CBRSCerebras Systems Inc.
Industry AI semis Updated 24 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
$111 → $237
Promises vs. what happened
13 claims · 3 releasesEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| Q2 '26 core revenue ~$194M | Q1 '26 | $209.9M core; GAAP fell to $180.1M | Held |
| Gross margin significantly lower | FY25 | 45% in Q1, 14% GAAP in Q2 | Held |
| Gross profit falls in dollars | FY25 | Q2 $25.6M against $32.1M a year before | Held |
| Operating expenses rise | FY25 | $502.8M in Q2 against $89.3M | Held |
| Cloud becomes most of revenue | FY25 | 70% of Q2 GAAP revenue | Held |
| OpenAI, G42 and MBZUAI carry the revenue | FY25 | about 75% of Q2 | Held |
| IPO nets ~$5.4B ($6.2B with option) | FY25 | $6.23B; $416M back out as tax withholding | Held |
| Growth slows once warrant costs start | FY25 | a quarter late: Q2, not Q1 | Late |
| 2026 core revenue $855-865M | Q1 '26 | raised to $880-890M after one quarter | Open |
| Revenue more than triple in 2027 | Q2 '26 | open; no level or margin given | Open |
| OpenAI's 750 MW, deployed 2026-28 | FY25 | started: $56.8M of OpenAI revenue in Q2 | Open |
| Backlog $24.6B, ~15% within two years | FY25 | $25.4B, 22% within two years | Open |
| AWS deploys Cerebras in its data centres | FY25 | lease signed; no revenue yet; Bedrock in Q1 '27 | Open |
What they’re pitching
the headline page, release by releaseThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'26Q2
'26
SpeedPage one since FY25
Wafer-scaleOff page one Q1 '26
OpenAIPage one since FY25
AWSPage one since Q1 '26
InferenceFirst seen FY25
CloudPage one since Q2 '26
UAEFirst seen FY25
GrowthOff page one Q2 '26
on the headline page further in the release not in the release▲ onto page one▼ off page one● first mentionTap a mark for the quote.
The fastest AI infrastructure
“We are building the fastest AI infrastructure in the world.”
Deck 424B4 final prospectus (IPO), May 2026; supersedes the S-1 and S-1/A registration statements · PROSPECTUS SUMMARY ·
The fastest AI infrastructure
“Cerebras’ wafer-scale technology delivers the fastest AI in the world.”
Deck Q1 2026 results release (8-K Ex. 99.1), read in place of a deck: Cerebras publishes none ·
The fastest AI infrastructure
““Speed changes what AI can do.”
Deck Q2 2026 results release (8-K Ex. 99.1), read in place of a deck: Cerebras publishes none ·
Wafer-scale engine versus the NVIDIA B200
“Cerebras Inference is Up to 15 Times Faster than NVIDIA GPUs Tokens per Second for Leading Open Models on Cerebras vs. NVIDIA GPUs ■ GPUs ■ Cerebras 2,500 2,457 2,000 1,735 1,500 Output Speed 1,164 Tokens/Sec 1,039 1,000 834 795 50 0 0 262 245 223 164 Qwen-3 235B GLM 4.7 MiniMax M2.5 OpenAI GPT-OSS- Llama-3.3 70B 120B Source: Cerebras data from internal measurements on April 14, 2026.”
Deck 424B4 final prospectus (IPO), May 2026; supersedes the S-1 and S-1/A registration statements · BUSINESS ·
Wafer-scale engine versus the NVIDIA B200
“Supply Chain Advantages: Through our wafer-scale architecture, we avoid many of the components that are currently in short supply.”
Deck Q2 2026 results release (8-K Ex. 99.1), read in place of a deck: Cerebras publishes none ·
OpenAI as anchor customer (750 MW)
“Hardware co-design with the world’s leading Al lab 750MW of Cerebras compute!”
Deck 424B4 final prospectus (IPO), May 2026; supersedes the S-1 and S-1/A registration statements · p. 25 (OCR) ·
OpenAI as anchor customer (750 MW)
“Announced a multi-year deal with OpenAI for 750MW valued at more than $20 billion”
Deck Q1 2026 results release (8-K Ex. 99.1), read in place of a deck: Cerebras publishes none ·
OpenAI as anchor customer (750 MW)
“OpenAI launch partner for frontier model GPT-5.6 Sol”
Deck Q2 2026 results release (8-K Ex. 99.1), read in place of a deck: Cerebras publishes none ·
AWS distribution
“seconds. Amazon Web Services (“AWS”), the world’s leading hyperscale cloud, has signed a binding term sheet with us to become the first hyperscale r to deploy Cerebras in its own data centers, providing massive distribution to”
Deck 424B4 final prospectus (IPO), May 2026; supersedes the S-1 and S-1/A registration statements · PROSPECTUS SUMMARY ·
AWS distribution
“Launched multi-year partnership with Amazon to bring Cerebras’ fast inference to AWS”
Deck Q1 2026 results release (8-K Ex. 99.1), read in place of a deck: Cerebras publishes none ·
AWS distribution
“Partnerships with AMD and AWS establish Cerebras as the leader in disaggregated inference”
Deck Q2 2026 results release (8-K Ex. 99.1), read in place of a deck: Cerebras publishes none ·
Inference and coding as the demand driver
“Fast Inference Enables the Next Generation of AI Workloads, With Coding as a Clear Early Signal”
Deck 424B4 final prospectus (IPO), May 2026; supersedes the S-1 and S-1/A registration statements · PROSPECTUS SUMMARY ·
Inference and coding as the demand driver
“o Co-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”
Deck Q1 2026 results release (8-K Ex. 99.1), read in place of a deck: Cerebras publishes none ·
Inference and coding as the demand driver
“Signed new cloud capacity agreements with leading AI coding companies including Cognition and Lovable.”
Deck Q2 2026 results release (8-K Ex. 99.1), read in place of a deck: Cerebras publishes none ·
Consumption models (cloud, partner clouds, on-premises)
“Customers Choose the Consumption Model that Fits Their Needs Cerebras Cloud On-Premises Shared Tier Try and explore.”
Deck 424B4 final prospectus (IPO), May 2026; supersedes the S-1 and S-1/A registration statements · BUSINESS ·
Consumption models (cloud, partner clouds, on-premises)
“GAAP cloud revenue grew 281%, core cloud revenue grew 287% from a year ago”
Deck Q2 2026 results release (8-K Ex. 99.1), read in place of a deck: Cerebras publishes none ·
UAE customers (G42, MBZUAI)
“accounted for 62% of our total revenue. G42 accounted for 24% and 85% of our total revenue for the years ended”
Deck 424B4 final prospectus (IPO), May 2026; supersedes the S-1 and S-1/A registration statements · OPERATIONS ·
Revenue growth
“Our revenue increased to $510.0 million in 2025, representing year-over-year growth of 76% . We earned net income”
Deck 424B4 final prospectus (IPO), May 2026; supersedes the S-1 and S-1/A registration statements · PROSPECTUS SUMMARY ·
Revenue growth
“GAAP quarterly revenue of $193.4 million ; record core revenue of $191.3 million , up 92% from a year ago”
Deck Q1 2026 results release (8-K Ex. 99.1), read in place of a deck: Cerebras publishes none ·
Revenue growth
“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.”
Deck Q2 2026 results release (8-K Ex. 99.1), read in place of a deck: Cerebras publishes none ·
What they keep talking about · 8
The themes that show up deck after deck, and the ones that disappear.
- Speed
- "The world's fastest AI infrastructure" opens the prospectus and both releases; the CEO's quote in each is about speed.
- Wafer-scale
- Three gatefold comparisons with NVIDIA's B200 in the prospectus; by Q2 the argument is supply — no HBM, no CoWoS, no 3nm.
- OpenAI
- The 750 MW deal is the first bullet of Q1 and a launch-partner line in Q2; it carries most of the $25.4B backlog.
- AWS
- A binding term sheet in the prospectus, a partnership headline in Q1, Bedrock in Q1 '27 by Q2 — size never given.
- Cloud
- Q2's headline is the cloud business, "nearly quadruples"; it was 30% of 2025 revenue and 70% of Q2's.
- Growth
- Q1 leads on 92% core growth; Q2 on core revenue doubling — while GAAP revenue fell 7% on the quarter.
- New
- Jun '26: the core measures, and every guide on them. Aug '26: "more than triple revenue in 2027".
- Quiet
- G42 and MBZUAI — 86% of 2025 revenue — appear in neither release; they were only in the prospectus's MD&A.
Every quarterly report we’ve saved · 2
The press releases and shareholder letters behind this page.
- Q2 2026 release · filed copy 12 Aug 2026
- Q1 2026 release · filed copy 23 Jun 2026
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
2 calls · Q1 26 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q1 26 | Q2 26 |
|---|---|---|
| Demand & customers | 47% | 36% |
| Growth & sales | 11% | 36% |
| Pricing & margins | 21% | · |
| Guidance & outlook | 21% | 27% |
| Capacity & supply | 58% | 18% |
| Capital & financing | · | 18% |
| Competition | 5% | · |
| Products & technology | 32% | 18% |
| Other | 5% | 18% |
| Questions | 19 | 11 |
| How much the CEO talked | 80% | 88% |
Who’s in charge, who’s selling
read from the filings · 7 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · live
Class B holds about 99.2% of the vote, with a founder-tenure sunset and a staggered board
20 votes a Class B share; all of it converts only six months after no founder is an employee or director. Three classes of directors on three-year terms, no cumulative voting, the board fills its own vacancies, and the chief executive is chairman. Three directors are partners of the funds that backed it.
Tier 1 · live
Material weaknesses, a new auditor, and guidance on measures that add back customer warrants
Weaknesses for 2025 and 2024 in revenue recognition, inventory costing, data-centre assets and equity administration. BDO dismissed and KPMG engaged in November 2025. All guidance is on core measures introduced with the first guide; the bridge went from two add-backs to five, and in Q2 GAAP revenue fell 7% while core rose.
Tier 2 · live
A few customers who are also related parties, a lender and warrant holders
G42 and MBZUAI, related to each other, were 86% of 2025 revenue. OpenAI is the anchor customer, a $918M lender and the holder of a penny warrant for 33.4M shares; customer-warrant assets reached $1.13B. Concentration was declined on both calls.
Tier 2 · live
$408M of insider sales from late June, no purchases
The CTO $193.8M, the COO $103.6M, the chief executive $64.3M, two directors $37.1M, the CFO $6.6M; the 10b5-1 box is ticked on $128M of it.
Tier 2 · stable
The chief executive's 2007 plea over accounting controls
As a Riverstone Networks vice president, Feldman settled SEC claims in 2008 without admitting or denying ($289,507 plus interest, a permanent injunction) and pled guilty in 2007 to circumventing an issuer's accounting controls (three years' probation, $5,000). Disclosed in the prospectus.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| No annual meeting yet | — | — | first in 2027 |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, May-Oct '26 | Sold | Note |
|---|---|---|
| Sean Lie, co-founder and CTO | $193.8M | 931,290 shares, 25 Jun-25 Sep '26 |
| Dhiraj Mallick, COO | $103.6M | 514,334 shares, 25 Jun-29 Sep '26 |
| Andrew Feldman, CEO and chairman | $64.3M | 319,634 shares, 25 Jun-4 Sep '26 |
| Steve Vassallo, director | $21.4M | 100,000 shares, Aug-Sep '26 |
| Eric Vishria, lead independent director | $15.7M | 68,268 shares on 17 Aug '26, under a plan |