Cerebras Systems (CBRS)
Cerebras Systems (CBRS) builds wafer-scale AI processors 58 times larger than NVIDIA’s B200 and sells them as fast-inference systems and cloud services. Revenue grew 76% to $510 million in 2025 and another 94% to $193.4 million in Q1 2026, its first quarter as a public company. Its May 2026 Nasdaq IPO raised $5.55 billion.
| Ticker | CBRS |
|---|---|
| Exchange | NASDAQ |
| Sector | Information Technology · Semiconductors (AI Systems) |
| Country | United States |
| Held by ETF | KODEX US AI Semiconductor TOP3 Plus ETF (0151S0) |
| Wikidata | Q66604886 |
| Last updated | 2026-07-05 |
Next event: Next earnings · Q2 2026 , estimated · Not company-confirmed. Calendar-estimated: the June-quarter (Q2 2026) is typically reported in mid-August; no date was set at the June 23, 2026 Q1 release. Confirm on investors.cerebras.ai. (source)
Latest reported quarter: Q1 fiscal 2026 (ended Mar 31, 2026) (reported 2026-06-23)
In its first results as a public company, Cerebras reported Q1 2026 revenue of $193.4 million, up 94% year over year and 13% sequentially, with core (non-GAAP) revenue of $191.3 million, up 92%. The GAAP net loss narrowed to $14.0 million, or $0.22 per share, from $23.9 million a year earlier; the core net loss was $2.5 million; adjusted EBITDA turned positive at $12.7 million; and GAAP gross margin rose to 44.6%. The company guided full-year 2026 core revenue to $855-865 million, up about 69% at the midpoint.
| Revenue (Q1 FY2026) | $193.4M +94% YoY · +13% QoQ; core (non-GAAP) revenue $191.3M, +92% |
|---|---|
| GAAP net loss (Q1 FY2026) | $(14.0)M · Narrowed from $(23.9)M a year earlier; EPS $(0.22) |
| Core net loss (Q1 FY2026) | $(2.5)M · Adjusted EBITDA positive at $12.7M vs $(15.4)M a year earlier |
| GAAP gross margin (Q1 FY2026) | 44.6% · Core gross margin 46.5%; up from 39.0% for full-year 2025 |
| Cash & investments | $3.3B · Cash, equivalents, restricted cash and short-term investments; operating cash flow positive $12.3M |
Guidance: Q2 2026 and full-year 2026
| Q2 2026 core revenue | ~$194.0M · Up about 88% year over year; core gross margin 36-38% |
|---|---|
| FY2026 core revenue | $855-865M · Up about 69% at the midpoint; core gross margin 38-41% |
Outlook issued with the Q1 2026 results on June 23, 2026.
Recent & upcoming events
- · OpenAI signs a multi-year inference deal. Cerebras announced a multi-year agreement under which OpenAI deploys 750 megawatts of its high-speed inference compute. The refiled S-1 values the master agreement at more than $20 billion through 2028, and OpenAI holds warrants to purchase Cerebras stock. (source)
- · Form S-1 refiled for a Nasdaq IPO. The prospectus disclosed 2025 revenue of $510.0 million, up 76%, with G42 at 24% and MBZUAI at 62% of revenue, versus a single-customer 85% G42 concentration in 2024. The first IPO attempt, filed in September 2024, had been withdrawn. (source)
- · IPO priced at $185 per share. Cerebras sold 30 million Class A shares for gross proceeds of about $5.55 billion, the largest US tech IPO since Uber's 2019 debut, with Morgan Stanley, Citigroup, Barclays, and UBS leading the offering. (source)
- · Nasdaq debut closes up 68% at a ~$95 billion value. CBRS opened at $350, peaked at $386, and closed its first session at $311.07, up 68% from the $185 IPO price, valuing the wafer-scale chipmaker at about $95 billion. (source)
- · First results as a public company · Q1 2026. In its debut report as a public company, Cerebras posted Q1 2026 revenue of $193.4 million, up 94% year over year, with the GAAP net loss narrowing to $14.0 million and adjusted EBITDA turning positive at $12.7 million. It guided full-year 2026 core revenue to $855-865 million and detailed the OpenAI 750-megawatt deployment and a new AWS inference partnership. (source)
First-quarter fiscal 2026 figures are from Cerebras's SEC 8-K Exhibit 99.1 (quarter ended March 31, 2026). Full-year 2025 figures are from the Form S-1 (Apr 17, 2026); IPO figures are from the May 13 pricing release and CNBC.
Figures are as of 2026-06-23 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Cerebras do?
Cerebras makes the Wafer-Scale Engine (WSE), the world’s only commercialized wafer-scale processor: a single piece of silicon carrying 900,000 compute cores, 44 gigabytes of on-chip memory, and 21 petabytes per second of memory bandwidth. The WSE-3 is 58 times larger than NVIDIA’s B200 chip and has 2,625 times more memory bandwidth than the B200 package (Cerebras S-1, Apr 17, 2026). The company sells that chip two ways: inside CS systems deployed on premises, and through a cloud service that rents out what it markets as the fastest AI inference available. The ramp behind the IPO was steep: revenue grew from $24.6 million in 2022 to $78.7 million in 2023, $290.3 million in 2024, and $510.0 million in 2025, a 76% jump in the final year (Cerebras S-1). Its disclosed significant customers are OpenAI, G42, MBZUAI, and AWS.
How is AI driving Cerebras’s business?
Through the market’s turn toward fast inference. As AI usage shifts from human chat queries to continuous agent workloads, token consumption compounds, and Cerebras claims its architecture serves inference up to 15 times faster than leading GPU-based solutions (Cerebras, Jun 9, 2026). The thesis converted into contracts in 2026. In January, OpenAI agreed to deploy 750 megawatts of Cerebras compute under a multi-year master agreement the S-1 values at more than $20 billion through 2028, with the two companies co-designing future models for future hardware (CNBC, Jan 14, 2026; Cerebras S-1). In March 2026, AWS began distributing Cerebras inference through its cloud, opening a second channel to enterprises and startups (Cerebras S-1). Co-founder and CEO Andrew Feldman described the demand pattern on listing day:
“There’s some whales out there, there’s some really big customers. That is one of the characteristics of this market.”
— Andrew Feldman, co-founder and CEO, Cerebras (CNBC, May 14, 2026)
What did Cerebras report most recently?
The latest print is the first as a public company: Q1 2026 revenue of $193.4 million, up 94% year over year and 13% sequentially, with core (non-GAAP) revenue of $191.3 million, up 92% (Cerebras 8-K, Jun 23, 2026). The GAAP net loss narrowed to $14.0 million, or $0.22 per share, from $23.9 million a year earlier; the core net loss was just $2.5 million; adjusted EBITDA turned positive at $12.7 million; and GAAP gross margin recovered to 44.6% from the 39.0% full-year 2025 level. Hardware revenue was $110.6 million and cloud and other services $82.8 million, up 178% year over year. The audited full-year 2025 base in the S-1 was revenue of $510.0 million, up 76%, with GAAP net income of $237.8 million and a non-GAAP net loss of $75.7 million (Cerebras S-1, Apr 17, 2026). The IPO remains the other headline event: 30 million Class A shares priced at $185 on May 13, 2026 for gross proceeds of about $5.55 billion (Cerebras, May 13, 2026), and the stock closed its first Nasdaq session at $311.07, up 68%, valuing the company at roughly $95 billion in the largest US tech IPO since Uber’s 2019 debut (CNBC, May 14, 2026).
What is Cerebras’s guidance?
Cerebras issued its first guidance with the Q1 2026 results. It expects full-year 2026 core revenue of $855-865 million, up about 69% at the midpoint, with a 38-41% core gross margin, and second-quarter core revenue of about $194 million, up roughly 88% (Cerebras 8-K, Jun 23, 2026). The longer forward anchor is contractual rather than guided: the OpenAI master agreement worth more than $20 billion deploys 750 megawatts in stages starting in 2026, so the coming prints will show how quickly that ramp converts into recognized revenue (Cerebras S-1).
What are the risks for Cerebras?
- Customer concentration. Two UAE-linked customers were 86% of 2025 revenue: MBZUAI at 62% and G42 at 24%, after G42 alone was 85% in 2024. The first IPO attempt in September 2024 was withdrawn largely over scrutiny of that reliance (Cerebras S-1; CNBC, May 14, 2026).
- NVIDIA and the GPU ecosystem. Cerebras competes against the industry-standard CUDA stack, and NVIDIA bought assets from inference-chip startup Groq for $20 billion in December 2025, a direct move into Cerebras-style fast inference (CNBC, May 14, 2026).
- Capital intensity of the cloud pivot. Serving inference requires data-center capacity ahead of revenue. GAAP gross margin recovered to 44.6% in Q1 2026 from the 39.0% full-year 2025 level, but Cerebras guided core gross margin down to 36-38% next quarter as new capacity comes online, and it expects to need significant additional capital (Cerebras 8-K, Jun 23, 2026).
- New-issue volatility. The stock closed its first day up 68% at a ~$95 billion value against 2025 revenue of $510 million, guided to $855-865 million for 2026 and still a negative bottom line, so the valuation embeds the OpenAI ramp executing on schedule (CNBC, May 14, 2026).
Related securities, concepts & terms
Cerebras is the wafer-scale challenger inside the US AI semiconductor concept, the US-listed supply side of the AI build-out, and one of the first adopters of Arm’s AGI CPU as a head node beside its accelerators.
- US AI Semiconductor parent
- NVIDIA (NVDA) sibling
- Arm Holdings (ARM) related
- AI accelerator related
Related indices & ETFs
- KODEX US AI Semiconductor TOP3 Plus ETF (0151S0) · Samsung Asset Management Korea-listed ETF (January 13, 2026) tracking the Akros US AI semiconductor index; Cerebras is a constituent of the concept.
- Akros U.S. AI Semiconductor Top 3 Plus Index (AUAIST3P) · Akros Technologies, Inc. The Akros index that frames the US AI semiconductor concept and the benchmark the KODEX ETF tracks.
These references describe index-tracking relationships as a matter of fact and are not a recommendation to buy any product. Akros, as the index provider, may receive licensing fees from product sponsors. Review the product's prospectus before investing.
Frequently asked questions about Cerebras
What does Cerebras Systems do?
Cerebras builds the Wafer-Scale Engine, the only commercialized wafer-scale AI processor: one chip with 900,000 compute cores, 44 gigabytes of on-chip memory, and 58 times the size of NVIDIA's B200 (Cerebras S-1, Apr 17, 2026). It sells the chip inside CS systems for on-premises clusters and as a fast-inference cloud service, and its disclosed significant customers are OpenAI, G42, MBZUAI, and AWS.
What was Cerebras's latest reported revenue?
Cerebras reported its first results as a public company on June 23, 2026: Q1 2026 revenue of $193.4 million, up 94% year over year and 13% sequentially, with core (non-GAAP) revenue of $191.3 million, up 92% (Cerebras 8-K, Jun 23, 2026). The GAAP net loss narrowed to $14.0 million, or $0.22 per share, from $23.9 million a year earlier, GAAP gross margin was 44.6%, and adjusted EBITDA turned positive at $12.7 million. For full-year 2025 the S-1 had shown revenue of $510.0 million, up 76% (Cerebras S-1).
What is Cerebras's guidance?
With its first results on June 23, 2026, Cerebras guided full-year 2026 core revenue to $855-865 million, up about 69% at the midpoint, with a 38-41% core gross margin, and second-quarter core revenue to about $194 million, up roughly 88% (Cerebras 8-K, Jun 23, 2026). The longer forward anchor is contractual: the OpenAI master agreement worth more than $20 billion deploys 750 megawatts of compute in stages from 2026 (Cerebras S-1).
When does Cerebras report its next earnings?
Cerebras reported its first quarter as a public company, Q1 2026, on June 23, 2026, and had not set a date for its Q2 2026 report as of that release; the June-quarter results would typically land in mid-August (Cerebras 8-K, Jun 23, 2026). Check investors.cerebras.ai for the confirmed date.
How concentrated is Cerebras's customer base?
Heavily. Two UAE-linked customers accounted for 86% of 2025 revenue: Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) at 62% and G42 at 24%, after G42 alone was 85% of 2024 revenue (Cerebras S-1). Cerebras's first public-company report, for Q1 2026, still lists OpenAI, G42, MBZUAI, and AWS as its significant customers (Cerebras 8-K, Jun 23, 2026). The OpenAI deal worth more than $20 billion and the AWS inference partnership are the diversification path, and both OpenAI and Amazon hold warrants on Cerebras stock.
Why is Cerebras part of the US AI semiconductor concept?
Because it is the wafer-scale alternative to the GPU inside the same AI build-out. Its processor is 58 times larger than NVIDIA's B200 with 2,625 times the memory bandwidth of the B200 package, sold for the fast-inference workloads that agentic AI multiplies (Cerebras S-1). Revenue grew 76% to $510.0 million in 2025 and rose another 94% year over year to $193.4 million in Q1 2026 (Cerebras 8-K, Jun 23, 2026), and its $5.55 billion May 2026 IPO was the largest for a US tech company since Uber in 2019 (CNBC, May 14, 2026).
Sources & references
- Cerebras Systems Inc. Reports First Quarter Fiscal 2026 Financial Results (SEC 8-K, Exhibit 99.1) · Cerebras Systems Inc. / SEC EDGAR, 2026-06-23
- Cerebras Systems Inc. Form S-1 Registration Statement · Cerebras Systems Inc. / SEC EDGAR, 2026-04-17
- Cerebras Systems Announces Pricing of Initial Public Offering · Cerebras Systems Inc., 2026-05-13
- Cerebras (CBRS) starts trading on Nasdaq after IPO · CNBC, 2026-05-14
- Cerebras scores OpenAI deal worth over $10 billion ahead of AI chipmaker's IPO · CNBC, 2026-01-14
- Cerebras Systems Sets Date of First-Quarter 2026 Financial Results · Cerebras Systems Inc., 2026-06-09
- Cerebras Systems · investor relations · Cerebras Systems Inc., 2026-06-10