Cerebras Systems
Builds wafer-scale AI systems and cloud compute for model training and low-latency inference.
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Profile
Offers Wafer-Scale Engine processors, CS-3 systems, developer software and cloud compute for AI training and inference. Revenue combines on-premises system sales and renewable subscriptions with dedicated and consumption-based cloud capacity, a model dependent on third-party manufacturing and data-center infrastructure.
Designs Wafer-Scale Engine processors, CS-3 AI systems, CSoft developer software and cloud inference services for AI training and inference. On-premises systems include renewable software subscriptions, while the Cerebras Inference Cloud provides dedicated-capacity and consumption-based compute through direct sales, marketplaces and technology partners.
Serves hyperscalers, foundation-model laboratories, AI-native businesses, enterprises, research institutions, national laboratories and sovereign-AI programs, with customer billing concentrated in the United States and EMEA. Its full-stack model combines proprietary chip, system and software design with a fabless supply chain, wafer packaging and testing in Sunnyvale, plus cloud capacity. Execution depends on third-party data centers with sufficient power, networking and liquid cooling; TSMC wafer supply; export licensing; and a concentrated customer base.
Company facts
Key statistics
Year to date −42.5% · Average volume (30d) 7.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 13, 2026 | Morgan Stanley | Reiterate | Overweight | $273 | $279 |
| Aug 13, 2026 | UBS | Reiterate | Buy | $320 | $330 |
| Jul 27, 2026 | Mizuho Securities | Target | $300 | $310 | |
| Jun 24, 2026 | Wedbush | Reiterate | Outperform | $270 | $280 |
| Jun 24, 2026 | Rosenblatt Securities | Target | $300 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 12, 2026Q2 FY26 | −$0.17 | −$0.04 | +76.7% | $190.6M | $209.9M | +10.1% | −11.85% |
| Jun 23, 2026Q1 FY26 | −$0.16 | −$0.04 | +75.6% | $181.2M | $191.3M | +5.6% | −19.61% |
Financial highlights
| 10 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $99.5M | $103.3M | $135.7M | $171.4M | $193.4M | $180.1M | |
| Gross profit | $41.6M | $32.1M | $55.1M | $70.2M | $86.2M | $25.6M | |
| Operating income | −$28.5M | −$57.2M | −$26.5M | −$33.7M | −$15.0M | −$477.2M | |
| Net income | −$23.9M | $309.5M | −$22.2M | −$25.6M | −$14.0M | −$450.5M | |
| Diluted EPS | −$0.11 | $1.44 | −$0.10 | −$0.12 | −$0.06 | −$2.98 | |
| Gross margin | 41.8% | 31.1% | 40.6% | 41.0% | 44.6% | 14.2% | |
| Operating margin | -28.6% | -55.3% | -19.5% | -19.7% | -7.8% | -265.0% |
Fiscal years (4-quarter sums)FY24 $290.3M · FY25 $510.0M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $8.61B · Total debt $1.49B · Total assets $11.63B · Shareholders' equity $9.15B
Dividends
No dividends on record.
Ownership
Shares outstanding 226.54M · Float 60.85M · 26.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Andrew D. Feldman · director, officer: CEO, President | 13.96M | 6.16% | Form 4 | Aug 25, 2026 |
| Eclipse Ventures, LLC | 11.45M | 5.05% | 13F | Aug 7, 2026 |
| Atreides Management, LP | 10.54M | 10.70% | 13G | Aug 14, 2026 |
| Benchmark Capital Management Co. VIII, L.L.C. · 10 percent owner | 8.86M | 3.91% | Form 4 | Aug 26, 2026 |
| FMR LLC | 8.44M | 3.72% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | Andrew D. Feldman | director, officer: CEO, President | −237,559 | $199.27 |
| Aug 21, 2026 | Sean Lie | officer: Chief Technology Officer | −16,293 | $210.01 |
| Aug 20, 2026 | Sean Lie | officer: Chief Technology Officer | −710,247 | $207.86 |
| Aug 18, 2026 | Yagnesh Patel | officer: Chief Accounting Officer | −4,574 | $222.22 |
| Aug 18, 2026 | Sean Lie | officer: Chief Technology Officer | −21,257 | $222.22 |
Peers
- Nvidia
Dominant full-stack rival in AI accelerators, systems, and cloud.
- Amazon
AWS and Trainium compete for AI cloud capacity and systems.
- Microsoft
Azure AI infrastructure rivals for enterprise and model-lab capacity.
- Alphabet Class A
Google Cloud TPUs and AI platforms rival in training and inference.
- AMD
Alternative AI accelerator and rack-scale system supplier.
- Oracle
OCI contests large-scale AI cloud capacity and infrastructure deals.
- CoreWeave
Specialist GPU cloud rival for large-scale AI compute.
- Intel
Enterprise AI accelerator alternative for training and inference.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cerebras Systems | $178.89 | −0.05% | $40.57B | — | — | 59.6 | — |
| Nvidia | $217.88 | +0.15% | $5.27T | 27.5 | 19.6 | 17.4 | +105.9% |
| Amazon | $266.10 | −0.11% | $2.87T | 21.4 | 28.5 | 3.7 | +19.6% |
| Microsoft | $513.06 | −0.06% | $3.81T | 28.6 | 26.2 | 11.5 | +17.8% |
| Alphabet Class A | $346.00 | −0.14% | $4.19T | 17.4 | 25.8 | 9.4 | +24.2% |
| AMD | $466.05 | +0.10% | $759.17B | 119.4 | 41.6 | 18.4 | +50.1% |
| Oracle | $150.95 | +0.17% | $434.14B | 25.9 | 18.7 | 6.4 | +20.6% |
| CoreWeave | $84.03 | −0.27% | $45.95B | — | — | 6.1 | +112.3% |
| Intel | $89.24 | −0.21% | $451.29B | — | 53.8 | 7.9 | +25.4% |
| Median | 26.7 | 26.2 | 8.7 | +24.8% |