未对本公司的合并财务报表产生重大影响。

Customer (“ASU 2025-04”). ASU 2025-04 reduces diversity in practice and improves the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The ASU is effective for annual reporting periods beginning after December 15, 2026 with updates to be applied on a retrospective or modified retrospective basis. Early adoption is permitted. The Company early adopted ASU 2025-04 for the annual period beginning in fiscal year 2025 on a prospective basis, applying the standard to awards granted after the adoption date. The adoption of ASU 2025-04 did not have a material impact on the Company’s consolidated financial statements.

#### 尚未采用的近期会计公告

#### Recent Accounting Pronouncements Not Yet Adopted

2024 年 11 月，FASB 发布了 ASU 第 2024-03 号，损益表——报告综合收益——费用分解披露（子主题 220-40）：损益表费用的分解（“ASU 2024-03”）。该指引要求按年度和中期基础披露有关某些损益表费用项目的分解信息。该指引将对自截至 2027 年 12 月 31 日止年度开始的年度期间以及此后的中期期间生效。新准则允许提前采用，并可采用前瞻性或追溯性基础应用。本公司正在评估该指引将对其合并财务报表及相关披露产生的影响。

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income —Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The guidance requires disaggregated information about certain income statement expense line items on an annual and interim basis. This guidance will be effective for annual periods beginning with the year ending December 31, 2027 and for interim periods thereafter. The new standard permits early adoption and can be applied prospectively or retrospectively. The Company is evaluating the effect that this guidance will have on its consolidated financial statements and related disclosures.

2025 年 9 月，FASB 发布了 ASU 第 2025-06 号，无形资产：商誉及其他——内部使用软件（子主题 350-40）：内部使用软件会计的针对性改进（“ASU 2025-06”）。该指引使软件成本会计现代化，并增强了实体软件成本的透明度。该指引将对自截至 2027 年 12 月 31 日止年度开始的年度期间以及自 2028 年 1 月 1 日开始的中期期间生效。允许提前采用。采用后，该指引可采用前瞻性、追溯性或修改过渡方法应用。本公司正在评估该指引将对其合并财务报表及相关披露产生的影响，并预计采用该指引不会对其合并财务报表产生重大影响。

In September 2025, the FASB issued ASU No. 2025-06, Intangibles: Goodwill and Other‒Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”) . The guidance modernizes the accounting for software costs and enhances the transparency about an entity’s software costs. The guidance will be effective for the annual periods beginning with the year ending December 31, 2027 and for interim periods beginning January 1, 2028. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively, retrospectively, or under a modified transition approach. The Company is evaluating the effect that this guidance will have on its consolidated financial statements and related disclosures and does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

附注 4 – 重要会计政策 Note 4 – Significant Accounting Policies

#### 收入确认

#### Revenue Recognition

本公司按照《会计准则汇编》（“ASC”）606《与客户之间的合同产生的收入》确认收入，该准则提供了一个五步框架，在该框架下，当承诺的商品或服务的控制权转移给客户时，按反映本公司预期有权就这些商品或服务收取的对价的金额确认收入。为确定本公司认定属于 ASC 606 范围内的安排的收入确认，管理层执行以下五个步骤：(i) 识别与客户订立的合同；(ii) 识别合同中的履约义务；(iii) 确定交易价格，包括可变对价是否存在任何限制；(iv) 将交易价格分摊至履约义务；以及 (v) 在本公司履行履约义务时（或履行过程中）确认收入。

The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, which provides a five-step framework through which revenue is recognized when control of promised goods or services is transferred to a customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To determine revenue recognition for arrangements that the Company concludes are within the scope of ASC 606, management performs the following five steps: (i) identifies the contract(s) with a customer; (ii) identifies the performance obligations in the contract(s); (iii) determines the transaction price, including whether there are any constraints on variable consideration; (iv) allocates the transaction price to the performance obligations; and (v) recognizes revenue when (or as) the Company satisfies a performance obligation.

当承诺的商品或服务的控制权通过本公司的履约义务转移给客户时，按反映其预期有权就履约义务收取的对价的金额确认收入。

Revenue is recognized when control of the promised goods or services, through performance obligations by the Company, is transferred to the customer in an amount that reflects the consideration it expects to be entitled to in exchange for the performance obligations.

当多项合同与同一客户在相同或相近时间一并协商以达成单一商业目的时，本公司将这些合同合并作为单一合同进行会计处理。

The Company combines and accounts for multiple contracts as a single contract when they are negotiated together with the same customer at or near the same time in order to achieve a single commercial objective.

交易价格可能由固定对价、可变对价、重大融资成分、非现金对价以及应付客户对价构成。本公司的合同通常为固定对价。合同还可能包含可变对价，例如激励、抵免、价格保护及其他激励计划。可变对价在合同开始时估计，并在每个报告期更新，且仅在很可能不会发生累计收入重大转回的情况下计入交易价格。

Transaction price may be comprised of fixed consideration, variable consideration, significant financing component, non-cash consideration, and consideration payable to a customer. The Company’s contracts are typically for fixed consideration. Contracts may also include variable consideration such as incentives, credits, price protection and other incentive programs. Variable consideration is estimated at contract inception and updated each reporting period and is included in the transaction price only to the extent it is probable that a significant reversal of cumulative revenue will not occur.

合并财务报表附注 Notes to the Consolidated Financial Statements

公司运用判断来确定合同是否包含重大融资成分。此类合同通常出现在客户预付款项且自收到款项至转让承诺服务之间的期间超过一年的情形。被确定为包含重大融资成分的合同，使用公司的增量借款利率进行折现。在此类情形下，公司记录合同负债，并在自收到预付款项至转让承诺服务之间的期间内确认利息费用。随着公司履行履约义务并根据该等合同确认收入，相关的合同负债相应减少。

The Company uses judgment to determine whether a contract includes a significant financing component. Such contracts generally arise when a customer makes an upfront payment and the period between receipt of payment and the transfer of the promised services exceeds one year. Contracts determined to include a significant financing component are discounted using the Company’s incremental borrowing rate. In these cases, the Company records a contract liability and recognizes interest expense over the period between receipt of the advance payment and transfer of the promised services. As the Company satisfies its performance obligations and recognizes revenue under these contracts, the related contract liability is reduced.

应付客户的款项作为交易价格的减项进行会计处理，除非该付款是为了换取从客户处收到的可明确区分的商品或服务。非现金对价，包括向客户发行的权益分类工具，在发行时按公允价值计量，并计入交易价格。对于发行时即完全归属的权益分类工具，相关公允价值作为客户认股权证计入，并在相关商品或服务转让给客户时确认为收入的减项。对于附有归属条件的工具，当管理层确定某一批次很可能归属时，该批次在授予日的公允价值计入交易价格，并按已确认收入的比例，在相关商品或服务转让给客户时确认为收入的减项。

Amounts payable to a customer is accounted for as a reduction of the transaction price unless the payment is in exchange for a distinct good or service received from the customer. Non-cash consideration, including equity-classified instruments issued to a customer, is measured at fair value at issuance and is included in the transaction price. For equity classified instruments that are fully vested upon issuance, the associated fair value is included as customer warrants and recognized as a reduction of revenue as the related goods or services are transferred to the customer. For instruments subject to vesting conditions, the grant-date fair value of each tranche is included in the transaction price when management determines that the tranche is probable of vesting, and is recognized as a reduction of revenue as the related goods or services are transferred to the customer in proportion to the revenue recognized.

对于所有具有多项履约义务的客户合同，公司根据各项履约义务的相对单独售价（SSP）将交易价格分摊至各项单独的履约义务。某些合同包含允许客户以低于预期单独售价的价格获取额外商品或服务的选择权。该等选择权为客户提供了重大权利，并作为单独的履约义务进行会计处理。单独售价的最佳证据（如可获得）是在类似情形下向类似客户收取的可观察价格。如果单独售价无法直接观察，由于单独销售历史有限，公司使用各种可观察输入值估计单独售价，包括历史内部定价数据、成本加成预期利润率分析、市场状况以及有关客户规模和/或采购量的信息。

For all contracts with customers that have more than one performance obligation, the Company allocates the transaction price to each separate performance obligation based on the relative SSP of each performance obligation. Certain contracts include options that allow customers to acquire additional goods or services at prices below the expected standalone selling price. These options provide a material right to the customer and are accounted for as separate performance obligations. The best evidence of an SSP, if available, is the observable price charged in similar circumstances and to similar customers. If an SSP is not directly observable, the Company estimates SSP using various observable inputs including historical internal pricing data, cost-plus expected margin analysis, market conditions and information about the size and/or purchase volume of the customer, due to the limited standalone sales history.

公司的收入主要来自以 AI 系统、云容量产品及支持服务（包括定制 AI 建模服务）形式销售本地部署和云解决方案。

The Company generates revenue primarily from the sale of on-premise and cloud solutions in the form of AI Systems, cloud capacity offerings, and support services, including custom AI modeling services.

#### 硬件销售收入及安装、集成与验收测试

#### Hardware Sales Revenue and Installation, Integration, and Acceptance Testing

硬件收入主要包括公司 AI 系统及其他设备的销售。AI 系统销售收入在承诺商品控制权转移给客户的某一时点确认。收入按扣除客户激励及向客户收取的任何税费后的净额记录。在不存在安装、集成和验收测试要求的情况下，商品控制权通常在发货或交付时（视运输条款而定）转移给客户。在某些情况下，公司可能受约在客户设施安装硬件，安装完成后，公司可能提供进一步的集成服务并进行验收测试。当安装、集成和验收测试与硬件捆绑时，商品控制权在满足合同验收条款时转移。分配给安装和集成服务的交易价格在服务完成时的某一时点确认，该时点通常与客户验收及 AI 系统收入确认的时间一致。安装和集成服务收入在合并经营报表中计入云及其他服务收入。

Hardware revenue primarily consists of sales of the Company’s AI systems and other equipment. Revenue from the sale of AI systems is recognized upon transfer of control of promised goods to customers at a point in time. Revenue is recorded net of customer incentives and any taxes collected from customers. Generally, control of the goods transfers to the customer upon shipment, or delivery, depending on shipping terms, in the absence of installation, integration, and acceptance testing requirements. In certain cases, the Company may be contracted to install the hardware at the customer’s facility, and subsequent to installation, the Company may provide further integration services and conduct acceptance testing. When installation, integration, and acceptance testing is bundled with the hardware, control of the goods is transferred upon meeting the contractual acceptance provisions. Transaction price allocated to installation and integration services is recognized at a point in time upon completion of services, which generally coincides with the timing of customer acceptance and recognition of revenue for the AI system. Revenue for installation and integration services is included in Cloud and other services revenue on the consolidated statements of operations.

客户还可根据需要购买其他设备，如机架、冷却液分配单元和电源单元。在涉及另一方为客户提供特定商品或服务的安排中，公司评估其是主要责任人还是代理人。在该评估中，公司考虑特定商品或服务的控制权是否在转移给客户之前取得，以及主要负责履约的一方、存货风险和定价自主权等其他指标。销售额外设备确认的收入遵循与硬件销售类似的收入确认模式。

Customers may also purchase other equipment as needed, such as racks, coolant distribution units, and power supply units. In arrangements where another party is involved in providing specified goods or services to a customer, the Company evaluates whether it is the principal or agent. In this evaluation, the Company considers if control of the specified goods or services is obtained before they are transferred to the customer, as well as other indicators such as the party primarily responsible for fulfillment, inventory risk, and discretion in establishing price. Revenue recognized from sales of additional equipment follows similar revenue recognition patterns as hardware sales.

合并财务报表附注 Notes to the Consolidated Financial Statements

#### 支持服务

#### Support Services

本公司销售支持服务，包括软件更新和客户关怀支持，期限从一年到五年不等。支持服务构成本公司的一项义务，即在服务期限内，当客户需要时随时准备提供数量不定的支持。此类安排构成在合同期限内提供服务的随时准备义务，收入在客户同时获得并消耗服务利益的过程中按比例确认。

The Company sells support services, including software updates and customer care support, with terms ranging from one-year to five-year terms. The support services represent an obligation of the Company to stand-ready to provide an undefined quantity of support when and as needed by the customer over the duration of the service term. These arrangements represent stand-ready obligations to provide services over the contract term, and revenue is recognized ratably as the customer simultaneously receives and consumes the benefits of the services.

#### 运营与管理服务

#### Operations and Management Services

本公司提供一整套综合服务，用于管理和运营位于本公司租赁的数据中心内的系统集群（客户自有设备安装于此），以及客户场所内的系统集群。这些服务包括管理并维护大规模基础设施、定期软件更新、硬件维护以及 7×24 小时监控系统和设施健康状况。收入在服务期限内按直线法确认，因为客户同时获得并消耗所提供服务的利益。

The Company provides a comprehensive suite of services to manage and operate clusters of systems located at data centers leased by the Company, where customer-owned equipment is installed, as well as clusters of systems at customer premises. These services include managing and maintaining large-scale infrastructure, regular software updates, hardware maintenance, and 24x7 monitoring of system and facility health. Revenue is recognized on a straight-line basis over the service term as the customer simultaneously receives and consumes the benefits of the services provided.

#### 基于云计算的服务

#### Cloud-based Computing Services

本公司还向客户提供基于云计算的服务。在适用 ASC 606 时，本公司评估该安排是否符合 ASC 842 下租赁的定义，该定义要求转移对已识别资产的控制权。本公司认定，尽管其利用底层硬件提供云计算服务，但客户通常并不控制或指导底层硬件的使用。在每种情况下，所提供服务的整体构成一项根据客户特定需求量身定制的单一集成解决方案。因此，对客户的履约义务由作为一系列可明确区分的每日服务交付的单一集成解决方案构成。客户在合同期限内从服务中获益，因此收入在提供服务的过程中按时间确认。

The Company also provides cloud-based computing services to customers. In applying ASC 606, the Company evaluates whether the arrangement meets the definition of a lease under ASC 842 which requires the transfer of control of the identified asset. The Company determined that while it provides cloud computing services utilizing underlying hardware, generally customers do not control or direct the use of underlying hardware. In each case, the totality of services provided represents a single integrated solution tailored to the customer’s specific needs. As such, the performance obligations to the customers consist of a single integrated solution delivered as a series of distinct daily services. The customers benefit from the services over the contract term and as such revenue is recognized over time as services are provided.

#### AI 建模服务

#### AI Modeling Services

本公司还通过与客户签订的定制 AI 建模服务协议产生收入，据此本公司受聘在 AI 工作流程的各个环节为客户提供帮助，从制定战略、设计和构建模型，到部署最终模型。此类安排中的全部服务被划分为合同内的不同里程碑。在某些合同中，每个里程碑均建立在先前里程碑所取得的进展之上。在某些合同中，每完成一个里程碑，本公司即向客户交付一项交付物，客户必须予以验收方可进入合同的下一阶段。每个里程碑通常对应固定对价。根据协议条款，本公司对 AI 建模服务的收入在提供服务的过程中按时间确认，或在合同交付物完成并经客户验收的某一时点确认。

The Company also generates revenue from custom AI modeling service agreements with customers, whereby the Company is engaged to help customers throughout the AI workflow, starting with developing strategy, designing and building the model, and deploying the final model. The totality of services in such arrangements is broken into different milestones within the contract. In certain contracts, each milestone builds upon progress achieved in earlier milestones. Upon completion of each milestone, the Company provides a deliverable to the customer in certain contracts, which must be accepted by the customer in order to proceed with the next phase of the contract. Each milestone is typically for fixed consideration. The Company recognizes revenue from AI modeling services over time as services are provided or at a point in time upon completion and acceptance by the customer of contract deliverables, depending on the terms of the agreement.

#### 产品保证

#### Product Warranties

公司就任何缺陷产品提供一至五年的产品保证。该等标准保证属于保证类保证，公司除保证产品将按规格持续正常运行外不提供任何其他服务。因此，该等保证不构成安排中的单独履约义务。基于历史经验，公司在确认收入时计提估计的缺陷产品退货。公司监控保证义务，若产品维修和更换的实际成本显著高于或低于估计，可能对保证准备金作出修订。保证计提基于持续更新的估计，并考虑新产品推出、索赔数量相较公司历史经验的变化以及保证索赔服务成本的变化等输入因素。公司对未来期间此类估计变更的影响进行会计处理。估计的保证成本在销售时计提并计入收入成本，相应的保证负债计入应计及其他流动负债。

The Company offers product warranties ranging from one to five years against any defective products. These standard warranties are assurance-type warranties, and the Company does not offer any services beyond the assurance that the product will continue working as specified. Therefore, these warranties are not considered separate performance obligations in the arrangement. Based on historical experience, the Company accrues for estimated returns of defective products at the time revenue is recognized. The Company monitors warranty obligations and may make revisions to its warranty reserve if actual costs of product repair and replacement are significantly higher or lower than estimated. Warranty accruals are based on estimates that are updated on an ongoing basis taking into consideration inputs such as new product introductions, changes in the volume of claims compared with the Company’s historical experience, and the changes in the cost of servicing warranty claims. The Company accounts for the effect of such changes in estimates prospectively. Estimated warranty costs are accrued at the time of sale and recognized in cost of revenue, with a corresponding warranty liability included in accrued and other current liabilities.

合并财务报表附注 Notes to the Consolidated Financial Statements

#### 研发成本

#### Research and Development Costs

研发成本在发生时计入当期费用。研发费用主要包括开展研发活动所发生的成本，包括薪酬、股权激励费用、员工福利、流片成本（包括版图设计服务、掩膜版、原型组件）、在将新系统设计投入生产前发生的系统认证与测试费用、数据中心成本、折旧与摊销、专业服务费、云计算成本及设施费用。

Research and development costs are expensed in the period incurred. Research and development expenses primarily consist of costs incurred in performing research and development activities and include salaries, stock-based compensation, employee benefits, tape-out costs (which include layout services, mask sets, prototype components), system qualification and testing incurred before releasing new system designs into production, data center costs, depreciation and amortization, professional services fees, cloud computing costs and facilities expenses.

公司在达到技术可行性之前将软件开发成本计入费用。这些成本的大部分是为开发我们向外部用户销售、出租或推广的硬件所包含的软件组件而发生的费用。技术可行性通常在相关产品发布前不久即已达到。因此，在所列示期间内，符合资本化条件的开发成本并不重大。

The Company expenses software development costs before technological feasibility is reached. The majority of these costs are expenses incurred to develop the software component of the hardware we sell, lease, or market to external users. Technological feasibility is typically reached shortly before the release of such products. As a result, development costs that meet the criteria for capitalization were not material for the periods presented.

#### 股权激励费用

#### Stock-Based Compensation

公司的 2016 年股权激励计划（经修订，简称“股权激励计划”）规定公司可向员工、顾问和董事授予激励性股票期权（“ISO”）、非法定股票期权（“NSO”）、限制性股票单位（“RSU”）和限制性股票奖励（“RSA”）。公司以授予日公允价值计量用于换取员工服务的股权激励奖励，并在奖励的归属期内按直线法确认费用。所需服务期通常等于奖励的归属期。公司使用 Black-Scholes 期权定价模型估计 ISO 和 NSO 的授予日公允价值。RSU 和 RSA 的公允价值以授予日公司股票价格为基础确定。公司根据历史经验在授予日估计失效数，并在后续期间若实际失效数与估计数存在差异时于必要时予以修订。对于同时具有服务条件和业绩条件的某些股权奖励，如果很可能实现业绩条件，公司在所需服务期内采用加速归属法确认费用。公司在每个报告日重新评估业绩条件的实现情况，并相应调整股权激励费用。

The Company’s 2016 Equity Incentive Plan (as amended, the “Equity Incentive Plan”) provides for the Company to grant incentive stock options (“ISOs”), non-statutory stock options (“NSOs”), restricted stock units (“RSUs”), and restricted stock awards (“RSAs”) to employees, advisers, and directors. The Company measures stock-based compensation awards exchanged for employee services at fair value on the date of the grant and recognizes expense on a straight-line basis over the award’s vesting period. The requisite service period generally equals the vesting period of the awards. The Company estimates the grant date fair value of ISOs and NSOs using the Black-Scholes option-pricing model. The fair value of RSUs and RSAs are based on the Company’s stock price on the date of grant. The Company estimates forfeitures at the date of grant, based on historical experience, and revises, if necessary, in subsequent periods if actual forfeitures differ from those estimates. For certain equity awards that have both service and performance conditions, the Company recognizes the expense using the accelerated attribution method over the requisite service period if it is probable that the performance conditions will be achieved. The Company reassesses the achievement of the performance conditions at each reporting date and adjusts the stock-based compensation accordingly.

#### 所得税

#### Income Taxes

公司采用资产负债法核算所得税，该方法要求就已计入合并财务报表的事项所产生的预期未来税务后果确认递延所得税资产（“DTA”）和递延所得税负债（“DTL”）。在此方法下，DTA 和 DTL 根据资产和负债的财务报表基础与计税基础之间的差异确定，并使用预计差异转回年度已生效的税率。税率变动对 DTA 和 DTL 的影响在包含颁布日期的期间计入损益。

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets (“DTAs”) and deferred tax liabilities (“DTLs”) for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, DTAs and DTLs are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on DTAs and DTLs is recognized in income in the period that includes the enactment date.

公司在这些资产很可能实现的范围内确认递延所得税资产（DTA）。在作出该等判断时，会考虑所有可获得的正面和负面证据，包括现有应税暂时性差异的未来转回、预计的未来应税收入、税务筹划策略以及近期经营业绩。如果确定未来能够实现的递延所得税资产超过其账面净额，则将对递延所得税资产估值备抵进行调整，从而减少所得税费用。由于公司的历史经营业绩和净亏损，公司的美国联邦和州递延所得税资产净额已由估值备抵全额抵销。

The Company recognizes DTAs to the extent that these assets are more likely than not to be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If it is determined that the DTAs in the future in excess of their net recorded amount can be realized, an adjustment to the DTA valuation allowance will be made, which would reduce the provision for income taxes. Due to the Company’s historical operating performance and net losses, the Company’s U.S. federal and state net deferred tax assets have been fully offset by a valuation allowance.

管理层作出估计、假设和判断，以确定公司的所得税费用或收益、递延所得税资产和负债、不确定税务状况以及针对公司递延所得税资产记录的任何估值备抵。不确定税务状况的确认或计量变化反映在作出判断的期间。公司的政策是将与所得税少缴相关的利息和罚款确认为所得税费用的组成部分。

Management makes estimates, assumptions and judgments to determine the Company’s provision for or benefit from income taxes, deferred tax assets and liabilities, uncertain tax positions and any valuation allowances recorded against the Company’s deferred tax assets. Changes in recognition or measurement of uncertain tax positions are reflected in the period in which the judgment occurs. The Company's policy is to recognize interest and penalties related to the underpayment of income taxes as a component of the provision for income taxes.

合并财务报表附注 Notes to the Consolidated Financial Statements

#### 现金及现金等价物

#### Cash and Cash Equivalents

现金及现金等价物包括库存现金以及购买时原始到期期限为三个月或更短的高流动性投资。公司的现金及现金等价物投资于各类投资级机构货币市场基金及计息账户。

Cash and cash equivalents include cash on hand and highly liquid investments with an original maturity of three months or less at the time of purchase. The Company’s cash and cash equivalents are invested in various investment grade institutional money market funds and interest-bearing accounts.

#### 受限现金

#### Restricted Cash

受限现金包括无法随时用于公司经营活动的现金及现金等价物。受限现金主要来自公司收到的客户预付款，公司受合同限制，仅可将该等款项用于履行与客户合同项下义务的有限目的。更多信息请参见“客户存款”。

Restricted cash includes cash and cash equivalents that are not readily available for use in the Company’s operating activities. Restricted cash is primarily attributable to cash advances received from customers that the Company is contractually restricted to use for the limited purposes of satisfying obligations under contracts with its customers. See “Customer Deposits” for additional information.

#### 投资

#### Investments

投资主要包括购买时初始到期期限超过三个月、但截至期末不超过一年的定期存款及美国国债。

Investments consist primarily of time deposits and U.S. Treasury securities that have an initial maturity of greater than three months at the time of purchase but less than or equal to one year at period-end.

公司将债务证券投资分类为可供出售。该等可供出售债务证券按公允价值列报。计息债务证券的公允价值包括应计利息。债务证券按公允价值计量，未实现利得和损失作为累计其他综合收益（亏损）（“AOCI”）的组成部分列报，但预期信用损失准备金的变动除外，该变动计入其他收入（费用）净额。公司采用个别认定法确定债务证券出售或到期产生的任何已实现利得或损失，并将该等已实现利得和损失计入其他收入（费用）净额。

The Company classifies its investments in debt securities as available for sale. These available-for-sale debt securities are reported at fair value. The fair value of interest-bearing debt securities includes accrued interest. Debt securities are carried at fair value, with the unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) (“AOCI”), except for the changes in allowance for expected credit losses, which are recorded in other income (expense), net. The Company determines any realized gains or losses on the sale of, or maturity of, debt securities on a specific identification method, and the Company records such realized gains and losses in other income (expense), net.

公司的所有可供出售债务证券均于每个报告日进行信用损失评估。如果公司拟出售某项证券，或公司很可能需要在收回其摊余成本基础之前出售该证券，则该证券将减记至其公允价值，且全部未实现损失计入损益。对于所有其他处于未实现损失状态的可供出售债务证券，公司根据与证券可收回性相关的可获得信息（包括过往事件、当前状况以及合理且有依据的预测）评估是否存在信用损失。归属于信用因素的未实现损失部分计入损益，以未实现损失总额为限，其余未实现损失计入累计其他综合收益（亏损）。截至 2025 年 12 月 31 日和 2024 年 12 月 31 日止年度，不存在信用损失或减值费用。

All of the Company’s available-for-sale debt securities are evaluated at each reporting date for credit losses. If the Company intends to sell a security, or if it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the entire unrealized loss is recognized in earnings. For all other available-for-sale debt securities in an unrealized loss position, the Company evaluates whether a credit loss exists based on available information relevant to the collectability of the security, including past events, current conditions, and reasonable and supportable forecasts. The portion of the unrealized loss attributable to credit factors is recognized in earnings, limited to the total unrealized loss, with the remaining unrealized loss recognized in accumulated other comprehensive income (loss). There were no credit losses or impairment charges for the years ended December 31, 2025 and 2024 .

#### 金融工具的公允价值

#### Fair Value of Financial Instruments

公司依据在计量日市场参与者之间有序交易中出售资产所能收到或转移负债所需支付的价格，确定其合并财务报表中使用的公允价值计量。公允价值层级区分：(i) 基于从独立来源获取的市场数据所形成的市场参与者假设（可观察输入值），以及 (ii) 主体基于当时情况下可获得的最佳信息对市场参与者假设所作出的自身假设（不可观察输入值）。

The Company determines fair value measurements used in its consolidated financial statements based upon the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (i) market participant assumptions developed based on market data obtained from independent sources (observable inputs), and (ii) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs).

公允价值层级由三个宽泛的层级构成，其中对相同资产或负债在活跃市场中的未经调整的报价给予最高优先级（第 1 层级），对不可观察输入值给予最低优先级（第 3 层级）。公允价值层级的三个层级描述如下：

The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

- 第一层级输入为相同资产或负债在活跃市场中的报价；

- Level 1 inputs are quoted prices in active markets for identical assets and liabilities;

- 第 2 级输入，除第 1 级所包含的报价外，可直接或间接观察到的资产或负债输入值；以及

- Level 2 inputs, other than quoted prices included within Level 1, are observable for the asset or liability either directly or indirectly; and

合并财务报表附注 Notes to the Consolidated Financial Statements

- 第 3 层级输入在市场中不可观察。

- Level 3 inputs are not observable in the market.

公允价值层级要求主体在计量公允价值时最大化使用可观察输入，最小化使用不可观察输入。

The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

公司金融工具（包括现金及现金等价物、应收账款、应付账款和应计负债）的账面金额因其到期期限相对较短而近似于公允价值。进一步讨论参见附注 8 – 投资、附注 9 – 公允价值计量、附注 12 – 可赎回可转换优先股及附注 13 – 普通股。

The carrying amounts of the Company’s financial instruments consisting of cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to their relatively short maturities. Refer to Note 8 – Investments, Note 9 – Fair Value Measurements, Note 12 – Redeemable Convertible Preferred Stock, and Note 13 – Common Stock for further discussion.

#### 应收账款

#### Accounts Receivable

应收账款的付款条款因合同而异：部分客户预付，其他客户在经信用评估后采用赊账方式，通常在一年内付款。应收账款按发票总额减去信用损失准备，并扣除任何折扣或其他形式的估计可变对价后的净额列示。我们通过评估特定账户来估计信用损失准备，这些账户的信息表明客户可能无法履行财务义务，例如客户付款历史、信用状况以及超出合同条款期限长期未结清的应收款项。我们基于可获得的最佳事实和情况运用假设和判断，计提准备以将应收账款减至预期可收回的金额。随着获得更多信息，这些准备会被评估和调整。截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，我们无信用损失准备。在截至 2025 年 12 月 31 日和 2024 年 12 月 31 日的年度内，我们分别确认了 $0.2 million 和 nil 的信用损失相关费用。

Payment terms for accounts receivables vary by contract: some customers prepay, while others, subject to credit evaluation, are billed in arrears, typically within one year. Accounts receivable are stated at a gross invoice amount less an allowance for credit losses as well as net of any discounts or other forms of estimated variable consideration. We estimate allowance for credit losses by evaluating specific accounts where information indicates our customers may have an inability to meet financial obligations, such as customer payment history, creditworthiness and receivable amounts outstanding for an extended period beyond contractual terms. We use assumptions and judgment, based on the best available facts and circumstances, to record an allowance to reduce the receivable to the amount expected to be collected. These allowances are evaluated and adjusted as additional information is received. We had no allowance for credit losses as of December 31, 2025 and 2024. During the years ended December 31, 2025 and 2024, we recognized $0.2 million and nil of expense related to credit losses, respectively.

#### 存货

#### Inventories

存货由原材料、在产品和产成品构成，按成本与可变现净值孰低列示。成本按加权平均成本法计量。存货成本主要包括向分包商采购的半导体、存储产品及其他组件成本，包括晶圆制造、封装、测试和制造支持成本（含与此类采购相关的劳动力和间接费用）、最终测试良率损失以及运输成本。公司的流程和产品开发生命周期包含实质性工程里程碑，这些里程碑被一致地应用于确定活动和相关成本何时从研究与开发转为收入成本，以及此类成本何时资本化为存货。

Inventories consist of raw materials, work-in-progress, and finished goods and are stated at the lower of cost or net realizable value. Costs are measured on a weighted average cost basis. Inventory costs consist primarily of the cost of semiconductors, memory products, and other component parts purchased from subcontractors, including wafer fabrication, assembly, testing, and manufacturing support costs, including labor and overhead associated with such purchases, final test yield fallout, and shipping costs. The Company’s process and product development lifecycle includes substantive engineering milestones that are consistently applied to determine when activities and related costs transition from research and development to cost of revenue and when such costs are capitalized as inventory.

存货按成本与可变现净值孰低计量，依据对未来需求和市场状况的假设确定。可变现净值是指公司产品在正常经营过程中的估计售价减去合理可预测的完工、处置和运输成本。如果存货已过时、成本基础超过预期可变现净值或超过预期需求，则将存货减记至其可变现净值。存货一经减记，减少后的账面价值即成为新的成本基础，并一直保持至该存货被售出、报废或为进一步的估值损失而减记。存货估值要求公司根据当前可获得的信息，就可能的处置方式以及当前和未来产品需求相对于剩余产品寿命的情况作出判断。公司还评估存货是否存在数量过剩、过时以及不具备可销售质量的项目。

Inventory is valued at the lower of cost or net realizable value, based upon assumptions about future demand and market conditions. Net realizable value is the estimated selling price of the Company’s products in the ordinary course of business less reasonably predictable costs of completion, disposal, and transportation. Inventories are written down to their net realizable value if they have become obsolete, have a cost basis in excess of expected net realizable value, or are in excess of expected demand. Once inventory is written down, the reduced carrying value becomes the new cost basis and is maintained until it is sold, scrapped, or written down for further valuation losses. The valuation of inventories requires the Company to make judgments based on currently available information about the likely method of disposition and current and future product demand relative to the remaining product life . The Company also evaluates inventory for excess quantities, obsolescence, and items that are not of salable quality.

营业成本中列支存货准备，用于将存货减记至成本与可变现净值孰低，或完全核销过剩或过时存货。大多数存货准备与对不具备可销售质量的存货进行减记有关。

Cost of revenue is charged for inventory provisions to write down inventory to the lower of cost or net realizable value or to completely write off excess or obsolete inventory. Most inventory provisions relate to write-downs for inventory that is not of salable quality.

#### 合同资产

#### Contract Assets

合同资产包括与尚未确认收入相关的递延销售成本，以及与公司就已完成履约义务收取对价的合同权利相关的未开票应收款。当收取对价的权利变为无条件时，未开票应收款重分类为应收款；归属于未来收入的合同资产在相关商品或服务交付时确认为收入的减少。

Contract assets include deferred cost of sales related to revenue that has not yet been recognized and unbilled receivables that relate to our contractual right to consideration for completed performance obligations. Unbilled receivables are reclassified to receivables when the right to consideration becomes unconditional, and contract assets attributable to future revenues are recognized as a reduction of revenue as the related goods or services are

合并财务报表附注 Notes to the Consolidated Financial Statements

转移给客户。合同资产会评估预期信用损失，但不包括向客户发行的已完全归属的股权工具所记录的金额。更多讨论请参见附注 10——资产负债表详情。

transferred to the customer. Contract assets are evaluated for expected credit losses, excluding amounts recorded for fully vested equity instruments issued to a customer. Refer to Note 10 – Balance Sheet Details for further discussion.

#### 财产和设备，净额

#### Property and Equipment, Net

财产和设备按成本减累计折旧入账。财产和设备的重大增建和改良支出予以资本化，维修和保养费用在发生时计入费用。当资产报废或处置时，成本及累计折旧从相应账户中剔除，任何相关收益或损失予以确认。

Property and equipment are recorded at cost, less accumulated depreciation. Expenditures for major additions and improvements to property and equipment are capitalized and repairs and maintenance costs are expensed as incurred. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the respective accounts and any related gain or loss is recognized.

财产和设备在其估计可使用年限内按直线法计提折旧，具体如下：

Property and equipment are depreciated using the straight-line method over the estimated useful lives of the property and equipment as follows:

**资产类别**

**Asset Category**

数据中心和计算机设备 · 3–5 机器和设备 · 7 租赁改良 · 估计可使用年限或剩余租赁期中较短者

Data center and computer equipment · 3–5 Machinery and equipment · 7 Leasehold improvements · Lesser of estimated useful life or remaining lease term

估计可使用年限会定期评估，以确定是否需要变更。此类修订可能源于（例如）公司推理解决方案的计划、需求或战略发生变化。

Estimated useful lives are periodically assessed to determine if changes are appropriate. Such revisions may result, for example, from changes to plans, demand, or strategy for the Company’s inference solutions.

#### 租赁

#### Leases

公司主要以承租人身份订立安排，不存在其作为出租人的重大安排。

The Company primarily enters into arrangements as a lessee and does not have material arrangements in which it acts as a lessor.

公司在安排开始时确定该安排是否为租赁。租赁期超过 12 个月的经营租赁计入合并资产负债表中的使用权资产和经营租赁负债。使用权资产代表在租赁期内使用标的资产的权利，租赁负债代表因租赁而产生的支付租赁款项的义务。经营租赁负债和使用权资产在开始日按租赁期内租赁付款额的现值确认。如果不存在隐含利率，公司在确定租赁付款额现值时，根据开始日可获得的信息使用其增量借款利率。

The Company determines if an arrangement is a lease at its inception. Operating leases with lease terms of more than 12 months are included in right-of-use assets and operating lease liabilities in the consolidated balance sheets. Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease liabilities and right-of-use assets are recognized at commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments if an implicit rate is not available.

使用权资产还包括任何预付租金、收到时的租赁激励以及直线法租金费用影响，这些代表经营租赁负债与使用权资产之间的差额。租赁期包括在公司合理确定将行使续租或终止选择权时的该选择权。租赁和非租赁组成部分已合并。

The right-of-use assets also includes any rent prepayments, lease incentives upon receipt, and straight-line rent expense impacts, which represent the differences between operating lease liabilities and right-of-use assets. Lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease and non-lease components have been combined.

#### 长期资产减值

#### Impairment of Long-Lived Assets

公司评估其长期资产（包括不动产及设备和使用权资产）是否存在减值迹象，以判断其可收回性。如果事件或情况变化表明某项资产可能发生减值，公司通过比较该资产或资产组的账面价值与该资产或资产组预计产生的估计未折现未来现金流量来评估可收回性。如果账面价值超过估计未来现金流量，则就账面价值超过资产公允价值的金额确认减值费用。当无法获得报价市场价格时，公允价值采用按与资产收回相关风险相称的折现率对预计未来现金流量进行折现的方式估计。截至 2025 年 12 月 31 日和 2024 年 12 月 31 日止年度，未发现长期资产减值。

The Company assesses the recoverability of its long-lived assets, including property and equipment and right-of-use assets, for indicators of impairment. If events or changes in circumstances indicate that an asset may be impaired, the Company evaluates recoverability by comparing the asset’s carrying amount to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount exceeds the estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount exceeds the assets fair value. When quoted market prices are not available, fair value is estimated using expected future cash flow discounted at a rate commensurate with the risks associated with the assets’ recovery. No impairment of long-lived assets was identified for the years ended December 31, 2025 and 2024 .

合并财务报表附注 Notes to the Consolidated Financial Statements

#### 合同负债

#### Contract Liabilities

客户账单和付款相对于服务期开始的时间因合同而异，由此形成的合同负债包括递延收入或客户保证金。递延收入指在相关产品或服务转移给客户之前，根据不可撤销合同开具的账单。

The timing of customer billings and payments relative to the start of the service period varies from contract to contract, resulting in contract liabilities consisting of either deferred revenue or customer deposits. Deferred revenue represents billings under noncancelable contracts before the related product or service is transferred to the customer.

#### 客户保证金

#### Customer Deposits

公司就客户预期购买的高性能计算系统及相关服务收取预付款。这些款项在收到采购订单并交付相关产品或服务之前记录为客户保证金。在某些安排中，保证金用于向第三方供应商付款以制造基础设施。如果未收到采购订单，保证金中未支付给第三方供应商的任何部分可应客户要求退还，且公司对使用保证金购买的存货的权利根据合同条款转移给客户。

The Company receives advance payments from customers for anticipated purchases of high-performance computing systems and related services. These amounts are recorded as customer deposits until purchase orders are received and the related products or services are delivered. In certain arrangements, the deposits are used to make payments to third-party vendors to manufacture infrastructure. If purchase orders are not received, any portion of the deposit not paid to third-party vendors is refundable to the customer on demand, and the Company’s rights to inventory purchased with the deposit transfer to the customer in accordance with the contractual terms.

#### 远期合同负债

#### Forward Contract Liability

公司认定，其未来按固定价格发行、且公司投资者有义务按固定价格购买 F-1 系列和 F-2 系列可赎回可转换优先股的义务构成一项独立金融工具（“远期合同负债”），并因其标的股份可在公司无法控制的特定事件发生时赎回而分类为负债。该负债在初始确认时及此后每个报告日直至结算日按公允价值计量，各报告期的公允价值变动在合并经营报表的“其他收入（费用）净额”中确认。进一步讨论参见附注 12——可赎回可转换优先股。

The Company determined that its obligation to issue, and the Company’s investors’ obligation to purchase, shares of Series F-1 and Series F-2 redeemable convertible preferred stock at a fixed price in the future represented a freestanding financial instrument (“forward contract liability”) and is classified as a liability because the underlying shares of the forward contract liability are redeemable upon the occurrence of certain events outside the control of the Company. This liability is measured at fair value upon initial recognition and at each subsequent reporting date through the settlement date, with changes in fair value for each reporting period recognized in other income (expense), net on the consolidated statements of operations. Refer to Note 12 – Redeemable Convertible Preferred Stock for further discussion.

公司认定，此前确认为负债的与 F-1 系列优先股相关的远期购买义务应于 2025 年 4 月 15 日终止确认，因为标的可赎回股份未被行使。投资者承诺的合同到期构成对该义务的法律解除，从而消灭了该负债。

The Company has concluded that the forward purchase obligation related to the Series F-1 Preferred Stock, previously recognized as a liability, should be derecognized as of April 15, 2025, as the underlying redeemable shares were not exercised. The contractual expiration of the investors’ commitment constituted a legal release from the obligation, thereby extinguishing the liability.

#### 递延发行成本

#### Deferred Offering Costs

递延发行成本包括与公司拟议首次公开发行相关的法律、会计及其他费用和成本，在简明合并资产负债表上资本化计入其他资产。递延发行成本将在计划首次公开发行完成后与公司收到的募集资金相抵。如果计划首次公开发行终止，所有递延发行成本将作为一般及行政费用计入费用。截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，递延发行成本分别为 $0.9 million 和 nil。

Deferred offering costs, consisting of legal, accounting, and other fees and costs relating to the Company’s proposed initial public offering, are capitalized within other assets on the condensed consolidated balance sheet. The deferred offering costs will be offset against the proceeds received by the Company upon the completion of the planned initial public offering. In the event the planned initial public offering is terminated, all of the deferred offering costs will be expensed as general and administrative expense. As of December 31, 2025 and 2024, the deferred offering costs were $0.9 million and nil, respectively.

#### 库存股

#### Treasury Stock

公司将普通股回购按成本记为库存股，并将后续库存股注销按成本记录。为回购一项权益奖励而转让的现金或其他资产金额，在支付金额不超过回购日所回购权益工具公允价值的情况下，计入权益。任何超过公允价值支付的金额，归属于交易的其他要素，并按其实质进行会计处理。若库存股被注销，回购价格超过所收购股份面值的部分，分配至累计亏损和额外实收资本。分配至额外实收资本的部分，按拟注销股份与注销日已发行和流通股份总数的比例计算。

The Company records repurchases of common shares as treasury stock at cost and records subsequent retirements of treasury shares at cost. The amount of cash or other assets transferred to repurchase an equity award is charged to equity to the extent that the amount paid does not exceed the fair value of the equity instrument being repurchased at the repurchase date. Any amount paid in excess of fair value is attributed to the other elements of the transaction and accounted for according to their substance. If treasury shares are retired, the excess of the repurchase price over the par value of the shares acquired is allocated to both accumulated deficit and additional paid-in capital. The portion allocated to additional paid-in capital is calculated on a pro rata basis of the shares to be retired and the total shares issued and outstanding as of the date of retirement.

风险集中 Concentration of Risk

公司面临某些风险和不确定性，可能对其业务、财务状况、经营成果或现金流量产生重大不利影响，主要原因是信用风险集中、重要客户以及供应商集中。

The Company is subject to certain risks and uncertainties that could have a material adverse effect on its business, financial condition, results of operations, or cash flows primarily due to concentration of credit risk, significant customers, and supplier concentration.

#### 信用风险集中

#### Concentration of Credit Risk

可能使公司面临重大信用风险集中的金融工具主要包括现金、现金等价物、受限现金、投资和应收账款。公司将现金、现金等价物、受限现金和有价证券存放于主要位于美国的高质量金融机构，其构成和到期情况由公司定期监控。公司在多家主要金融机构持有现金、现金等价物和受限现金，金额可能超过联邦存款保险公司（“FDIC”）设定的保险限额。公司在正常业务过程中向客户授予信用，因而在客户未能还款时面临信用风险。迄今为止，公司未因这些金融工具发生任何重大损失。

Financial instruments that potentially expose the Company to significant concentration of credit risk consist primarily of cash, cash equivalents, restricted cash, investments and accounts receivable. The Company maintains its cash, cash equivalents, restricted cash, and marketable securities with high-quality financial institutions mainly in the United States, where the composition and maturities of which are regularly monitored by the Company. The Company holds cash, cash equivalents, and restricted cash at several major financial institutions, which may exceed insurance limits set by the Federal Deposit Insurance Corporation (“FDIC”). The Company grants credit to its customers in the normal course of business, exposing it to credit risk in the event of nonrepayment by customers. The Company has not experienced any material losses to date from these financial instruments.

#### 重要客户

#### Significant Customers

在特定期间，少数客户可能占公司收入或应收账款的重大部分。进一步讨论请参见附注 5 – 收入。

A limited number of customers may account for a significant portion of the Company’s revenue or accounts receivable in certain periods. Refer to Note 5 – Revenue for further discussion.

#### 供应商集中

#### Supplier Concentration

公司用于制造产品的某些材料仅可从有限数量的供应商处获得。由于供应中断或行业需求增加，这些材料可能出现短缺。截至 2025 年 12 月 31 日止年度，两家供应商分别占总采购量的 19% 和 14%。截至 2024 年 12 月 31 日止年度，三家供应商分别占总采购量的 21%、14% 和 11%。

Certain materials used by the Company in the manufacturing of its products are available from a limited number of suppliers. Shortages could occur in these materials due to an interruption of supply or increased demand in the industry. Two suppliers accounted for 19% and 14% of total purchases for the year ended December 31, 2025 . Three suppliers accounted for 21%, 14%, and 11% of total purchases for the year ended December 31, 2024 .

附注 5 – 收入 Note 5 – Revenue

#### 收入拆分

#### Disaggregation of Revenue

公司在某一时点确认归类为硬件类的收入，归类为云及其他服务类的收入则在某一时点或在一段时间内确认。按某一时点及一段时间内划分的收入如下（单位：千美元）：

The Company recognizes revenue classified in hardware at a point in time, and revenue classified in cloud and other services either at a point in time or over time. Revenue by point in time and over time was as follows (in thousand s):

**截至 12 月 31 日的年度**

**Years Ended December 31,**

2025 · 2024 在某一时点确认的硬件收入 · $358,440 · $211,965 在某一时点确认的云及其他服务收入 · 2,194 · 628 在一段时间内确认的云及其他服务收入 · 149,357 · 77,659 总收入 · $509,991 · $290,252

2025 · 2024 Hardware revenue recognized point in time · $358,440 · $211,965 Cloud and other services revenue recognized point in time · 2,194 · 628 Cloud and other services revenue recognized over time · 149,357 · 77,659 Total revenue · $509,991 · $290,252

截至 2025 年 12 月 31 日的年度内确认的、已包含在截至 2024 年 12 月 31 日递延收入中的收入为$34.5 million。截至 2024 年 12 月 31 日的年度内确认的、已包含在截至 2023 年 12 月 31 日递延收入中的收入为$13.7 million。

Revenue recognized during the year ended December 31, 2025 that was included in deferred revenue as of December 31, 2024 was $34.5 million. Revenue recognized during the year ended December 31, 2024 that was included in deferred revenue as of December 31, 2023 was $13.7 million.

合并财务报表附注 Notes to the Consolidated Financial Statements

#### 重要客户

#### Significant Customers

占我们总收入 10% 或以上的客户如下：

Customers that each accounted for 10% or more of our total revenues were as follows:

**占总收入的百分比**

**Percentage of Total Revenues**

截至 12 月 31 日的年度，

For the Year Ended December 31,

2025 · 2024 客户 A(1) · 62 % · * 客户 B(1) · 24 % · 85 %

2025 · 2024 Customer A(1) · 62 % · * Customer B(1) · 24 % · 85 %

_____________ (1) 根据 ASC 850《关联方披露》的定义，客户 A 与客户 B 互为关联方。* 百分比低于 10%

_____________ (1) Customer A and Customer B are considered related parties with respect to each other as defined by ASC 850, Related Party Disclosures . * Percentage was less than 10%

在所呈报期间内，占应收账款余额 10% 或以上的客户如下：

Customers that each accounted for 10% or more of accounts receivable balances as of the periods presented are as follows:

**截至 12 月 31 日，**

**As of December 31,**

2025 · 2024 客户 A(1) · 78 % · * 客户 B(1) · * · 91 %

2025 · 2024 Customer A(1) · 78 % · * Customer B(1) · * · 91 %

______________ (1) 根据 ASC 850《关联方披露》的定义，客户 A 与客户 B 互为关联方。* 百分比低于 10%

______________ (1) Customer A and Customer B are considered related parties with respect to each other as defined by ASC 850, Related Party Disclosures . * Percentage was less than 10%

#### OpenAI 合作

#### OpenAI Collaboration

2025 年 12 月，公司与 OpenAI OpCo, LLC（“OpenAI”）签订了一份主关系协议（“MRA”），约定在多年期限内提供 750MW 的 AI 推理算力容量（OpenAI 已通过合同承诺购买该容量，即“承诺容量”）及相关服务。MRA 包括：(i) 一项服务安排，据此公司将在三年或四年期限内提供承诺容量及相关服务，OpenAI 可将期限延长至总计最长五年；(ii) 一份金额约为 $1.0 billion 的有担保本票（“营运资金贷款”），由 OpenAI 于 2026 年 1 月提供资金，用于支持交付该等服务所需的基础设施及相关能力的建设；以及 (iii) 一份可购买公司 N 类普通股的认股权证。进一步讨论参见附注 13——普通股。截至 2025 年 12 月 31 日的年度内，公司未就该安排确认任何收入。除承诺容量外，OpenAI 还可选择购买额外 1.25GW 的 AI 推理算力容量（“额外容量”），在 2030 年底前分批部署，总计最多可达 2.0GW。

In December 2025, the Company entered into a Master Relationship Agreement (the “MRA”) with OpenAI OpCo, LLC (“OpenAI”) to provide 750MW of AI inference compute capacity that OpenAI is contractually committed to purchase (the “Committed Capacity”) and related services over a multi-year term. The MRA includes (i) a services arrangement pursuant to which the Company will provide the Committed Capacity and related services over a term of three or four years that is extendable by OpenAI to a maximum of five years in total, (ii) a secured promissory note of approximately $1.0 billion (the “Working Capital Loan”) funded by OpenAI in January 2026 to support the build-out of infrastructure and related capabilities required to deliver such services, and (iii) a warrant to purchase shares of the Company’s Class N common stock. Refer to Note 13 – Common Stock for further discussion. No revenue was recognized for this arrangement during the year ended December 31, 2025. In addition to the Committed Capacity, OpenAI has the option to purchase an additional 1.25GW of AI inference compute capacity (the “Additional Capacity”) for deployment in tranches by the end of 2030 for up to a total of 2.0GW.

#### 剩余履约义务

#### Remaining Performance Obligation

截至 2025 年 12 月 31 日，分配至尚未履行（或部分尚未履行）的剩余履约义务的收入为 $24.6 billion，其中包括递延收入以及预计将在未来期间开票并确认为收入的金额。该余额中的很大一部分归因于公司根据与 OpenAI 签订的主关系协议所承担的义务。

Revenue allocated to remaining performance obligations that is unsatisfied (or partially unsatisfied), which includes deferred revenue and amounts that are expected to be invoiced and recognized as revenue in future periods, was $24.6 billion as of December 31, 2025. A significant amount of the balance was attributable to the Company’s obligations pursuant to a master relationship agreement with OpenAI.

公司预计，在该收入中，约 15% 将在截至 2027 年 12 月 31 日的初始 24 个月内确认，43% 将在第 25 至第 48 个月之间确认，其余余额将在其后确认。然而，由于应客户要求或其他原因导致的交付时间变化，收入确认的期间可能与上述内容有所不同。剩余履约义务不包括与期限为一年或更短的合同相关的履约义务所对应的收入。

The Company expects to recognize approximately 15% of this revenue over the initial 24 months ending December 31, 2027, 43% between months 25 and 48, and the remaining balance recognized thereafter. However, time periods for revenue recognition may vary from the foregoing due to changes in timing of delivery at the customer’s request or otherwise. The remaining performance obligations exclude revenue related to performance obligations for contracts with a length of one year or less.

合并财务报表附注 Notes to the Consolidated Financial Statements

与 OpenAI 的安排包含与代垫成本相关的可变对价，该等对价计入交易价格。该等代垫成本主要包括数据中心租赁改良支出、固定月度租金成本、安保费用以及其他可变月度租赁成本（如电费及其他公用事业费用）。与该等代垫成本相关的金额计入交易价格，并计入初始 250MW 承诺容量对应的剩余履约义务。超出初始 250MW 的承诺容量所对应的代垫成本不计入剩余履约义务，因为相关对价高度易受公司无法控制的因素影响，涉及重大金额，且将在 MRA 剩余年度内确定。与代垫成本相关的收入将在相关承诺容量交付时确认，并按总额列报。

The arrangement with OpenAI includes variable consideration related to pass-through costs that are included in the transaction price. These pass-through costs primarily consist of data center leasehold improvements, fixed monthly rental costs, security and other variable monthly lease costs such as power and other utilities. Amounts related to these pass-through costs are included in the transaction price and the remaining performance obligations for the initial 250MW of Committed Capacity. Pass-through costs associated with Committed Capacity in excess of the initial 250MW are excluded from remaining performance obligations because the related consideration is highly susceptible to factors outside the Company’s control which involves significant amounts that will be determined over the remaining years of the MRA. Revenue related to pass-through costs will be recognized as the underlying Committed Capacity is delivered and is reported on a gross basis.

附注 6 – 分部及地区信息 Note 6 – Segment and Geographical Information

公司作为单一经营分部运营。经营分部被定义为企业中由首席经营决策者（“CODM”，即公司首席执行官）定期评估单独财务信息以决定如何分配资源和评估业绩的组成部分。净利润（亏损）是公司衡量利润或亏损的主要指标，公司合并经营报表上的所有成本和费用类别，以及股权激励费用、折旧和摊销费用，均属重要项目。公司 CODM 按季度审阅净利润或亏损，以评估整体经营业绩、评价盈利能力并确定资源分配，包括资本支出和经营费用优先事项。进一步讨论参见附注 14——股权激励和附注 10——资产负债表详情。公司的分部项目还主要包括远期合同负债的公允价值变动以及利息和股息收入。分部资产的计量在合并资产负债表上以总资产列报。

The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision maker (“CODM”), which is the Company’s Chief Executive Officer, in deciding how to allocate resources and assess performance. Net income (loss) is the Company’s primary measure of profit or loss, and all costs and expenses categories on the Company’s consolidated statements of operations, as well as stock-based compensation, depreciation and amortization expenses, are significant. The Company’s CODM reviews net income or loss on a quarterly basis to assess overall operating performance, evaluate profitability and determine resource allocation, including capital spending and operating expense priorities. Refer to Note 14 – Stock-Based Compensation and Note 10 – Balance Sheet Details for further discussion. The Company’s segment items also primarily include changes in the fair value of forward contract liabilities, and interest and dividend income. The measure of segment assets is reported on the consolidated balance sheet as total assets.

按地理区域划分的收入根据客户的账单地点确定。按地理区域划分的收入如下（单位：千美元）

Revenue by geographic area is designated based upon the billing location of the customer. Revenue by geographic areas were as follows (in thousand s)

**截至 12 月 31 日的年度**

**Years Ended December 31,**

2025 · 2024 美国 · $187,643 · $282,685 欧洲、中东和非洲 · 322,231 · 7,567 其他 · 117 · — 总收入 · $509,991 · $290,252

2025 · 2024 United States · $187,643 · $282,685 Europe, Middle East, and Africa · 322,231 · 7,567 Other · 117 · — Total revenue · $509,991 · $290,252

按地理区域划分的财产和设备如下（单位：千美元）：

Property and equipment by geographic area was as follows (in thousand s):

**截至 12 月 31 日**

**As of December 31,**

2025 · 2024 美国 · $376,021 · $43,142 其他 · 61,375 · 32 财产和设备总计 · $437,396 · $43,174

2025 · 2024 United States · $376,021 · $43,142 Other · 61,375 · 32 Total property and equipment · $437,396 · $43,174

附注 7 – 每股净收益（亏损） Note 7 – Net Income (Loss) Per Share

公司在计算每股普通股净利润（亏损）时，若已发行的股份符合参与证券的定义，则采用两类法。两类法根据已宣告或累计的股利以及在未分配收益中的参与权，确定每一类普通股和参与证券的每股净利润（亏损）。两类法要求将当期可供普通股股东分配的收益，按照普通股和参与证券各自获得股利的权利，如同当期全部收益均已分配一样，在两者之间进行分配。我们的参与证券包括所有系列的可赎回可转换优先股。在确定归属于普通股的净利润时，分配给这些参与证券的未分配收益将从净利润中扣除。

The Company follows the two-class method when computing net income (loss) per ordinary share when shares are issued that meet the definition of participating securities. The two-class method determines net income (loss) per ordinary share for each class of ordinary shares and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to ordinary shareholders for the period to be allocated between ordinary shares and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Our participating securities include all series of our redeemable convertible preferred stock. Undistributed earnings allocated to these participating securities are subtracted from net income in determining net income attributable to common

合并财务报表附注 Notes to the Consolidated Financial Statements

股东。基本每股净收益（亏损）的计算方法为：将归属于普通股股东的净利润除以我们已发行普通股的加权平均股数，并就须予回购的已发行股份进行调整。因行使某些认股权证而可发行的 N 类普通股股份，在基本每股净收益（亏损）计算中被视为实质已发行，原因是行权价格为名义价格且股份发行被视为很可能发生；因此，尽管截至 2025 年 12 月 31 日尚未合法发行任何 N 类股份，该等股份仍计入基本每股净收益（亏损）计算所用的加权平均已发行股数。

stockholders. Basic net income (loss) per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of our common stock outstanding, adjusted for outstanding shares that are subject to repurchase. Shares issuable upon exercise of certain warrants for Class N common stock are considered in-substance outstanding for basic net income (loss) per share because the exercise price is nominal and the issuance of shares is considered probable; accordingly, such shares are included in the weighted-average shares outstanding for purposes of basic net income (loss) per share, although no Class N shares have been legally issued as of December 31, 2025 .

归属于普通股股东的稀释每股净收益（亏损）的计算方法为：将归属于普通股股东的净利润除以该期间已发行普通股的加权平均股数，并调整以反映潜在稀释性证券的影响。本公司的潜在稀释性证券包括可赎回可转换优先股股份及股权激励奖励。可赎回可转换优先股股份自期初起（或如发行日较晚，则自发行日起）采用假设转换法视为已转换为普通股。在假设转换法下，该等优先股的任何股息（无论已宣派或已累积）在计算稀释每股净收益时均加回至归属于普通股股东的净利润。股票期权采用库存股法计入稀释每股净收益的计算。在本公司报告净亏损的期间，所有潜在稀释性证券均不计入稀释每股净亏损的计算，因为计入它们将具有反稀释作用。我们稀释每股净收益（亏损）计算中的稀释性证券不包括未归属的 RSU。该等 RSU 的归属取决于服务条件和流动性条件的同时满足。流动性条件在发生合格事件（例如完成首次公开发行）时得到满足。截至 2025 年 12 月 31 日，该等合格事件尚未发生，在其发生之前，该等 RSU 的持有人对我们未分配收益不享有任何权利。因此，它们被排除在稀释性证券的影响之外。

Diluted net income (loss) per share attributable to common stockholders is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, adjusted to give effect to potentially dilutive securities. The Company’s potentially dilutive securities include shares of redeemable convertible preferred stock and stock-based awards. Shares of redeemable convertible preferred stock are assumed to be converted into common stock using the if-converted method from the beginning of the period, or from the date of issuance if later. Under the if-converted method, any dividends on such preferred stock, whether declared or accumulated, are added back to net income attributable to common stockholders in the calculation of diluted net income per share. Stock options are included in the calculation of diluted net income per share using the treasury stock method. For periods in which the Company reports a net loss, all potentially dilutive securities are excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive. Dilutive securities in our diluted net income (loss) per share calculation do not include unvested RSUs. Vesting of these RSUs is dependent upon the satisfaction of both a service condition and a liquidity condition. The liquidity condition is satisfied upon the occurrence of a qualifying event, such as the completion of an initial public offering. As of December 31, 2025, such a qualifying event had not occurred and until it occurs, the holders of these RSUs have no rights in our undistributed earnings. Therefore, they are excluded from the effect of dilutive securities.

截至 2025 年 12 月 31 日止年度，没有潜在普通股因具有反稀释作用而被排除在稀释每股净收益之外。截至 2024 年 12 月 31 日止年度，以下潜在普通股因计入将具有反稀释作用而被排除在稀释每股净亏损的计算之外：

For the year ended December 31, 2025, no potential common shares were excluded from diluted net income per share as their effect would have been anti-dilutive. For the year ended December 31, 2024, the following potential common shares were excluded from the computation of diluted net loss per share because their inclusion would have been anti-dilutive:

**截至年度**

**Year ended**

2024 年 12 月 31 日

December 31, 2024

可赎回可转换优先股 · 82,899,159 须予回购的提前行权股份 · 1,373,428 购买普通股的期权 · 35,033,929 排除在每股净亏损之外的潜在普通股合计 · 119,306,516

Redeemable convertible preferred stock · 82,899,159 Early exercised shares subject to repurchase · 1,373,428 Options to purchase common stock · 35,033,929 Total potential common stock excluded from net loss per share · 119,306,516

合并财务报表附注 Notes to the Consolidated Financial Statements

以下为所列期间基本及稀释每股净收益计算中分子与分母的调节表：

The following is a reconciliation of the numerator and denominator of the basic and diluted net income per share computations for the periods presented:

**截至 12 月 31 日的年度**

**Years Ended December 31,**

2025 · 2024 （以千为单位，每股数据除外） 分子： 净利润（亏损） · $237,827 · $(481,602) 减：归属于参与性证券的净利润 · 149,952 · — F-1 系列可赎回可转换优先股发行时视同股息 优先股 · — · 3,182 归属于普通股股东的净利润（亏损） · $87,875 · $(484,784) 分母： 扣除待回购股份后的基本加权平均普通股股数 · $53,616 · $48,972 发行在外可赎回可转换优先股的稀释影响（按视同转换基础） · 91,491 · — 发行在外股票期权的稀释影响 · 26,714 · — 稀释加权平均普通股股数 · $171,821 · $48,972 每股净利润（亏损）： 基本 · $1.64 · $(9.90) 稀释 · $1.38 · $(9.90)

2025 · 2024 (in thousands, except per share data) Numerator: Net income (loss) · $237,827 · $(481,602) Less: Net income attributable to participating securities · 149,952 · — Deemed dividend upon issuance of Series F-1 redeemable convertible preferred stock · — · 3,182 Net income (loss) attributable to common stockholders · $87,875 · $(484,784) Denominator: Basic weighted-average common shares net of shares subject to repurchase · $53,616 · $48,972 Dilutive impact of outstanding redeemable convertible preferred stock (as-if converted basis) · 91,491 · — Dilutive impact of outstanding stock options · 26,714 · — Dilutive weighted-average common shares · $171,821 · $48,972 Net income (loss) per share: Basic · $1.64 · $(9.90) Diluted · $1.38 · $(9.90)

附注 8 – 投资 Note 8 – Investments

公司将美国国债（按可供出售核算）和定期存款归类为公允价值层级中的第 2 层级，因为公司在可获得时使用市场报价，或使用采用市场可观察输入的替代定价来源和模型来确定公允价值。截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，第 1 层级与第 2 层级之间没有转移。

The Company classifies its U.S. Treasury securities, which are accounted for as available-for-sale, and time deposits within Level 2 in the fair value hierarchy because it uses quoted market prices to the extent available or alternative pricing sources and models utilizing market observable inputs to determine fair value. There were no transfers between Level 1 and Level 2 as of December 31, 2025 and 2024.

下表汇总了公司的投资（单位：千美元）：

The following tables summarize the Company’s investments (in thousand s):

**截至 2025 年 12 月 31 日**

**As of December 31, 2025**

公允价值层级 摊余成本 未实现收益总额 未实现损失总额 应计利息 公允价值

Fair Value Hierarchy Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Accrued Interest Fair Value

美国国债 · 第 2 层级 · $404,321 · $2,174 · $— · $— · $406,495 定期存款 · 第 2 层级 · 36 · — · — · — · 36 合计 · $404,357 · $2,174 · $— · $— · $406,531

U.S. Treasury securities · Level 2 · $404,321 · $2,174 · $— · $— · $406,495 Time deposits · Level 2 · 36 · — · — · — · 36 Total · $404,357 · $2,174 · $— · $— · $406,531

**截至 2024 年 12 月 31 日**

**As of December 31, 2024**

公允价值层级 摊余成本 未实现收益总额 未实现损失总额 应计利息 公允价值

Fair Value Hierarchy Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Accrued Interest Fair Value

美国国债 · 第 2 层级 · $115,124 · $1,204 · $— · $6 · $116,334 定期存款 · 第 2 层级 · 609 · — · — · — · 609 合计 · $115,733 · $1,204 · $— · $6 · $116,943

U.S. Treasury securities · Level 2 · $115,124 · $1,204 · $— · $6 · $116,334 Time deposits · Level 2 · 609 · — · — · — · 609 Total · $115,733 · $1,204 · $— · $6 · $116,943

本公司于截至 2025 年 12 月 31 日及 2024 年 12 月 31 日止年度分别确认已实现收益总额$0.2 million 及 nil。本公司于截至 2025 年 12 月 31 日及 2024 年 12 月 31 日止年度确认已实现亏损总额 nil。本公司将该等收益及亏损作为其他收入（费用）净额的组成部分列示。

The Company recognized gross realized gains of $0.2 million and nil for the years ended December 31, 2025 and 2024, respectively. The Company recognized gross realized losses of nil for the years ended December 31, 2025 and 2024. The Company reflects these gains and losses as a component of other income (expense), net.

合并财务报表附注 Notes to the Consolidated Financial Statements

公司所有投资的约定合同到期日均少于一年。

All of the Company’s investments have a stated contractual maturity date of less than one year.

附注 9 – 公允价值计量 Note 9 – Fair Value Measurements

以经常性基础按公允价值计量的资产和负债如下（单位：千美元）：

Assets and liabilities measured at fair value on a recurring basis were as follows (in thousand s):

**公允价值计量**

**Fair Value Measurements**

资产负债表项目 · 截至

Balance Sheet Captions · As of

**12 月 31 日，**

**December 31,**

2025

2025

第 1 级 · 第 2 级 · 第 3 级 · 收益总额(1)

Level 1 · Level 2 · Level 3 · Total Gains(1)

现金及现金等价物

Cash and cash equivalents

货币市场基金 · $598,544 · $598,544 · $— · $— · $— 美国国债 · 101,845 · — · 101,845 · — · 632

Money market funds · $598,544 · $598,544 · $— · $— · $— U.S. Treasury securities · 101,845 · — · 101,845 · — · 632

受限现金

Restricted cash

货币市场基金 · 224,006 · 224,006 · — · — · —

Money market funds · 224,006 · 224,006 · — · — · —

投资

Investments

美国国债 · 406,495 · — · 406,495 · — · 2,374 定期存款 · 36 · — · 36 · — · — 投资总额 · 406,531 · — · 406,531 · — · 2,374

U.S. Treasury securities · 406,495 · — · 406,495 · — · 2,374 Time deposits · 36 · — · 36 · — · — Total Investments · 406,531 · — · 406,531 · — · 2,374

_______________ (1) 美国国债重计量产生的未实现收益已在 AOCI 中确认。已实现收益已在其他收入（费用）中确认。

_______________ (1) Unrealized gains from remeasurement of U.S. Treasury securities has been recognized in AOCI. Realized gains have been recognized in Other income (expense).

**公允价值计量**

**Fair Value Measurements**

资产负债表科目 · 截至

Balance Sheet Captions · As of

**12 月 31 日，**

**December 31,**

2024

2024

第 1 层级 · 第 2 层级 · 第 3 层级 · 合计收益 （亏损）(1) 现金及现金等价物 货币市场基金 · $216,748 · $216,748 · $— · $— · $—

Level 1 · Level 2 · Level 3 · Total Gains (Losses)(1) Cash and cash equivalents Money market funds · $216,748 · $216,748 · $— · $— · $—

受限现金

Restricted cash

货币市场基金 · 361,757 · 361,757 · — · — · —

Money market funds · 361,757 · 361,757 · — · — · —

投资

Investments

美国国债 · 116,334 · — · 116,334 · — · 1,204 定期存款 · 609 · — · 609 · — · — 投资合计 · 116,943 · — · 116,943 · — · 1,204 远期合约负债 · 363,336 · — · — · 363,336 · (401,264)

U.S. Treasury securities · 116,334 · — · 116,334 · — · 1,204 Time deposits · 609 · — · 609 · — · — Total Investments · 116,943 · — · 116,943 · — · 1,204 Forward contract liability · 363,336 · — · — · 363,336 · (401,264)

其他非流动负债

Other non-current liabilities

认股权证 · $— · $— · $— · $— · $(165)

Warrants · $— · $— · $— · $— · $(165)

_____________ (1) 美国国债重新计量产生的未实现收益已在 AOCI 中确认。远期合同负债和认股权证重新计量产生的损失已确认为其他收入（费用）净额。

_____________ (1) Unrealized gains from the remeasurement of U.S. Treasury securities have been recognized in AOCI. Losses from remeasurement of the forward contract liability and warrants have been recognized as other income (expense), net.

附注 10 – 资产负债表明细 Note 10 – Balance Sheet Details

存货由以下各项构成（单位：千）：

Inventories were composed of the following (in thousand s):

**截至 12 月 31 日，**

**As of December 31,**

2025 · 2024 原材料 · $15,939 · $77,168 在产品 · 10,968 · 37,838 产成品 · 36,719 · 59,486 存货总额 · $63,626 · $174,492

2025 · 2024 Raw materials · $15,939 · $77,168 Work in progress · 10,968 · 37,838 Finished goods · 36,719 · 59,486 Total inventories · $63,626 · $174,492

截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，公司的超额及陈旧存货计提为$0.9 million。

As of December 31, 2025 and 2024, the Company’s provision for excess and obsolete inventory was $0.9 million .

在截至 2025 年 12 月 31 日和 2024 年 12 月 31 日的年度内，公司分别将与超额、陈旧及报废存货计提相关的约$6.8 million 和$3.6 million 计入营业成本，主要与公司产品向下一代过渡相关。

During the years ended December 31, 2025 and 2024, the Company recorded a charge of approximately $6.8 million and $3.6 million, respectively, to cost of revenue related to provision for excess, obsolete, and scrapped inventory, primarily related to the transition to the next generation of the Company’s product offering.

预付费用及其他流动资产由以下各项构成（单位：千）：

Prepaid expenses and other current assets consisted of the following (in thousand s):

**截至 12 月 31 日，**

**As of December 31,**

2025 · 2024 客户认股权证 · 60,906 · — 未开票应收款项 · 16,244 · 9,252 预付费用 · 8,196 · 6,461 应收税款 · 4,795 · 464 其他应收款项及流动资产 · 2,547 · 3,466 预付费用及其他流动资产总额 · $92,688 · $19,643

2025 · 2024 Customer warrants · 60,906 · — Unbilled receivables · 16,244 · 9,252 Prepaid expenses · 8,196 · 6,461 Taxes receivable · 4,795 · 464 Other receivables and current assets · 2,547 · 3,466 Total prepaid expenses and other current assets · $92,688 · $19,643

物业及设备净额由以下各项构成（单位：千）：

Property and equipment, net consisted of the following (in thousand s):

**截至 12 月 31 日，**

**As of December 31,**

2025 · 2024 数据中心及计算机设备 · $277,421 · $49,847 机器及设备 · 25,370 · 4,817 租赁改良 · 22,348 · 3,950 在建工程 · 163,451 · 7,775 物业及设备 · 488,590 · 66,389 减：累计折旧 · (51,194) · (23,215) 物业及设备净额合计 · $437,396 · $43,174

2025 · 2024 Data center and computer equipment · $277,421 · $49,847 Machinery and equipment · 25,370 · 4,817 Leasehold improvements · 22,348 · 3,950 Construction in progress · 163,451 · 7,775 Property and equipment · 488,590 · 66,389 Less: accumulated depreciation · (51,194) · (23,215) Total property and equipment, net · $437,396 · $43,174

合并财务报表附注 Notes to the Consolidated Financial Statements

计入合并经营报表的折旧费用如下（单位：千美元）：

Depreciation expense included in the consolidated statements of operations was as follows (in thousand s):

**截至 12 月 31 日的年度，**

**Years Ended December 31,**

2025 · 2024 收入成本 · $12,699 · $3,150 研发 · 14,513 · 6,536 销售与营销 · 7,186 · 1,095 一般及行政 · 56 · 756 折旧费用合计 · $34,454 · $11,537

2025 · 2024 Cost of revenue · $12,699 · $3,150 Research and development · 14,513 · 6,536 Sales and marketing · 7,186 · 1,095 General and administrative · 56 · 756 Total depreciation expense · $34,454 · $11,537

其他非流动资产由以下各项构成（单位：千美元）：

Other non-current assets consisted of the following (in thousand s):

**截至 12 月 31 日，**

**As of December 31,**

2025 · 2024 客户认股权证，非流动 · $91,447 · $— 其他非流动资产 · 4,598 · 2,514 非流动资产合计 · $96,045 · $2,514

2025 · 2024 Customer warrants, non-current · $91,447 · $— Other non-current assets · 4,598 · 2,514 Total non-current assets · $96,045 · $2,514

应计负债及其他流动负债由以下各项构成（单位：千美元）：

Accrued and other current liabilities were composed of the following (in thousand s):

**截至 12 月 31 日，**

**As of December 31,**

2025 · 2024 应计采购及费用 · $59,458 · $58,428 经营租赁负债，流动 · 45,865 · 13,303 应付销售税 · 35,577 · 1,950 应计薪酬 · 16,611 · 9,271 产品保修负债 · 9,368 · 17,043 与提前行权期权相关的负债 · 5,187 · 8,534 其他 · 13,335 · 1,786 应计负债及其他流动负债合计 · $185,401 · $110,315

2025 · 2024 Accrued purchases and expenses · $59,458 · $58,428 Operating lease liability, current · 45,865 · 13,303 Sales tax payable · 35,577 · 1,950 Accrued compensation · 16,611 · 9,271 Product warranty liability · 9,368 · 17,043 Liability related to early exercised options · 5,187 · 8,534 Other · 13,335 · 1,786 Total accrued and other current liabilities · $185,401 · $110,315

下表列示了截至 2025 年 12 月 31 日和 2024 年 12 月 31 日止年度产品保修准备金的变动情况（单位：千美元）：

The following table shows the changes in provision for product warranty during the year ended December 31, 2025 and 2024 (in thousand s):

**截至 12 月 31 日的年度，**

**Years Ended December 31,**

2025 · 2024 年初余额 · $17,043 · $3,633 年内增加 · 20,969 · 41,190 年内使用 · (28,644) · (27,780) 年末余额 · $9,368 · $17,043

2025 · 2024 Balance at beginning of year · $17,043 · $3,633 Additions during the year · 20,969 · 41,190 Utilization during the year · (28,644) · (27,780) Balance at end of year · $9,368 · $17,043

合并财务报表附注 Notes to the Consolidated Financial Statements

其他非流动负债由以下各项构成（单位：千）：

Other non-current liabilities were composed of the following (in thousand s):

**截至 12 月 31 日，**

**As of December 31,**

2025 · 2024 递延收入，扣除流动部分 · $35,847 · $18,885 其他负债 · — · 5,073 其他非流动负债合计 · $35,847 · $23,958

2025 · 2024 Deferred revenue, net of current portion · $35,847 · $18,885 Other liabilities · — · 5,073 Total other non-current liabilities · $35,847 · $23,958

附注 11 – 其他收入（费用）净额 Note 11 – Other Income (Expense), Net

其他收入（费用）净额由以下各项构成（单位：千）：

Other income (expense), net were comprised of the following (in thousand s):

**截至 12 月 31 日的年度，**

**Years Ended December 31,**

2025 · 2024 远期合同负债的（公允价值）变动及清偿 · $363,336 · $(401,264) 利息及股息收入 · 26,802 · 23,228 其他 · 608 · (201) 其他收入（费用）净额合计 · $390,746 · $(378,237)

2025 · 2024 Change in (fair value) and extinguishment of forward contract liability · $363,336 · $(401,264) Interest and dividend income · 26,802 · 23,228 Other · 608 · (201) Total other income (expense), net · $390,746 · $(378,237)

附注 12 – 可赎回可转换优先股 Note 12 – Redeemable Convertible Preferred Stock

截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，公司授权、已发行和流通在外的可赎回可转换优先股（每股面值 $0.00001）如下（除股数外，单位为千）：

The Company had the following shares of redeemable convertible preferred stock, $0.00001 par value per share, authorized, issued, and outstanding as of December 31, 2025 and 2024 (in thousand s, except for share amounts):

截至 2025 年 12 月 31 日 已发行在外授权优先股价值 A 系列可赎回可转换优先股 · 31,731,394 · 31,731,394 · $26,972 · $26,924 B 系列可赎回可转换优先股 · 9,076,079 · 9,076,079 · 25,000 · 24,955 C 系列可赎回可转换优先股 · 7,264,680 · 7,264,680 · 65,000 · 64,952 D 系列可赎回可转换优先股 · 4,943,849 · 4,943,849 · 79,822 · 79,735 E 系列可赎回可转换优先股 · 14,916,649 · 14,916,649 · 272,096 · 273,301 F 系列可赎回可转换优先股 · 9,168,419 · 9,168,419 · 254,376 · 254,191 F-1 系列可赎回可转换优先股 · 5,798,089 · 5,798,089 · 85,000 · 126,008 G 系列可赎回可转换优先股 · 30,359,560 · 30,359,557 · 1,100,000 · 1,083,282 合计 · 113,258,719 · 113,258,716 · $1,908,266 · $1,933,348 截至 2024 年 12 月 31 日 已发行在外优先股 A 系列可赎回可转换优先股 · 31,731,394 · 31,731,394 · $26,972 · $26,924 B 系列可赎回可转换优先股 · 9,076,079 · 9,076,079 · 25,000 · 24,955 C 系列可赎回可转换优先股 · 7,264,680 · 7,264,680 · 65,000 · 64,952 D 系列可赎回可转换优先股 · 4,943,849 · 4,943,849 · 79,822 · 79,735 E 系列可赎回可转换优先股 · 14,916,649 · 14,916,649 · 272,096 · 273,301 F 系列可赎回可转换优先股 · 9,168,419 · 9,168,419 · 254,376 · 254,191 F-1 系列可赎回可转换优先股 · 28,649,385 · 5,798,089 · 85,000 · 126,008 合计 · 105,750,455 · 82,899,159 · $808,266 · $850,066

As of December 31, 2025 OutstandingAuthorizedPreferenceValue Series A redeemable convertible preferred stock · 31,731,394 · 31,731,394 · $26,972 · $26,924 Series B redeemable convertible preferred stock · 9,076,079 · 9,076,079 · 25,000 · 24,955 Series C redeemable convertible preferred stock · 7,264,680 · 7,264,680 · 65,000 · 64,952 Series D redeemable convertible preferred stock · 4,943,849 · 4,943,849 · 79,822 · 79,735 Series E redeemable convertible preferred stock · 14,916,649 · 14,916,649 · 272,096 · 273,301 Series F redeemable convertible preferred stock · 9,168,419 · 9,168,419 · 254,376 · 254,191 Series F-1 redeemable convertible preferred stock · 5,798,089 · 5,798,089 · 85,000 · 126,008 Series G redeemable convertible preferred stock · 30,359,560 · 30,359,557 · 1,100,000 · 1,083,282 Total · 113,258,719 · 113,258,716 · $1,908,266 · $1,933,348 As of December 31, 2024 OutstandingPreference Series A redeemable convertible preferred stock · 31,731,394 · 31,731,394 · $26,972 · $26,924 Series B redeemable convertible preferred stock · 9,076,079 · 9,076,079 · 25,000 · 24,955 Series C redeemable convertible preferred stock · 7,264,680 · 7,264,680 · 65,000 · 64,952 Series D redeemable convertible preferred stock · 4,943,849 · 4,943,849 · 79,822 · 79,735 Series E redeemable convertible preferred stock · 14,916,649 · 14,916,649 · 272,096 · 273,301 Series F redeemable convertible preferred stock · 9,168,419 · 9,168,419 · 254,376 · 254,191 Series F-1 redeemable convertible preferred stock · 28,649,385 · 5,798,089 · 85,000 · 126,008 Total · 105,750,455 · 82,899,159 · $808,266 · $850,066

合并财务报表附注 Notes to the Consolidated Financial Statements

#### 转换

#### Conversion

优先股可由其持有人随时选择转换为已全额缴付且不可追加出资的 A 类普通股，转换比例为 1:1，并须根据拆股、股息及其他类似资本重组活动进行适当调整。

The preferred stock is convertible, at any time at the option of its holder, into fully paid and nonassessable Class A common shares at a 1:1 ratio, subject to appropriate adjustment for splits, dividends, other similar recapitalization activity.

若发生募集资金至少为$500.0 million 的合格首次公开发行，则所有类别优先股均须强制转换为 A 类普通股。

Conversion of all classes of preferred stock to Class A common shares is mandatory in the event of a qualified initial public offering with proceeds of at least $500.0 million.

#### 投票权

#### Voting

优先股持有人有权与普通股持有人作为单一类别共同就提交股东表决的所有事项进行投票。每股优先股享有的投票权数量，等于该优先股在确定有权投票股东的股权登记日可转换成的普通股股数。

The holders of the preferred stock are entitled to vote, together with the holders of common shares, as a single class, on all matters submitted to the stockholders for a vote. Each share of preferred stock is entitled to a number of votes equal to the number of common shares into which such preferred stock is convertible as of the record date for determining stockholders entitled to vote.

#### 股息

#### Dividends

可赎回可转换优先股持有人有权在我们董事会宣布时、按宣布的方式和条件，从依法可用于该目的的资产中，优先于普通股的任何股息宣布或支付，获得非累积股息。在向优先股股东支付该等股息后，优先股流通股应与普通股按转换后基准同等参与任何额外股息。截至 2025 年 12 月 31 日，公司未宣布任何股息。

The holders of shares of redeemable convertible preferred stock are entitled to receive non-cumulative dividends, out of any assets legally available for such purpose, prior and in preference to any declaration or payment of any dividend on the shares of common stock, when, as and if, declared by our board of directors. After payment of such dividend to the preferred stockholders, outstanding shares of preferred stock shall participate with shares of common stock on an as-converted basis as to any additional dividends. As of December 31, 2025 the Company had not declared any dividends.

#### 清算优先权

#### Liquidation preference

若公司发生任何自愿或非自愿清算、解散或停业，或发生视同清算事件，则届时流通在外的优先股持有人有权从可供分配给股东的資金和资产中，就每股获得以下两者中的较高者：(a) 该系列优先股的原始发行价格，加上已宣布但未支付的任何股息；或 (b) 若该系列优先股的全部股份在该等清算、解散、停业或视同清算事件发生前立即转换为普通股，则本应支付的每股金额。

In the event of any voluntary or involuntary liquidation, dissolution, or winding-up of the Company or deemed liquidation events, the holders of preferred stock then outstanding are entitled to be paid out of the funds and assets available for distribution to its stockholders an amount per share equal to the greater of (a) the original issue price for such series of preferred stock, plus any dividends declared but unpaid, or (b) such amount per share as would have been payable had all shares of such series of preferred stock been converted into common stock immediately prior to such liquidation, dissolution, winding-up, or deemed liquidation event.

#### 赎回

#### Redemption

此外，优先股持有人有权在协议所界定的某些视同清算事件发生时要求赎回其股份。由于现有优先股和普通股股东协议中存在各项权利和特权，公司认为视同清算事件的触发并非仅由公司控制，因此将优先股列报为临时权益。截至 2025 年 12 月 31 日，公司认定视同清算事件并非很可能发生，因为目前没有控制权变更、合并或整合、或出售绝大部分资产的计划。因此，无需对列报为临时权益的优先股进行后续重新计量。在每个报告日及持续基础上，公司将继续评估赎回的可能性。

In addition, holders of the preferred stock are eligible to demand redemption of their shares in the event of certain deemed liquidation events, as defined in the agreement. Due to the various rights and privileges within the existing preferred stock and common stockholder agreements, the Company concluded the triggering of a deemed liquidation event is not solely within the control of the Company and, accordingly, has presented the preferred stock as temporary equity. As of December 31, 2025, the Company determined that a deemed liquidation event is not probable because there are currently no plans for a change of control, merger or consolidation, or sale of substantially all assets. Therefore, subsequent remeasurement of preferred stock presented in temporary equity is not required. As of each reporting date and on an ongoing basis, the Company will continue to assess the probability of redemption.

#### E 系列认股权证

#### Series E Warrants

2020 年，本公司与其中一名客户订立了一项股权安排，据此本公司发行了一份认股权证，可行使认购最多 68,213 股本公司 E 类可赎回可转换优先股。该认股权证被归类为负债，并按公允价值重新计量，属于公允价值层级中的第 3 级。本公司向该客户提供服务并发行了该认股权证，该客户就本公司提供服务向本公司支付了对价。该认股权证的合同期限为七年，行权价格为每股 $0.00001。该客户可以按行权价格行使该认股权证，或

In 2020, the Company entered into an equity arrangement with one of its customers whereby the Company issued a warrant that is exercisable for up to 68,213 shares of its Series E redeemable convertible preferred stock. The warrant is classified as a liability and remeasured to fair value and falls under Level 3 of the fair value hierarchy. The Company provided services and issued the warrant to the customer, and the customer paid the consideration to the Company for the provision of services. The warrant had a contractual term of seven years and an exercise price of $0.00001 per share. The customer was able to either exercise the warrant at the exercise price or

合并财务报表附注 Notes to the Consolidated Financial Statements

将认股权证的一部分转换为若干股公司 E 系列可赎回可转换优先股，调整后等于公允价值减去行权价格。该认股权证已于 2024 年 8 月行权并结算。

convert a portion of the warrant into a number of shares of the Company’s Series E redeemable convertible preferred stock adjusted to equal the fair market value, less the exercise price. The warrant was exercised and settled in August 2024.

认股权证的公允价值在授予日使用 Black-Scholes 期权定价模型确定。向客户提供的认股权证所代表的权益公允价值金额，在该商业协议期限内或根据 ASC 505-50 在实现特定业绩目标时，在合并经营及综合亏损表中确认为收入调整项。

The fair value of warrants is determined using a Black-Scholes option-pricing model as of the grant date. The amount representing the fair value of the equity provided to the customer from the warrant is recognized as adjustments to revenue in the consolidated statements of operations and comprehensive loss over the term of such commercial agreement or based on the achievement of certain performance targets in accordance with ASC 505-50.

截至结算日，已计提认股权证的公允价值使用以下假设确定：

As of the settlement date, the fair value of the warrant accrued was determined using the following assumptions:

**2024 年 8 月 7 日**

**August 7, 2024**

剩余合同期限（年） · 3.00 预期波动率（%） · 59.48 预期无风险利率（%） · 3.81 股息率（%） · —

Remaining contractual life (years) · 3.00 Expected volatility (%) · 59.48 Expected risk-free interest rate (%) · 3.81 Dividend yield (%) · —

下表提供了使用重大不可观察输入以公允价值计量的第 3 级认股权证负债期初和期末余额的调节表（单位：千）：

The following table provides a reconciliation of the beginning and ending balances for the Level 3 warrant liability measured at fair value using significant unobservable inputs (in thousand s):

**认股权证**

**Warrant**

负债

Liability

截至 2024 年 1 月 1 日余额 · $1,113 公允价值变动 · 165 认股权证负债的行权与结算 · (1,278) 截至 2024 年 12 月 31 日余额 · $—

Balance as of January 1, 2024 · $1,113 Change in fair value · 165 Exercise and settlement of warrant liability · (1,278) Balance as of December 31, 2024 · $—

截至 2024 年 12 月 31 日止年度，与认股权证相关的公允价值变动在其他收入（费用）净额中确认。截至 2025 年 12 月 31 日止年度未记录公允价值重新计量。

For the year ended December 31, 2024, the change in fair value related to the warrant was recognized in other income (expense), net. No fair value remeasurement was recorded for the year ended December 31, 2025 .

#### F-1 系列和 F-2 系列

#### Series F-1 and F-2

2024 年 5 月，公司与多名投资者签订了 F-1 系列可赎回可转换优先股购买协议（“F-1 系列优先股协议”），拟发行最多 27,285,129 股公司 F-1 系列可赎回可转换优先股（“F-1 系列优先股”），其中 22,851,296 股分配由 Group 42 Holding Ltd 的关联实体（连同其关联方，“G42”）以合计$335 million 的购买价格购买，但须获得监管批准（“G42 首次购买”）。该协议还向 G42 授予一项选择权，可按当时公允市场价值 17.5%的折扣购买公司若干额外股份，前提是 G42 额外购买$500.0 million 至$5.0 billion 的产品和服务（“G42 选择权”）。2024 年 7 月，公司与 G42 向美国外国投资委员会（“CFIUS”）提交联合自愿通知，寻求对 G42 首次购买的监管批准，该事项截至 2024 年底仍在审批中。

In May 2024, the Company entered into a Series F-1 redeemable convertible preferred stock purchase agreement (the “Series F-1 Preferred Stock Agreement”) with various investors to issue up to 27,285,129 shares of the Company’s Series F-1 redeemable convertible preferred stock (“Series F-1 Preferred Stock”), of which 22,851,296 shares were allocated to be purchased by an entity affiliated with Group 42 Holding Ltd (together with its affiliates, “G42”) for an aggregate purchase price of $335 million, subject to regulatory approval (the “G42 Primary Purchase”). The agreement also provided G42 with an option to purchase certain additional shares in the Company at a 17.5% discount to the then-current fair market value, contingent upon G42 purchasing between $500.0 million and $5.0 billion of additional products and services (the “G42 Option”). In July 2024, the Company and G42 filed a Joint Voluntary Notice with the Committee on Foreign Investment in the United States (“CFIUS”) seeking regulatory approval of the G42 Primary Purchase, which remained pending through the end of 2024.

F-1 系列优先股协议随后于 2024 年 7 月修订，将拟出售的 F-1 系列优先股总数增至 28,649,385 股，并于 2024 年 9 月修订并重述，将 G42 拟购买的证券由 F-1 系列优先股变更为 F-2 系列可赎回可转换优先股（“F-2 系列优先股”），其权利、优先权和特权与 F-1 系列优先股相同，但投票权除外（经修订并重述，称为“F-1 和 F-2 系列优先股购买协议”）。2024 年 7 月至 9 月期间，未分配给 G42 首次购买的 F-1 系列优先股全部由多家投资者购买，总收益为 $85.0 million。F-1 和 F-2 系列优先股购买协议规定，若 G42 首次购买未在 2025 年 4 月 15 日前完成交割，公司或 G42 均可终止该协议。

The Series F-1 Preferred Stock Agreement was subsequently amended in July 2024 to increase the total number of Series F-1 Preferred Stock offered for sale to 28,649,385 shares, and amended and restated in September 2024 to change the securities to be purchased by G42 from Series F-1 Preferred Stock to Series F-2 redeemable convertible preferred stock (“Series F-2 Preferred Stock”), which had the same rights, preferences, and privileges as the Series F-1 Preferred Stock except voting rights (as amended and restated, the “Series F-1 and F-2 Preferred Stock Purchase Agreement”). Between July and September 2024, all shares of the Series F-1 Preferred Stock not allocated to the G42 Primary Purchase were purchased by various investors for gross proceeds of $85.0 million. The Series F-1 and F-2 Preferred Stock Purchase Agreement provided that either the Company or G42 could terminate the agreement if the closing of the G42 Primary Purchase does not occur by April 15, 2025.

合并财务报表附注 Notes to the Consolidated Financial Statements

在与 CFIUS 沟通后，本公司与 G42 于 2025 年第一季度原则上同意修订 F-1 系列和 F-2 系列优先股购买协议，将 G42 从协议方中移除，并在 G42 完成 G42 首次购买的前提下，就购买无表决权优先股订立一份新的股票购买协议。本公司与 G42 还原则上同意修订《G42 2024 年 5 月协议》，删除产品定价和采购量承诺。基于上述陈述，CFIUS 于 2025 年 3 月 27 日批准了本公司撤回联合自愿通知的请求。

Following engagement with CFIUS, the Company and G42 agreed in principle in the first quarter of 2025 to amend the Series F-1 and F-2 Preferred Stock Purchase Agreement to remove G42 as a party, and to enter into a new stock purchase agreement for the purchase of non-voting preferred stock if G42 consummates the G42 Primary Purchase. The Company and G42 also agreed in principle to revise the G42 May 2024 Agreement to remove product pricing and volume commitments. Based on the foregoing representations, CFIUS granted the Company’s request to withdraw the Joint Voluntary Notice on March 27, 2025.

由于 G42 首次购买未能在 2025 年 4 月 15 日前完成，最终未订立新的股票购买协议；且与原则性约定一致，F-1 系列和 F-2 系列协议于 2025 年第三季度经重述以将 G42 从协议方中移除，包括终止 G42 期权。《G42 2024 年 5 月协议》亦已整体终止。

Because the G42 Primary Purchase was not consummated by April 15, 2025, no new stock purchase agreement was ultimately entered into, and consistent with the agreement in principle, the Series F-1 and F-2 Agreement was restated in the third quarter of 2025 to remove G42 as a party, including the termination of the G42 Option. The G42 May 2024 Agreement was also terminated in its entirety.

#### 远期合同负债

#### Forward Contract Liability

投资者承诺在未来某一日期以每股 $14.66 的折价固定价格购买本公司若干系列可赎回可转换优先股的股份，该等承诺构成本公司与交易对手方之间的远期合同。该等远期合同被分类为负债，并于每个报告日按公允价值重新计量，公允价值变动计入其他收入（费用）净额。2024 年 9 月，一名投资者通过购买标的优先股结算了其远期合同，该远期合同于结算日按每股 $27.02 的公允价值重新计量。由于存在某些不可观察输入值，该等远期合同在公允价值层级中被视为第 3 层级负债。远期合同负债估值的主要输入值为本公司标的可赎回可转换优先股的公允价值，该公允价值依据美国注册会计师协会《作为薪酬发行的非上市公司权益证券估值》指南的适用要素确定，并源自一种混合方法，该方法同时考虑期权定价模型（“OPM”）和概率加权预期回报法（“PWERM”），以在本公司各类证券之间分配价值。OPM 基于 Black-Scholes-Merton 期权定价模型，该模型允许识别一系列可能的未来结果，每一结果均附有相应概率。当可能的未来结果范围难以预测、从而形成高度推测性的预测时，适合使用 OPM。PWERM 涉及对企业可能的未来结果进行前瞻性分析，包括首次公开发行以及非首次公开发行的基于市场的结果。截至 2024 年 12 月 31 日，本公司标的可赎回可转换优先股的公允价值为每股 $30.56。由于 G42 首次购买未能在 2025 年 4 月 15 日前完成，该远期合同已消灭。

The commitments made by the investors to purchase shares of the Company’s certain series of redeemable convertible preferred stock at a future date for a discounted fixed price of $14.66 per share represented forward contracts between the Company and the counterparties. The forward contracts were classified as a liability and remeasured to fair value at each reporting date, with changes in fair value recorded to other income (expense), net. In September 2024, an investor settled its forward contract by purchasing the underlying preferred shares, and that forward contract was remeasured at a fair value of $27.02 per share as of the settlement date. The forward contracts were considered to be a Level 3 liability in the fair value hierarchy due to certain unobservable inputs. The primary input in the valuation of the forward contract liability was the fair value of the Company’s underlying redeemable convertible preferred stock, which were determined in accordance with the applicable elements of the American Institute of Certified Public Accountants guide, Valuation of Privately Held Company Equity Securities Issued as Compensation, and derived from a hybrid method that considered both an option pricing model (“OPM”) and the probability weighted expected return method (“PWERM”) to allocate the value among the Company’s classes of securities. The OPM was based on the Black-Scholes-Merton option pricing model, which allows for the identification for a range of possible future outcomes, each with an associated probability. The OPM is appropriate to use when the range of possible future outcomes is difficult to predict and thus creates highly speculative forecasts. PWERM involves a forward-looking analysis of the possible future outcomes of the enterprise including an initial public offering as well as non-initial public offering market-based outcomes. As of December 31, 2024, the fair value of the Company’s underlying redeemable convertible preferred stock was $30.56 per share. As the G42 Primary Purchase was not consummated by April 15, 2025, the forward contract was extinguished.

下表列示了以公允价值计量且使用重大不可观察输入值的远期合同负债的期初和期末余额调节情况（单位：千美元）：

The following table provides a reconciliation of the beginning and ending balances for forward contract liability measured at fair value using significant unobservable inputs (in thousand s):

2024 年 1 月 1 日余额 · 合同初始确认时的公允价值 · — 公允价值变动 · 401,264 F-1 系列可赎回可转换优先股远期合同负债的结算 · (37,928) 2024 年 12 月 31 日余额 · 363,336 远期合同负债的清偿 · (363,336) 2025 年 12 月 31 日余额 · $—

Balance as of January 1, · 2024 Fair value at inception of contract · — Change in fair value · 401,264 Settlement of Series F-1 redeemable convertible preferred stock forward contract liability · (37,928) Balance as of December 31, 2024 · 363,336 Extinguishment of forward contract liability · (363,336) Balance as of December 31, 2025 · $—

截至 2025 年 12 月 31 日和 2024 年 12 月 31 日止年度，远期合同负债的公允价值变动及清偿均在其他收入（费用）净额中确认。

For the years ended December 31, 2025 and 2024, the change in fair value and extinguishment of the forward contract liability were recognized in other income (expense), net.

#### G 系列

#### Series G

2025 年 9 月，本公司与多名投资者签订 G 系列可赎回可转换优先股购买协议，拟发行最多 30,359,560 股本公司的 G 系列可赎回

In September 2025, the Company entered into a Series G redeemable convertible preferred stock purchase agreement with various investors to issue up to 30,359,560 shares of the Company’s Series G redeemable

合并财务报表附注 Notes to the Consolidated Financial Statements

可转换优先股。截至 2025 年 10 月，公司通过发行 30,359,557 股 G 系列可赎回可转换优先股，扣除发行费用后募集资金$1.1 billion。

convertible preferred stock. The Company raised $1.1 billion, net of issuance costs, through issuance of 30,359,557 shares of Series G redeemable convertible preferred stock through October 2025.

#### H 系列

#### Series H

2026 年 1 月，公司与多家投资者签订了 H 系列可赎回可转换优先股购买协议。进一步讨论请参见附注 18——期后事项。

In January 2026, the Company entered into a Series H redeemable convertible preferred stock purchase agreement with various investors. Refer to Note 18 – Subsequent Events for further discussion.

附注 13 – 普通股 Note 13 – Common Stock

公司有两类已授权普通股：A 类普通股和 N 类普通股。A 类普通股和 N 类普通股持有人的权利相同，但在投票权和转换权方面除外。

The Company has two classes of authorized common stock: Class A common stock and Class N common stock. The rights of holders of Class A common stock and Class N common stock are identical, except with respect to voting and conversion rights.

A 类普通股每股享有一票投票权，N 类普通股每股不享有投票权。

Each holder of Class A common stock is entitled to one vote per share, and each holder of Class N common stock is entitled to no votes per share.

发生普通转让（即任何直接或间接的出售、交换、赎回、转让、分配、赠与、退休、转移、让与或其他处置）时，每股 N 类普通股应自动转换为一股缴足且不可加缴的 A 类普通股。获准受让人包括与该 N 类普通股持有人受共同控制或受该持有人控制的实体，或该持有人事先向公司发出书面通知，选择使该转让不导致转换的情形。N 类普通股一经转换为 A 类普通股，将不再重新发行。

Each share of Class N common stock shall automatically convert to one fully paid and nonassessable share of Class A common stock upon the occurrence of a common transfer, meaning any direct or indirect sale, exchange, redemption, assignment, distribution, gift, retirement, transfer, conveyance, or other disposition. Permitted transferees include entities under common control with or controlled by such holder of the Class N common stock or if the holder provides prior written notice to the Company electing for the transfer to not result in a conversion. Once converted into Class A common stock, the Class N common stock will not be reissued.

截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，公司分别获授权发行 271,800,000 股和 204,519,000 股 A 类普通股，每股面值 $0.00001。截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，公司分别已发行并流通 57,907,093 股和 53,372,691 股 A 类普通股，其中分别有 772,584 股和 1,373,428 股 A 类普通股截至该等日期因提前行权的股票期权而受回购约束。

As of December 31, 2025 and 2024, respectively, the Company was authorized to issue 271,800,000 shares and 204,519,000 shares of Class A common stock, $0.00001 par value per share. As of December 31, 2025 and 2024, respectively, the Company had 57,907,093 and 53,372,691 shares of Class A common stock issued and outstanding, of which 772,584 and 1,373,428 shares of Class A common stock were subject to repurchase as of such date for early exercised stock options.

截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，公司分别获授权发行 37,100,000 股和零股 N 类普通股，每股面值 $0.00001。截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，公司分别已发行并流通零股 N 类普通股。

As of December 31, 2025 and 2024, respectively, the Company was authorized to issue 37,100,000 shares and nil shares of Class N common stock, $0.00001 par value per share. As of December 31, 2025 and 2024, respectively, the Company had nil shares of Class N common stock issued and outstanding.

截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，公司分别持有 889,890 股和 300,138 股作为库存股的普通股，该等股份可用于股权激励计划项下的发行。所有因提前行权股票期权而发行的股份均被视为合法发行并流通。然而，就会计处理而言，仅完全归属或不受回购约束的股份被视为已发行并流通。

As of December 31, 2025 and 2024, the Company had 889,890 and 300,138 shares of common stock held as treasury shares, respectively which may be used for issuance under the Equity Incentive Plan. All shares that were issued upon early exercise of stock options are considered legally issued and outstanding. However, for accounting purposes, only shares that are fully vested or are not subject to repurchase are considered issued and outstanding.

以下是已发行并流通股份的调节表：

Below is a reconciliation of shares issued and outstanding:

**截至 12 月 31 日，**

**As of December 31,**

2025 · 2024 合法发行并流通的普通股总数（包括因提前行权股票期权而发行的股份） · 57,907,093 · 53,372,691 减：因提前行权股票期权而受回购约束的股份 · (772,584) · (1,373,428) 不受回购约束的已发行并流通股份总数 · 57,134,509 · 51,999,263

2025 · 2024 Total shares of common stock legally issued and outstanding (including shares issued upon early exercise of stock options) · 57,907,093 · 53,372,691 Less: Shares subject to repurchase for early exercised stock options · (772,584) · (1,373,428) Total shares issued and outstanding not subject to repurchase · 57,134,509 · 51,999,263

公司普通股股东的投票权、分红权和清算权受限于公司可赎回可转换优先股股东的权利、权力和优先权，并以其为准。每股 A 类普通股赋予其持有人在提交公司股东表决的所有事项上享有一票投票权。在受限于当时可能适用于任何已发行优先股的优先权的前提下，普通股股东有权按不时宣布的时间收取股息

The voting, dividend, and liquidation rights of the holders of the Company’s shares of common stock are subject to and qualified by the rights, powers, and preferences of the holders of shares of the Company’s redeemable convertible preferred stock. Each share of Class A common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Subject to preferences that may be applicable to any then outstanding preferred stock, holders of common stock are entitled to receive dividends as may be declared from time

合并财务报表附注 Notes to the Consolidated Financial Statements

由我们的董事会不时从合法可用资金中宣布派发；但前提是，如果以普通股（或可取得该等股份的权利，或可转换为该等股份或可交换为该等股份的证券）形式支付股息，则 A 类普通股持有人应获得 A 类普通股股份（或可取得该等股份的权利，或可转换为该等股份或可交换为该等股份的证券，视情况而定），N 类普通股持有人应获得 N 类普通股股份（或可取得该等股份的权利，或可转换为该等股份或可交换为该等股份的证券，视情况而定），除非对每一该等类别股份采取不同股息处理方式经当时已发行的 A 类普通股和 N 类普通股各自作为独立类别分别投票的多数持有人投赞成票批准，且须受优先股优先股息权的约束。截至 2025 年 12 月 31 日，公司未宣布或派发任何现金股息。

to time by our board of directors out of legally available funds; provided, however, that if a dividend is paid in the form of common stock (or rights to acquire, or securities convertible into or exchangeable for, such shares), then the holders of the Class A common stock shall receive shares of Class A common stock (or rights to acquire, or securities convertible into or exchangeable for, such shares, as the case may be) and holders of Class N common stock shall receive shares of Class N common stock (or rights to acquire, or securities convertible into or exchangeable for, such shares, as the case may be), unless a disparate dividend treatment of the shares of each such class is approved by the affirmative vote of the holders of a majority of the then-outstanding shares of Class A common stock and Class N common stock, each voting separately as a class, subject to the preferential dividend rights of the preferred shares. Through December 31, 2025, no cash dividends had been declared or paid by the Company.

#### 要约收购

#### Tender Offer

2025 年 10 月，公司向若干员工发起要约收购，拟以每股$36.23 的购买价格，购买最多现金支出$100.0 million、合计不超过 2,759,960 股公司 A 类普通股，包括注销和结算符合条件的期权所对应的普通股股份，以及从符合条件的卖方回购已结算的 RSU 股份（“要约收购”）。

In October 2025, the Company launched a tender offer to certain employees to purchase a maximum cash outlay of $100.0 million of up to an aggregate of 2,759,960 shares of the Company’s Class A common stock, including cancellation and settlement of shares of common stock underlying eligible options and repurchase of settled RSU shares from eligible sellers (the “Tender Offer”), at a purchase price of $36.23 per share.

作为要约收购的一部分，公司就 185,387 份已满足服务归属条件的 RSU 修改了流动性事件条件。公司在 RSU 归属时发行了 96,848 股（扣除预扣税后），并有 69,584 股由公司根据要约收购回购。进一步讨论参见附注 14——股权激励费用。

As part of the Tender Offer, the Company modified the liquidity event condition with respect to 185,387 RSUs for which the service-based vesting condition had been satisfied. The Company issued 96,848 shares, net of withholding taxes, upon vesting of the RSUs, and 69,584 shares were repurchased by the Company pursuant to the Tender Offer. Refer to Note 14 – Stock-Based Compensation for further discussion.

就要约收购而言，公司注销并结算了 1,567,013 股符合条件的股票期权所对应的股份。此外，公司作为要约收购的一部分回购了 589,752 股普通股。

In connection with the Tender Offer, the Company canceled and settled 1,567,013 shares underlying eligible stock options. Additionally, the Company repurchased 589,752 shares of common stock as part of the Tender Offer.

回购股份按成本记为库存股，并作为股东权益赤字的增加项反映。

The repurchased shares were recorded as treasury stock at cost and reflected as an addition to stockholders’ deficit.

要约收购于 2025 年 12 月完成，导致现金流出总额$70.7 million。其中，与结算符合条件的期权相关的$49.3 million 记为追加实收资本的减少，$21.4 million 记入股东权益赤字中的库存股。

The Tender Offer was completed in December 2025 and resulted in a total cash outflow of $70.7 million. Of this amount, $49.3 million associated with settlement of eligible options was recorded as a reduction of additional paid-in capital and $21.4 million was recorded in treasury stock within stockholders’ deficit.

#### 认股权证

#### Warrants

#### G42 认股权证

#### G42 Warrant

2025 年 12 月，公司向 G42 发行一份认股权证，可按每股$0.01 的行权价格购买合计不超过 1,857,516 股 N 类普通股（“G42 认股权证”）。该认股权证在发行时已完全归属并可立即行权，并自发行之日起五日后到期。该认股权证分类为权益工具，授予日公允价值为每股$82.02。G42 认股权证已于 2026 年 1 月全部行权。

In December 2025, the Company issued a warrant to G42 to purchase an aggregate of up to 1,857,516 shares of Class N Common Stock at an exercise price of $0.01 per share (“the G42 Warrant”). The warrant was fully vested and immediately exercisable upon issuance, and expired five days from the date of issuance. The warrant is classified as an equity instrument, and the grant-date fair value was $82.02 per share. The G42 Warrant was exercised in full in January 2026.

截至 2025 年 12 月 31 日，公司确认了 152.4 百万美元的客户认股权证资产，该资产将全部按相关收入金额的比例在合并经营报表中确认为收入的抵减项，该确认可能持续至 2031 年 10 月。

The Company recorded a customer warrant asset of $152.4 million as of December 31, 2025, all of which will be recognized as a reduction of revenue in the consolidated statement of operations in proportion to the amount of related revenues, which could occur until October 2031.

#### OpenAI 认股权证

#### OpenAI Warrant

与 MRA 同时，如附注 5——收入所述，公司向 OpenAI 发行了一份认股权证，可按每股 $0.00001 的行权价格购买合计最多 33,445,026 股公司 N 类普通股（“OpenAI 认股权证”）。OpenAI 认股权证在达成与 MRA 相关的特定里程碑后分多批归属，该等里程碑包括营运资金贷款的拨付、承诺算力和额外算力的分批交付，以及特定市值或

Concurrent with the MRA, as discussed in Note 5 – Revenue, the Company issued to OpenAI a warrant to purchase up to an aggregate of up to 33,445,026 shares of the Company’s Class N common stock at an exercise price of $0.00001 per share (the “OpenAI Warrant”). The OpenAI Warrant vests in multiple tranches upon achievement of specified milestones associated with the MRA, including funding of the Working Capital Loan, delivery of the Committed Capacity and Additional Capacity in tranches, and certain market capitalization or

合并财务报表附注 Notes to the Consolidated Financial Statements

客户付款门槛。截至 2025 年 12 月 31 日，公司认定与营运资金贷款、承诺产能相关的各批次，以及在达到特定市值或 MRA 项下客户付款门槛两者中较早者时归属的批次，很可能归属；而与额外产能相关的其余批次则不被认为很可能归属。

customer payment thresholds. As of December 31, 2025, the Company concluded that vesting of the tranches related to the Working Capital Loan, the Committed Capacity, and the tranche that vests upon the earlier of achieving specified market capitalization or customer payment thresholds under the MRA were probable of vesting, while the remaining tranches associated with the Additional Capacity were not considered probable of vesting.

在遵守若干条款和条件的前提下，OpenAI 认股权证于 2035 年 12 月 24 日与以下日期两者中较早者到期：首次不存在具有约束力的产能采购承诺或 MRA 项下合同义务的当前或未来付款之日后的第五个工作日。OpenAI 认股权证被归类为权益工具，授予日公允价值为每股 $82.02。截至 2025 年 12 月 31 日，没有任何认股权证股份满足归属或行权条件，且认股权证的发行对公司合并财务报表没有影响，仅需披露一项期后事项以及截至 2025 年 12 月 31 日止年度的剩余履约义务。

Subject to certain terms and conditions, the OpenAI Warrant expires on the earlier of December 24, 2035 and five business days following the first date during which there is no binding capacity purchase commitments or contractually obligated current or future payments under the MRA. The OpenAI Warrant is classified as an equity instrument, and the grant-date fair value was $82.02 per share. None of the warrant shares had met the vesting or exercise conditions as of December 31, 2025, and the issuance of the warrant had no impact on the Company’s consolidated financial statements other than disclosure of a subsequent event as well as remaining performance obligations for the year ended December 31, 2025.

附注 14 – 股权激励费用 Note 14 – Stock-Based Compensation

股权激励计划规定，公司可向员工、顾问和董事授予 ISO、NSO、RSU 和 RSA。截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，分别有 81,357,316 份和 65,711,838 份股权奖励获授权。

The Equity Incentive Plan provides for the Company to grant ISOs, NSOs, RSUs, and RSAs to employees, advisers, and directors. As of December 31, 2025 and 2024, there were 81,357,316 and 65,711,838 equity awards authorized, respectively.

#### 股票期权

#### Stock Options

股票期权代表在行权日按既定行权价购买普通股股份的权利。股票期权的行权价通常必须至少等于授予日普通股的公允市场价值。期权通常在四年或更长的期间内归属，并可在自授予日起不超过 10 年的期间内行权。

Stock options represent the right to purchase shares of common stock on the date of exercise at a stated exercise price. The exercise price of a stock option generally must be at least equal to the fair market value of the common stock on the date of grant. Options generally vest over periods of four years or more and are exercisable over a period of time not to exceed 10 years from the grant date.

该计划的条款允许某些期权持有人在期权归属前行权，但须遵守若干限制。提前行权后，奖励将受限制性股票协议约束。因提前行权期权而授予的限制性股票股份，适用原股票期权奖励中相同的归属条款。因提前行权而发行但尚未归属的股份，在期权持有人终止雇佣时，公司有权按期权持有人支付的价格回购。就会计处理而言，该等股份在归属前不视为已发行。

The terms of the plan permit certain option holders to exercise options before their options are vested, subject to certain limitations. Upon early exercise, the awards become subject to a restricted stock agreement. The shares of restricted stock granted upon early exercise of the options are subject to the same vesting provisions in the original stock option awards. Shares issued as a result of early exercise that have not been vested are subject to repurchase by the Company upon termination of the option holder’s employment, at the price paid by the option holder. Such shares are not deemed to be issued for accounting purposes until they vest.

随着股份归属及回购权失效，该负债重分类为普通股和额外实收资本。截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，员工分别持有 772,584 股和 1,373,428 股未归属股份。因此，公司在截至 2025 年 12 月 31 日和 2024 年 12 月 31 日的随附合并资产负债表中，分别将提前行权所得款项中未归属部分 5.2 百万美元和 8.5 百万美元记为负债。

The liability is reclassified into common stock and additional paid-in capital as the shares vest and the repurchase right lapses. As of December 31, 2025 and 2024, 772,584 and 1,373,428 unvested shares, respectively, were held by employees. Accordingly, the Company recorded the unvested portion of the exercise proceeds of $5.2 million and $8.5 million as a liability from the early exercise in the accompanying consolidated balance sheets as of December 31, 2025 and 2024, respectively.

下表汇总了公司的股票期权活动及相关信息：

The following table summarizes the Company’s stock option activity and related information:

**数量**

**Number of**

股份 加权平均行权价 内在价值（千美元）加权平均剩余期限

Shares Average Exercise Price Intrinsic Value (in thousands) Average Remaining Life

截至 1 月 1 日的未偿余额， · 2025 · 35,033,929 · $4.85 · $777,294 · $7.25 期内行权 · (4,442,639) · $3.91 没收 · (648,116) · $6.29 要约收购中注销并结算的期权(1) · (1,567,013) · $4.79 过期 · (14,454) · $5.55 截至 12 月 31 日的未行使及可行使情况， · 2025 · 28,361,707 · $4.97 · $2,185,162 · $6.40

Outstanding, as of January 1, · 2025 · 35,033,929 · $4.85 · $777,294 · $7.25 Exercised during period · (4,442,639) · $3.91 Forfeited · (648,116) · $6.29 Tender Offer options canceled and settled(1) · (1,567,013) · $4.79 Expired · (14,454) · $5.55 Outstanding and Exercisable, as of December 31, · 2025 · 28,361,707 · $4.97 · $2,185,162 · $6.40

______________ (1) 进一步讨论请参见附注 13 – 普通股。

______________ (1) Refer to Note 13 – Common Stock for further discussion.

合并财务报表附注 Notes to the Consolidated Financial Statements

期权的总内在价值按股票期权行权价格与公司普通股每股公允价值之间的差额计算，仅针对行权价格低于公司普通股每股公允价值的期权。截至 2025 年 12 月 31 日和 2024 年 12 月 31 日止年度内已行权股票期权的总内在价值分别为 $110.6 million 和 $72.0 million。

The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s shares of common stock for those options that had exercise prices lower than the fair value of the Company’s shares of common stock. The total intrinsic value for stock options exercised during the years ended December 31, 2025 and 2024, was $110.6 million and $72.0 million, respectively.

截至 2024 年 12 月 31 日止年度内授予期权的加权平均授予日公允价值为每股 $5.21。截至 2025 年 12 月 31 日止年度内未授予任何期权。

The weighted-average grant date fair value of options granted was $5.21 per share for the year ended December 31, 2024. No options were granted for the year ended December 31, 2025 .

截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，与未归属股票期权相关的未确认股权激励费用总额分别为 $33.2 million 和 $60.8 million，将分别在加权平均期间 1.78 年和 2.33 年内摊销。

As of December 31, 2025 and 2024, the total remaining unrecognized compensation expense related to unvested stock options was $33.2 million and $60.8 million, respectively, which will be amortized over the weighted-average period of 1.78 years and 2.33 years, respectively.

每项期权奖励的公允价值于授予日采用 Black-Scholes 期权定价模型确定。公允价值的计算包含若干需要管理层判断的假设。由于公司普通股缺乏公开市场，公司董事会依赖管理层及外部估值专家的协助，以估计其普通股的公允价值，用于授予期权及确定股权激励费用。公司采用合理的估值方法，并考虑若干客观和主观因素，包括获取同期独立第三方估值、实际及预测的经营和财务业绩、市场状况及可比上市公司的表现、公司的发展及里程碑、可赎回可转换优先股和普通股的权利与优先权，以及涉及公司股票的交易日。公司普通股的公允价值系依据美国注册会计师协会指南《作为薪酬发行的非上市公司股权证券估值》的适用要素确定。

The fair value of each option award is determined on the date of grant using the Black-Scholes option-pricing model. The calculation of fair value includes several assumptions that require management’s judgment. Due to the absence of a public market for the Company’s common stock, the Company’s board of directors relies on the assistance of management and external valuation experts to estimate the fair value of its common stock for purposes of granting options and for determining stock-based compensation expense. A reasonable valuation method is used and considers several objective and subjective factors, including obtaining contemporaneous independent third-party valuations, actual and forecasted operating and financial results, market conditions and performance of comparable publicly traded companies, developments and milestones in the Company, the rights and preferences of redeemable convertible preferred stock and common stock, and transactions involving the Company’s stock. The fair value of the Company’s common stock was determined in accordance with applicable elements of the American Institute of Certified Public Accountants guide, Valuation of Privately Held Company Equity Securities Issued as Compensation.

股票期权的估计公允价值采用 Black-Scholes 期权定价模型确定，并采用以下加权平均假设：

The estimated fair value of stock options was determined using the Black-Scholes option-pricing model with the following weighted-average assumptions:

**12 月 31 日，**

**December 31,**

2024

2024

期权的预期期限（年） · 6.01 预期波动率（%） · 59.2 无风险利率（%） · 3.68 - 4.68 预期股息率（%） · —

Expected term of options (years) · 6.01 Expected volatility (%) · 59.2 Risk-free interest rate (%) · 3.68 - 4.68 Expected dividend yield (%) · —

截至 2025 年 12 月 31 日止年度内未发行任何期权。

No options were issued for the year ended December 31, 2025 .

预期期限：股票期权的预期期限代表股票期权预计存续的期间，基于“简化法”确定。在该方法下，期限按必要服务期与期权合同期限之间的中点估计。采用该方法系因缺乏足够的历史行权数据。

Expected term: The expected term of the stock options represents the period of time stock options are expected to be outstanding and is based on the “simplified method.” Under this method, the term is estimated using the midpoint between the requisite service period and the contractual term of the option. This method is used due to the lack of sufficient historical exercise data.

预期波动率：预期波动率衡量某一财务变量（如股价）在某一期间内已发生的波动幅度（历史波动率）或预期将发生的波动幅度（预期波动率）。由于本公司自身波动率的历史数据尚不充分，本公司选取了若干业务复杂程度和所处行业相似的上市公司，并基于这些公司的波动率计算历史波动率。

Expected volatility: The expected volatility is a measure of the amount by which a financial variable, such as a share price has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. As the Company does not yet have a sufficient history of its own volatility, the Company has identified several public entities of similar complexity and industry and calculates historical volatility based on the volatilities of these companies.

无风险利率：无风险利率基于授予时生效的美国国债收益率曲线确定。

Risk-free interest rate: The risk-free interest rate is based on U.S. Treasury yield curve in effect at the time of grant.

预期股息率：本公司未支付且预计不会支付任何股息。

Expected dividend yield: No dividends have been paid or expected to be paid by the Company.

合并财务报表附注 Notes to the Consolidated Financial Statements

#### 限制性股票单位（RSU）

#### RSUs

每份归属的限制性股票单位（RSU）代表获得一股普通股的权利。公司已授予的限制性股票单位（RSU）须同时满足服务条件和流动性条件后方可归属。该等股权激励的服务条件通常通过在适用归属期内持续提供服务而满足，归属期一般为四年。流动性条件在首次公开发行、直接上市或本公司出售发生时满足，具体视当时市场状况而定。除董事会于授予时另有决定外，服务条件在参与者不再向公司提供服务之日停止计算。若某限制性股票单位（RSU）的服务条件和流动性条件均未满足，则该限制性股票单位（RSU）被没收。若某限制性股票单位（RSU）未被没收且服务条件和流动性条件均已满足，则公司于该限制性股票单位（RSU）规定的日期向持有人交付相应数量的普通股整股，并扣除用于覆盖纳税义务的任何代扣款项。除薪酬委员会另有允许外，限制性股票单位（RSU）所涵盖的股份不享有股息等价物。截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，公司分别有 15,229,068 份和 4,909,256 份未归属的限制性股票单位（RSU）。

RSUs represent a right to receive one share of common stock for each RSU that vests. The Company has granted RSUs that vest on satisfaction of both service-and liquidity-based vesting conditions. The service-based vesting condition for these equity awards is generally satisfied by rendering continuous service through the applicable vesting period, which is generally four years. The liquidity-based vesting condition is satisfied upon the occurrence of an initial public offering, direct listing, or sale of our company, given prevailing market conditions . Unless otherwise determined by the Board of Directors at the time of grant, service-based vesting ceases on the date the participant no longer provides services to the Company. If both the service-based vesting condition and the liquidity-based vesting condition of an RSU are not satisfied, such RSU is forfeited. If an RSU has not been forfeited and both the service-and liquidity-based vesting conditions have been satisfied, then on the date specified in the RSUs, the Company delivers to the holder a number of whole shares of common stock subject to any withholdings to cover tax obligations. Dividend equivalents, if any, are not credited in respect of shares covered by the RSUs, except as otherwise permitted by the Compensation Committee. As of December 31, 2025 and 2024, the Company had 15,229,068 and 4,909,256 unvested RSUs, respectively.

下表汇总了限制性股票单位（RSU）的变动及相关信息：

The following table summarizes RSU activity and related information:

**数量**

**Number of**

股份 平均授予日公允价值

Shares Average Grant Date Fair Value

截至 1 月 1 日的流通在外数量 · 2025 · 4,909,256 · $18.08 授予 · 11,154,655 · $27.65 要约收购中修改并结算的 RSU(1) · (185,387) · $24.35 没收 · (649,456) · $25.15 截至 2025 年 12 月 31 日未归属 · 15,229,068 · $24.72

Outstanding as of January 1, · 2025 · 4,909,256 · $18.08 Granted · 11,154,655 · $27.65 Tender Offer RSU modified and settled(1) · (185,387) · $24.35 Forfeited · (649,456) · $25.15 Outstanding as of December 31, 2025 · 15,229,068 · $24.72

____________ (1) 详见附注 13——普通股。

____________ (1) Refer to Note 13 – Common Stock for further discussion.

截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，与未归属限制性股票单位（RSU）相关的未确认薪酬费用总额分别为 $343.5 million 和 $79.1 million。该未确认薪酬费用将在某些附有业绩条件的限制性股票单位（RSU）的流动性条件很可能满足时予以确认，服务条件将分别在 2.91 年和 1.75 年的加权平均期间内满足。

As of December 31, 2025 and 2024, the total remaining unrecognized compensation expense related to unvested RSUs was $343.5 million and $79.1 million, respectively. This unrecognized compensation expense will be recognized when the liquidity-based vesting condition becomes probable for certain RSUs that have a performance condition, and service-based vesting condition will be satisfied over the weighted-average period of 2.91 years and 1.75 years, respectively.

截至 2025 年 12 月 31 日和 2024 年 12 月 31 日止年度的股权激励费用总额如下（单位：千）：

Total stock-based compensation expense for years ended December 31, 2025 and 2024 was as follows (in thousand s):

**截至 12 月 31 日止年度，**

**Years Ended December 31,**

2025 · 2024 收入成本 · $827 · $921 研发 · $32,154 · $41,397 销售与营销 · $9,950 · $8,723 一般及行政 · $6,836 · $7,523 股权激励费用总额 · $49,767 · $58,564

2025 · 2024 Cost of revenue · $827 · $921 Research and development · $32,154 · $41,397 Sales and marketing · $9,950 · $8,723 General and administrative · $6,836 · $7,523 Total stock-based compensation expense · $49,767 · $58,564

截至 2025 年 12 月 31 日和 2024 年 12 月 31 日止年度确认的薪酬费用中，分别约有 $0.9 million 和 $1.0 million 归属于某些股份支付奖励，该等奖励赋予员工在股权或现金之间进行选择的权利，其中截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，分别约有 $0.5 million 和 $0.6 million 计入合并资产负债表中的应计项目及其他流动负债。

Approximately $0.9 million and $1.0 million of the compensation expense recognized for each of the years ended December 31, 2025 and 2024, respectively, was attributed to certain share-based awards, which provided the employee the option to choose between equity or cash, of which approximately $0.5 million and $0.6 million was included in accrued and other current liabilities on the consolidated balance sheets as of December 31, 2025 and 2024, respectively.

合并财务报表附注 Notes to the Consolidated Financial Statements

截至 2025 年 12 月 31 日和 2024 年 12 月 31 日止年度确认的薪酬费用中，分别约有 $14.1 million 和 $30.7 million 系因公司若干现任及前任员工通过二级市场交易向公司若干现有权益持有人出售普通股股份而产生，其中就股份支付的超出公允价值的溢价部分被记录为股权激励费用。

Approximately $14.1 million and $30.7 million of the compensation expense recognized for the years ended December 31, 2025 and 2024, respectively, was attributed to sales of shares of common stock by certain current and former employees of the Company to certain existing equity holders in the Company, through secondary market transactions, where the excess price paid above fair value for shares was recorded as stock-based compensation expense.

#### 股权激励奖励的修改

#### Modification of stock-based awards

作为要约收购的一部分，公司就 185,387 份已满足服务期归属条件的 RSU 修改了流动性事件条件。具体而言，流动性事件条件被豁免，使该等 RSU 于 2025 年 12 月 2 日全部归属，并以 A 类普通股股份结算，该等股份可在要约收购中出售。公司将 RSU 的修改作为第三类修改进行会计处理。增量公允价值以修改日计量，即修改后奖励的公允价值超过修改前紧接时点原奖励公允价值的差额。公司在截至 2025 年 12 月 31 日止年度确认了 $6.7 million 的增量薪酬成本。由于服务条件在修改日已满足，该增量薪酬成本于当期立即确认。

As part of the Tender Offer, the Company modified the liquidity-event condition with respect to 185,387 RSUs for which the service-based vesting condition had been satisfied. Specifically, the liquidity-event condition was waived, such that those RSUs became fully vested on December 2, 2025, and settled in shares of Class A Common Stock that were eligible to be sold in the Tender Offer. The Company accounted for the modification of the RSUs as a Type III modification. The incremental fair value was measured as of the modification date as the excess of the fair value of the modified awards over the fair value of the original awards immediately prior to modification. The Company recognized $6.7 million of incremental compensation cost during the year ended December 31, 2025 . Because the service condition had been satisfied at the modification date, the incremental compensation cost was recognized immediately.

若干奖励在终止后根据过渡安排进行了修改，导致截至 2025 年 12 月 31 日止年度产生 $0.4 million 的额外股权激励费用。截至 2024 年 12 月 31 日止年度未记录任何修改费用。

Certain awards were modified post-termination under a transition arrangement, resulting in additional stock-based compensation expense of $0.4 million during the year ended December 31, 2025. No modification charges were recorded during the year ended December 31, 2024 .

附注 15 – 所得税 Note 15 – Income Taxes

所得税前收入（亏损）的构成如下（单位：千）：

The components of income (loss) before income taxes are as follows (in thousand s):

**截至 12 月 31 日的年度，**

**Years Ended December 31,**

2025 · 2024 境内 · $239,568 · $(482,424) 境外 · 5,316 · 2,749 所得税前收入（亏损） · $244,884 · $(479,675)

2025 · 2024 Domestic · $239,568 · $(482,424) Foreign · 5,316 · 2,749 Income (loss) before income taxes · $244,884 · $(479,675)

所得税费用（收益）的构成如下（单位：千）：

The components of the income tax expense (benefit) are as follows (in thousand s):

**截至 12 月 31 日，**

**As of December 31,**

2025 · 2024 当期 联邦 · $(169) · $527 州 · 9,128 · 898 境外 · 392 · 213 当期所得税费用合计 · $9,351 · $1,638 递延 境外 · $(2,294) · $289 递延所得税费用（收益）合计 · (2,294) · 289 所得税费用合计 · $7,057 · $1,927

2025 · 2024 Current Federal · $(169) · $527 State · 9,128 · 898 Foreign · 392 · 213 Total current tax expense · $9,351 · $1,638 Deferred Foreign · $(2,294) · $289 Total deferred tax expense (benefit) · (2,294) · 289 Total income tax expense · $7,057 · $1,927

#### 采用 ASU 2023-09

#### ASU 2023-09 Adoption

公司已就 2025 年度提前采用 ASU 2023-09 中的新披露规则，并选择采用前瞻性采用法。

The Company has early adopted the new disclosure rules found in ASU 2023-09 for the 2025 year and has elected to use the Prospective Adoption approach.

合并财务报表附注 Notes to the Consolidated Financial Statements

公司账面所得税费用与美国法定税率的调节情况如下（单位：千美元，百分比除外）：

A reconciliation of the Company’s recorded income tax expense to the U.S. statutory rate is as follows (in thousand s except percentages):

**截至 2025 年 12 月 31 日止年度**

**Year Ended December 31, 2025**

PTBI 总额 · $% 美国联邦法定税率 · $244,884 · $51,426 · 21.00 % 州和地方所得税，扣除联邦所得税影响后 影响(1) · 7,375 · 3.01 境外税务影响 境外法定税率 · 278 · 0.11 其他不可扣除项目 · (93) · (0.04) 拨备回冲 · (2,193) · (0.90) 估值备抵变动 · 37,582 · 15.35 免税或不可扣除项目 远期合约重估 · (76,300) · (31.16) 股权激励费用 · (11,960) · (4.88) 其他不可扣除项目 · 768 · 0.31 未确认税务利益变动 · 707 · 0.29 其他调整 · (532) · (0.22) 所得税拨备 · $7,057 · 2.87 %

Total PTBI · $% U.S. Federal Statutory Rate · $244,884 · $51,426 · 21.00 % State and Local Income Taxes, Net of Federal Income Tax Effect(1) · 7,375 · 3.01 Foreign Tax Effects Foreign Statutory Rate · 278 · 0.11 Other nondeductible items · (93) · (0.04) Return to Provision · (2,193) · (0.90) Change in Valuation Allowance · 37,582 · 15.35 Nontaxable or Nondeductible Items Forward Contract Revaluation · (76,300) · (31.16) Stock-Based Compensation Expense · (11,960) · (4.88) Other nondeductible items · 768 · 0.31 Changes in Unrecognized Tax Benefits · 707 · 0.29 Other Adjustments · (532) · (0.22) Provision for income taxes · $7,057 · 2.87 %

______________ (1) 对该类别税务影响贡献最大的司法管辖区为明尼苏达州。

______________ (1) The jurisdiction that contributes to the majority of the tax effect in this category is Minnesota.

公司账面所得税费用与美国法定税率的调节情况如下（单位：千美元）：

A reconciliation of the Company’s recorded income tax expense to the U.S. statutory rate is as follows (in thousand s):

**截至以下年度**

**Years Ended**

2024 年 12 月 31 日

December 31, 2024

按美国联邦法定税率计算的所得税 · $(100,732) 州税 · 898 境外税率差异 · 327 远期合约重估 · 84,265 股权激励 · 5,111 税收抵免，扣除 FIN48 准备金后净额 · (3,298) 估值备抵变动 · 15,712 其他 · (356) 所得税费用 · $1,927

Income taxes computed at U.S. federal statutory rate · $(100,732) State taxes · 898 Foreign rate differential · 327 Forward contract revaluation · 84,265 Stock-based compensation · 5,111 Tax credits, net of FIN48 reserves · (3,298) Change in valuation allowance · 15,712 Other · (356) Income tax expense · $1,927

递延所得税源于资产和负债在财务报告目的下的账面价值与所得税申报目的下的金额之间的暂时性差异，以及净经营亏损和税收抵免

Deferred income taxes arise from temporary differences between the carrying value of assets and liabilities for financial reporting purposes and income tax reporting purposes, as well as net operating losses and tax credit

合并财务报表附注 Notes to the Consolidated Financial Statements

结转。公司递延所得税资产和负债的重要组成部分如下（单位：千）：

carryforwards. Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousand s):

**截至 12 月 31 日，**

**As of December 31,**

2025 · 2024 递延所得税资产： 净经营亏损 · $123,490 · $86,111 备抵与应计项目 · 29,259 · 11,107 税收抵免，扣除 FIN48 准备金后的净额 · 30,621 · 30,876 股权激励费用 · 10,045 · 7,438 租赁负债 · 98,904 · 9,673 资本化研发及已识别无形资产 · 62,295 · 63,796 其他 · 2,482 · 439 递延所得税资产总额 · 357,096 · 209,440 减：估值备抵 · (233,035) · (200,259) 递延所得税资产净额 · $124,061 · $9,181

2025 · 2024 Deferred Tax Assets: Net operating losses · $123,490 · $86,111 Allowances and accruals · 29,259 · 11,107 Tax credits, net of FIN48 reserves · 30,621 · 30,876 Stock-based compensation · 10,045 · 7,438 Lease liability · 98,904 · 9,673 Capitalized R&D and identified intangibles · 62,295 · 63,796 Other · 2,482 · 439 Gross deferred tax assets · 357,096 · 209,440 Less: Valuation Allowance · (233,035) · (200,259) Net deferred tax assets · $124,061 · $9,181

递延所得税负债：

Deferred Tax Liabilities:

折旧 · $(23,076) · $— 使用权资产 · (94,255) · (8,671) 其他 · (4,849) · (916) 递延所得税负债总额 · (122,180) · (9,587) 递延所得税资产（负债）净额 · $1,881 · $(406)

Depreciation · $(23,076) · $— Right-of-use asset · (94,255) · (8,671) Other · (4,849) · (916) Gross deferred tax liabilities · (122,180) · (9,587) Net deferred tax assets (liabilities) · $1,881 · $(406)

递延所得税资产的实现取决于未来期间能否产生足够金额且性质适当的应纳税所得。公司定期评估其递延所得税资产的可实现性，若递延所得税资产的部分或全部很可能无法实现，则计提估值备抵。公司权衡所有可获得的正面和负面证据，包括其盈利历史及近期经营业绩、递延所得税负债的预定转回、预计未来应纳税所得以及税务筹划策略。由于客观上可验证的负面证据（包括其在美国的亏损历史）所占权重，公司认为其美国联邦及州递延所得税资产很可能无法实现。因此，公司已就该等递延所得税资产计提估值备抵。截至 2025 年 12 月 31 日和 2024 年 12 月 31 日的年度，公司各项递延所得税资产的估值备抵分别增加$32.6 million 和$16.0 million。

The realization of deferred tax assets is dependent upon the generation of sufficient taxable income of the appropriate character in future periods. The Company regularly assesses the ability to realize its deferred tax assets and establishes a valuation allowance if it is more-likely-than-not that some portion of the deferred tax assets will not be realized. The Company weighs all available positive and negative evidence, including its earnings history and results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies. Due to the weight of objectively verifiable negative evidence, including its history of losses in the United States, the Company believes that it is more likely than not that its U.S. federal and state deferred tax assets will not be realized. Accordingly, the Company has recorded a valuation allowance on such deferred tax assets. The valuation allowance against our various deferred tax assets increased by $32.6 million and $16.0 million during the years ended December 31, 2025, and 2024, respectively.

已支付的所得税现金（扣除退款后的净额）如下（单位：千）：

The amount of cash paid for income taxes (net of refunds) is as follows (in thousand s):

**截至年度**

**Years Ended**

2025 年 12 月 31 日

December 31, 2025

联邦 · $409 州及地方 · 893 境外 - 印度 · 397 所得税，扣除已退还金额后的净额 · $1,699

Federal · $409 State and Local · 893 Foreign - India · 397 Income taxes, net of amounts refunded · $1,699

截至 2025 年 12 月 31 日，公司拥有联邦、州及境外净经营亏损结转额分别为$414.8 million、$352.4 million 和$48.1 million，可用于抵减未来应纳税所得。联邦净经营亏损的结转期不限，但仅限于抵减应纳税所得的 80%

As of December 31, 2025, the Company had federal, state, and foreign net operating loss carryforwards in the amount of $414.8 million, $352.4 million, and $48.1 million, respectively, available to offset future taxable income. The federal net operating loss has an indefinite carryforward period but is limited to offset 80% of taxable income in

合并财务报表附注 Notes to the Consolidated Financial Statements

所使用的年度。州净经营亏损结转具有不同的结转期限，最早将于 2036 年开始到期。

the year utilized. The state net operating loss carryforwards have various carryover periods and will begin to expire as early as 2036.

截至 2025 年 12 月 31 日，公司分别拥有联邦、加利福尼亚州和加拿大研发抵免结转额 $33.7 million、$13.8 million 和 $3.6 million。联邦研发抵免将于 2038 年开始到期，加利福尼亚州研发抵免无到期日，加拿大研发抵免将于 2041 年开始到期。

As of December 31, 2025, the Company had federal, California, and Canadian research and development credit carryforwards of $33.7 million, $13.8 million, and $3.6 million, respectively. The federal research and development credits will begin to expire in 2038, the California research and development credits have no expiration, and the Canadian research and development credits will begin to expire in 2041.

由于《国内税收法典》第 382 条及类似州法规规定的所有权变更限制，我们的净经营亏损和抵免的使用可能受到年度限制。如果受到年度限制，公司的净经营亏损结转和抵免可能在利用之前到期。

Utilization of our net operating loss and credits may be subject to annual limitations due to the ownership change limitations provided by section 382 of the Internal Revenue Code and similar state provisions. The Company’s net operating loss carryforwards and credits could expire before utilization if subject to annual limitations.

下表汇总了与公司未确认税收利益相关的活动（单位：千）：

The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousand s):

**截至 12 月 31 日，**

**As of December 31,**

2025 · 2024 年初未确认税收利益总额 · $31,545 · $25,739 与以前年度头寸相关的增加总额 · — · 34 与当年度头寸相关的增加总额 · 726 · 5,772 年末未确认税收利益总额 · $32,271 · $31,545

2025 · 2024 Gross unrecognized tax benefits, beginning of year · $31,545 · $25,739 Gross increases related to prior-year positions · — · 34 Gross increases related to current-year positions · 726 · 5,772 Gross unrecognized tax benefits, end of year · $32,271 · $31,545

公司的所有纳税年度仍可供美国联邦和州税务机关审查。非美国纳税申报表在 2021 年及以后年度仍可供审查。由于我们的联邦和州估值备抵，截至 2025 年 12 月 31 日和 2024 年 12 月 31 日的未确认税收利益若被确认，均不会影响实际税率。我们将与未确认税收利益相关的利息和罚款确认为所得税费用。

All of the Company’s tax years remain open for examination by U.S. federal and state tax authorities. The non-U.S. tax returns remain open for examination for the years 2021 and onwards. Due to our federal and state valuation allowance, none of the unrecognized tax benefits as of December 31, 2025, and 2024, respectively, would affect the effective tax rate if recognized. We recognize interest and penalties related to unrecognized tax benefits as income tax expense.

对于在外国子公司的投资中，财务报告金额超过计税基础的部分，若该部分在美国境外无限期再投资，则未确认美国所得税。由于《减税与就业法案》（“税收法案”），未来分配外国收益的税务影响通常仅限于当地司法管辖区的预提税。对于在外国子公司的投资中，财务报告金额超过计税基础的部分，其递延所得税负债金额不重大。

U.S. income tax has not been recognized on the excess of the amount for financial reporting over the tax basis of investments in foreign subsidiaries that is indefinitely reinvested outside the United States. As a result of the Tax Cuts and Jobs Act (“Tax Act”), the tax impact of future distributions of foreign earnings would generally be limited to withholding tax from local jurisdictions. The amount of the deferred tax liability on the excess of the amount for financial reporting over the tax basis of investments in foreign subsidiaries is not material.

附注 16 – 租赁 Note 16 – Leases

我们的租赁义务主要包括总部园区及国内外办公室和数据中心的经营租赁，租赁期在 2027 至 2031 财年之间到期。

Our lease obligations primarily consist of operating leases for our headquarters’ campus and domestic and international offices and data centers, with lease periods expiring between fiscal years 2027 and 2031.

计入租赁义务计量的租赁成本以及与不可撤销经营租赁相关的其他信息如下（单位：千美元）

Lease costs included in measurement of lease obligations and other information related to non-cancelable operating leases were as follows (in thousand s)

**截至 12 月 31 日的年度，**

**Years Ended December 31,**

2025 · 2024 经营租赁成本 · $31,780 · $10,539 可变租赁成本 · 2,312 · 285 短期租赁成本(1) · 75,333 · 8,076 租赁成本总额 · $109,425 · $18,900

2025 · 2024 Operating lease cost · $31,780 · $10,539 Variable lease costs · 2,312 · 285 Short-term lease costs(1) · 75,333 · 8,076 Total lease costs · $109,425 · $18,900

_______________ (1) 期限超过一个月且不足一年的租赁的短期租赁成本。

_______________ (1) Short-term lease costs on leases with terms of over one month and less than one year.

合并财务报表附注 Notes to the Consolidated Financial Statements

加权平均剩余租赁期限及折现率如下

The weighted-average remaining lease terms and discount rates were as follows

截至 12 月 31 日

As of December 31,

其他信息 · 2025 · 2024 加权平均剩余租赁期限（年） · 4.7 · 2.7 加权平均折现率 · 8.6% · 10.6 %

Other information · 2025 · 2024 Weighted-average remaining lease term (in years) · 4.7 · 2.7 Weighted-average discount rate · 8.6% · 10.6 %

截至 2025 年 12 月 31 日，公司经营租赁负债的未来最低租赁付款额到期情况如下（单位：千美元）：

As of December 31, 2025, future minimum lease payments of the Company’s operating lease liabilities were due as follows (in thousand s):

**截至 12 月 31 日的年度，**

**Year ending December 31,**

2026 年 · $66,337 · 2027 年 · 70,073 · 2028 年 · 59,502 · 2029 年 · 60,244 此后 · 62,792 未来租赁付款额合计 · 318,948 减：推算利息 · (57,126) 经营租赁负债现值 · $261,822

2026 · $66,337 · 2027 · 70,073 · 2028 · 59,502 · 2029 · 60,244 Thereafter · 62,792 Total future lease payments · 318,948 Less: Imputed interest · (57,126) Present value of operating lease liabilities · $261,822

与租赁相关的补充现金流量信息如下（单位：千美元）：

Supplemental cash flow information related to leases was as follows (in thousand s):

**截至 12 月 31 日的年度，**

**Years Ended December 31,**

2025 · 2024 计入租赁负债计量的金额所支付的现金： 经营租赁的经营现金流量 · $23,039 · $6,442 以租赁义务换取的使用权资产： 经营租赁 · $235,053 · $43,659

2025 · 2024 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases · $23,039 · $6,442 Right-of-use assets obtained in exchange for lease obligations: Operating leases · $235,053 · $43,659

#### 尚未开始的租赁

#### Leases Not Yet Commenced

2025 年末，公司就额外数据中心容量签署了不可撤销的租赁协议，租赁开始日期为 2026 年。截至 2025 年 12 月 31 日，该等租赁尚未开始，因此未反映在合并资产负债表内。公司将在开始日按各租赁期限内租赁付款额的现值确认经营租赁使用权资产及相应租赁负债。该等协议项下未折现的未来最低租赁付款额合计在租赁期限内约为$344.3 million。

In late 2025, the Company executed non-cancelable lease agreements for additional data center capacity with lease commencement dates in 2026. As of December 31, 2025, the leases had not commenced and therefore are not reflected in the consolidated balance sheets. The Company will recognize operating lease right-of-use assets and corresponding lease liabilities at the commencement date based on the present value of lease payments over the respective lease terms. Aggregate undiscounted future minimum lease payments under these agreements total approximately $344.3 million over the lease term.

附注 17 – 承诺及或有事项 Note 17 – Commitments and Contingencies

本公司已签订若干合同，以获取咨询及其他服务，这些合同构成无条件购买商品或服务的购买义务，具有可强制执行性和法律约束力。购买承诺不包括可无罚金取消的协议以及剩余期限为一年或一年以下的无条件购买承诺。截至 2025 年 12 月 31 日，这些合同项下不可取消承诺的未来付款到期情况如下：$4.1 million（2026 年）和 $3.0 million（2027 年）。

The Company has entered into certain contracts to receive consulting and other services that represent unconditional purchase obligations to purchase goods or services that are enforceable and legally binding. Purchase commitments exclude agreements that are cancellable without penalty and unconditional purchase commitments with a remaining term of one year or less. As of December 31, 2025, future payments related to non-cancelable commitments under these contracts are due as follows: $4.1 million (2026), and $3.0 million (2027).

在日常经营过程中，本公司可能不时面临各种程序、诉讼、争议或索赔。尽管本公司无法有把握地预测任何诉讼的结果，但本公司认为，目前不存在任何此类诉讼，若其以不利方式解决，会对本公司的财务状况、经营成果或现金流量产生重大影响。

In the ordinary course of business, the Company may be subject from time to time to various proceedings, lawsuits, disputes, or claims. Although the Company cannot predict with assurance the outcome of any litigation, it does not believe there are currently any such actions that, if resolved unfavorably, would have a material impact on the Company’s financial condition, results of operations, or cash flows.

附注 18 – 期后事项 Note 18 – Subsequent Events

公司已评估了截至 2026 年 3 月 31 日（即该等合并财务报表可供发布之日）的所有交易，并确定除下文所述者外，不存在其他需要在财务报表中披露或调整的事项。

The Company has evaluated all transactions through March 31, 2026, the date these consolidated financial statements were available to be issued, and has determined that there are no other events that would require disclosure in or adjustment to these financial statements except as discussed below.

#### H 轮可赎回可转换优先股

#### Series H Redeemable Convertible Preferred Stock

2026 年 1 月，公司与多名投资者签订了 H 轮可赎回可转换优先股购买协议，拟发行最多 11,394,059 股公司 H 轮可赎回可转换优先股。公司以每股 $89.02 的价格发行 11,394,059 股 H 轮可赎回可转换优先股，扣除发行费用后募集资金 $1.0 billion。公司拟将募集资金用于营运资金及一般公司用途。

In January 2026, the Company entered into a Series H redeemable convertible preferred stock purchase agreement with various investors to issue up to 11,394,059 shares of the Company’s Series H redeemable convertible preferred stock. The Company raised $1.0 billion, net of issuance costs, through issuance of 11,394,059 shares of Series H redeemable convertible preferred stock at a price of $89.02 per share. The Company intends to use the proceeds for working capital and general corporate purposes.

#### 营运资金贷款

#### Working Capital Loan

2026 年 1 月，公司以现金形式收到由 OpenAI 提供的 $1.0 billion 营运资金贷款，用于支持建设根据 MRA 提供此类服务所需的基础设施及相关能力。该营运资金贷款以有担保本票为凭证，按 6% 计息（除非被豁免），到期日不晚于 2032 年 12 月 31 日。有关与 OpenAI 签订的 MRA 的进一步讨论，参见附注 5——收入。

In January 2026, the Company received in cash the $1.0 billion Working Capital Loan funded by OpenAI to support the build-out of infrastructure and related capabilities required to deliver such services under the MRA. The Working Capital Loan is subject to a secured promissory note and bears interest at 6% (unless waived) with a maturity date of no later than December 31, 2032. Refer to Note 5 – Revenue for further discussion of the MRA with OpenAI.

#### 高管授予

#### Executive Grants

2026 年 2 月，公司董事会批准向其联合创始人高管，即首席执行官（“CEO”）和首席技术官（“CTO”），授予股权奖励，包括 RSU 和基于业绩的限制性股票单位（“PRSU”）。

In February 2026, the Company’s board of directors approved equity awards to its co-founder executives, the Chief Executive Officer (“CEO”) and the Chief Technology Officer (“CTO”), consisting of RSUs and performance-based restricted stock units (“PRSUs”).

公司向 CEO 授予 743,902 份 RSU，向 CTO 授予 495,426 份 RSU。该等 RSU 须同时满足服务条件和流动性条件方可归属。服务条件自 2026 年 1 月 5 日起，在 48 至 60 个月的期间内按月等额满足，且须持续提供合格服务。流动性归属条件预计将在公司首次公开发行完成时满足，且须持续提供合格服务至该日。公司将在流动性条件很可能得到满足时开始确认该等奖励的股权激励费用，并在必要服务期内采用加速归属法进行确认。

The Company granted 743,902 RSUs to the CEO and 495,426 RSUs to the CTO. These RSUs vest subject to both service-based and liquidity-based vesting conditions. The service-based condition is satisfied ratably on a monthly basis beginning January 5, 2026 over periods of 48 to 60 months, subject to continued qualifying service. The liquidity-based vesting condition is expected to be satisfied upon the completion of the Company’s initial public offering, subject to continued qualifying service through such date. The Company will begin recognizing stock-based compensation expense for these awards when it is probable that the liquidity condition will be satisfied, using the accelerated attribution method over the requisite service period.

公司还向首席执行官授予了 5,700,000 份 PRSU，向首席技术官授予了 3,300,000 份 PRSU。每份 PRSU 代表在归属时获得一股 B 类普通股的权利。PRSU 分三等份归属，分别基于达到 $75 billion、$150 billion 和 $250 billion 的市值门槛。归属可在公司首次公开发行完成后六个月起开始，前提是截至适用归属日期持续提供合格服务。市值根据公司 A 类普通股股价的 90 个交易日滚动平均值乘以已发行 A 类普通股股数确定。未归属的 PRSU 在合格服务终止时被没收，截至公司首次公开发行完成九周年之日仍未归属的任何 PRSU 将被没收。在发生控制权变更的情况下，市值门槛的达成情况根据交易价格确定，并视情况适用线性插值。

The Company also granted 5,700,000 PRSUs to the CEO and 3,300,000 PRSUs to the CTO. Each PRSU represents the right to receive one share of Class B common stock upon vesting. The PRSUs vest in three equal tranches based on the achievement of market capitalization thresholds of $75 billion, $150 billion and $250 billion, respectively. Vesting may occur beginning six months following the completion of the Company’s initial public offering, subject to continued qualifying service through the applicable vesting date. Market capitalization is determined based on the 90-trading-day trailing average of the Company’s Class A common stock price multiplied by the number of outstanding shares of Class A common stock. Unvested PRSUs are forfeited upon termination of qualifying service, and any PRSUs that remain unvested as of the ninth anniversary of the completion of the Company’s initial public offering will be forfeited. In the event of a change in control, achievement of the market capitalization thresholds is determined based on the transaction price, with linear interpolation applied, as applicable.

公司正在确定这些奖励的授予日公允价值。PRSU 的授予日公允价值将反映市值条件的影响。PRSU 的股权激励费用将在各批次的推导服务期内确认，且仅在流动性条件满足时确认。

The Company is in the process of determining the grant-date fair value of these awards. The grant-date fair value of the PRSUs will reflect the effect of the market capitalization conditions. Stock-based compensation expense for the PRSUs will be recognized over the derived service period for each tranche, and only when the liquidity condition has been met.

合并财务报表附注 Notes to the Consolidated Financial Statements

#### 租赁

#### Leases

2026 年 3 月，本公司在加拿大签订了一份数据中心租赁协议，预计于 2026 年开始生效。预计最低租赁付款额在 10 年期限内约为 $2.2 billion。与租赁同时，本公司与出租人签订了股票购买协议，据此出租人以每股 $89.02 的购买价格购买了本公司 168,509 股 N 类普通股，总购买价格为 $15.0 million。

In March 2026, the Company entered into a data center lease agreement in Canada that is expected to commence in 2026. The expected minimum lease payments are approximately $2.2 billion over a 10-year term. Concurrent with the lease, the Company entered into a stock purchase agreement with the lessor pursuant to which the lessor purchased 168,509 shares of the Company’s Class N common stock at a purchase price of $89.02 per share, for an aggregate purchase price of $15.0 million.

#### Amazon Web Services 合作协议

#### Amazon Web Services Collaboration Agreement

2026 年 3 月，本公司与 Amazon Web Services, Inc. 签订了一份条款清单，拟开展多年期战略合作，以部署 AI 推理算力基础设施及相关服务。该安排拟通过多年期租赁安排进行初始部署，并产生相关经常性付款，但须实现特定技术里程碑，并可能通过额外系统部署、容量分配和硬件购买选择权进行扩展。此外，该条款清单规定了一项承诺，即发行一份认股权证，最多可购买本公司 2,696,678 股 N 类普通股，行权价格为每股 $100.00，期限为七年。该认股权证预计将基于时间条件和业绩条件的组合而归属。

In March 2026, the Company entered into a term sheet with Amazon Web Services, Inc. for a multi-year strategic collaboration to deploy AI inference compute infrastructure and related services. The arrangement contemplates an initial deployment under multi-year lease arrangements, with associated recurring payments, subject to the achievement of specified technical milestones and potential expansion through additional system deployments, capacity allocations and hardware purchase options. In addition, the term sheet provides for a commitment to issue a warrant to purchase up to a maximum of 2,696,678 shares of the Company’s Class N common stock with an exercise price of $100.00 per share and a term of seven years. The warrant is expected to vest based on a combination of time-and performance-based conditions.

该条款清单包含某些拟具有约束力的条款，包括与定价、排他性、硬件采购和认股权证承诺相关的条款。拟议交易的完成仍须以签署最终协议和满足惯例条件为前提。

The term sheet includes certain provisions intended to be binding, including those related to pricing, exclusivity, hardware procurement, and the warrant commitment. The completion of the contemplated transactions remains subject to the execution of definitive agreements and the satisfaction of customary conditions.