Cerebras
What matters nowUpdated 3 h ago
- On October 12 Cerebras shares fell about 10% to a post-IPO low, well below the $185 IPO price, amid the OpenAI chip-workload report, concern about insider selling before the lock-up expiry, and weakness across semiconductors 1. The pooled 24/7 venue price is $148.25, up 1.41% from the previous close of $146.19.
- Between September 25 and October 2 the stock fell 19.5%, with its sharpest session on September 30 (down 8.9%), after a report said OpenAI moved an Ultrafast workload to Nvidia; the drop was not from that report alone 2. On October 1 it fell 8.87% to $177.65 as about 19.4 million shares became eligible for sale at the lock-up release, and insider Form 144 notices covered about $84.3 million of stock 3. It rebounded up to 9.5% on October 5 after Sam Altman called Cerebras a close OpenAI partner 4.
- Key numbers: 2025 revenue was $510.0 million, about 70% hardware and 30% cloud and other services, and remaining performance obligations were $25.4 billion at June 30, 2026. The company had net cash of about $5.8 billion at June 30, 2026. Insiders made 25 sales worth about $408.4 million over the last 180 days, 10 of them planned, and no insider buys.
- Partnerships: General Compute signed a multi-year deal on September 29 to deploy Cerebras inference at scale, available through General Compute from Q1 2027, with the hardware financed by its lenders rather than Cerebras's balance sheet 5. The OpenAI capacity deployment, agreed in December 2025, has an initial tranche of 250 MW.
- Next: Q3 2026 earnings are expected on November 10, 2026, not yet confirmed by the company, and the first annual report (Form 10-K) for fiscal 2026 is due by March 31, 2027.
- Macro backdrop: September CPI is due October 14, 2026, and Polymarket gives 81.5% odds of no change in Fed interest rates after the October 2026 meeting.
TipRanks · Oct 12
Trefis · Oct 2
24/7 Wall St. · Oct 1
International Business Times · Oct 5
Cerebras · Sep 29
Cerebras builds AI compute built around its Wafer-Scale Engine, a single processor the size of a whole silicon wafer. It sells CS-3 systems and linked AI supercomputers to data-center operators and AI labs, and it sells access to the same hardware as cloud inference and compute services. It listed on Nasdaq under CBRS in May 2026 at an IPO price of $185 per share. Revenue for 2025 was $510.0 million, split about 70% hardware and 30% cloud and other services, and its remaining performance obligations were $25.4 billion at June 30, 2026.
How it makes money
Cerebras earns revenue in two ways: it sells CS-3 systems and AI supercomputers outright, and it rents out capacity through its cloud and inference service. Hardware sales are lumpy and tied to large data-center builds, so quarterly results can swing. The cloud business is consumption-based and recurring. A small number of very large customers drive the top line: in Q2 2026 two customers accounted for 34% and 32% of revenue. Its $25.4 billion of remaining performance obligations, much of it tied to an OpenAI agreement, gives the company a long contracted revenue backlog.
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CS-3 systems
Shipping; hardware is the larger share of revenue but was $54.1 million in Q2 2026.
Wafer-Scale Engine
Current generation processor; the foundation of every CS-3 system.
AI supercomputers
Sold as clusters of linked CS-3 systems for large training and inference deployments.
Cerebras Cloud and Inference
Cloud and other services revenue was $126.0 million in Q2 2026; the full-year 2025 total was $151.6 million.
Latest newsAll news →
Cerebras drops about 10% to post-IPO low on OpenAI, lock-up and sector worries
Cerebras shares fell about 10% on October 12, a post-IPO low well below the $185 IPO price, while the iShares Semiconductor ETF fell 2.5%.
Cerebras rebounds up to 9.5% after Altman calls it a close OpenAI partner
Shares rose as much as 9.5% on October 5 after OpenAI CEO Sam Altman wrote on X on October 2 that Cerebras is a close partner with deep engagement on speed.
Report says OpenAI moved Ultrafast workload to Nvidia; Cerebras down about 19.5% that week
A report attributed to CNBC said Cerebras lost a key OpenAI workload to Nvidia, tied to the Ultrafast mode of one OpenAI model.
Cerebras falls below $185 IPO price as 19.4 million shares unlock and insiders file to sell
Cerebras shares fell 8.87% to $177.65 on October 1, below the $185 IPO price, as about 19.4 million shares became eligible for sale at the lock-up release.
General Compute signs multi-year deal for Cerebras ultra-fast inference
Neocloud General Compute signed a multi-year agreement to deploy Cerebras inference at scale, starting with agentic coding.
Gimlet Labs adds Cerebras to its Gimlet Cloud inference
Gimlet Labs will offer Cerebras-powered inference through Gimlet Cloud, with speeds of up to 3,000 tokens per second claimed in the release.
Products & businesses
CS-3 systems
Shipping; hardware is the larger share of revenue but was $54.1 million in Q2 2026.
Wafer-Scale Engine
Current generation processor; the foundation of every CS-3 system.
AI supercomputers
Sold as clusters of linked CS-3 systems for large training and inference deployments.
Cerebras Cloud and Inference
Cloud and other services revenue was $126.0 million in Q2 2026; the full-year 2025 total was $151.6 million.
OpenAI capacity deployment
Agreement signed in December 2025 to deploy Cerebras capacity for OpenAI; the initial tranche is 250 MW.
Software stack
Compiler, serving stack and cluster manager ship with the hardware and cloud products.
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| Hardware Sales of CS-3 systems built on the Wafer-Scale Engine, and of AI supercomputers made by linking many CS-3 systems together, to data-center operators, AI labs and governments. | $358.4M | 70.3% | |
| Cloud and other services Consumption-based cloud compute and inference services that run on Cerebras hardware, plus related services sold alongside the systems. | $151.6M | 29.7% |
Fiscal 2025 · from the annual report
Financial statements
| Metric | TTM | Q2 FY2026 2026-06-30 | Q1 FY2026 2026-03-31 |
|---|---|---|---|
| Revenue | — | $180.1M | $193.4M |
| Gross profit | — | $25.6M | $86.2M |
| Operating income | — | −$477.2M | −$15.0M |
| Net income | — | −$450.5M | −$14.0M |
| EPS (diluted) | — | $-2.98 | $-0.22 |
| Operating cash flow | — | −$59.8Md | $12.3M |
| Capital expenditure | — | $416.9Md | $132.0M |
| Cash & equivalents | $6.74B | $6.74B | $1.72B |
| Total debt | $918.2M | $918.2Md | $982.9Md |
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| Cost of revenue |
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| Research & development |
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| Depreciation & amortization |
| Income tax |
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| Diluted shares (weighted) |
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From XBRL data in SEC filings. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
Cerebras drops about 10% to post-IPO low on OpenAI, lock-up and sector worries
Cerebras shares fell about 10% on October 12, a post-IPO low well below the $185 IPO price, while the iShares Semiconductor ETF fell 2.5%.
Cerebras rebounds up to 9.5% after Altman calls it a close OpenAI partner
Shares rose as much as 9.5% on October 5 after OpenAI CEO Sam Altman wrote on X on October 2 that Cerebras is a close partner with deep engagement on speed.
Report says OpenAI moved Ultrafast workload to Nvidia; Cerebras down about 19.5% that week
A report attributed to CNBC said Cerebras lost a key OpenAI workload to Nvidia, tied to the Ultrafast mode of one OpenAI model.
Cerebras falls below $185 IPO price as 19.4 million shares unlock and insiders file to sell
Cerebras shares fell 8.87% to $177.65 on October 1, below the $185 IPO price, as about 19.4 million shares became eligible for sale at the lock-up release.
General Compute signs multi-year deal for Cerebras ultra-fast inference
Neocloud General Compute signed a multi-year agreement to deploy Cerebras inference at scale, starting with agentic coding.
Gimlet Labs adds Cerebras to its Gimlet Cloud inference
Gimlet Labs will offer Cerebras-powered inference through Gimlet Cloud, with speeds of up to 3,000 tokens per second claimed in the release.
Cerebras unveils CS-4 with three wafers per rack at SUPERNOVA event
Cerebras unveiled the CS-4 at its SUPERNOVA event, a rack with three WSE-3 Turbo wafers and 750 petaflops of sparse FP16 compute.
Cerebras shares fall about 12% after Q2 revenue and loss miss
Cerebras shares fell about 11.9% on August 13, the first session after the second-quarter report, while the S&P 500 rose 0.7% and the Nasdaq Composite rose 0.9%.
Cerebras powers OpenAI Ultrafast mode for GPT-5.6 Sol
Cerebras said it powers an Ultrafast service tier for OpenAI's GPT-5.6 Sol model, which is in limited preview for OpenAI customers.
Cerebras Q2 2026 revenue $180.1 million, net loss $2.98 per share; core guidance raised
Cerebras reported second-quarter 2026 GAAP revenue of $180.1 million, up 74% from a year earlier, and a net loss of $2.98 per share.
Lovable signs for dedicated Cerebras inference capacity
AI app builder Lovable will run selected latency-sensitive workloads on dedicated Cerebras capacity, and the two companies will explore new product experiences that faster inference enables.
AMD and Cerebras announce disaggregated inference solution
AMD and Cerebras will pair AMD Helios systems with the Cerebras Wafer-Scale Engine in one disaggregated inference workflow.
CrowdStrike and Cerebras partner on AI detection and response
CrowdStrike will run its Falcon AI Detection and Response models on Cerebras inference hardware.
Cerebras sets August 12 date for second-quarter 2026 results
Cerebras said it will report second-quarter 2026 results after the market closes on Wednesday, August 12, 2026, and hold a conference call the same day at 5 p.m.
Cerebras plans 200 MW of European AI compute by end of 2027
At the RAISE Summit in Paris, Cerebras said its first European data-center capacity will come online by the end of 2026, with build-out in France and the Nordic countries.
Cerebras shares fall about 14% on full-year gross margin outlook of 38-41%
Cerebras shares fell about 14% after the first-quarter report, as investors focused on the gross margin outlook rather than revenue growth.
Cerebras first public quarter: revenue up 94% to $193.4 million, 2026 core revenue guidance $855-865 million
Cerebras reported its first results as a public company for the quarter ended March 31, 2026.
Cerebras prices IPO at $185 per share, 30 million Class A shares
Cerebras priced its initial public offering at $185.00 per share for 30 million Class A shares, with underwriters holding an option on 4.5 million more.
Digi Power X signs 40 MW Alabama colocation deal with Cerebras, about $1.1 billion
Digi Power X agreed to provide about 40 MW of AI data-center capacity in Columbiana, Alabama, to Cerebras under a 10-year colocation agreement.
AWS to offer Cerebras CS-3 inference on Amazon Bedrock
Amazon Web Services and Cerebras announced a collaboration to run disaggregated AI inference on Amazon Bedrock.
Cerebras closes $1 billion Series H at about $23 billion valuation
Cerebras closed a $1 billion Series H financing at a post-money valuation of about $23 billion, led by Tiger Global.
OpenAI signs multi-year deal for up to 750 MW of Cerebras compute
OpenAI and Cerebras announced a multi-year agreement under which OpenAI will buy up to 750 megawatts of Cerebras high-speed inference compute, delivered in tranches through 2028.
SEC filings
| Oct 7, 26 | 4 | Form 4: Vishria Eric (Director) — other 59,126 sh | sec.gov ↗ |
| Oct 6, 26 | 4 | Form 4: Feldman Andrew D. (CEO, President, Director) — other 159 sh | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: Susan Lior (Director) — other 1,329,973 sh | sec.gov ↗ |
| Sep 30, 26 | 4 | Form 4: Komin Robert Patrick Jr. (Chief Financial Officer) — open-market sale 32,500 sh | sec.gov ↗ |
| Sep 30, 26 | 4 | Form 4: Mallick Dhiraj (Chief Operating Officer) — conversion 276,000 sh, open-market sale 396,000 sh | sec.gov ↗ |
| Sep 30, 26 | 4 | Form 4: Patel Yagnesh (Chief Accounting Officer) — open-market sale 1,320 sh | sec.gov ↗ |
| Sep 29, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 29, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 28, 26 | 4 | Form 4: Lie Sean (Chief Technology Officer) — conversion 120,000 sh, gift 36,000 sh, open-market sale 120,000 sh | sec.gov ↗ |
| Sep 25, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 25, 26 | 4 | Form 4: Susan Lior (Director) — other 500,610 sh | sec.gov ↗ |
| Sep 23, 26 | 4 | Form 4: Feldman Andrew D. (CEO, President, Director) — other 120 sh | sec.gov ↗ |
| Sep 23, 26 | 4 | Form 4: Vishria Eric (Director) — other 44,507 sh | sec.gov ↗ |
| Sep 17, 26 | 4 | Form 4: Susan Lior (Director) — other 499,312 sh | sec.gov ↗ |
| Sep 10, 26 | 4 | Form 4: Vishria Eric (Director) — other 44,507 sh | sec.gov ↗ |
| Sep 8, 26 | 4 | Form 4: Vassallo Steven (Director) — open-market sale 50,000 sh | sec.gov ↗ |
| Sep 8, 26 | 4 | Form 4: Lie Sean (Chief Technology Officer) — conversion 46,141 sh, gift 16,038 sh, open-market sale 53,460 sh | sec.gov ↗ |
| Sep 8, 26 | 4 | Form 4: Feldman Andrew D. (CEO, President, Director) — conversion 37,441 sh, open-market sale 37,441 sh, other 120 sh | sec.gov ↗ |
| Sep 4, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 4, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 4, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 4, 26 | 4 | Form 4: Susan Lior (Director) — other 996,161 sh | sec.gov ↗ |
| Aug 26, 26 | 4 | Form 4: Vishria Eric (Director) — other 44,507 sh | sec.gov ↗ |
| Aug 26, 26 | 4 | Form 4: Benchmark AI Infrastructure Management Co., L.L.C. (10% Owner) — derivative/holdings only | sec.gov ↗ |
| Aug 26, 26 | 4 | Form 4: Benchmark Capital Management Co. VIII, L.L.C. (10% Owner) — conversion 963,818 sh, other 963,818 sh | sec.gov ↗ |
Insider trades, 12 months
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-29 | Mallick Dhiraj Chief Operating Officer | Sale 10b5-1 plan | 396.0K | $204.04 | $80.8M |
| 2026-09-29 | Komin Robert Patrick Jr. Chief Financial Officer | Sale 10b5-1 plan | 32.5K | $203.53 | $6.6M |
| 2026-09-28 | Patel Yagnesh Chief Accounting Officer | Sale 10b5-1 plan | 1.3K | $204.50 | $269.9K |
| 2026-09-25 | Lie Sean Chief Technology Officer | Sale 10b5-1 plan | 120.0K | $208.97 | $25.1M |
| 2026-09-04 | Feldman Andrew D. CEO, President, Director | Sale 10b5-1 plan | 37.4K | $210.46 | $7.9M |
| 2026-09-04 | Lie Sean Chief Technology Officer | Sale 10b5-1 plan | 53.5K | $210.16 | $11.2M |
| 2026-09-04 | Vassallo Steven Director | Sale | 50.0K | $210.30 | $10.5M |
| 2026-08-21 | Lie Sean Chief Technology Officer | Sale 10b5-1 plan | 16.3K | $210.01 | $3.4M |
| 2026-08-21 | Feldman Andrew D. CEO, President, Director | Sale 10b5-1 plan | 237.6K | $199.27 | $47.3M |
| 2026-08-20 | Lie Sean Chief Technology Officer | Sale 10b5-1 plan | 710.2K | $207.86 | $147.6M |
| 2026-08-18 | Feldman Andrew D. CEO, President, Director | Sale | 26.6K | $222.22 | $5.9M |
| 2026-08-18 | Lie Sean Chief Technology Officer | Sale | 21.3K | $222.22 | $4.7M |
| 2026-08-18 | Mallick Dhiraj Chief Operating Officer | Sale | 38.9K | $222.22 | $8.6M |
| 2026-08-18 | Patel Yagnesh Chief Accounting Officer | Sale | 4.6K | $222.22 | $1.0M |
| 2026-08-17 | Vishria Eric Director | Sale 10b5-1 plan | 68.3K | $229.77 | $15.7M |
| 2026-08-14 | Vassallo Steven Director | Sale | 50.0K | $218.18 | $10.9M |
| 2026-06-30 | Mallick Dhiraj Chief Operating Officer | Sale | 10.0K | $206.51 | $2.1M |
| 2026-06-26 | Patel Yagnesh Chief Accounting Officer | Sale | 4.0K | $174.03 | $688.1K |
| 2026-06-26 | Mallick Dhiraj Chief Operating Officer | Sale | 20.0K | $173.73 | $3.5M |
| 2026-06-25 | Lie Sean Chief Technology Officer | Sale | 10.0K | $170.07 | $1.7M |
| 2026-06-25 | Feldman Andrew D. CEO, President, Director | Sale | 18.0K | $173.06 | $3.1M |
| 2026-06-25 | Patel Yagnesh Chief Accounting Officer | Sale | 6.1K | $171.53 | $1.0M |
| 2026-06-25 | Patel Yagnesh Chief Accounting Officer | Sale | 46 | $189.36 | $8.7K |
| 2026-06-25 | Mallick Dhiraj Chief Operating Officer | Sale | 36.1K | $169.28 | $6.1M |
| 2026-06-25 | Mallick Dhiraj Chief Operating Officer | Sale | 13.3K | $184.89 | $2.5M |