Cerebras má ke konci června backlog 25,4 miliardy USD, z velké části díky dohodě s OpenAI. Firma očekává, že do června 2028 z něj zaúčtuje jen asi 22 %.
By most measures, Cerebras Systems (CBRS +10.30%) delivered an outstanding second quarter.
The artificial intelligence (AI) computing specialist grew its non-GAAP (adjusted) revenue 103% year over year to $209.9 million. Its inference cloud business nearly quadrupled, and management raised its full-year outlook to a range of $880 million to $890 million in adjusted revenue.
But the most important number in the mid-August update wasn't on the income statement at all. Cerebras ended June with $25.4 billion in remaining performance obligations, the backlog of contracted work it hasn't yet delivered or recognized as revenue. That's nearly 29 times the revenue management expects for all of 2026, a figure lifted by data center costs passed through to OpenAI.
A figure that large deserves scrutiny. The company's own filings say where to look: at a single agreement with OpenAI.
Image source: Getty Images.
The backlog arrived almost all at onceIn December 2025, Cerebras signed a master relationship agreement with the ChatGPT maker under which OpenAI committed to purchase 750 megawatts of computing capacity for AI inference -- a deal Cerebras has valued at more than $20 billion. OpenAI also holds an option to buy an additional 1.25 gigawatts of capacity by the end of 2030.
Remaining performance obligations were $24.6 billion at the close of 2025, then edged up to $25.0 billion in March and $25.4 billion in June. The balance grew only about 3% over the first half of 2026. Nearly all of it was on the books before 2026 began. And Cerebras says in its latest quarterly filing that a significant amount of the balance is attributable to its obligations under the OpenAI agreement.
Cerebras recognized $56.8 million of revenue under the arrangement in the second quarter, or about 32% of the company's $180.1 million in revenue under generally accepted accounting principles (GAAP), which grew 74% year over year.
When does the backlog become revenue?The backlog converts slowly, by design. Cerebras expects to recognize only about 22% of the $25.4 billion (about $5.6 billion) over the 24 months ending June 30, 2028.
Another 43% should arrive between months 25 and 48, with the rest coming later. Of course, the timing can shift at the customer's request.
It's worth noting, though, that the near-term share has moved up. At the close of 2025, Cerebras expected about 15% of the balance to convert in the 24 months through 2027. The latest figure is 22%, though it covers a window ending six months later.
The conversion takes years partly because Cerebras is still building the thing it has sold. Capacity for OpenAI deploys in stages from 2026 through 2028. Cerebras says more than 600 megawatts of data center capacity is live or under contract for delivery by the end of 2027, with manufacturing capacity set to grow more than tenfold in 2026. And just this week, Cerebras announced a new 165-megawatt data center in Finland.
OpenAI is even helping to finance the build-out, advancing Cerebras a $1 billion working capital loan in January.
Concentration isn't new hereIn 2025, Mohamed bin Zayed University of Artificial Intelligence accounted for 62% of the company's revenue, and Group 42 accounted for another 24%. Those figures are shares of last year's revenue, not of the backlog.
But the pattern held in the second quarter, when three customers each accounted for at least 10% of revenue, or 76% of it between them. The company doesn't say exactly how much of the $25.4 billion sits with OpenAI. Either way, a short list of buyers is doing most of the buying.
That matters because of the stock's valuation. With shares around $215 as of this writing (down about 44% from their 52-week high of $386.34), the whole company is valued near $51 billion -- nearly 58 times the adjusted revenue management expects this year, for a company still posting operating losses. Even if revenue more than triples in 2027, as management plans, the stock would trade at about 19 times those expected sales.
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What, then, is the backlog worth to a shareholder? A lot, I think -- just not everything the headline number implies.
The $25.4 billion includes a customer's multiyear commitment, not revenue in hand. And most of it is scheduled to convert after mid-2028, by a company that must build enormous capacity on time, much of it for one buyer whose needs could change.
The business itself is executing well. Adjusted gross margin improved about nine percentage points from a year ago, and Cerebras holds about $8.6 billion in cash and investments after May's initial public offering.
Ultimately, the backlog is evidence of extraordinary demand and arguably the best reason to keep watching Cerebras closely. But I'd want to see the OpenAI revenue step up for a few more quarters before paying today's price.
Cerebras a Compute Nordic Finland oznámily nové AI datacentrum ve městě Mikkeli s kapacitou až 165 MW. Projekt je formalizován sérií servisních objednávek se sedmiletými smluvními podmínkami a odhadovanou regionální investicí 1,0–1,7 miliardy €.
Facility backed by seven-year contracted capacity agreement and estimated €1.0–1.7 billion in regional investment for local development and employment | Source: Cerebras Systems Inc.
MIKKELI, Finland, Sept. 01, 2026 (GLOBE NEWSWIRE) -- Cerebras Systems (NASDAQ: CBRS) today announced a new AI data centre in Mikkeli, Finland, developed in partnership with Compute Nordic Finland. The facility will scale in phases to 165 MW of contracted IT capacity to deliver high-density AI compute with construction on the initial 50 MW phase already under way.
The agreement, formalized through a series of service orders each with seven-year contract terms, gives Cerebras long-term, purpose-built infrastructure to support growing global demand for its AI compute platform, while providing the Mikkeli region a long-term industrial anchor with significant estimated revenue and sustained job opportunities.
“This partnership with Cerebras is not a speculative bet on future demand — it's a contractually committed, phased build-out that reflects exactly how much AI compute the market needs today and where that need is heading,” said Pyry Virrantaus, CEO of Compute Nordic Finland. “We are proud to build that capacity in Mikkeli, alongside a partner network of local and national organizations who are ready to deliver the project and build the workforce it requires.”
More AI Per Megawatt
Cerebras and Compute Nordic designed the Mikkeli facility for efficiency from day one to optimize power and water usage. The facility is designed to use closed-loop cooling systems that recirculate water rather than draw continuously from municipal supply, and the campus is designed to support waste-heat recovery, enabling thermal energy generated by AI compute into a resource for the surrounding community.
“Our architecture is built to get more useful AI output out of every megawatt we deploy,” said Andrew Feldman, CEO and co-founder, Cerebras. “Mikkeli lets us pair that efficiency with a data centre designed for closed-loop cooling and heat reuse from the ground up.”
A Long-Term Industrial Anchor for South Savo
Cerebras' long-term commitment in Mikkeli reflects the company's broader approach to data centre development: building long-term technical capability and high-quality, permanent jobs around advanced AI infrastructure, rather than treating a site as a temporary construction project. As demand for Cerebras' wafer-scale AI compute continues to grow globally, Mikkeli adds a purpose-built, efficiency-first facility to the company's infrastructure footprint, with capacity scaling from 50 MW to 80 MW to a full 165 MW as data centre capacity is delivered.
Independent analysis from Ramboll's Finnish Data Center Market Study and Impact Assessment Report (12 September 2025) estimates that, at full 165 MW scale, the project represents an indicative investment of €1.0–1.7 billion for the region, supporting an estimated 80–250 direct permanent jobs and €0.8–2.5 million per year in property tax revenue.
Unlike the construction-heavy, short-lived employment sometimes associated with large data centre projects, Cerebras and Compute Nordic are emphasizing the permanent, technical roles the Mikkeli campus will create and sustain over the life of the facility — including operations, power and cooling engineering, networking, security, and facilities management — alongside the near-term construction and local supply chain activity already under way.
“The clearest measure of a project like this isn't the number of construction jobs it creates upfront; it's what remains ten or twenty years later,” Virrantaus said. “We looked at permanent employment, workforce pathways, local suppliers, and durable economic activity when building this out in Mikkeli.”
A Broad Partner Network
The Mikkeli project is developed in close cooperation with the City of Mikkeli and key regional stakeholders across South Savo, supported by a broad network of Finnish construction, engineering, energy, recruitment, and professional services partners.
Compute Nordic Finland is leading project development, operator responsibility, the customer interface, and overall programme governance.
About Cerebras Systems
Cerebras Systems (NASDAQ: CBRS) builds the world’s fastest AI infrastructure. The Cerebras team of pioneering computer architects, computer scientists, AI researchers, and engineers of all types came together to make AI blisteringly fast through innovation and invention. We believe that when AI is fast, it will change the world. Leading global corporations, research institutes, and governments choose Cerebras to run their AI workloads. Cerebras solutions are available on premises and in the cloud. Visit cerebras.ai for more.
About Compute Nordic Finland
Compute Nordic Finland develops and operates high-density AI data centre infrastructure in Finland, partnering with local communities, energy providers, and technology talent to deliver long-term industrial investment. Compute Nordic leads project development, operator responsibility, and programme governance for the Mikkeli AI Data Centre.
Cerebras Disclosure Information
Cerebras uses its blog (cerebras.ai/blog), investor relations page (investors.cerebras.ai), its X account (@cerebras), and its LinkedIn page (linkedin.com/company/cerebras-systems/) to disclose material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, in addition to following Cerebras press releases, Securities and Exchange Commission (SEC) filings, public conference calls and public webcasts.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of applicable securities laws. All statements other than statements of historical fact could be deemed to be forward-looking, including, but not limited to, statements about the partnership with Compute Nordic; expectations regarding contracted capacity and ability to deliver AI compute; impact on and direction of the AI infrastructure industry; long-term economic impact in Finland, including impact on employment, investment scale, and tax revenue; expectations regarding operational efficiency and environmental responsibility, including heat-reuse and closed-loop cooling; and any assumptions relating to the foregoing. The words "may," "will," "shall," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "objective," or "continue," or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Cerebras’ control. These risks and uncertainties include, but are not limited to: Cerebras’ ability to sustain and manage its growth, access borrowings and other sources of capital on acceptable terms, and deploy available capital to support growth; its history of net losses and ability to achieve and maintain profitability; its limited operating history at its current scale and ability to accurately forecast revenue and appropriately budget and manage expenses; its dependence on a limited number of significant customers, including OpenAI, Group 42 Holding Ltd, Mohamed bin Zayed University of Artificial Intelligence, and AWS, and the potential impact of any reduction in demand from, material adverse development in its relationships with, or failure to meet its obligations to, such customers, including under its Master Relationship Agreement with OpenAI; the timing, execution and expected benefits of its strategic customer, partner and financing arrangements; its historical reliance on sales of hardware systems and the early-stage, rapidly evolving market for its cloud-based offerings and AI infrastructure; its ability to secure sufficient data center capacity and capital to support its cloud-based offerings; its ability to launch new offerings and add new product capabilities; and its ability to compete effectively in the rapidly evolving and competitive market for AI computing solutions.
Cerebras’ actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors. Accordingly, undue reliance should not be placed on such statements. These forward-looking statements are made as of the date they were first issued and are based on information available to Cerebras together with Cerebras’ expectations, estimates, forecasts, projections, beliefs, and assumptions as of such date. These forward-looking statements should not be relied upon as representing Cerebras’ views as of any date subsequent to the date of this press release. Past performance is not necessarily indicative of future results. Cerebras undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Further information on potential risks that could affect actual results is included in Cerebras’ most recent filings with the SEC, including in Cerebras’ most recent Quarterly Report on Form 10-Q, copies of which may be obtained by visiting Cerebras’ Investor Relations website at investors.cerebras.ai or the SEC’s website at www.sec.gov.
NVIDIA oznámila čtvrtletní tržby ve výši 81,61 miliardy USD, tažené datovými centry s 75,246 miliardy USD. Cerebras zvýšil celoroční výhled hlavních tržeb na 880 až 890 milionů USD.
NVIDIA prints $81 billion quarters while Cerebras barely cleared its IPO, yet one metric puts the underdog in a position the AI giant cannot easily dismiss. The strategic clash between wafer-scale inference and full-stack AI factories raises a real question…
Cerebras Systems (NASDAQ: CBRS) and NVIDIA (NASDAQ: NVDA | NVDA Price Prediction) delivered post-earnings reports showing two distinct AI compute visions. NVIDIA reported a $81.61 billion quarter powered by full-stack AI factories. Cerebras, fresh off its IPO, bets on wafer-scale inference speed. The results make a direct comparison unusually relevant.
Wafer Scale Meets AI Factory Scale NVIDIA’s Q1 FY27 earnings were dominated by Data Center revenue of $75.246 billion, up 92% year over year, with networking growing 199%. Jensen Huang stated “Demand has gone parabolic.” Blackwell Ultra swept every MLPerf inference benchmark, and Vera Rubin production begins in the second half of fiscal 2027.
Cerebras took a different route. Core revenue reached $209.87 million, up 103%, though GAAP revenue of $180.11 million came in 6.95% shy of consensus. CEO Andrew Feldman said “our cloud business nearly quadrupled year-over-year”, driven by fast inference demand from OpenAI, AWS, AMD, and CrowdStrike. Backlog sits at $25.4 billion in remaining performance obligations.
Platform Empire Versus Speed Specialist The strategic split is clear. NVIDIA sells a vertically integrated stack: CUDA, NVLink, Spectrum-X, DGX, and Vera Rubin, aimed at every hyperscaler and sovereign buildout. Huang emphasized that “AI native clouds don’t build chips, don’t design their own chips”, positioning NVIDIA as the ready-made AI factory. Cerebras leverages single-chip scale that sidesteps HBM memory, CoWoS packaging, and 3nm constraints, wrapped in a cloud inference service.
Lens NVIDIA Cerebras Core Bet Full-stack AI factories Fastest single-user inference Gross Margin 75.0% non-GAAP 40.6% core Anchor Customer Every hyperscaler OpenAI 750MW deal Key Vulnerability China revenue at zero Customer concentration NVIDIA counters Cerebras with TensorRT-LLM, speculative decoding, multi-user concurrency scaling, and ubiquitous cloud availability. Cerebras wins on raw tokens per second for a single user. Different buyers, overlapping budgets.
Vera Rubin Ramp Versus Cerebras Scaling The next tests are concrete. NVIDIA guided Q2 FY27 revenue to $91.0 billion, plus or minus 2%, excluding China Data Center compute. Vera Rubin promises up to 35x higher inference throughput versus Blackwell. Watch whether hyperscalers accept that leap without hesitation.
Cerebras raised full-year 2026 core revenue guidance to $880 to $890 million and plans to triple revenue in 2027. Monitor whether manufacturing capacity, scaling more than 10x in 2026, actually delivers.
Why NVIDIA Remains the Anchor, With Room for Cerebras NVIDIA remains the sturdier position. A 32x trailing P/E on 17.28% one-year gains, paired with $48.554 billion in quarterly free cash flow, reflects a business printing money while buildout is early. Cerebras appeals as a smaller, higher-variance position for investors believing inference speed commands a premium. GAAP losses tied to $377.0 million in stock-based compensation and customer concentration warrant caution. If Vera Rubin ships on time and Cerebras hits 2027 guidance, both can work. Until then, NVIDIA is the anchor and Cerebras is the swing.
Contact [email protected] for any questions or corrections.
Ark Invest koupil 93 290 akcií Cerebras za zhruba 17,2 milionu USD a zároveň prodal 7 600 akcií AMD za téměř 3,5 milionu USD. Wood tak dál sází na AI čipový titul místo AMD.
Ark bought $17.2 million of Cerebras shares. Summary
Wood sold about $3.5 million of AMD stock.
Cathie Wood is backing Cerebras Systems (CBRS, Financials) with a greater vote of confidence. Ark Invest bought 93,290 shares of Cerebras, a purchase valued around $17.2 million. The move adds to recent buys by Wood in the AI chip business.
Ark also sold 7,600 shares of Advanced Micro Devices valued at almost $3.5 million. That difference makes the trade interesting.
Cerebras is currently a far smaller player than AMD or Nvidia, but it's seeking to carve out a niche in AI inference with devices built to run models quicker and more efficiently.
The company recently announced its CS-4 system, which it said will provide more than 4,400 tokens every second per user. Analysts have also indicated Meta could come in as a further customer later this year.
Wall Street is generally bullish. Cerebras has a Strong Buy consensus rating and its average price target is $296, suggesting ~61% upside from recent levels.
The risk is obvious: Cerebras shares continue to be substantially lower since the company's IPO in May. But her new action indicates she sees that weakness as an opportunity, not a warning.
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Cerebras Systems ve 2. čtvrtletí téměř zdvojnásobila core non-GAAP výnosy na zhruba 209,9 milionu USD. Firma zároveň zvýšila celoroční odhad core výnosů na 880 až 890 milionů USD.
The semiconductor sector is undergoing a fundamental shift. While the opening chapters of the artificial intelligence boom centered on heavy training clusters, enterprise spending is pivoting toward real-time inference. For generative applications and autonomous agents, how fast a system can process tokens often dictates product viability.
Cerebras Systems Today
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$386.34$299.90
Cerebras Systems Inc. NASDAQ: CBRS sits at the center of this shift. By taking a distinct path away from legacy processor designs, Cerebras Systems has engineered a wafer-scale architecture that overcomes the physical memory constraints that cap traditional hardware.
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With expanding hyperscale partnerships, an insulated supply chain, and a multibillion-dollar backlog, Cerebras Systems presents a compelling case for investors watching the next wave of infrastructure buildouts.
Cracking the Latency Code With Single-Wafer SiliconEvaluating Cerebras Systems requires understanding how generative workloads actually run. Machine learning inference divides into two phases: prefill and decode. Prefilling ingests the initial prompt in parallel, a process in which traditional graphics chips excel. Decode generates output sequentially, creating tokens one word or character at a time.
During decode, traditional processors must repeatedly move data between compute cores and external memory banks. This physical bottleneck, known as the memory wall, severely restricts generation speed. When an autonomous software engineer or an automated cybersecurity system works through a multi-step problem, slow output can create lag that disrupts the user's workflow.
Cerebras Systems bypasses this challenge by building an entire processor across a single silicon wafer. By embedding 44 gigabytes of static random-access memory directly on the chip alongside hundreds of thousands of cores, data shuttling over external circuit boards is eliminated. The architecture delivers tokens at up to 14 times the speed of conventional setups, turning interactive AI into an instantaneous tool.
Divide and Conquer: Teaming Up to Speed UpRather than forcing enterprise customers into expensive rip-and-replace infrastructure cycles, Cerebras Systems embraces disaggregated inference. Under this model, standard accelerators handle input prefill, while wafer-scale hardware manages sequential decode. This division of labor delivers up to a 5x boost in overall data center throughput while preserving ultra-low latency.
Hyperscale Handshakes: Powering OpenAI at Blistering VelocityReal-world proof of this disaggregated approach is broadening through partnerships with top-tier companies:
AMD Alliance: Cerebras Systems has teamed with Advanced Micro Devices Inc. NASDAQ: AMD to link Helios rack platforms with Cerebras Systems hardware. Entering production around the fourth quarter of 2026, the joint setup allows existing GPU operators to multiply system throughput.
Amazon Bedrock Integration: A collaboration with Amazon.com Inc. NASDAQ: AMZN brings Cerebras Systems to Amazon Bedrock in the first quarter of 2027, enabling broad distribution across enterprise cloud environments.
OpenAI Production Tier: Cerebras Systems powers the Ultrafast mode for OpenAI's GPT-5.6 Sol model, clocking up to 750 tokens per second to deliver high-value performance for complex reasoning.
Enterprise adoption is spreading into latency-sensitive software environments. Cybersecurity platform CrowdStrike Holdings Inc. NASDAQ: CRWD uses the technology to run real-time threat analysis on active corporate networks, while digital payments leader Block Inc. NYSE: XYZ uses it to accelerate automated customer workflows.
Dodging the High Bandwidth Memory CrunchSupply chain exposure remains a structural risk for many semiconductor manufacturers. Industry demand for high-bandwidth memory and specialized 3D packaging continues to create packaging waitlists and margin volatility.
Cerebras Systems avoids these chokepoints through its unique manufacturing footprint. Relying on integrated on-chip memory rather than stacked memory modules reduces exposure to tight packaging channels. Silicon fabrication runs on proven, cost-effective 5-nanometer wafers from Taiwan Semiconductor Manufacturing Company NYSE: TSM, ensuring stable wafer deliveries at attractive component pricing.
Assembly capacity is expanding rapidly. Contract manufacturing lines with Flex Ltd. NASDAQ: FLEX, Sanmina Corp. NASDAQ: SANM, and Rocket EMS are scaling hardware output by more than 10x through 2026. On the facility side, Cerebras Systems has secured over 600 megawatts of data center capacity under contract through 2027. Immediate technology upgrades are underway, with the debut of the fourth-generation CS-4 system at the Supernova 2026 conference, projected to deliver a 20x increase in throughput over the next 18 months.
A Backlog of Billions Backs Up the HypeCerebras' recent results demonstrate that customer demand is translating into meaningful top-line expansion. Second-quarter core non-GAAP revenue roughly doubled year-over-year to approximately $209.9 million, driven by core cloud revenue surging 287% to about $127.7 million.
Although headline GAAP numbers reflected an accounting net loss of approximately $450.5 million, largely due to post-IPO stock-based compensation and non-cash customer warrant amortization, operational leverage improved markedly. Core gross margins expanded by roughly 940 basis points to about 40.6%, while core operating margin gained approximately 2,600 basis points compared to the prior year.
Management raised full-year core revenue expectations to a range of $880 million to $890 million, while projecting core revenue to more than triple in 2027. Providing long-term commercial visibility, Cerebras' remaining performance obligations stand near $25.4 billion. A balance sheet holding around $8.6 billion in cash, equivalents, and short-term investments, alongside an undrawn $850 million credit facility, provides significant runway to self-fund data center buildouts.
Shifting Into Overdrive: Why Patient Capital Is Eyeing CerebrasEvery major computing cycle transitions from early infrastructure buildout to real-time workload optimization. As businesses prioritize low latency, power efficiency, and per-token unit economics, computing architectures tailored specifically for high-speed inference stand to capture meaningful market share.
Investors should account for potential near-term gross margin fluctuations at Cerebras, as temporary system rentals to meet immediate cloud demand could keep third-quarter margins in the 38% to 40% range before owned hardware deployments take over.
However, with Wall Street price targets averaging around $299.90, representing roughly 35% upside from current prices near $221.71, investors with a growth-focused horizon may want to keep Cerebras Systems on their radar as an innovative pure-play in the inference buildout.
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Cerebras ve 2. čtvrtletí zvýšil tržby o 74 % na 180,1 milionu USD a upravené hrubé marže vzrostly na 40,6 %. Firma zároveň zvedla celoroční výhled upravených tržeb na 880 až 890 milionů USD.
After Cerebras Systems (NASDAQ: CBRS) reported its second-quarter results after the close on Aug. 12, its shares sank 16% over the following two trading sessions, although the stock bounced back after the investment advisor Wedbush Securities praised the company for powering OpenAI's ultrafast mode for its GPT-5.6 Sol model.
The chipmaker's stock is now down by around 43% from the high it touched shortly after its initial public offering earlier this year, and the stock looks like a buy as inference demand soars.
Cerebras makes systems built around its wafer-scale chips -- processors the size of dinner plates that are made from a whole silicon wafer. They can contain a large amount of static random-access memory (SRAM), which is an advantage, but they also require special cooling and power management, which makes them a premium option.
However, having many standard chips' worth of hardware on a single extra-large chip also makes them super-fast and ideal for the decode phase of inference. The company is teaming up with Advanced Micro Devices, whose Helios solution will cut down costs and offer strong value. It also has big deals in place with OpenAI and a partnership with Amazon through Amazon Web Services that is expected to go live early next year.
Soaring revenue and improving gross margins Cerebras saw 74% revenue growth in the second quarter, with sales climbing to $180.1 million. Its core sales figure, which strips out revenue distortions caused by customer warrants and pass-through accounting, more than doubled to $209.9 million.
More and more customers are renting out its systems, which led to its cloud revenue surging 281% year over year to $126 million, and its core cloud revenue soaring 287% to $127.7 million. Hardware revenue sank 23% year over year to $54.1 million, while core hardware revenue rose 17% to $82.1 million.
Gross margins have been a point of contention for the company. Its core gross margins came in at 40.6%, up 940 basis points versus a year ago. Core gross margin for its cloud operation was 41.8%, a 1,600 basis point year-over-year improvement, while core hardware gross margin was 38.8%, 510 basis points higher than a year earlier. However, core gross margin fell sequentially from 46.5% in the first quarter due to higher costs from renting back systems to meet urgent demand.
Management projected third-quarter revenue of between $214 million and $216 million, with core gross margins between 38% and 40%. Cerebras also upped its full-year guidance, taking its core revenue forecast to a range of $880 million to $890 million, up from a prior outlook of $855 million to $865 million. It now sees its core gross margins coming in between 41% and 43%, up from an earlier projection between 38% and 41%.
For 2027, management is looking for core revenue to surge more than threefold and is expecting strong growth in 2028 and beyond. It is projecting core gross margins to improve in 2027 and move toward its 60%-plus long-term target.
Image source: The Motley Fool.
The AI inference market is heating up, and the size of that segment is expected to eventually become much larger than AI training for Cerebras. Bloomberg Intelligence is projecting it will grow at a 32% compound annual rate through 2032 to reach $1.3 trillion, nearly double the size of the AI training market. While Nvidia dominated the AI processor market when it came to hardware for training, the inference market looks like it will have multiple winners, including Cerebras.
Although the company's systems are a more expensive option, their superior performance should help it gain its fair share of this rapidly growing segment. The OpenAI announcement is the perfect example of the opportunity in front of Cerebras at the high end of the market.
Meanwhile, I really like its partnership with AMD. A combined solution, where AMD chips can more cheaply handle the pre-fill inference phase -- the initial stage of large language model inference -- should be very compelling and help give customers the best of both worlds. Cerebras' deals with OpenAI and Amazon also provide a strong core customer base, and over time, its customer base should expand.
Given the growth of the inference market and the huge opportunity ahead of it, Cerebras looks like a solid buy, albeit a speculative one, on its recent price dip.
SUNNYVALE, Calif., Aug. 18, 2026 (GLOBE NEWSWIRE) -- Cerebras Systems (NASDAQ: CBRS) today introduced the Cerebras CS-4, the fastest AI accelerator in the industry. The CS-4 is a rack-scale solution built from three new Wafer Scale Engines and revolutionary rack and system designs. The CS-4 is the first member of the next-generation Cerebras Nexus rack-scale platform architecture. It is up to twice as fast as the CS-3, bringing the CS-4s advantage in tokens-per-second-per-user over GPUs to up to 30x more.
The CS-4 solution also delivers up to 10x more throughput per watt than the CS-3, vastly improving data center economics. Because fast tokens are more valuable than slow tokens, the CS-4 delivers both higher-value tokens and more total tokens within a given power budget—enabling datacenters to be vastly more profitable.
“In AI, speed is productivity,” said Andrew Feldman, CEO and co-founder of Cerebras. “Historically, fast inference meant using smaller and less capable models. Cerebras CS-4 delivers industry-leading speeds on the largest frontier models, fundamentally changing the paradigm. Every aspect of the design has been optimized to deliver the highest speeds with massive throughput. With the CS-4, AI is so fast that it fundamentally reshapes product experiences.”
The rack scale CS-4 is built from three of the newly released Wafer Scale Engine 3 Turbo (WSE-3T). The CS-4 delivers 750 PFLOPs of AI compute, 7.2 terabits per second of I/O, and 129.6 petabytes per second of memory bandwidth. Total compute fabric bandwidth jumps to 160.5 petabytes per second, and wafer to wafer latency drops as low as two microseconds, enabling the creation of very large clusters and the support of models with over 50 trillion parameters.
“CS-4 makes dramatic improvements in system deployability, reliability, and networking, which enables scaling performance to larger models for large scale token factories,” said Dylan Patel, founder and CEO, SemiAnalysis. “CS-4 will scale ultrafast tokens for larger models and significant user volumes. The Cerebras Backpack is focused on time to market. As ultrafast inference continues to grow, Cerebras’ newest hardware will help ensure frontier speeds.”
A New Leader in AI Inference Speed and Capacity
The CS-4 sets a new high watermark for inference speed. In a head-to-head comparison on GPT-OSS-120B, when given identical prompts, the CS-4 delivers[1] more than 4,400 tokens second per user (TPS/user), up to 30 times faster than GPU solutions.
“Being 30 times faster doesn’t just make a response feel fast. It gives an agentic system room for more than an order of magnitude as much reasoning, verification, or tool use in the same wall-clock time,” said Sean Lie, CTO and co-founder of Cerebras. “That’s the difference CS-4 makes for real production workloads.”
A New Processor
CS-4 is powered by the newly announced WSE-3 Turbo (WSE-3T). Like the WSE-3, the WSE-3T is the largest AI processor ever built, containing four trillion transistors and 900,000 AI-optimized cores across 46,225 square millimeters of silicon, with 44GB of SRAM integrated directly on the wafer.
The WSE-3T doubles AI compute to 250 PFLOPS per wafer and doubles memory bandwidth to 43.2 petabytes per second. And since memory bandwidth is the determining factor in driving speed and throughput, this translates to a step-change improvement in both. The on-chip fabric bandwidth and off-chip I/O both double to 53.5 petabytes per second and 2.4 terabits per second respectively. I/O latency shrinks from five microseconds to as low as two microseconds.
New System and Rack Design
CS-4 is the first iteration of the new Cerebras Nexus Platform Architecture. It is built around a modular concept with three foundational elements: Compute, Power and I/O. Cerebras brings significant innovation to each element. Modularity enables each element to scale independently so innovations get to market faster. The modular architecture also supports extremely rapid deployment and upgrades.
Pluggable Backpack Design: Cerebras has fundamentally re-imagined the compute subsystem into a rear mounted “backpack” that attaches vertically to the power array. Each Wafer-Scale Backpack is a self-contained assembly that folds power conversion, direct liquid cooling, high-speed I/O, and control electronics into a compact, three-dimensional package built directly around the wafer. By decoupling compute from the power supplies, the Wafer-Scale Backpack simplifies manufacturing and reduces deployment time from days to hours. Compared with the prior-generation system, the Wafer-Scale Backpack has 50% fewer components and uses 60% more automated manufacturing.
High-Density Power Delivery: The Nexus Platform Architecture drives significant power delivery improvements. For example, by moving power conversion 100x closer to the processors – from roughly 50 millimeters away from the processor as on conventional GPU boards to approximately 0.5 millimeters – CS-4 nearly eliminates board-level power loss. This delivers twice as much power to the WSE-3T, enabling higher operating frequencies and faster token generation.
New Modular I/O Subsystem: CS-4 introduces a new programmable I/O subsystem that supports two connectivity modes while doubling I/O bandwidth and reducing latency. More bandwidth and lower latency benefits both aggregated and disaggregated solutions.
The fully programmable Wafer I/O Module supports standards-based RoCE v2 RDMA over Ethernet for seamless integration into existing infrastructure and with an ecosystem of heterogeneous systems. Aggregate off-wafer bandwidth doubles to 2.4 terabits per second per wafer and 7.2 terabits per CS-4 rack solution.
The Wafer I/O Module also supports a new communication mode, called Direct Wafer Links, which enables wafers to be linked within and across racks without a switch. Direct Wafer Links enables wafer-to-wafer latency as low as two microseconds. This low latency communication will allow the creation of massive CS-4 clusters and the ability to support models with more than 50 trillion parameters.
Programmable low latency I/O is particularly beneficial for heterogeneous disaggregated inference, in which a purpose-built prefill engine processes an incoming prompt and then hands it to Cerebras for ultra-low latency decode. The combination of programmability, standards-based interfaces, and very low latency will allow the rapid creation of disaggregated solutions from different Cerebras ecosystem partners, like AMD Helios and AWS Trainium.
First CS-4 shipments begin this quarter. Full system specifications are available in the CS-4 datasheet at https://www.cerebras.ai/cs4-datasheet.
[1] Actual throughput varies by model architecture, context length, precision, and serving configuration.
About Cerebras Systems
Cerebras Systems (NASDAQ: CBRS) builds the world’s fastest AI infrastructure. The Cerebras team of pioneering computer architects, computer scientists, AI researchers, and engineers of all types came together to make AI blisteringly fast through innovation and invention. We believe that when AI is fast, it will change the world. Leading global corporations, research institutes, and governments choose Cerebras to run their AI workloads. Cerebras solutions are available on premises and in the cloud. Visit cerebras.ai for more.
Cerebras Disclosure Information
Cerebras uses its investor relations page (investors.cerebras.ai), its X account (@cerebras), and its LinkedIn page (linkedin.com/company/cerebras-systems/) to disclose material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, in addition to following Cerebras’ press releases, Securities and Exchange Commission (SEC) filings, public conference calls and public webcasts.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of applicable securities laws. All statements other than statements of historical fact could be deemed to be forward-looking, including, but not limited to, statements about the anticipated benefits of CS-4 and WSE-3 Turbo, the rapid creation of disaggregated solutions, and the timing of CS-4 shipments; and any assumptions relating to the foregoing. The words "may," "will," "shall," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "objective," or "continue," or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Cerebras’ control. These risks and uncertainties include, but are not limited to: Cerebras’ ability to sustain and manage its growth, access borrowings and other sources of capital on acceptable terms, and deploy available capital to support growth; its history of net losses and ability to achieve and maintain profitability; its limited operating history at its current scale and ability to accurately forecast revenue and appropriately budget and manage expenses; its dependence on a limited number of significant customers, including OpenAI, Group 42 Holding Ltd, Mohamed bin Zayed University of Artificial Intelligence, and AWS, and the potential impact of any reduction in demand from, material adverse development in its relationships with, or failure to meet its obligations to, such customers, including under its Master Relationship Agreement with OpenAI; the timing, execution and expected benefits of its strategic customer, partner and financing arrangements; its historical reliance on sales of hardware systems and the early-stage, rapidly evolving market for its cloud-based offerings and AI infrastructure; its ability to secure sufficient data center capacity and capital to support its cloud-based offerings; its ability to launch new offerings and add new product capabilities; and its ability to compete effectively in the rapidly evolving and competitive market for AI computing solutions.
Cerebras’ actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors. Accordingly, undue reliance should not be placed on such statements. These forward-looking statements are made as of the date they were first issued and are based on information available to Cerebras together with Cerebras’ expectations, estimates, forecasts, projections, beliefs, and assumptions as of such date. These forward-looking statements should not be relied upon as representing Cerebras’ views as of any date subsequent to the date of this press release. Past performance is not necessarily indicative of future results. Cerebras undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Further information on potential risks that could affect actual results is included in Cerebras’ most recent filings with the SEC, including in Cerebras’ most recent Quarterly Report on Form 10-Q, copies of which may be obtained by visiting Cerebras’ Investor Relations website at investors.cerebras.ai or the SEC’s website at www.sec.gov.
Nebius a CoreWeave těží z rostoucích cen služeb AI datacenter, protože poptávka po výpočetní kapacitě dál převyšuje nabídku. Wedbush vidí v tomto trendu podporu pro další růst AI infrastruktury.
are seeing pricing trends in AI data center services that could support further growth as demand for computing capacity continues to exceed available supply.
Wedbush analyst Matt Bryson said recent earnings commentary from both companies points to favorable economics for AI infrastructure. He estimates that customers can recover investments in AI servers within roughly three years or less, supporting continued spending on training and inference capacity.
Bryson said the trend may also benefit companies supplying hardware for AI data centers. He highlighted Cerebras (CBRS), which is expanding its infrastructure plans for 2027 and working to secure additional wafer supply for its wafer-scale processors.
Cerebras recently reported second-quarter results that led to a decline in its shares, but the Wedbush analyst expects upcoming company events could provide additional information on its expansion plans.
The broader assessment suggests AI infrastructure investment may have more room to grow. For companies such as Nebius and CoreWeave, higher pricing and sustained demand could provide support as they add capacity to serve customers developing and running AI models.
Cerebras (CBRS - Free Report) reported $209.87 million in revenue for the quarter ended June 2026, representing no change year over year. EPS of -$0.04 for the same period compares to $0 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $194.16 million, representing a surprise of +8.09%. The company delivered an EPS surprise of +80.95%, with the consensus EPS estimate being -$0.21.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Cerebras performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Revenue- Cloud and other services: $125.99 million versus $114.99 million estimated by two analysts on average.Revenue- Hardware: $54.12 million versus $79.18 million estimated by two analysts on average.Core gross profit- Cloud and Other Services: $53.34 million versus the two-analyst average estimate of $53.75 million.Core gross profit- Hardware: $31.88 million versus $43.12 million estimated by two analysts on average.View all Key Company Metrics for Cerebras here>>>
Shares of Cerebras have returned +15.2% over the past month versus the Zacks S&P 500 composite's +2.1% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
Cerebras Systems Inc. (CBRS) Q2 2026 Earnings Call August 12, 2026 5:00 PM EDT
Company Participants
Sean Dorsey
Andrew Feldman - Co-Founder, CEO, President & Chairman
Robert Komin - Senior VP, CFO & Treasurer
Conference Call Participants
Timothy Arcuri - UBS Investment Bank, Research Division
Joshua Buchalter - TD Cowen, Research Division
Kyle Bleustein - Barclays Bank PLC, Research Division
Quinn Bolton - Needham & Company, LLC, Research Division
Joseph Moore - Morgan Stanley, Research Division
Vijay Rakesh - Mizuho Securities USA LLC, Research Division
Presentation
Operator
Good afternoon, and welcome to the Cerebras Systems Second Quarter Fiscal Year 2026 Earnings Conference Call. [Operator Instructions] Please note that today's call is being recorded. I will now turn the call over to Sean Dorsey, Head of Investor Relations. Please go ahead.
Sean Dorsey
Thank you, operator. Good afternoon, everyone, and welcome to Cerebras Systems Q2 2026 Earnings Call. Earlier today, we issued our press release and posted our supplemental earnings presentation to the Investor Relations section of our website. A replay of this webcast will also be available on our Investor Relations website following the call. Joining me today are Andrew Feldman, our Co-Founder, Chief Executive Officer and President; and Bob Komin, our Chief Financial Officer.
Before we begin, I would like to remind everyone that today's discussion will include forward-looking statements under the safe harbor of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding our future financial performance, business strategy, market opportunity, customer demand, product road map, technology leadership, supply chain, operating model and outlook for Q3 and full year 2026.
Forward-looking statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks are described
Cerebras Systems oznámila rekordní tržby za 2. čtvrtletí ve výši 209,9 mil. USD a zvýšila celoroční výhled tržeb na 880 až 890 mil. USD. Firma zároveň dál rozšiřuje kapacitu datacenter i výrobu.
AMD and Cerebras Create A New Blueprint For HardwareCerebras Systems NASDAQ: CBRS reported record second-quarter core revenue and raised its full-year outlook, as the AI infrastructure company said it is expanding data-center capacity, manufacturing output and customer deployments to support anticipated growth beginning in 2027.
Chief Executive Officer Andrew Feldman said the company beat its guidance for core revenue, core gross margin and core operating margin during the quarter, which also included the completion of Cerebras’ public offering. Management characterized 2026 as a “foundation-building year” as it prepares to serve more than $25 billion in remaining performance obligations, or RPO.
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CrowdStrike’s Cerebras Deal Puts Its AI Security Strategy to the Test“We delivered record core revenue and beat guidance on all metrics,” Feldman said. He added that the company expects to more than triple core revenue in 2027 and continue growing at multiples in subsequent years, based on progress in capacity, technology and customer additions.
Revenue Growth and Updated Outlook Chief Financial Officer Bob Komin said second-quarter core revenue was $209.9 million, up 103% from a year earlier. Core cloud and other services revenue rose 287% year over year to $127.7 million, while core hardware revenue increased 17% to $82.1 million.
AI Insider Activity: Are Sales Across 3 Key Stocks Noteworthy or Just Noise?Komin said cloud and services growth reflected the ramp of the company’s OpenAI deployment, greater usage from other cloud customers and timing related to hardware customers’ data-center expansions. He said the company has several late-stage hardware opportunities representing hundreds of millions of dollars, along with new cloud opportunities for 2027.
Core gross margin was 40.6%, up about 940 basis points from the prior-year quarter. Core cloud and other services gross margin was 41.8%, improving 1,600 basis points year over year. Core hardware gross margin was 38.8%, up 510 basis points from a year earlier. Core operating loss was $33.6 million, while core operating margin improved to negative 16% from negative 42% a year earlier. Management said sequential gross margin declined from 46.5% in the first quarter because Cerebras has temporarily rented back some of its systems from cloud customers to meet demand through its private cloud. Komin said this higher-cost rented capacity reduced second-quarter core gross margin by approximately 500 basis points.
The company expects the third quarter to be the low point for core gross margin before an anticipated improvement in the fourth quarter as it brings online more data centers using company-owned systems. Cerebras expects core gross margin to trend toward its target of more than 60% over time.
For the third quarter, Cerebras forecast core revenue of $214 million to $216 million, core gross margin of 38% to 40%, and core operating margin of negative 25% to negative 23%. For the full year, it raised its core revenue outlook to $880 million to $890 million, core gross margin guidance to 41% to 43%, and core operating margin guidance to negative 19% to negative 17%.
Capacity Build-Out Targets Data-Center Bottleneck Feldman said data-center space remains a bottleneck for both Cerebras and the wider AI industry. Over the past seven months, the company secured more than 600 megawatts of data-center capacity that is either operating now or contracted for delivery by the end of 2027. Its pipeline for further expansion is measured in gigawatts, he said.
The company listed capacity in Alabama, Dallas, Denver, Minneapolis, Santa Clara and Stockton, as well as sites in France, Finland, Manitoba, Montreal, Norway, Saskatchewan and Toronto.
Cerebras also said it is expanding manufacturing through Flex and Sanmina. Komin said manufacturing capacity was already four times above its level in the first half of 2025 and is expected to exceed a tenfold increase during 2026. The company has contracted facilities supporting an additional three to four times growth in 2027, Feldman said in response to an analyst question.
Management said its supply relationship with TSMC has secured wafers needed for planned growth. Feldman noted that Cerebras uses TSMC’s 5-nanometer node and does not use high-bandwidth memory, CoWoS packaging or 3-nanometer fabrication capacity, which he said reduces exposure to some industry supply constraints.
Inference Technology and Disaggregation Plans Feldman said Cerebras added support during the quarter for OpenAI’s GPT-5.6 Sol model and said the company can serve the model at ten times faster speed. He said supporting frontier models has given Cerebras additional insight that can inform its hardware and software roadmap.
The company also highlighted disaggregated inference partnerships with AMD and AWS. In a disaggregated setup, GPUs or other processors handle the prefill stage of inference, while Cerebras systems handle decode, the process of generating output tokens.
According to Feldman, the combined AMD Helios and Cerebras configuration is designed to maintain Cerebras’ speed while increasing throughput fivefold. He said higher throughput can increase tokens produced per system and per watt, potentially improving data-center economics and gross margins. Cerebras expects disaggregated inference using GPUs to be deployed and available in the fourth quarter, he said during the question-and-answer session.
The company plans to unveil its fourth-generation CS-4 system at its Supernova conference, while remaining on track to launch the CS-5 in the second half of 2027. Management expects new systems to double speed annually for the next several years and plans to increase throughput by more than 20 times over the next 18 months.
Customer Expansion and AWS Availability Feldman said Cerebras expects its offering to become generally available through AWS’s Amazon Bedrock platform in the first quarter of 2027. He said the company expects first hyperscaler revenue beginning in mid-2027, with a ramp through 2028 and beyond. The company’s $25.4 billion RPO at June 30 did not include backlog from AWS or other hyperscalers, management said.
Outside of OpenAI and hyperscalers, Cerebras signed six deals exceeding $30 million in the second quarter. The company cited new agreements with Figma, Cognition, Lovable, Block, AlphaSense, GSK and CrowdStrike.
Feldman said OpenAI is expected to remain a meaningful share of revenue next year, though AWS, coding companies and security applications are expected to become larger portions of the business over time. He also said the company sees emerging “neo-cloud” providers as a potentially important part of its business in 2027.
Cerebras ended the quarter with more than $8.6 billion in cash equivalents, restricted cash and marketable securities, along with an unused revolving credit facility of up to $850 million.
About Cerebras Systems (NASDAQ:CBRS)Cerebras Systems is a technology company focused on building artificial intelligence infrastructure, including hardware and software designed to accelerate deep learning and large-scale AI workloads. The company is best known for its wafer-scale processor architecture, which is intended to provide high-performance compute for training and inference applications.
In addition to its AI chips, Cerebras offers systems and related software tools that support researchers and enterprises working with machine learning models.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Cerebras roste o 11,58 % na 261,95 USD před dnešními výsledky za 2. čtvrtletí, které mají přijít po uzavření trhu. Wall Street čeká ztrátu 17 centů na akcii při tržbách 194,20 milionu USD.
Cerebras Systems Inc. (NASDAQ:CBRS) shares are soaring Wednesday as investors position ahead of the AI chipmaker’s second-quarter results, due after the market closes today.
Cerebras Systems stock is charging ahead with explosive momentum. What’s fueling CBRS momentum? Cerebras Heads Into Q2 Earnings After Landmark OpenAI and AWS DealsWall Street is projecting a second-quarter loss of 17 cents per share on revenue of $194.20 million. That figure lines up closely with Cerebras’ own guidance of approximately $194 million in core revenue, issued alongside first-quarter results, suggesting the Street expects the company to land in line with its own forecast.
If Cerebras meets that mark, the results would build on a first quarter in which core revenue reached $191.3 million, up 12% sequentially and 92% year-over-year.
The first quarter’s biggest headline may have been Cerebras’ new agreement with OpenAI, a multi-year deal valued at more than $20 billion under which OpenAI will deploy 750 megawatts of Cerebras’ inference computing capacity. The two companies also co-launched Codex-Spark, a coding model built for near-instant responses. Cerebras separately began a multi-year partnership with Amazon Web Services to scale fast inference computing, under which AWS’s Trainium 3 chips will handle prefill processing while Cerebras’ CS-3 systems run decoding.
CEO Andrew Feldman said the company’s wafer-scale chip technology delivers the fastest AI processing available, arguing that speed advantage is fueling growing demand from customers such as OpenAI and AWS.
Cerebras Systems Technical Levels to WatchCBRS is trading well above its short-term trend markers, sitting about 27% over the 20-day SMA at $207.43 and about 26% over the 50-day SMA at $208.82. That positioning shows strong upside extension compared with the recent consolidation zone. Even so, the 20-day SMA is still below the 50-day SMA, which keeps the longer-term trend repair process unfinished even as price moves higher.
MACD is offering the clearest read on momentum. It is above its signal line and the histogram is positive, which points to improving momentum compared with the previous downswing. In simple terms, MACD above the signal line suggests sellers are losing influence and buyers are gaining control even if the broader trend has not fully shifted.
From a levels standpoint, the stock is sitting near the midpoint of its 52-week range, which spans from $160.81 to $386.34. After a swing low in June and a swing high in May, the current move looks like a continuation attempt off that June base. Trend-focused traders will be watching to see if price can stay above the short-term averages long enough to eventually flip the 20-day and 50-day relationship back to bullish.
Key Resistance: $386.34 Key Support: $208.82 CBRS Shares Are FlyingCBRS Price Action: Cerebras shares were up 11.58% at $261.95 at the time of publication on Wednesday, according to Benzinga Pro.
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A screen displays the Cerebras Systems, an artificial intelligence chip maker, logo during the company’s IPO at the Nasdaq Market site in New York City, U.S., May 14, 2026. REUTERS/Eduardo Munoz Purchase Licensing Rights, opens new tab
Aug 12 (Reuters) - Cerebras Systems (CBRS.O), opens new tab raised its annual revenue and gross margin forecasts on Wednesday, buoyed by robust demand for its chips from companies ramping up data-center capacity to power AI services.
Still, its shares were down more than 14% in extended trading after closing up 11.6% in the regular session. The stock has gained 15.5% week-to-date.
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The chip designer is banking on growing demand for inference, the data crunching that occurs when a user queries a chatbot, as it seeks to challenge Nvidia's (NVDA.O), opens new tab dominance in the AI processor market.
Cerebras' flagship wafer-scale engine (WSE) is a single chip the size of a dinner plate containing trillions of transistors, a design that it says is more efficient than connecting thousands of smaller graphics processors together, as Nvidia does.
By placing memory directly on the chip, the WSE is built to accelerate inference and reduce the data-transfer delays associated with conventional graphics processors that rely on separate high-bandwidth memory.
Placing memory directly on the chip has lessened the impact of surging memory prices and placed it in a better position to compete with Nvidia, Cerebras CEO Andrew Feldman told Reuters in an interview.
"Nvidia's prices have gone through the roof because of HBM prices," Feldman said, referring to the high-bandwidth memory included with AI processors. "This is a battleground, and if they can't deliver or they're having significant component price increases, of course that helps."
The Sunnyvale, California-based company expects 2026 adjusted revenue between $880 million and $890 million, higher than its previous forecast of $855 million to $865 million.
"We have made rapid progress in key areas required to deliver exceptional growth against our remaining performance obligations of $25.4 billion (contract revenue expected to be recognized in the future), and plan to more than triple revenue in 2027," finance chief Bob Komin said.
Annual adjusted gross margin is forecast at 41% to 43%, up from 38% to 41% projected earlier. Analysts, on average, estimate 35.89%, according to data compiled by LSEG.
Second-quarter sales rose 74.3% to $180.11 million. Adjusted loss was $6.91 million, narrower than the $40.5-million loss a year ago.
Cerebras is racing to expand chip volumes to support a $20 billion multi-year agreement to provide AI compute to OpenAI, a deal viewed as key to justifying its valuation.
Its core cloud and services revenue, which reflects the OpenAI ramp, nearly quadrupled to $127.73 million in the second quarter.
Reporting by Anhata Rooprai in Bengaluru and Max A. Cherney in San Francisco; Editing by Shilpi Majumdar
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Max A. Cherney is a correspondent for Reuters based in San Francisco, where he reports on the semiconductor industry and artificial intelligence. He joined Reuters in 2023 and has previously worked for Barron’s magazine and its sister publication, MarketWatch. Cherney graduated from Trent University with a degree in history.
Cerebras Systems raised its full-year guidance in the second earnings report following the chipmaker's IPO in May. But the stock tumbled about 14% in extended trading.
Here's how it did in the second quarter. Results aren't comparable to analyst estimates.
Revenue: $210 million Loss per share: $2.89 Cerebras said in a statement on Wednesday that it expects core revenue of between $214 and $216 million in revenue this quarter. Analysts expected $212.6 million in revenue, without specifying if that refers to core revenue, according to LSEG.
The $210 million sales figure for the second quarter represents core revenue. Cerebras also reported a GAAP revenue figure of $180.1 million, which excludes "pass-through revenue."
The company recorded a net loss of $450.5 million, after finishing with a profit of $309.5 million, or $1.91 per share, a year earlier. Most of the loss is tied to stock-compensation costs of $386.6 million.
The company raised its full-year outlook, and now expects core revenue of between $880 and $890 million, up from a prior range of $855 million to $865 million.
Cerebras CEO Andrew Feldman said in an interview that AI demand is "through the roof," and that companies are paying up for its specialty inference chips.
Cerebras is challenging AI chip leader Nvidia for some AI tasks, especially those that need "low latency," or quick responses for interactivity. The company calls it "fast inference." The company said its core gross margin will expand to between 38% and 40% in the current quarter, addressing a concern for investors.
"Gross margins are are in a good spot, and growing, because fast inference is priced at a premium," Feldman said in an interview, adding that Cerebras was able to increase the AI output of its systems.
Cerebras went public on the Nasdaq in May, capitalizing on investor interest in semiconductors that can run AI models. It priced its offering at $185 and raised $6.4 billion in the offering. The stock peaked in May and has fallen since, but closed on Wednesday at $262.06, up 42% from its IPO.
The chipmaker has $25.4 billion in remaining performance obligations, which it said was a sign of "extraordinary future demand." Feldman said that as Cerebras grows, it will benefit from larger scale. The company also said it expects revenue to triple in the next fiscal year.
"We will manufacture more efficiently. We'll get better pricing on componentry. We'll amortize our manufacturing organization over more units," Feldman said. "All of those point up and to the right."
In recent weeks, Cerebras a partnership with Nvidia rival Advanced Micro Devices with products going into production later this year, and said that OpenAI can use its chips to serve its latest model, GPT 5.6- Sol. Cerebras also offers access to its chips through its cloud, which reported $126 million in revenue during the June quarter.
Cerebras Systems ve 2. čtvrtletí nesplnila odhady tržeb ani ztráty na akcii, když vykázala tržby 180,11 milionu USD a ztrátu 2,98 USD na akcii. Akcie v prodlouženém obchodování klesly o 9,26 %.
Cerebras Systems Inc. (NASDAQ:CBRS) posted its second-quarter results after Wednesday’s closing bell, missing analyst estimates on the top and bottom lines.
Here’s a look at the details inside the report.
CBRS stock is moving. Watch the price action here. Cerebras Q2 Details Cerebras Systems reported GAAP quarterly losses of $2.98 per share, according to Benzinga Pro data.
Quarterly revenue came in at $180.11 million which missed the Street estimate of $194.2 million by 7.26%.
“This was an outstanding quarter for Cerebras. Core revenue more than doubled to $210 million, and our cloud business nearly quadrupled year-over-year,” said Andrew Feldman, Cerebras co-founder and CEO.
“Speed changes what AI can do. It makes AI more useful, more productive, and opens entirely new markets. As a result, the demand for fast inference is enormous and Cerebras is scaling to meet it, securing more data center capacity, expanding manufacturing, and growing with customers and partners including OpenAI, AWS, AMD, and CrowdStrike,” Feldman added.
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CBRS Stock Price Activity: According to data from Benzinga Pro, Cerebras stock was down 9.26% to $238.96 in Wednesday’s extended trading.
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Cathie Wood přes Ark Invest nakoupila akcie Cerebras po zveřejnění výsledků, kdy akcie spadly na nové minimum pod 161 USD a byly více než 58 % pod prvním skokem po IPO. Firma přitom oznámila 92% růst tržeb a nižší čistou ztrátu.
One of the hottest IPOs of the year cooled considerably after publishing its first earnings report as a publicly traded company. Cathie Wood's Ark Invest pounced on the stock's weakness to bolster its position.
I'm talking about Cerebras Systems (CBRS +4.66%), the unique artificial intelligence (AI) hardware company that had a splashy market debut in May. Initially greeted as The Next Big AI Stock, Cerebras shares have retreated from that early hype and hope. Here's a glance at Ark's buy-ins of this unique tech company, with a sharp look at those post-earnings transactions.
Image source: Getty Images.
Artificial intelligence, real hope Wood and her team were enthusiastic buyers of Cerebras from the get-go, snapping up 105,616 shares on its first day of trading in mid-May for around $32.8 million.
That averages to $310.56 per share, just shy of the level at which the stock closed that trading session (it had opened at $350, well above its $185 IPO price, but ultimately settled lower). In follow-on purchases, Ark added to its Cerebras holdings.
Those purchased shares were placed into two Ark exchange-traded funds (ETFs), Ark Innovation ETF and Ark Next Generation Internet ETF. In three subsequent trading sessions that month, Ark loaded up on an additional 226,430 shares and placed them into the two ETFs.
The more interesting purchases occurred the following month. It was surely no coincidence that these were made just before and after Cerebras released that earnings report.
With two pre-earnings buys, Ark paid around $28.27 million for 124,949 shares. Just after earnings were released, Ark again loaded up, purchasing 111,989 shares for $20.41 million. The average per-share price of the pre-earnings moves was $226.25, while that for the after-earnings action was $182.26.
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207.97
Inflated expectations Cerebras took a hard hit to its stock price after earnings. It's not that the fiscal first quarter was disastrous; actually, the company posted robust 92% revenue growth and did a good job narrowing its net loss. More encouragingly, it announced partnerships with cloud heavyweight Amazon Web Services and top AI developer OpenAI.
The catch was that the company's lofty premium to its IPO price at the time required significant outperformance, and investors didn't get it. Mr. Market punished Cerebras by sending its shares to a new low of under $161 apiece. They've since recovered somewhat, to almost $200. Ark's post-earnings buys then look wise now.
Cerebras' specialty is wafer-scale engine (WSE) technology -- essentially a powerful processor stamped on a single, large silicon wafer, as opposed to a standard graphics processing unit divided into hundreds of small chips. This is ideal for AI inference (the execution phase of AI models, as opposed to training).
Generation speeds are much faster with WSEs, giving Cerebras a huge technological advantage with inference.
That's a major reason for the immediate post-IPO excitement and the disappointment behind the otherwise very promising company's earnings report. Even after the price tumble, Cerebras' valuations are high. If the company can realize its vast potential, though, the stock could really soar.
I'd bet that's what Wood and her managers are betting on, and investors with a similarly high risk tolerance and some patience should consider doing the same.
Kaplan Fox & Kilsheimer LLP vyšetřuje možné porušení zákonů o cenných papírech u Cerebras Systems Inc. (CBRS). Akcie po oznámení o marži klesly 24. června na 182,26 USD z 226,72 USD den předtím, tedy o 19,61 %.
New York, New York--(Newsfile Corp. - July 24, 2026) - Kaplan Fox & Kilsheimer LLP is investigating potential securities violations against Cerebras Systems Inc. ("Cerebras" or the "Company") (NASDAQ: CBRS).
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If you are a Cerebras investor and have suffered losses, or if you have information that could assist in the Cerebras investigation, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (212) 329-8571.
Cerebras is an artificial intelligence (AI) infrastructure company that designs and manufactures AI compute platforms including processors and data centers. On or around May 14, 2026, Cerebras conducted an initial public offering ("IPO"), selling 30 million shares of Class A common stock at an offer price of $185 per share.
On June 23, 2026, after market close, Cerebras announced in a press release financial results for the first quarter of fiscal year 2026 and outlook for the second quarter of fiscal year 2026. During the subsequent earnings call, the Chief Financial Officer stated that "[f]or the rest of 2026, in order to accelerate our ability to service the significant near-term demand in our contracted backlog, we've chosen to make more capacity available sooner by temporarily renting our own systems back from an existing customer while we aggressively build out and deploy our own data center capacity. The additional cost of renting third-party capacity will depress core cloud and other services margin temporarily from current levels. We expect the impact to be a decrease of 10 to 15 margin points based on the volumes we are now anticipating before beginning to [ramp back] towards our target margin of 60% plus as we transition away from our rented systems."
Following this news, the price of Cerebras stock declined from a closing price on June 23, 2026 of $226.72 to close at $182.26 per share on June 24, 2026, a decline of $44.26 per share, or by 19.61%.
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Cerebras v 1. čtvrtletí snížila ztrátu na 4 centy na akcii a tržby vzrostly meziročně o 94 % na 193,4 milionu USD. Firma zároveň čeká ve 2. čtvrtletí hlavní tržby 194 milionů USD.
It has been about a month since the last earnings report for Cerebras (CBRS - Free Report) . Shares have added about 15.1% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Cerebras due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.
Cerebras Q1 Earnings Beat Estimates, Revenues Increase Y/YCerebras reported a first-quarter 2026 loss of 4 cents per share, 71.43% narrower than the Zacks Consensus Estimate of a loss of 14 cents. The GAAP net loss per share narrowed year over year to 22 cents from 46 cents.
Revenues were $193.4 million, up 94% year over year and 13% sequentially, and topped the consensus estimate by 7.04%. Strength was driven by demand for AI infrastructure, with cloud and other services revenues up 178% and a new OpenAI agreement for 750 megawatts of high-speed inference compute. Core revenues, a non-GAAP measure that excludes customer warrant amortization and data center pass-through items, were $191.3 million, up 92% from the year-ago quarter.
The quarter benefited from strength across hardware and cloud-based offerings. Hardware revenues were $110.6 million, rising 59% year over year, while cloud and other services revenues were $82.8 million, reflecting the rapid adoption of Cerebras’ AI infrastructure platform.
Cerebras Gains From Strategic AI DealsThe company announced a multi-year deal with OpenAI valued at more than $20 billion. Under the agreement, OpenAI will deploy 750 megawatts of Cerebras’ high-speed inference compute over the next several years.
Cerebras also co-launched Codex-Spark, a model built for near-instant coding workflows where latency matters. The model delivers more than 1,000 tokens per second, underscoring the company’s focus on faster inference for interactive AI applications.
CBRS Expands Cloud Reach With AWSCerebras began a multi-year partnership with Amazon’s cloud computing platform, Amazon Web Services (AWS), to bring fast inference to a broader base of startups, AI-native companies and enterprises. The partnership expands the company’s distribution reach at a time when demand for low-latency AI infrastructure continues to scale.
The companies plan to launch a disaggregated inference strategy. AWS Trainium 3 chips will perform the prefill stage, while the Cerebras CS-3 will handle high-speed inference for decoding, combining the strengths of both platforms.
Cerebras’ Product Trials Add MomentumThe company launched enterprise customer trials of Kimi K2.6 and Gemma 4 during the quarter. Kimi K2.6 is an open-weight frontier model, and the first trillion-parameter model served on Cerebras.
Kimi K2.6 achieved performance approaching 1,000 tokens per second, as independently measured by Artificial Analysis. Gemma 4 31B, part of Google DeepMind’s open-weight Gemma family, runs an order of magnitude faster on Cerebras based on scores on the Artificial Analysis Intelligence Index.
CBRS’ Q1 Operating DetailsIn the first quarter of 2026, the GAAP gross margin was 45%. Hardware’s gross margin was 41%, while cloud and other services’ gross margin came in at 49%.
The core gross margin was 47%. The core hardware gross margin was 42%, whereas the core cloud and other services gross margin was 53%, showing a stronger profitability profile for the company’s non-GAAP cloud and services operations.
Operating expenses totaled $101.2 million. Research and development expenses were $75.5 million, sales and marketing expenses were $14.7 million, and general and administrative expenses were $11 million, reflecting continued investment in product innovation and market expansion.
The GAAP loss from operations was $15 million compared with $28.5 million in the year-ago quarter. The core operating loss narrowed to $3.5 million from $19.3 million a year earlier.
In the first quarter of 2026, adjusted EBITDA turned positive at $12.7 million from a loss of $15.4 million in the prior year.
CBRS’ Balance SheetThe balance sheet strengthened meaningfully. As of March 31, 2026, cash, cash equivalents, restricted cash, and short-term investments were $3.3 billion.
Net cash provided by operating activities was $12.3 million compared with net cash used in operating activities of $54.9 million.
CBRS’ Outlook Signals Continued ExpansionFor the second quarter of 2026, Cerebras expects core revenues of $194 million, implying 88% year-over-year growth. The core gross margin is expected to be 36-38%.
For 2026, management expects core revenues of $855-$865 million, indicating a 69% year-over-year surge at the midpoint. The core gross margin is projected to be 38-41%.
How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended upward during the past month.
The consensus estimate has shifted 27.2% due to these changes.
VGM ScoresCurrently, Cerebras has a average Growth Score of C, a score with the same score on the momentum front. Charting a somewhat similar path, the stock has a score of D on the value side, putting it in the bottom 40% for value investors.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Cerebras has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Cerebras Systems oznámila, že výsledky za 2. čtvrtletí 2026 zveřejní po uzavření trhu ve středu 12. srpna 2026. Téhož dne uspořádá konferenční hovor s investory.
July 22, 2026 16:03 ET | Source: Cerebras Systems Inc.
SUNNYVALE, Calif., July 22, 2026 (GLOBE NEWSWIRE) -- Cerebras Systems Inc. (NASDAQ: CBRS), maker of the world’s fastest AI infrastructure, announced it will release second-quarter 2026 financial results after the market closes on Wednesday, August 12, 2026.
Cerebras will host a conference call to discuss its financial results at 2 p.m. PT (5 p.m. ET) on the same day. The live webcast of the earnings conference call can be accessed at the Cerebras Systems Investor Relations website at investors.cerebras.ai. A replay of the webcast will be available at the same website.
About Cerebras Systems
Cerebras Systems (NASDAQ: CBRS) builds the world’s fastest AI infrastructure. The Cerebras team of pioneering computer architects, computer scientists, AI researchers, and engineers of all types came together to make AI blisteringly fast through innovation and invention. We believe that when AI is fast, it will change the world. Leading global corporations, research institutes, and governments choose Cerebras to run their AI workloads. Cerebras solutions are available on premises and in the cloud. Visit cerebras.ai for more.
Pomerantz LLP vyšetřuje Cerebras Systems kvůli možnému podvodu s cennými papíry po IPO a slabším výsledkům za 1. čtvrtletí 2026. Akcie po zprávě 24. června klesly o 19,61 % na 182,26 USD.
NEW YORK, July 21, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Cerebras Systems Inc. (“Cerebras” or the “Company”) (NASDAQ: CBRS). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Cerebras and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On or around May 14, 2026, Cerebras completed its initial public offering (“IPO”), selling 30 million shares of Class A common stock priced at $185.00 per share. Then, on June 24, 2026, Cerebras reported its financial results for the first quarter of 2026. Among other items, Cerebras reported a loss of $0.22 per share, missing analyst estimates of a $0.16-per-share loss. In addition, Cerebras forecast a narrower gross margin in its core business, excluding impact from customer warrants and data center pass-through revenues.
On this news, Cerebras’s stock price fell $44.46 per share, or 19.61%, to close at $182.26 per share on June 24, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Pomerantz LLP vyšetřuje možné porušení zákonů u Cerebras po IPO a po zveřejnění výsledků za 1. čtvrtletí 2026. Akcie 24. června klesly o 44,46 USD, tedy o 19,61 %, na 182,26 USD.
NEW YORK, July 14, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Cerebras Systems Inc. (“Cerebras” or the “Company”) (NASDAQ: CBRS). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Cerebras and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On or around May 14, 2026, Cerebras completed its initial public offering (“IPO”), selling 30 million shares of Class A common stock priced at $185.00 per share. Then, on June 24, 2026, Cerebras reported its financial results for the first quarter of 2026. Among other items, Cerebras reported a loss of $0.22 per share, missing analyst estimates of a $0.16-per-share loss. In addition, Cerebras forecast a narrower gross margin in its core business, excluding impact from customer warrants and data center pass-through revenues.
On this news, Cerebras’s stock price fell $44.46 per share, or 19.61%, to close at $182.26 per share on June 24, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
UBS uvedla, že nové evropské datové centrum Cerebras o kapacitě 200 MW zvyšuje důvěru v rampu infrastruktury pro OpenAI a snižuje riziko realizace. Akcie vzrostly o 8 % na zhruba 214 USD.
Cerebras Systems (NASDAQ: CBRS) could see improved confidence around its OpenAI infrastructure ramp following its latest 200MW European data center capacity announcement, UBS analysts wrote, noting the expansion helps reduce execution risk around the company’s cloud and colocation ambitions.
UBS wrote that the additional European capacity provides incremental support for OpenAI’s first tranche deployment, an area where investors had expressed concerns given Cerebras’ position as a relatively new entrant to the cloud and colocation leasing market.
The firm added that the expansion increases confidence in OpenAI’s ramp while providing Cerebras with flexibility to pursue additional business opportunities as the sites come online over the next four to six quarters.
Cerebras announced plans to bring its first European data center capacity online by the end of 2026, with the full 200MW expected to be available by the end of 2027. UBS estimates the new capacity represents a meaningful increase from the company’s previously announced 150MW to 200MW of contracted capacity across projects in the U.S. and Canada.
Including the European expansion and previously disclosed infrastructure commitments, UBS estimates Cerebras now has visibility to approximately 410MW of announced contracted power capacity. Those commitments include Nautilus, Colovore, Digi Power X, WhiteFiber, Scale, and Bell’s 300MW facility announced earlier this year, which UBS assumes is split roughly evenly between Cerebras and CoreWeave.
The analysts wrote that having approximately 400MW of the 500MW required for OpenAI’s first two tranches effectively secured, assuming both are deployed through cloud infrastructure, supports confidence in the deployment timeline. UBS noted that OpenAI retains flexibility to deploy the second tranche through hardware deployments in its own data centers or through cloud partners.
UBS expects the second OpenAI tranche to ramp relatively quickly during the second half of 2027 and wrote that it would not be surprised to see additional agreements with large colocation providers over the coming quarters if deployment continues largely through Cerebras’ cloud platform.
The firm maintained its price target for Cerebras at $320, as shares traded hands up 8% at about $214.
UBS’s valuation is based on an enterprise value-to-sales multiple applied to 2029 estimates and discounted back to 2027. The firm uses an average multiple of around 9 times 2029 estimated EV-to-sales from compute peers and applies it to its $13.6 billion sales estimate, which it wrote could prove conservative as OpenAI and AWS deployments ramp.
Cerebras Systems a OpenAI oznámily infrastrukturní spolupráci v hodnotě více než 20 miliard USD na výpočetní kapacitu. Cerebras zároveň buduje v Evropě datová centra o výkonu 200 megawattů, včetně Lyonu ve Francii, Norska a Finska.
AI Insider Activity: Are Sales Across 3 Key Stocks Noteworthy or Just Noise?Cerebras Systems NASDAQ: CBRS and OpenAI executives used a Paris technology event to outline the companies’ expanding infrastructure partnership, emphasizing faster AI inference, enterprise adoption of agents and a new European data center build-out.
Andrew Feldman, CEO of Cerebras, said the companies’ collaboration began after OpenAI identified fast inference as a key requirement as AI models became more widely useful in workplace applications. Feldman said OpenAI CEO Sam Altman contacted him in the summer of 2025 to discuss the need for faster inference, leading to what Feldman described as “one of the largest deals in Silicon Valley history.” He said the agreement was “north of $20 billion” over several years for compute capacity.
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Cerebras Systems, Inc: The Next Rags-to-Riches AI Story?Sachin Katti, OpenAI’s Head of Industrial Compute, said the company increasingly views latency as a critical product feature as AI becomes part of daily work. He compared the shift to the evolution of internet search, where quality came first but speed later became central to user growth and revenue.
“Latency is a very critical product ingredient for us going forward,” Katti said. He added that OpenAI’s Phi-6 model will be available on Cerebras and said it is “the only frontier model” expected to run at 750 tokens per second. Katti described that speed as “probably an order of magnitude faster than anything else that’s out there.”
Executives Say Speed Will Drive AI Usage Feldman said faster AI responses are essential if AI tools are to become embedded in enterprise workflows. He argued that there is no meaningful market for “slow search” or “dial-up internet,” and said the same expectations will apply to AI systems used throughout the workday.
“If you give people fast tools, they use them more often, they enjoy using them, and they use them on harder and more interesting problems,” Feldman said.
Katti said OpenAI is seeing broader use of Codex internally, beyond software engineering. He said Codex has become “the default user interface” at OpenAI, with employees in legal, go-to-market, finance and other functions using it for increasingly complex tasks. He said OpenAI employees even use Codex to interact with browsers because of its computer-use capabilities.
Katti said tasks with measurable outputs are especially well suited for agents, because the systems can iterate toward better results. As an example of how far usage has spread internally, he said OpenAI’s human resources department built an agent for human reorganizations, calling reorgs “very complex topics.”
Productivity, Not Token Counts, Seen as Key Metric The executives also addressed how enterprises should measure AI adoption. Katti said OpenAI is already seeing company-level productivity gains, pointing to the pace of model releases. He said OpenAI is now releasing a new model every month and attributed the faster pace in part to Codex.
“Previously, AI research was human limited, fundamentally,” Katti said. “We are increasingly getting to the point where recursion begins to become real, where AI is going to help, if not do, the AI research itself.”
Feldman cautioned against using token consumption alone as a measure of AI maturity. He said enterprises should instead focus on business metrics and productivity outcomes.
“I don’t think you should count your tokens as a measure of how AI forward you are,” Feldman said. “I think we’re building AIs to do work. You should count the productivity of the work.”
Infrastructure Bottlenecks Remain a Major Focus Katti said rising use of agentic AI is increasing demand across the technology stack, including CPUs, GPUs, networking, storage and memory. He said OpenAI is “hunting for supply wherever we can get it” and also facing the challenge of finding data centers to house the infrastructure.
He said there is no “silver bullet” for resolving those bottlenecks, but that software optimization and efficiency are becoming more important as AI scales.
“We’ve been in this phase in AI where we are going quickly to new products and new models, it’s all been about time to market,” Katti said. “We are now getting to the point where AI is scaling, efficiency becomes important, too.”
Cerebras Announces European Data Center Expansion Feldman said Europe is a key market because of strong demand for advanced AI and more token capacity. He announced that Cerebras is building 200 megawatts of data center capacity in Europe, including sites in Lyon, France, Norway and Finland.
Feldman said the 200 megawatts of capacity would be completed by the end of next year, with some delivered this year. He said much of the capacity is intended to meet OpenAI’s needs and that Cerebras is deploying “billions of dollars of capital” in data center development.
“We anticipate many more big scale deployments and big data centers here,” Feldman said.
The executives also tied the infrastructure build-out to the growing discussion around sovereign AI. Feldman said AI infrastructure is increasingly viewed as a “critical national resource,” while Katti called data centers “the factories of our age” and “intelligence factories.”
Next 12 Months Expected to Bring Faster Change Looking ahead, both executives said they expect the pace of AI development to continue accelerating. Feldman noted that 12 months earlier Cerebras was still private and had “$25 billion less in sales,” adding that the market had advanced faster than expected.
Katti said “12 months is an eternity in AI” and that he could not predict what will happen even over the next three months. Still, he said the “one constant” is likely to be an accelerating pace of change, with model capabilities continuing to improve quickly.
“The bigger question will be how quickly can these capabilities be adopted for the real world, for enterprise usage, for whatever consumer usage,” Katti said.
About Cerebras Systems NASDAQ: CBRSCerebras Systems is a technology company focused on building artificial intelligence infrastructure, including hardware and software designed to accelerate deep learning and large-scale AI workloads. The company is best known for its wafer-scale processor architecture, which is intended to provide high-performance compute for training and inference applications.
In addition to its AI chips, Cerebras offers systems and related software tools that support researchers and enterprises working with machine learning models.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Flex a Cerebras rozšiřují výrobu superpočítačů CS-3 v Milpitasu, což má do roku 2026 zvýšit kapacitu zhruba sedminásobně. Cílí na rostoucí poptávku po AI infrastruktuře.
New manufacturing lines in Milpitas, California will support an anticipated 7x increase in production of Cerebras CS-3 systems as demand for high-performance AI infrastructure accelerates.
, /PRNewswire/ -- Flex and Cerebras Systems Inc. today announced an expanded manufacturing partnership to scale production of the Cerebras CS-3, one of the world's most advanced AI accelerator systems, at Flex manufacturing facilities in Milpitas, California. As demand for AI infrastructure accelerates, the collaboration reflects a significant expansion of advanced manufacturing capacity in the United States.
The expanded operation is expected to increase CS-3 production capacity by approximately 7x through 2026, supported by new production lines, expanded floor space, advanced test infrastructure, and additional skilled manufacturing talent based in California.
At a time when electronics manufacturing is often associated with overseas supply chains, this partnership demonstrates that some of the world's most sophisticated AI systems are being designed, assembled, integrated, and tested in the heart of Silicon Valley.
"The CS-3 is unlike any computer system ever built, and scaling its production requires an extraordinary manufacturing partner. Flex brings the technical depth, operational rigor, and manufacturing expertise needed to support that scale," said Dhiraj Mallick, COO of Cerebras. "People often think the entire AI manufacturing and packaging supply chain lives overseas, but everyday across the U.S., teams of American engineers and technicians are building state-of-the-art AI systems that power frontier AI workloads around the world."
The CS-3 is built on Cerebras' industry-leading wafer-scale engine architecture, featuring a processor physically larger than any conventional AI chip. The system integrates advanced liquid cooling, high-density power delivery, precision mechanical assembly, and tightly coordinated networking infrastructure into a platform designed for large-scale AI training and inference.
Manufacturing the CS-3 presents challenges rarely encountered in traditional server production. Each system requires specialized handling processes, custom tooling, precision calibration, and extensive system-level validation. Flex engineers worked closely with Cerebras to develop dedicated assembly flows, automated test stations, and new manufacturing methodologies tailored specifically to wafer-scale computing systems.
"The CS-3 does not resemble a conventional server or rack-scale compute platform," said Rob Campbell, President of Communication, Enterprise and Cloud at Flex. "Every stage of the manufacturing process—from mechanical integration to thermal validation and final system qualification—required deep collaboration between our engineering teams. We thank Cerebras for their partnership in demonstrating what American advanced manufacturing can achieve when two highly technical organizations work side by side."
To support the ramp, Flex is expanding dedicated manufacturing operations for Cerebras in Milpitas, with multiple new assembly and integration lines coming online through 2026. The footprint devoted to CS-3 manufacturing is expected to grow substantially this year as production accelerates to meet customer demand from AI model developers, cloud providers, and enterprise customers.
The expansion is also contributing to growth in high-skilled manufacturing roles across the region, including manufacturing, systems integration, quality, supply chain, and testing.
Inside the Milpitas facility, production operations span precision mechanical assembly, high-power electrical integration, liquid cooling installation, optical networking validation, and full-rack system qualification. To support growing demand, the site has expanded into a high-throughput manufacturing environment with parallel integration lines, enhanced burn-in and validation areas, additional automated test infrastructure, and increased warehouse and logistics capacity for critical components and finished systems. Tooling and fixtures will enable multiple CS-3 systems to move through integration and testing simultaneously, which is expected to significantly increase throughput while maintaining the rigorous quality and reliability standards required for large-scale AI deployments.
To learn more, please visit cerebras.ai/flex.
About Flex
Flex (Reg. No. 199002645H) is the manufacturing partner of choice that helps leading brands design, build, and manage products that improve the world. With a global footprint spanning 30 countries, Flex delivers advanced manufacturing and supply chain solutions, innovative products and technology, and lifecycle services that support customers from concept to scale. In the AI era, Flex is helping customers accelerate data center deployment by solving power, heat, and scale challenges through cutting-edge power and cooling technology and scalable IT infrastructure solutions. For information about Flex's intent to spin off its Cloud and Power Infrastructure portfolio, visit: https://flex.com/transaction-resources
About Cerebras Systems
Cerebras Systems (NASDAQ: CBRS) is building the fastest AI infrastructure in the world. Cerebras is a team of pioneering computer architects, computer scientists, AI researchers, and engineers of all types that have come together to make AI blisteringly fast through innovation and invention. Cerebras believes that when AI is fast, it will change the world. Cerebras' flagship technology, the Wafer-Scale Engine 3 (WSE-3) is the world's largest and fastest commercialized AI processor. Fifty-eight times larger than a leading GPU chip, the WSE-3 uses a fraction of the power per unit compute while delivering inference up to 15 times faster than leading GPU-based solutions as benchmarked on leading open-source models. Leading corporations, research institutes, and governments on four continents chose Cerebras to run their AI workloads. Cerebras solutions are available on premises and in the cloud.
Contacts
Flex Media & Press
Christie Haber
Senior Director, Commercial Marketing
(602) 245-1057
[email protected]
Flex Investors & Analysts
Michelle Simmons
Senior Vice President, Global Investor Relations and Public Relations
(669) 242-6332
[email protected]
Cerebras
[email protected]
Forward-Looking Statements
This press release contains forward-looking statements, including but not limited to: the anticipated 7x increase in production of CS-3 systems, multiple new assembly and integration lines coming online through 2026, the expected substantial growth this year in the footprint devoted to CS-3 manufacturing, and the expected significant increase in throughput of CS-3 systems while maintaining quality and reliability. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate", "estimate", "expect", "project", "plan", "intend", "target", "aim", "believe", "may", "will", "should", "becoming", "look forward", "could", "can," "can have", "likely" and other words and terms of similar meaning. Forward-looking statements give our current expectations and projections relating to the information in this press release. Neither Cerebras, Flex, nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The forward-looking statements included in this press release relate only to events and information as of the date hereof. Neither Cerebras nor Flex undertakes any obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected.
Cerebras CEO Andrew Feldman shares European expansion plans at RAISE Summit in Paris to deliver faster AI inference July 09, 2026 03:00 ET | Source: Cerebras Systems Inc.
PARIS, July 09, 2026 (GLOBE NEWSWIRE) -- Cerebras Systems, makers of the fastest AI infrastructure, today announced a major expansion of its European infrastructure footprint. Cerebras will bring its first European data center capacity online by the end of 2026, with rapid build-out across France and the Nordics. The company plans to expand total capacity to 200 MW by the end of 2027, with a portion of that capacity expected to support OpenAI workloads as part of the companies’ existing partnership. The expansion will bring Cerebras’ high-speed AI inference infrastructure closer to European users, helping deliver faster response times for increasingly complex AI workloads.
"We are contracting significant capacity for 2027, with data centers slated for Norway and Finland as we actively build across Europe," said Feldman. “These deployments will enable us to move decisively on what our customers have been asking for: fast, high-performance AI compute located in Europe."
Frontier compute for Europe
As AI models support increasingly complex and interactive workloads, demand for local, low-latency AI infrastructure has surged across European enterprises, research institutions, and governments seeking alternatives to compute capacity concentrated in the U.S. and Asia. Cerebras' wafer-scale architecture is designed to deliver industry-leading inference and training performance, and the company's European build-out positions it to serve this demand directly from within the region.
"Our customers don't just want AI compute. They want it close to home, powered responsibly, and available fast," added Feldman. "This expansion and capacity plan reflects our confidence in Europe as a long-term growth market for Cerebras."
Cerebras at RAISE Summit
Cerebras co-founder and CEO Andrew Feldman will participate on stage at RAISE Summit in Paris, appearing alongside Sachin Katti of OpenAI on July 9 at 12:40 PM CEST.
A live webcast and replay of the event will be available on Cerebras’ Investor Relations site at https://investors.cerebras.ai/.
About Cerebras Systems
Cerebras Systems (NASDAQ: CBRS) is building the world’s fastest AI infrastructure. The Cerebras team of pioneering computer architects, computer scientists, AI researchers, and engineers of all types came together to make AI blisteringly fast through innovation and invention. They believe that when AI is fast, it will change the world. Leading global corporations, research institutes, and governments choose Cerebras to run their AI workloads. Cerebras solutions are available on premises and in the cloud. Learn more at www.cerebras.ai.
Cerebras uses its investor relations page (investors.cerebras.ai), its X account (@cerebras), and its LinkedIn page (linkedin.com/company/cerebras-systems/) to disclose material non-public information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, in addition to following Cerebras’ press releases, Securities and Exchange Commission (SEC) filings, public conference calls and public webcasts.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of applicable securities laws. All statements other than statements of historical fact could be deemed to be forward-looking, and are based on current expectations and beliefs of Cerebras’ management, current market trends and market conditions, and involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. These forward-looking statements should not be relied upon as representing Cerebras’ views as of any date subsequent to the date of this press release. Past performance is not necessarily indicative of future results. Cerebras undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Further information on potential risks that could affect actual results is included in Cerebras’ most recent filings with the Securities and Exchange Commission (the “SEC”), including in Cerebras’ most recent Quarterly Report on Form 10-Q, copies of which may be obtained by visiting Cerebras’ Investor Relations website at investors.cerebras.ai or the SEC’s website at www.sec.gov.
Cerebras v 1. čtvrtletí 2026 zvýšila tržby z cloudových služeb o 167 % na 79,8 milionu USD. Firma ale čelí koncentraci zákazníků, tlaku na marže a přísným dodacím závazkům vůči OpenAI.
Key Takeaways CBRS is pitching wafer-scale AI chips as a faster alternative to conventional GPU-based systems.Cerebras' core cloud and services revenues rose 167% year over year to $79.8 million in Q1 2026.CBRS faces concentration risk, strict OpenAI delivery obligations and near-term margin compression. Cerebras Systems (CBRS - Free Report) has built its investment story around a sharp break from conventional AI chip design. The company’s wafer-scale approach gives investors a clear growth narrative, but also a clear test.
The question is whether Cerebras can turn speed, partner demand and cloud adoption into durable scale without letting delivery obligations, margins and data-center constraints overwhelm the story.
How CBRS Built a Different AI ArchitectureCerebras’ Wafer-Scale Engine (WSE) is designed to reduce a core bottleneck in AI computing: moving data across many smaller chips. By keeping compute and memory on a single wafer, the architecture aims to lower latency and simplify large-model workloads.
The WSE-3 includes roughly 4 trillion transistors, 900,000 AI-optimized cores, 44 gigabytes of on-chip memory, 21 petabytes per second of memory bandwidth and 214 petabits per second of fabric bandwidth. Those specifications support the company’s argument that wafer-scale design can deliver faster training and inference than conventional GPU-based systems.
That matters in a market where NVIDIA (NVDA - Free Report) remains central to GPU-accelerated computing and data-center platforms. Advanced Micro Devices (AMD - Free Report) also competes in high-performance computing, graphics and data-center markets, keeping the AI accelerator landscape highly contested.
NVIDIA is dominating the AI GPU market through its Blackwell, Hopper, DGX/NVL systems that are used for AI training and inference. AMD’s MI300 and MI350 accelerator families are competing with CBRS in hyperscale AI infrastructure and enterprise AI clusters.
In the past month, CBRS shares have dropped 19.2%, underperforming NVIDIA’s fall of 3.8% and AMD’s appreciation of 7.4%.
CBRS Stock Price Performance
Image Source: Zacks Investment Research
Cerebras Turns Hardware Into a PlatformCerebras is not selling only processors. Its portfolio includes CS-3 AI supercomputers, networking infrastructure, cluster management software and cloud-based AI services.
The software layer is central to that platform push. CSoft maps PyTorch models to the WSE without requiring developers to rewrite code, while the Inference Serving Stack and Cluster Manager help customers use multiple CS-3 systems as a single logical computer.
The mix shift is already visible. In the first quarter of 2026, core revenues rose 92% year over year to $191.3 million, with core cloud and services revenues up 167% to $79.8 million. That cloud growth changes the investment debate. The story is increasingly about recurring infrastructure usage and higher platform utilization, not just one-time system sales.
The Zacks Consensus Estimate for 2026 and 2027 revenues is currently pegged at $861.3 million and $2.77 billion, respectively.
Why Expanding Partner Base Matter for CerebrasCBRS’ partnerships with OpenAI and Amazon (AMZN - Free Report) are noteworthy developments.
OpenAI is the biggest validation point for Cerebras’ speed positioning. The company has an agreement for 750 megawatts of high-speed inference compute over the next several years, valued at more than $20 billion. The relationship also gives Cerebras exposure to frontier-model workloads. Management has said the collaboration gives the company direct insight into where advanced model development is moving.
Amazon’s cloud-arm Amazon Web Services (AWS) adds a distribution angle. The partnership is intended to bring Cerebras systems into AWS data centers and combine AWS Trainium 3 for prefill with Cerebras CS-3 for decoding.
For investors, that matters because AWS can place Cerebras closer to enterprises already running workloads inside Amazon’s cloud ecosystem. The opportunity depends on deployment execution, not just partnership headlines.
CBRS Growth Comes With Real ConstraintsCerebras’ growth case carries meaningful concentration risk. Historically, G42 and MBZUAI accounted for most annual revenues, while OpenAI is expected to represent a substantial portion of future revenues.
The OpenAI agreement also comes with strict delivery obligations across multiple data centers. If Cerebras misses deployment milestones, OpenAI can terminate portions of the agreement.
Margins are another pressure point. Cerebras expects near-term gross margin compression as it rents systems and builds the infrastructure needed to serve cloud demand. This is expected to hurt profitability. The consensus mark for 2026 loss is currently pegged at 89 cents per share. However, for 2027, the Zacks Consensus Estimate for earnings is pegged at 96 cents per share.
Data-center availability is a practical constraint as well. Management has described capacity as difficult to secure, even as the company expands across the United States, Canada, Europe and other regions.
ConclusionThe bottom line is balanced. Cerebras offers direct exposure to fast-growing AI infrastructure demand, but the stock’s outlook depends on whether the company can scale capacity, meet major customer obligations and improve profitability over time.
CBRS currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Pomerantz LLP vyšetřuje možné porušení zákona ze strany společnosti Cerebras Systems a jejího vedení. Akcie CBRS po zveřejnění výsledků za 1. čtvrtletí klesly o 19,61 %.
NEW YORK, July 07, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Cerebras Systems Inc. (“Cerebras” or the “Company”) (NASDAQ: CBRS). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Cerebras and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On or around May 14, 2026, Cerebras completed its initial public offering (“IPO”), selling 30 million shares of Class A common stock priced at $185.00 per share. Then, on June 24, 2026, Cerebras reported its financial results for the first quarter of 2026. Among other items, Cerebras reported a loss of $0.22 per share, missing analyst estimates of a $0.16-per-share loss. In addition, Cerebras forecast a narrower gross margin in its core business, excluding impact from customer warrants and data center pass-through revenues.
On this news, Cerebras’s stock price fell $44.46 per share, or 19.61%, to close at $182.26 per share on June 24, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Cerebras po IPO stále obchoduje asi 11 % nad upisovací cenou 185 USD, i když z maxima výrazně ustoupila. Firma hlásí 76% růst hlavních výnosů na 510 milionů USD v roce 2025 a backlog 25 miliard USD.
Cerebras (CBRS 7.31%), a producer of AI chips, went public at $185 per share on May 14. Its stock opened at $350, but it now trades at about $205. That's still 11% above its IPO price, but investors who chased its post-IPO gains are now underwater. Let's see why Cerebras' stock fizzled out -- and if it's worth buying today.
Image source: Getty Images.
What does Cerebras do? Cerebras doesn't produce small GPUs like Nvidia (NVDA 1.39%). Instead, it builds massive AI processors on a single silicon wafer without cutting them into individual chips. Cerebras chips are as big as dinner plates, while Nvidia's GPUs are the size of postage stamps.
Cerebras claims its bigger chips bypass the networking bottlenecks, data latency, and power constraints associated with connecting traditional GPU clusters. They also outperformed traditional GPU clusters in inference tasks (when applications accessed trained data). It generates its revenue by selling its wafer-scale processors and CS-3 systems, as well as providing customers with cloud-based access to its own wafers to run inference tasks.
Cerebras recently secured a multi-year $20 billion deal with OpenAI to deploy 750 megawatts of its wafer-scale inference systems. It's also integrating its CS-3 systems into Amazon (AMZN +0.55%) Web Services (AWS), the world's largest cloud infrastructure platform.
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How fast is Cerebras growing? Cerebras' core revenue (which excludes its "pass-through" revenue for passing the utility, power, and real estate costs paid by its customers to its data center landlords) surged 76% to $510 million in 2025. It expects that figure to rise 68%-70% to $855-$865 million in 2026.
Cerebras also has a backlog of $25 billion, which guarantees that its revenue will keep rising for the foreseeable future. However, its gross margins are shrinking because it's renting back some computing capacity from its own customers as it builds its own data centers. That pressure should ease as it expands its first-party infrastructure, but it will likely remain unprofitable.
With a market cap of $46.4 billion, Cerebras trades at 54 times this year's sales. But it also trades at just six times its projected revenue of $7.32 billion in 2028 -- which would represent a 143% three-year CAGR from 2025. Analysts also expect its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to turn positive in 2027 and 2028.
Is Cerebras' stock worth buying? Cerebras' strategy of building plate-sized chips and renting out its processing power sounds wild, but its massive backlog indicates it's on the right track. Its stock will remain volatile in this choppy market, but it's worth accumulating as a long-term play on the booming AI market.
Pomerantz LLP prověřuje možné porušení zákona ze strany Cerebras Systems a jejích představitelů. Akcie CBRS po výsledcích za první čtvrtletí 2026 klesly o 44,46 USD, tedy o 19,61 %, na 182,26 USD.
NEW YORK, June 30, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Cerebras Systems Inc. (“Cerebras” or the “Company”) (NASDAQ: CBRS). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Cerebras and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On or around May 14, 2026, Cerebras completed its initial public offering (“IPO”), selling 30 million shares of Class A common stock priced at $185.00 per share. Then, on June 24, 2026, Cerebras reported its financial results for the first quarter of 2026. Among other items, Cerebras reported a loss of $0.22 per share, missing analyst estimates of a $0.16-per-share loss. In addition, Cerebras forecast a narrower gross margin in its core business, excluding impact from customer warrants and data center pass-through revenues.
On this news, Cerebras’s stock price fell $44.46 per share, or 19.61%, to close at $182.26 per share on June 24, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Cerebras oznámila za 1. čtvrtletí meziroční růst tržeb o 92 % na 191,3 milionu USD, ale investory zklamal výhled tržeb i tlak na marže. Akcie po zveřejnění výsledků klesly o 20 %.
Artificial intelligence (AI) infrastructure provider Cerebras Systems (CBRS +14.67%) went public last month and popped impressively on its first day of trading on May 14.
Cerebras stock popped an impressive 68% on its first day, rising significantly from its initial public offering (IPO) price of $185. However, the stock has lost 41% of its value since that pop. What's more, the company's first-quarter 2026 results, which were released on June 23, failed to arrest the slide due to disappointing revenue guidance and margin concerns.
Analysts, however, remain confident of a turnaround in Cerebras' fortunes. They anticipate a 65% surge in Cerebras stock in the coming year, as evidenced by its 12-month median price target of $300. Notably, 10 of the 11 analysts covering Cerebras rate it as a buy. So, should you capitalize on the recent slide in this AI stock and consider buying it in anticipation of solid long-term gains?
Let's find out.
Image source: The Motley Fool.
Cerebras Systems is reporting solid sales growth, but there is a problem Cerebras differentiates itself from other AI chip companies by packing 4 billion transistors into a single wafer-sized chip. For comparison, companies like Nvidia and Broadcom break down silicon wafers into graphics cards and custom AI processors. Cerebras claims that its wafer-sized chip can eliminate memory-related bottlenecks by packing in a whopping 44 gigabytes (GB) of random-access memory (RAM) and offer significantly faster transmission speeds.
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The company claims that it can offer 28x more computing power compared to Nvidia's B200 graphics processing unit (GPU), while offering 15x faster inference performance as compared to GPU-powered clouds. The good news for Cerebras is that its chips are finding favor among companies such as OpenAI and Amazon.
It has an agreement with OpenAI to deploy 750 megawatts (MW) of its chips to run inference workloads "over the next several years," valued at more than $20 billion. Amazon, meanwhile, has also entered into a multi-year partnership with Cerebras to accelerate inference workloads on Amazon Web Services, though the financial details of the deal haven't been disclosed.
These deals should help Cerebras maintain its impressive growth rate. The company's Q1 revenue increased by 92% year over year to $191.3 million. Cerebras expects an 88% year-over-year increase in revenue in the current quarter to $194 million. The company has guided for a 69% jump in full-year revenue to $860 million, which seems to have disappointed investors.
Analysts would have been satisfied with a 2026 revenue guidance of $824.8 million, but the gradual slowdown in growth the company is indicating over the course of the year hasn't gone down well with investors. Additionally, the company's non-GAAP gross margin forecast for 2026 is another reason why Cerebras stock fell 20% following its earnings report.
Cerebras reported a non-GAAP gross margin of 47% in Q1. However, it expects to report a non-GAAP gross margin of 38% to 41% for the full year. Cerebras attributes this gross margin pressure to its strategy of renting its own chip systems back from an existing customer to fulfill its contractual backlog. Cerebras points out that this margin pressure will be temporary and should ease as it brings its own data center capacity online.
Cerebras CEO Andrew Feldman pointed out on the earnings call that the company is engaged with data center builders in North America, Europe, and the Middle East. As a result, Cerebras is confident of adding new capacity quickly going forward. Once that happens, the company's margins should start getting better. Throw in the massive backlog of more than $20 billion that Cerebras reported last quarter, and it won't be surprising to see the company quickly moving toward profitability. This is what analysts are anticipating.
Data by YCharts
The valuation is a concern, but the stock could jump impressively over the next three years The biggest problem with Cerebras right now is its valuation. The stock trades at 65 times sales, and the gradual slowdown it is forecasting in top-line growth for the rest of the year doesn't justify that multiple. The U.S. tech sector, for comparison, has an average price-to-sales ratio of 9.1.
However, as Cerebras adds more data center capacity using its proprietary chips, it should be able to step on the gas once again. Not surprisingly, analysts are expecting a significant acceleration in its top-line growth in 2027 and 2028.
Data by YCharts
Cerebras can indeed achieve such stunning growth, given its backlog, thereby justifying its premium valuation. Let's say it trades at even 15 times sales after three years and achieves $7.4 billion in revenue in 2028, its market cap could increase to $111 billion. That suggests potential upside of 175% from current levels.
So, investors looking for a growth stock can consider accumulating Cerebras following its sharp pullback in recent weeks, as it can bounce back and deliver healthy gains over the next three years.
Cerebras po zveřejnění výsledků za 1. čtvrtletí klesla téměř o 12 %, i když tržby meziročně vzrostly o 94 % na 193 milionů USD. Investory znepokojil pokles marží kvůli kontraktu s OpenAI.
After a blockbuster IPO just a few weeks ago, Cerebras (CBRS +7.76%) stock has nosedived recently. The company reported its first-quarter 2026 results on June 24, its first earnings report since going public, and Cerebras shares fell nearly 12%.
Notably, Cerebras' sales outpaced analysts' consensus estimate for the quarter, and its losses narrowed. Usually, that would cause most stocks to rise. But investors are increasingly concerned that the investments AI companies are making may not pay off in the long term. Which is why leading AI companies like Nvidia and Broadcom are seeing their share prices drop lately, too.
Here's what's happening and what Cerebras shareholders should know.
Image source: Getty Images.
Strong revenue results, disappointing margins Some of the results from Cerebras' first quarter were very good, including the company's revenue jumping 94% year over year to $193 million, beating Wall Street's consensus estimate of $181 million. Cerebras' operating loss of $3.5 million was also smaller than expected and a huge improvement over its $19.3 million loss in the year-ago quarter.
But Cerebras shareholders looked past these results and focused instead on management's comments that profitability was declining due to its $20 billion contract with OpenAI. The company's leadership said that to increase capacity for OpenAI, it will rent out some of its systems rather than sell them, which will reduce some of its cloud and services margins this year.
Management said adjusted gross margin will be between 38% and 41% for 2026, compared with 47% in the first quarter. Once it moves away from renting some of its systems and back to selling them, it expects margins to rise again.
While the decline appears to be temporary, Cerebras stock's sell-off after the results were published was telling. Tech investors, in general, are becoming increasingly skeptical that big investments in AI will pay off, and they're scrutinizing declines in profitably.
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Some chip stocks are feeling the pressure right now The pressure on Cerebras' stock is happening against the backdrop of declines for many AI chip stocks. Over the past month, Nvidia shares and Broadcom stock are down about 9%, as of this writing.
While many AI stocks have experienced huge gains over the past few years, some investors fear that the hundreds of billions of dollars being poured into AI may never translate into profits, prompting some to take their current gains and seek safer investments.
Investors aren't wrong to question some of the spending. At some point, there will be a slowdown in tech companies' spending. While no one knows when that will be, some people are concerned that rising inflation could lead the Federal Reserve to raise interest rates sooner than previously expected. Core inflation rose to 3.4% in May, its highest level since October 2023.
Adding to the volatility for Cerebras and many of its peers is the fact that their share prices are already trading at a premium. Cerebras stock has a trailing price-to-sales (P/S) ratio of 74, while the tech sector's P/S ratio average is about 10.
There's a classic risk-versus-reward assessment happening among investors right now. And some people are beginning to think that tech companies are taking on too much risk (via AI investments) without enough of the reward (profits).
Cerebras is in a particularly difficult position because its shares are expensive and its profit margins are declining.
Cerebras has promising technology, including large wafers used for AI processing, but shareholders should understand the company's risks. Higher costs are reducing profitability, and any slowdown in infrastructure spending by large tech companies could add pressure.
It's too soon to call an end to the AI chip stock run -- Micron Technology just reported strong third-quarter results, after all -- but Cerebras and other AI investors may want to brace for more turbulent months ahead as AI spending comes under scrutiny.
Cerebras Systems ve 1. čtvrtletí snížila ztrátu na 4 centy na akcii a tržby vzrostly o 94 % na 193,4 milionu USD. Firma zároveň oznámila více než 20miliardovou dohodu s OpenAI a partnerství s AWS.
Key Takeaways CBRS posted a narrower Q1 loss as revenues rose 94% on strong AI infrastructure demand. Cerebras' cloud and other services revenues jumped 178%, with hardware revenues up 59%. CBRS signed a $20B-plus OpenAI deal and began an AWS partnership to broaden inference reach. Cerebras Systems (CBRS - Free Report) reported a first-quarter 2026 loss of 4 cents per share, narrower than the Zacks Consensus Estimate of a loss of 14 cents and reflecting a 71.43% earnings surprise. GAAP net loss per share narrowed year over year to 22 cents from 46 cents.
Revenues were $193.4 million, up 94% year over year and 13% sequentially, and topped the consensus estimate by 7.04%. Strength was driven by demand for AI infrastructure, with cloud and other services revenues up 178% and a new OpenAI agreement for 750 megawatts of high-speed inference compute. Core revenues, a non-GAAP measure that excludes customer warrant amortization and data center pass-through items, were $191.3 million, up 92% from the year-ago quarter.
The quarter benefited from strength across hardware and cloud-based offerings. Hardware revenues were $110.6 million, rising 59% year over year, while cloud and other services revenues were $82.8 million, reflecting the rapid adoption of Cerebras’ AI infrastructure platform.
Cerebras Gains From Strategic AI DealsThe company announced a multi-year deal with OpenAI valued at more than $20 billion. Under the agreement, OpenAI will deploy 750 megawatts of Cerebras’ high-speed inference compute over the next several years.
Cerebras also co-launched Codex-Spark, a model built for near-instant coding workflows where latency matters. The model delivers more than 1,000 tokens per second, underscoring the company’s focus on faster inference for interactive AI applications.
CBRS Expands Cloud Reach With AWSCerebras began a multi-year partnership with Amazon’s (AMZN - Free Report) cloud computing platform Amazon Web Services (AWS) to bring fast inference to a broader base of startups, AI-native companies and enterprises. The partnership expands the company’s distribution reach at a time when demand for low-latency AI infrastructure continues to scale.
The companies plan to launch a disaggregated inference strategy. Amazon Web Services Trainium 3 chips will perform the prefill stage, while the Cerebras CS-3 will handle high-speed inference for decoding, combining the strengths of both platforms.
Cerebras’ Product Trials Add MomentumThe company launched enterprise customer trials of Kimi K2.6 and Gemma 4 during the quarter. Kimi K2.6 is an open-weight frontier model, and the first trillion-parameter model served on Cerebras.
Kimi K2.6 achieved performance approaching 1,000 tokens per second, as independently measured by Artificial Analysis. Gemma 4 31B, part of Google DeepMind’s open-weight Gemma family, runs an order of magnitude faster on Cerebras based on scores on the Artificial Analysis Intelligence Index.
CBRS’s Q1 Operating DetailsIn the first quarter of 2026, GAAP gross margin was 45%. Hardware gross margin was 41%, while cloud and other services gross margin came in at 49%.
Core gross margin was 47%. Core hardware gross margin was 42%, while core cloud and other services gross margin was 53%, showing a stronger profitability profile for the company’s non-GAAP cloud and services operations.
Operating expenses totaled $101.2 million. Research and development expenses were $75.5 million, sales and marketing expenses were $14.7 million, and general and administrative expenses were $11 million, reflecting continued investment in product innovation and market expansion.
GAAP loss from operations was $15 million compared with $28.5 million in the year-ago quarter. Core operating loss narrowed to $3.5 million from $19.3 million a year earlier.
In the first quarter of 2026, adjusted EBITDA turned positive at $12.7 million against a loss of $15.4 million in the prior year.
CBRS’s Balance SheetThe balance sheet strengthened meaningfully. As of March 31, 2026, cash, cash equivalents, restricted cash, and short-term investments were $3.3 billion.
Net cash provided by operating activities was $12.3 million compared with net cash used in operating activities of $54.9 million.
CBRS’s Outlook Signals Continued ExpansionFor the second quarter of 2026, Cerebras expects core revenues of approximately $194 million, implying 88% year-over-year growth. Core gross margin is expected to be in the range of 36-38%.
For 2026, management expects core revenues of $855-$865 million, up 69% year over year at the midpoint. Core gross margin is projected to be in the range of 38-41%, while core operating margin is expected to be between negative 28% and negative 32%.
CBRS’s Zacks Rank & Stocks to ConsiderCerebras Systems currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Business Services sector are DAVE (DAVE - Free Report) and Innventure (INV - Free Report) . While DAVE sports a Zacks Rank #1 (Strong Buy), Innventure presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for DAVE’s second-quarter 2026 earnings has increased 1% to $3.72 per share over the past 30 days. The consensus estimate for DAVE’s earnings per share (EPS) for the second quarter implies a year-over-year increase of 18.47%.
The Zacks Consensus Estimate for Innventure’s second-quarter 2026 earnings is pegged at a loss of 26 cents per share, which has been unchanged over the past 30 days. The consensus estimate for Innventure’s EPS for the second quarter implies a year-over-year increase of 83.75%.
Cerebras zvýšila celoroční výhled tržeb na 855 až 865 milionů dolarů, ale akcie spadly o 14 % kvůli očekávanému poklesu hrubé marže ve 2. čtvrtletí na 36 % až 38 %.
Cerebras Systems (NASDAQ:CBRS) shares fell 14% to about $194 on Tuesday after the artificial intelligence chipmaker reported better-than-expected first quarter results and raised its full-year revenue outlook, but forecast a sharp decline in gross margins for the current quarter.
The company, which completed its initial public offering earlier this year, reported first-quarter GAAP revenue of $193.4 million and core revenue of $191.3 million, exceeding Wall Street expectations of about $181 million. Core revenue increased 92% from a year earlier.
Cerebras posted a non-GAAP net loss of $0.04 per share, narrower than analysts' expectations for a loss of $0.16 per share.
For the second quarter, Cerebras projected revenue of approximately $194 million, ahead of analysts' estimates of $174.3 million. The company also raised its full-year 2026 revenue forecast to a range of $855 million to $865 million, compared with consensus expectations of about $828 million.
However, investors focused on the company's profitability outlook. Cerebras said second-quarter gross margin is expected to fall to between 36% and 38%, down from 47% in the first quarter and a GAAP gross margin of 45% reported for the period.
During the quarter, Cerebras announced a multi-year agreement with OpenAI valued at more than $20 billion, under which OpenAI plans to deploy 750 megawatts of the company's inference computing capacity over several years. Cerebras also launched a partnership with Amazon Web Services aimed at bringing its inference technology to AWS customers through a disaggregated inference strategy.
Andrew Feldman, Cerebras CEO, said demand for faster AI infrastructure is growing as artificial intelligence applications become more widely adopted. “The growing importance of AI in our economy requires AI infrastructure that can power the most advanced applications at unprecedented speed. This is the Cerebras mission,” Feldman said.
Wedbush analysts maintained an ‘Outperform’ rating on Cerebras and raised their price target to $280 from $270 following the results. The analysts wrote that the company's inaugural earnings report contained "no particular surprises" and validated their expectation that management would provide achievable guidance.
Wedbush noted that hardware sales exceeded its expectations and that stronger pricing for Cerebras' cloud services reflected robust demand. While gross margins are expected to decline as OpenAI-related revenue ramps, the analysts wrote that the drop appears less severe than they had previously modeled, potentially creating upside through 2026.
The firm also pointed to higher operating expenses, which it believes are likely tied to additional research and development spending and could support future product launches and customer programs.
Wedbush wrote that it remains constructive on Cerebras, citing potential catalysts including new products such as the WSE-4 processor, additional data center capacity and sustained demand for AI infrastructure.
Cerebras Systems CEO Andrew Feldman said Wednesday that investors "misunderstood" the artificial intelligence chipmaker's margin guidance, as shares slid 17% after the company reported results for the first time since going public.
Analysts at Mizuho and Wedbush raised their estimates following Cerebras' earnings call. But the company forecasted a narrower gross margin in its core business, excluding impact from customer warrants and data center pass-through revenues. The number was 47% for the first quarter, and it should be between 38% and 41% for the full year.
"It is misunderstood," Feldman said on CNBC's Squawk on the Street. "You know, we laid out a plan at the start of '26. We shared that plan as we went public a few months ago, and we're beating that plan."
He said management made clear that Cerebras will need to rent back some equipment from one of its largest clients.
"I think it's not going to be a straight line," he said.
Read more CNBC tech newsGoogle's online dominance is showing signs of cracking in AI eraOracle has cut 21,000 roles over the past year, adding to wave of tech AI layoffsTesla faces federal probe after Model 3 slams into Texas home, killing 76-year-oldSpaceX signs computing power deal with open-source AI startup Reflection worth up to $6.3 billionInvestors also must contend with Cerebras insiders being subject to a staggered timeline for lock-up restrictions. That includes about 28 million Class A Cerebras shares that directors, officers and non-employee shareholders can trade on the second trading day after Tuesday's earnings announcement, according to the company's prospectus.
The point was to smooth out the schedule, which typically comes after a set number of months after an initial public offering, Feldman said.
"Whether that's a success or not, we'll have to see," he told CNBC's Carl Quintanilla and Leslie Picker.
Rivals such as Nvidia are confronting supply shortages in high-bandwidth memory and a cutting-edge process from Taiwan Semiconductor Manufacturing Co., but Cerebras doesn't need either of those, Feldman said.
Cerebras is, however, facing pressure to open more data centers, as are cloud infrastructure providers, while public opposition mounts and permitting processes can drag on.
"We're trying to move at the speed of AI, and data centers move with the speed of real estate," Feldman said.
Wedbush u Cerebras při prvních výsledcích jako veřejně obchodované firmy spíše čeká prostor pro překvapení směrem vzhůru než problém s poptávkou. Klíčová bude exekuce a kapacita TSMC.
Cerebras Systems (NASDAQ:CBRS) is approaching its first earnings report as a public company with execution rather than demand as the key variable to watch, according to Wedbush analysts.
Demand risk is "almost zero," according to Wedbush, given Cerebras's existing deals with OpenAI and Amazon, meaning results will largely reflect how well management delivers against its own targets.
Driving the optimism is TSMC capacity. The analysts believe the foundry will deliver at least modest upside to expected wafer output in 2026 and 2027, which could translate into incremental system sales for Cerebras.
That dynamic is further helped by tightening accelerator availability across the industry and growing memory sourcing constraints, a challenge that matters less for Cerebras because its chips rely on SRAM rather than high-bandwidth memory.
The firm also flags the company's next-generation WSE-4 chip as a potential positive catalyst. While Cerebras has not provided a formal timeline, Wedbush notes that general speculation points to a late 2026 or early 2027 launch and ramp, with the new design expected to improve both margins and revenue.
Wedbush also credits management with building in some conservatism at the IPO stage, suggesting that simply executing to plan could yield upside to current estimates.
Longer term, the firm argues Cerebras's story is less about near-term beats and more about capturing share in a rapidly expanding AI accelerator market. Analysts point to continued growth in inference demand, potential incremental customers supported by TSMC output, and worsening memory pricing constraints as tailwinds that should work in the company's favor.
The firm considers 2028 the appropriate reference year as the first in which OpenAI-related investment costs begin to moderate and the company reaches what it views as meaningful revenue and operational scale.
Wedbush maintains a Buy rating and $270 price target on Cerebras based on a 40x price-to-earnings multiple applied to its 2028 EPS estimate of $6.03, plus net cash of $28.19 per share.
Cerebras Systems dnes po skončení obchodování zveřejní první výsledky od vstupu na burzu; analytici čekají ztrátu 16 centů na akcii při tržbách 180,81 milionu USD.
Cerebras Systems Inc. (NASDAQ:CBRS) is in the spotlight Tuesday ahead of its first-quarter earnings report today after the market closes.
CBRS stock is slipping today. What’s the outlook for CBRS shares? The report will mark a significant milestone for the AI infrastructure company—its first earnings release since going public on May 14. Analysts are expecting a loss of 16 cents per share on revenue of $180.81 million.
What Is Cerebras?What to WatchAs Cerebras’ first public earnings report, investors will be closely watching revenue growth trajectory, customer wins and any forward guidance. According to the company’s pre-IPO filings, Cerebras reported full-year 2025 revenue of $510 million. Commentary on AI infrastructure demand, competitive positioning, and progress on its AWS partnership will be key focal points on today’s conference call at 5 p.m. ET.
Cerebras Shares Edge Lower CBRS Price Action: At the time of publication, Cerebras shares are trading 4.67% lower at $213.95, according to data from Benzinga Pro.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Cerebras oznámila rekordní tržby z hlavní činnosti 191,3 mil. USD, meziročně o 92 % více. Zároveň uzavřela víceletou dohodu s OpenAI pro 750 MW za více než 20 mld. USD.
GAAP quarterly revenue of $193.4 million; record core revenue of $191.3 million, up 92% from a year agoAnnounced a multi-year deal with OpenAI for 750MW valued at more than $20 billionLaunched multi-year partnership with Amazon to bring Cerebras’ fast inference to AWS Raised $6.4 billion in Q2 in largest semiconductor IPO of all time SUNNYVALE, Calif., June 23, 2026 (GLOBE NEWSWIRE) -- Cerebras Systems Inc. (NASDAQ: CBRS), maker of the world’s fastest AI infrastructure, today announced financial results for the first quarter of fiscal year 2026, ended March 31, 2026.
“This was an outstanding start to 2026 for Cerebras. And we are proud of our achievements,” said Andrew Feldman, Cerebras co-founder and CEO. “AI has moved from being a novelty to being useful and productive. Cerebras’ wafer-scale technology delivers the fastest AI in the world. And fast AI is more valuable than slow AI because it is more productive. It provides answers in less time. It delivers solutions in less time. This in turn has created significant momentum with pioneering customers like OpenAI and AWS and emerging customers as well. The growing importance of AI in our economy requires AI infrastructure that can power the most advanced applications at unprecedented speed. This is the Cerebras mission.”
“Our strong financial performance in Q1 highlights the large and rapidly growing opportunity in front of us,” said Bob Komin, Cerebras CFO. “We are focused on innovating at the pace of demand, supporting accelerating investments in growth and capitalization on strategic opportunities while effectively managing our capital structure.”
Q1 2026 and Recent Business Highlights
Announced a multi-year deal with OpenAI valued at more than $20 billion Reached agreement for OpenAI to deploy 750 megawatts of Cerebras’ high-speed inference compute over the next several yearsCo-launched Codex-Spark, a model designed for near-instant coding and optimized for interactive work where latency matters, delivering more than 1,000 tokens per second Began a multi-year partnership with AWS to bring fast inference to an even bigger scale through global distribution for every startup, AI native, and enterprise company Together with AWS, we will launch a disaggregated inference strategy, with AWS’s Trainium 3 chips performing the prefill and the Cerebras CS-3 running blisteringly fast inference for decode Launched enterprise customer trials of Kimi K2.6 and Gemma 4 Kimi K2.6, the leading open-weight frontier model and the first trillion-parameter model served on Cerebras, achieved performance approaching 1,000 tokens per second as independently measured by Artificial AnalysisGemma 4 31B, flagship of Google DeepMind’s open-weight Gemma family, runs an order of magnitude faster on Cerebras based on scores on the Artificial Analysis Intelligence Index, enabling image understanding at Cerebras speed Raised $6.4 billion in gross proceeds through our IPO, in addition to the $1 billion Series H pre-IPO financing closed in February and the $1 billion working capital loan from OpenAI in January. Also, in April, Cerebras closed a revolving credit facility for up to $850 million from a broad syndicate of investment banks to further support the company’s strategy to accelerate the pace of our data center acquisitions. 1Q 2026 Financial Highlights
GAAP Financial Results:
GAAP revenue of $193.4 million, up 13% sequentially and up 94% year-over-year Hardware revenue of $110.6 million, up 59% year-over-yearCloud and other services revenue of $82.8 million, up 178% year-over-year GAAP gross margin of 45% GAAP hardware gross margins of 41%GAAP cloud and other services gross margins of 49% GAAP loss from operations of $15.0 millionGAAP net loss of $14.0 millionCash, cash equivalents, restricted cash, and short-term investments of $3.3 billion Core Financial Results are all non-GAAP metrics (and exclude the impact of amortization of customer warrants, data center pass-through revenues and costs, stock-based compensation, and certain other items):
Core total revenue of $191.3 million, up 12% sequentially and up 92% year-over-year Core hardware revenue of $111.6 million, up 60% year-over-yearCore cloud and other services revenue of $79.8 million, up 167% year-over-year Core gross margin of 47% Core hardware gross margins of 42%Core cloud and other services gross margins of 53% Core operating loss of $3.5 millionCore net loss of $2.5 million Q2 2026 Financial Outlook
Core Non-GAAP Financial Outlook: Core revenue of approximately $194.0 million, up 88% year-over-yearCore gross margin in the range of 36 - 38%Core operating margins in the range of (30) to (32)% Full Year Fiscal 2026 Financial Outlook
Core Non-GAAP Financial Outlook:
Core revenue of $855.0 to 865.0 million, up 69% year-over-year at the midpointCore gross margin in the range of 38 - 41%Core operating margins in the range of (28) to (32)% Earnings Webcast and Conference Call
Cerebras Systems will host a conference call to review its financial results for the first quarter of fiscal 2026 and to discuss our financial outlook today at 2 p.m. PT (5 p.m. ET). Interested parties may join the conference call via the webcast and can be accessed at the Cerebras website at https://investors.cerebras.ai/. The webcast will be recorded and available for replay on the same website following the conclusion of the conference call.
About Cerebras Systems
Cerebras Systems (NASDAQ: CBRS) is building the world’s fastest AI infrastructure. The Cerebras team of pioneering computer architects, computer scientists, AI researchers, and engineers of all types came together to make AI blisteringly fast through innovation and invention. They believe that when AI is fast, it will change the world. Leading global corporations, research institutes, and governments choose Cerebras to run their AI workloads. Cerebras solutions are available on premises and in the cloud.
This press release contains “forward-looking statements” within the meaning of applicable securities laws. All statements other than statements of historical fact could be deemed to be forward-looking, including, but not limited to, statements regarding Cerebras’ future financial performance, including Cerebras’ expectations regarding its revenue, cash flows, expenses, gross margins, and other results of operations, business strategy, such as partnerships, investments, financings, borrowings, capital structure, capital allocations and data centers, growth and market opportunity, customer demand, product roadmap, technology leadership, supply chain, operating model, and outlook for Q2 and full year 2026, as well as the timing, execution and anticipated benefits of customer, partner and financing arrangements, deployments and capacity expansion initiatives, and any assumptions relating to the foregoing. The words “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “objective,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Cerebras’ control. These risks and uncertainties include, but are not limited to: Cerebras’ ability to sustain and manage its growth, access borrowings and other sources of capital on acceptable terms, and deploy available capital to support growth; its history of net losses and ability to achieve and maintain profitability; its limited operating history at its current scale and ability to accurately forecast revenue and appropriately budget and manage expenses; its dependence on a limited number of significant customers, including OpenAI, Group 42 Holding Ltd, Mohamed bin Zayed University of Artificial Intelligence, and AWS, and the potential impact of any reduction in demand from, material adverse development in its relationships with, or failure to meet its obligations to, such customers, including under its Master Relationship Agreement with OpenAI; the timing, execution and expected benefits of its strategic customer, partner and financing arrangements; its historical reliance on sales of hardware systems and the early-stage, rapidly evolving market for its cloud-based offerings and AI infrastructure; its ability to secure sufficient data center capacity and capital to support its cloud-based offerings; its ability to launch new offerings and add new product capabilities; and its ability to compete effectively in the rapidly evolving and competitive market for AI computing solutions.
Cerebras’ actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors. Accordingly, undue reliance should not be placed on such statements. These forward-looking statements are made as of the date they were first issued and are based on information available to Cerebras together with Cerebras’ expectations, estimates, forecasts, projections, beliefs, and assumptions as of such date. These forward-looking statements should not be relied upon as representing Cerebras’ views as of any date subsequent to the date of this press release. Past performance is not necessarily indicative of future results. Cerebras undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Further information on potential risks that could affect actual results is included in Cerebras’ most recent filings with the Securities and Exchange Commission (the “SEC”), including in Cerebras’ most recent Quarterly Report on Form 10-Q, copies of which may be obtained by visiting Cerebras’ Investor Relations website at investors.cerebras.ai or the SEC’s website at www.sec.gov.
Discussion of Non-GAAP Financial Measures
Use of non-GAAP financial measures
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 Core total revenue, Core hardware revenue, Core cloud and other services revenue, Core gross profit, Core hardware gross profit, Core cloud and other services gross profit, Core gross margin, Core hardware gross margin, Core cloud and other services gross margin, Core operating loss, Core operating margin, Core net loss, and adjusted earnings before income tax, depreciation and amortization (“Adjusted EBITDA”). 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.
These non-GAAP financial measures are not computed in accordance with, or as an alternative to, US GAAP. The GAAP measures comparable to the supplemental non-GAAP financial measures are as follows:
The GAAP measure most directly comparable to Core total revenue is total revenue.The GAAP measure most directly comparable to Core hardware revenue is hardware revenue.The GAAP measure most directly comparable to Core cloud and other services revenue is cloud and other services revenue.The GAAP measure most directly comparable to Core gross profit is GAAP gross profitThe GAAP measure most directly comparable to Core gross margin is GAAP gross marginThe GAAP measure most directly comparable to Core hardware gross margin is hardware gross marginThe GAAP measure most directly comparable to Core cloud and other services gross margin is cloud and other services gross marginThe GAAP measure most directly comparable to Core operating loss is loss from operationsThe GAAP measure most directly comparable to Core operating margin is GAAP operating marginThe GAAP measure most directly comparable to adjusted earnings before income tax, depreciation and amortization (“Adjusted EBITDA”) is loss from operations.The GAAP measure most directly comparable to Core net loss is net loss. Reconciliations of each of these non-GAAP financial measures to their most directly comparable GAAP measures for this quarter and prior periods are included in the tables below or elsewhere in the materials accompanying this press release.
Usefulness of non-GAAP financial measures to investors
By excluding certain items that may not be indicative of our recurring operating results from our core technology and service offerings and stock-based compensation from grants of equity awards, we believe that the Non-GAAP metrics described below provide meaningful supplemental information regarding our performance. Accordingly, we believe these non-GAAP financial measures are useful to investors and others because they allow additional information with respect to financial measures used by management in its financial and operational decision-making and may be useful to our institutional investors and the analyst community to help them analyze the health of our business. Disclosure of these non-GAAP financial measures also facilitates the comparisons of Cerebras’ operating performance with the performance of other companies in the same industry that supplement their GAAP results with non-GAAP financial measures that may be calculated in a manner comparable to their core operations.
Economic substance of and material limitations associated with non-GAAP financial measures used by Cerebras
Core revenue, Core hardware revenue, Core cloud and other services revenue, Core gross profit, Core hardware gross profit, Core cloud and other services gross profit, Core gross margin, Core hardware margin, Core cloud and other services margin, Core operating loss, Core operating margin, Adjusted EBITDA and Core net loss are adjusted, as applicable, to: (i) exclude non-cash stock-based compensation; (ii) exclude pass-through revenues and costs that are not part of our core technology and services offering; and (iii) add back non-cash amortization from customer warrants that is recorded as a reduction in revenues. Non-GAAP adjusted EBITDA excludes the impacts of depreciation and amortization and stock-based compensation.
Core gross margin, Core hardware margin, and Core cloud and other services margin represent Core gross profit, Core hardware gross profit, and Core cloud and other services gross profit, respectively, expressed as a percentage of their corresponding Core revenue.
More specifically, Cerebras excludes each of those items mentioned above for the following reasons:
Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date. Although stock-based compensation is a key incentive offered to employees, Cerebras excludes these charges for the purpose of calculating these non-GAAP measures, primarily because they are non-cash expenses, and the Company’s internal benchmarking analyses evidence that many industry participants and peers present non-GAAP financial measures excluding stock-based compensation expense.Amortization of customer warrants consists of equity granted to customers and recorded as contra-revenue. We exclude the impact of amortization of customer warrant assets recorded as contra‑revenue from our non‑GAAP results because it represents a non‑cash, valuation‑driven adjustment associated with equity instruments issued to customers. This adjustment does not reflect the underlying economics of our core revenue‑generating activities, including pricing, volume, or cost of delivering our products and services, and therefore may not be indicative of our ongoing operating performance.Pass-through revenue and associated pass-through cost of revenue relate to non-recurring data center start-up and recurring data center costs that are incurred on behalf of specific customers. We exclude pass‑through revenue and the associated pass-through cost of revenue from our non‑GAAP financial measures because such amounts are incurred on behalf of specific customers based on capacity deployment options and may vary significantly from period to period. These pass-through revenues and costs do not reflect the underlying economics of our core hardware technology and services offerings, generate fixed minimal gross margins and can significantly distort period‑to‑period comparisons of our operating performance. 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. No reconciliation is provided with respect to certain forward-looking non-GAAP financial measures as the GAAP measures are not accessible on a forward-looking basis. We cannot reliably predict all necessary components or their impact to reconcile such financial measures without unreasonable effort. The events necessitating a non-GAAP adjustment are inherently unpredictable and may have a significant impact on our future GAAP financial results. Cerebras compensates for these limitations on the use of non-GAAP financial measures by relying primarily on its GAAP results and using non-GAAP financial measures only as a supplement. Cerebras also provides a reconciliation of each non-GAAP financial measure to its most directly comparable GAAP financial measure for this quarter and prior periods within this press release and Cerebras encourages investors to review those reconciliations carefully.
CEREBRAS SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share amounts)
Three Months Ended March 31, 2026 2025 Revenue Hardware$110,593 $69,674 Cloud and other services 82,813 29,838 Total revenue 193,406 99,512 Cost of revenue Hardware 64,931 48,410 Cloud and other services 42,299 9,498 Total cost of revenue 107,230 57,908 Gross profit 86,176 41,604 Operating expenses Research and development 75,495 52,751 Sales and marketing 14,701 10,326 General and administrative 11,017 6,997 Total operating expenses 101,213 70,074 Loss from operations (15,037) (28,470)Other income, net 2,528 6,286 Loss before income taxes (12,509) (22,184)Income tax expense 1,497 1,683 Net loss$(14,006) $(23,867) Net loss per share, basic and diluted$(0.22) $(0.46)Weighted average shares outstanding, basic and diluted 62,806 52,003 CEREBRAS SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(unaudited)
(in thousands)
Three Months Ended March 31, 2026 2025 Net loss$(14,006) $(23,867)Change in foreign currency translation adjustments, net of tax 911 180 Available-for-sale investments: Change in net unrealized gain (loss) on debt securities, net of tax 1,184 (72)Comprehensive loss$(11,911) $(23,759) CEREBRAS SYSTEMS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands) March 31, 2026 December 31, 2025ASSETS Current assets: Cash and cash equivalents$1,716,016 $701,706 Restricted cash 1,029,098 228,672 Investments 515,605 406,531 Accounts receivable, net 62,631 50,423 Inventories 89,040 63,626 Customer warrants 90,701 60,906 Prepaid expenses and other current assets 77,870 31,782 Total current assets 3,580,961 1,543,646 Property and equipment, net 572,439 437,396 Customer warrants, net of current portion 425,355 91,447 Operating lease right-of-use assets 353,303 248,950 Other non-current assets 16,320 4,598 Total assets$4,948,378 $2,326,037 LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ DEFICIT Current liabilities: Accounts payable$50,336 $48,630 Deferred revenue 149,918 131,049 Operating lease liability 66,218 45,865 Customer deposits 368,426 354,460 Loan from customer 621,306 — Accrued and other current liabilities 171,042 139,536 Total current liabilities 1,427,246 719,540 Deferred revenue, net of current portion 94,344 35,847 Operating lease liability, net of current portion 312,474 215,957 Loan from customer, net of current portion 361,617 — Total liabilities$2,195,681 $971,344 Redeemable convertible preferred stock$2,947,379 $1,933,348 Stockholders’ deficit Class A common stock 1 1 Class N common stock — — Treasury stock 742,713 346,829 Additional paid-in capital (21,456) (21,456)Accumulated other comprehensive income 3,396 1,301 Accumulated deficit (919,336) (905,330)Total stockholders’ deficit (194,682) (578,655)Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit$4,948,378 $2,326,037 CEREBRAS SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
Three Months Ended March 31, 2026 2025 Cash flows from operating activities: Net loss$(14,006) $(23,867)Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities: Depreciation and amortization 18,175 3,911 Non-cash interest expense 18,949 — Non-cash lease expense 15,775 2,912 Stock-based compensation 9,593 9,154 Provision for product warranties 4,590 4,500 Amortization of customer warrants 2,053 — Other (959) (254)Changes in operating assets and liabilities: Accounts receivable (12,208) 56,787 Inventories (21,684) 53,752 Prepaid expenses and other assets (57,603) 3,688 Accounts payable (10,070) (5,650)Deferred revenue 36,769 15,055 Customer deposits 13,966 (159,599)Other liabilities 8,995 (15,326)Net cash flows provided by (used in) operating activities$12,335 $(54,937)Cash flows from investing activities: Purchases of property and equipment$(131,970) $(98,244)Purchases of investments (308,801) (20,175)Maturities and sales of investments 204,155 61,673 Net cash flows used in investing activities$(236,616) $(56,746)Cash flows from financing activities: Proceeds from sale of shares of Series H redeemable convertible preferred stock$1,014,249 $— Costs incurred in connection with the sale of shares of Series H redeemable convertible preferred stock (218) — Proceeds from Working Capital Loan 1,004,571 — Proceeds from issuance of shares of Class N common stock 15,019 — Proceeds from exercise of stock options 5,315 1,552 Tax withholding from tender offer (623) — Payments of deferred offering costs (207) — Net cash flows provided by financing activities$2,038,106 $1,552 Effect of exchange rate on cash 911 180 Increase in cash, cash equivalents, and restricted cash$1,814,736 $(109,951)Cash, cash equivalents, and restricted cash beginning of period 930,378 581,965 Cash, cash equivalents, and restricted cash end of period$2,745,114 $472,014 CEREBRAS SYSTEMS INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(unaudited)
(in thousands)
Three Months Ended March 31, 2026 2025 Total Hardware Cloud and Other Services Total Hardware Cloud and Other ServicesGAAP revenue $193,406 $110,593 $82,813 $99,512 $69,674 $29,838Less: Pass-through revenue (4,111) — (4,111) — — —Add: Amortization of customer warrant assets 2,053 969 1,084 — — —Core revenue $191,348 $111,562 $79,787 $99,512 $69,674 $29,838 Three Months Ended March 31, 2026 2025 Total Hardware Cloud and Other Services Total Hardware Cloud and Other ServicesGAAP gross profit $86,176 $45,662 $40,514 $41,604 $21,264 $20,340Less: Pass-through revenue (4,111) — (4,111) — — —Add: Pass-through costs 3,991 — 3,991 — — —Add: Amortization of customer warrant assets 2,053 969 1,084 — — —Add: Stock-based compensation expense 950 238 712 326 82 245Core gross profit $89,059 $46,869 $42,190 $41,930 $21,346 $20,585 Three Months Ended March 31, 2026 2025 Total Hardware Cloud and Other Services Total Hardware Cloud and Other ServicesGAAP gross margin 44.6% 41.3% 48.9% 41.8% 30.5% 68.2%Non-GAAP adjustments 1.9% 0.7% 4.0% 0.3% 0.1% 0.8%Core gross margin 46.5% 42.0% 52.9% 42.1% 30.6% 69.0% Three Months Ended March 31, 2026 2025 Total Research and Development Sales and Marketing General and Administrative Total Research and Development Sales and Marketing General and AdministrativeGAAP operating expenses $101,213 $75,495 $14,701 $11,017 $70,074 $52,751 $10,326 $6,997 Less: Stock-based compensation expense $(8,643) $(5,699) $(1,792) $(1,152) $(8,828) $(5,712) $(1,949) $(1,167)Core operating expense $92,570 $69,796 $12,909 $9,865 $61,246 $47,039 $8,377 $5,830 Three Months Ended March 31, 2026 2025 GAAP loss from operations$(15,037) $(28,470)Less: Pass-through revenue (4,111) — Add: Stock-based compensation expense 9,593 9,154 Add: Pass-through costs 3,991 — Add: Amortization of customer warrant assets 2,053 — Core operating loss$(3,511) $(19,316) Three Months Ended March 31, 2026 2025 GAAP operating margin(8)% (29)%Non-GAAP adjustments6% 9%Core operating margin(2)% (19)% Three Months Ended March 31, 2026 2025 GAAP loss from operations$(15,037) $(28,470)Add: Depreciation and amortization 18,175 3,911 Add: Stock-based compensation 9,593 9,154 Adjusted EBITDA$12,731 $(15,405) Three Months Ended March 31, 2026 2025 GAAP net loss$(14,006) $(23,867)Less: Pass-through revenue (4,111) — Add: Stock-based compensation expense 9,593 9,154 Add: Pass-through costs 3,991 — Add: Amortization of customer warrant assets 2,053 — Core net loss$(2,480) $(14,713)
Cerebras oznámila za 1. čtvrtletí upravený zisk na akcii -4 centy a tržby 193,40 milionu USD, obojí nad odhady. Zároveň uzavřela víceletou dohodu s OpenAI za více než 20 miliard USD.
Cerebras shares are approaching critical lows. Why are CBRS shares at support? Q1 Highlights Cerebras reported an adjusted loss of 4 cents per share, beating the consensus estimate of a 16 cent-loss. In addition, it reported revenue of $193.40 million, beating the consensus estimate of $181.59 million.
Revenue grew 94% year-over-year, with hardware revenue up 59% and cloud and other services revenue up 178%. Gross margin came in at 45%. The company ended the quarter with $3.3 billion in cash, cash equivalents, restricted cash and short-term investments.
Key DealsCerebras announced a multi-year deal with OpenAI valued at more than $20 billion, covering 750 megawatts of high-speed inference compute. The company also launched a multi-year partnership with AWS to bring fast inference to global distribution for startups, AI-native companies, and enterprises, combining AWS’s Trainium 3 chips with Cerebras CS-3 systems in a disaggregated inference strategy.
GuidanceCerebras sees second-quarter revenue of $194.00 million, versus the consensus estimate of $174.34 million. The company anticipates fiscal-year revenue between $855.00 million and $865.00 million, versus the consensus estimate of $823.89 million.
Cerebras Shares RetreatCBRS Price Action: At the time of publication, Cerebras shares are trading 9.89% lower at $204.30, according to data from Benzinga Pro.
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Akcie Cerebras klesají zhruba o 10 % poté, co společnost varovala, že hrubá marže v roce 2026 spadne na 38 % až 41 %. Trh přehlédl silné čtvrtletní tržby ve výši 193 milionů USD.
Cerebras Systems CBRS shares tumbled about 10% in premarket trading on Wednesday after the artificial intelligence chipmaker forecast lower profit margins for 2026.
The outlook overshadowed better-than-expected quarterly results and highlights the costs of scaling its rapidly growing AI infrastructure business.
If losses hold, the stock is on track to trade at its lowest level since its market debut more than a month ago and erase more than $6 billion in market value.
The decline adds to a sharp pullback in the stock since its blockbuster initial public offering.
Shares are now down more than 27% from their debut as enthusiasm around artificial intelligence stocks cools and investors increasingly question the massive spending required to build AI infrastructure.
The company reported revenue of $193 million for the quarter, topping analyst estimates of $181 million and rising 94% from a year earlier.
Cerebras also posted an adjusted operating loss of $3.5 million, an improvement from a loss of $19.3 million in the same period last year.
The company forecast second-quarter revenue of $194 million, representing year-over-year growth of 88% and exceeding Wall Street expectations of $178 million.
Despite the strong top-line performance, investors focused on the company's profitability outlook.
Cerebras projected adjusted gross margins of between 38% and 41% for 2026, well below the 47% margin reported in the first quarter.
Although the forecast exceeded analyst expectations of 29.58%, it remains significantly lower than the margin profiles of major semiconductor peers.
Nvidia has reported gross margins in the mid-70% range, while Advanced Micro Devices has generated margins in the mid-50% range.
Analysts have previously warned that Cerebras' margins could come under pressure because of its relatively larger chip designs and the costs associated with meeting surging customer demand.
During its earnings call, the company said demand from OpenAI's cloud operations is growing faster than it can bring new servers online.
To bridge the gap, Cerebras decided to rent back equipment it had previously sold to other customers and redeploy it to OpenAI. The arrangement is expected to weigh on profitability this year.
The company's revenue picture is also complicated by warrants for 33.4 million shares granted to OpenAI.
The value of these warrants is recognized as a sales discount, creating a noncash contra-revenue charge that analysts expect to grow as the OpenAI contract ramps up.
Despite concerns about margins, analysts continue to point to the company's long-term growth prospects.
Morgan Stanley raised its price target on Cerebras to $273 from $250, while TD Cowen said agreements with Amazon and OpenAI remain critical to the company's future.
Cerebras has signed a $20 billion multi-year agreement with OpenAI. Chief Executive Officer Andrew Feldman said on the post-earnings call that OpenAI's GPT 5.4 is currently running on Cerebras chips.
The ChatGPT maker is expected to deploy 750 megawatts of Cerebras semiconductors under the agreement.
Feldman also said Amazon Web Services will soon begin using Cerebras chips in its data centers, with revenue contributions expected next year.
The arrangement would make AWS the first major cloud provider to host Cerebras' AI chips.
At the end of 2025, Cerebras reported a backlog of $24.6 billion, largely driven by the OpenAI agreement.
The company expects to recognize $3.7 billion of that backlog as revenue during 2026 and 2027.
Cerebras has experienced significant volatility since its IPO. The stock was priced at $185 in May and surged to as high as $386 on its first day of trading before retreating sharply.
The upcoming lockup expirations could add further pressure to the stock.
Nearly 13% of IPO shares become eligible for sale this week, while another 17% of shares are scheduled to become tradable shortly after the company reports second-quarter earnings.
