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Technology · NASDAQ: CBRS

Cerebras: how the business works

Cerebras designs very large AI chips, sells computer systems built on them and rents out their computing power, with revenue of $510.0 million in FY2025.

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Cerebras Systems Inc. · Sunnyvale, California · Founded 2016

Last updated

Revenue, FY2025
$510.0M
Loss from operations, FY2025
$145.9M
Total net income, FY2025 (incl. $363.3M non-cash gain)
$237.8M
Remaining performance obligations, Jun 30, 2026
$25.4B
Employees, Dec 31, 2025
708

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Cerebras in 5 points

  1. 1 · What it sells

    Cerebras designs very large AI chips, sells computer systems built on them and rents out their computing power through its cloud, with $510.0 million of revenue in FY2025.

    More: what it sells

    Sources

    Form 424B4 final prospectus, initial public offering (dated May 13, 2026)

  2. 2 · Who pays it

    In Q2 FY2026, the Abu Dhabi university MBZUAI paid 34% of revenue, an unnamed customer 32%, a second unnamed customer 10%, the Abu Dhabi group G42 9% and all others 15%.

    More: who pays it

    Sources

    Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, Cerebras kept $26.4 as total net income, which includes a $363.3 million non-cash gain, while operations lost $28.6 per $100 of revenue.

    More: what it keeps from $100

    Sources

    Form 424B4 final prospectus, initial public offering (dated May 13, 2026)

  4. 4 · Where the operating profit comes from

    Cerebras reports one business segment and has no operating profit: it lost $145.9 million on operations in FY2025 and $477.2 million in Q2 FY2026, including $377.0 million of stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more.

    More: where the operating profit comes from

    Sources

    Form 424B4 final prospectus, initial public offering (dated May 13, 2026); Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)

  5. 5 · The one thing to watch

    At Jun 30, 2026, Cerebras reported $25.4 billion of remaining performance obligationsSigned contracts with customers that have not been billed yet., about 22% expected within 24 months, against $373.5 million of revenue in H1 FY2026.

    More: the one thing to watch

    Sources

    Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)

Sources: From Cerebras's May 2026 IPO prospectus (424B4) and Q2 FY2026 10-Q · checked

See the full receipt and the management scorecard below

01Where the money goes · FY2025

Where does $100 of Cerebras' money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Cerebras · FY2025

Receipt for every $100

Where $100 of Cerebras' money went in FY2025
Cost of hardware sold$22.7
Cost of cloud and other services$11.8
Research and development$27.0
Sales and marketing$7.8
General and administrative$3.4
Income tax$0.8
Kept as total net income (includes the non-cash gain)$26.4
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from 424B4 filed May 14, 2026. Of every $100 that came in during FY2025 (revenue $510.0 million + other income $390.7 million = $900.7 million). $363.3 million of that other income is a non-cash gain, not money from customers. Measured on revenue alone, the operating loss was $28.6 per $100. Operations lost $477.2 million in Q2 FY2026.

Sources

Form 424B4 final prospectus, initial public offering (dated May 13, 2026)

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02The business in one line

What does Cerebras do?

AI companies and research groups pay Cerebras for its AI computers and for cloud computing time; most of the money goes on making those systems and on research, and operations lost money in every year on file.

  • Hardware brought in $358.4 million of $510.0 million revenue in FY2025; in Q2 FY2026 cloud and other services brought in $126.0 million of $180.1 million.
  • OpenAI has committed to buy 750 megawatts (MW) of computing capacity. Remaining performance obligations, revenue under contract but not yet recorded, were $25.4 billion at Jun 30, 2026.

03Who pays it

Who pays Cerebras?

  • MBZUAI

    34%

    of revenue

    Mohamed bin Zayed University of Artificial Intelligence, an Abu Dhabi university. It paid 62% of FY2025 revenue and 34% in Q2 FY2026.

  • Unnamed customer ("Customer B" in the Q2 10-Q)

    32%

    of revenue

    The 10-Q does not name it. It paid 32% of Q2 FY2026 revenue and owed 57% of receivables at Jun 30, 2026.

  • Unnamed customer ("Customer C" in the Q2 10-Q)

    10%

    of revenue

    The 10-Q does not name it. It paid 10% of Q2 FY2026 revenue.

  • G42

    9%

    of revenue

    An Abu Dhabi technology group. It paid 85% of FY2024 revenue, 24% of FY2025 and 9% in Q2 FY2026.

  • All other customers

    15%

    of revenue

    Everyone else. Share is 100 minus the rows above (Cityfort calculation from Q2 FY2026 10-Q).

  • MBZUAI34%
  • Unnamed customer ("Customer B" in the Q2 10-Q)32%
  • Unnamed customer ("Customer C" in the Q2 10-Q)10%
  • G429%
  • All other customers15%

Customer concentration

MBZUAI and G42 together paid 86% of FY2025 revenue (Cityfort calculation from 424B4 filed May 14, 2026); accounting rules treat them as related parties of each other. Revenue under the OpenAI arrangement was $56.8 million in Q2 FY2026 and $74.4 million in H1 FY2026 (31.5% and 19.9% of revenue, Cityfort calculation from Q2 FY2026 10-Q); the filings do not give OpenAI a customer letter. Separately, the Aug 12, 2026 release names Cognition, Lovable, Block, Figma, AlphaSense and GSK as customers, with no share of revenue. Two customers owed 76% of receivables at Jun 30, 2026.

Largest customer
34%
Sources

Form 424B4 final prospectus, initial public offering (dated May 13, 2026); Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); Form 8-K Exhibit 99.1, Q2 FY2026 earnings release (Aug 12, 2026)

04Why it makes money

Why does Cerebras make money?

Cerebras is moving from selling systems to renting capacity, so it spends on cloud systems and data center capacity before the revenue arrives.

Hardware revenue is recorded at a point in time, and cloud revenue mostly over time. Cloud and other services rose from $29.7 to $55.9 per $100 of revenue between FY2025 and H1 FY2026. Purchases of property and equipment were $548.9 million in H1 FY2026, primarily for systems to deliver Cerebras Cloud services.

Cloud and other services per $100 of revenue

$29.7$55.9

FY2025 to H1 FY2026

  1. Sign multi-year capacity contracts, such as OpenAI's 750 MW
  2. Build systems using TSMC wafers and contract manufacturers
  3. Lease and fit out data centers ahead of delivery
  4. Record cloud revenue over the contract term
  5. Use cash from customers, loans and share sales to fund the next tranche

↺ Step 5 feeds back into step 1.

Sources

Form 424B4 final prospectus, initial public offering (dated May 13, 2026); Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)

05Business segments · FY2025

Which businesses make up Cerebras?

  • Hardware

    70%

    Cerebras reports one business segment; this is a revenue line within it, with no separate operating profit. Gross margin was 42.9% in FY2025 (Cityfort calculation from 424B4 filed May 14, 2026).

    Revenue $358M

  • Cloud and other services

    30%

    Also a revenue line, not a segment; the withdrawn 2024 S-1 labels it "Services and other". Gross margin was 29.9% in FY2025 (Cityfort calculation from 424B4 filed May 14, 2026).

    Revenue $152M

How the mix changed

  • Hardware
  • Cloud and other services

Revenue by segment, FY2022 to FY2025.

US$

Sources

Form S-1 filed Sep 30, 2024 (withdrawn Oct 3, 2025; never effective), FY2022 and FY2023 statements; Form 424B4 final prospectus, initial public offering (dated May 13, 2026)

See the numbers
How the mix changed (US$)
YearHardwareCloud and other services
FY2022$15.6M$9M
FY2023$57.1M$21.6M
FY2024$212M$78.3M
FY2025$358M$152M
Sources

Form 424B4 final prospectus, initial public offering (dated May 13, 2026); Form S-1 filed Sep 30, 2024 (withdrawn Oct 3, 2025; never effective), FY2022 and FY2023 statements

06The numbers · Consolidated · US$

How has Cerebras done?

Revenue

$510MFY2025

Revenue rose from $24.6 million in FY2022 to $510.0 million in FY2025. FY2022 and FY2023 come only from a 2024 S-1 withdrawn before it took effect, BDO audited those years and FY2024, KPMG audited FY2025, and quarters are unaudited.

US$

Sources

Form S-1 filed Sep 30, 2024 (withdrawn Oct 3, 2025; never effective), FY2022 and FY2023 statements; Form 424B4 final prospectus, initial public offering (dated May 13, 2026); Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026) and 3 more

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2022$24.6M
FY2023$78.7M
FY2024$290M
FY2025$510M
Q1 FY2024$66.6M
Q2 FY2024$69.8M
Q3 FY2024$72.3M
Q4 FY2024$81.5M
Q1 FY2025$99.5M
Q2 FY2025$103M
Q3 FY2025$136M
Q4 FY2025$171M
Q1 FY2026$193M
Q2 FY2026$180M

Net profit

$87.9MFY2025

Net income for common stockholders was a loss from FY2022 to FY2024 and $87.9 million in FY2025, when a $363.3 million non-cash gain lifted the total to $237.8 million. Quarterly rows show total net income, and Q2 FY2025's $309.5 million total included $120.3 million for common stockholders.

US$

Sources

Form S-1 filed Sep 30, 2024 (withdrawn Oct 3, 2025; never effective), FY2022 and FY2023 statements; Form 424B4 final prospectus, initial public offering (dated May 13, 2026)

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2022−$178M−$4.28
FY2023−$127M−$2.92
FY2024−$485M−$9.90
FY2025$87.9M$1.38
Q1 FY2024−$15.8M–
Q2 FY2024−$50.9M–
Q3 FY2024−$309M–
Q4 FY2024−$106M–
Q1 FY2025−$23.9M−$0.46
Q2 FY2025$310M$1.91
Q3 FY2025−$22.2M–
Q4 FY2025−$25.6M–
Q1 FY2026−$14M−$0.22
Q2 FY2026−$451M−$2.98

Profit kept per $100 of revenue

$17.2FY2025

The operating loss per $100 of revenue narrowed from $726.4 in FY2022 to $28.6 in FY2025, then reached $131.8 in H1 FY2026, when stock-based pay was $103.5 per $100 of revenue ($386.6 million). Stock-based pay was also above $10 per $100 from FY2022 to FY2024.

$ of profit per $100 of revenue (net margin)

Sources

Form S-1 filed Sep 30, 2024 (withdrawn Oct 3, 2025; never effective), FY2022 and FY2023 statements; Form 424B4 final prospectus, initial public offering (dated May 13, 2026)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY2022−721.9%−677.9%
FY2023−161.5%−156.6%
FY2024−167.0%−31.0%
FY202517.2%−21.8%

Free cash flow

−$393MFY2025

Free cash flow was $428.5 million in FY2024, including a $640.3 million rise in customer deposits, then −$392.8 million in FY2025 and −$596.4 million in H1 FY2026 as purchases of property and equipment, primarily systems to deliver Cerebras Cloud services, grew.

US$ · cash from operations minus spending on plants and equipment

Sources

Form S-1 filed Sep 30, 2024 (withdrawn Oct 3, 2025; never effective), FY2022 and FY2023 statements; Form 424B4 final prospectus, initial public offering (dated May 13, 2026)

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2022−$164M$10.5M−$175M
FY2023−$79M$6.6M−$85.6M
FY2024$452M$23.4M$429M
FY2025−$10.1M$383M−$393M
See all yearly numbers
Cerebras annual financials, FY2022–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Net income, total (US$)Operating cashCapexFree cash
FY2022$24.6M−$167M−$178M−$4.28–−$164M$10.5M−$175M
FY2023$78.7M−$123M−$127M−$2.92–−$79M$6.6M−$85.6M
FY2024$290M−$89.9M−$485M−$9.90−$482M$452M$23.4M$429M
FY2025$510M−$111M$87.9M$1.38$238M−$10.1M$383M−$393M

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Dec 31; Cerebras's fiscal year is the calendar year, so Q2 FY2026 is April–June 2026). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: in FY2025, $150.0 million of the $237.8 million was attributed to preferred stock that shared in earnings, leaving $87.9 million for common stockholders and a basic EPS of $1.64. The $1.38 diluted EPS shown does not tie to $87.9 million: as filed, it treats the preferred stock as converted, so it equals total net income ÷ 171.8 million diluted shares. In FY2024 the difference was a $3.2 million deemed dividend on preferred stock.

What revenue is made of · H1 FY2026 (GAAP revenue $373.5 million)

Warrants given to customers lower GAAP revenue over time without lowering the cash customers pay. Pass-through revenue reimburses data center costs. Neither is an unrealized gain. The company calls the first line core revenue, its own non-GAAPThe company's own "adjusted" numbers, not the official (GAAP) ones. Always read them next to the official figure. Learn more measure.

Revenue by type
Cerebras revenue by type, H1 FY2026 (GAAP revenue $373.5 million)
ItemTypeAmountShare of revenue
Revenue before the two items belowFrom customer contracts$401M107.4%
Data center costs passed through to a customerOther$18.6M5.0%
Customer warrant amortization (lowers revenue)Other−$46.3M−12.4%

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

07Who runs it

Who runs Cerebras, and did they deliver?

  • Andrew D. Feldman

    Co-founder, Chief Executive Officer and President · since 2016

    2025 total pay $11,753,500, including $10,816,000 of stock awards. See Governance signals for legal proceedings disclosed in the prospectus.

  • Sean Lie

    Co-founder and Chief Technology Officer · since 2016

    With the company since 2016; CTO since April 2022.

  • Robert Komin

    Chief Financial Officer and Treasurer · since 2024

  • Dhiraj Mallick

    Chief Operating Officer · since 2023

What they said, and what happened

1 delivered · 4 too early to tell

  1. Said on Jun 23, 2026

    Cerebras guided Q2 FY2026 core revenue of about $194.0 million, core gross margin of 36–38% and core operating margin of (30)–(32)%.

    What happened

    Reported core revenue of $209.9 million, core gross margin of 40.6% and core operating margin of (16)%, each better than the range. GAAP revenue was $180.1 million and GAAP operating margin (265)%.

    Delivered

  2. Said on Jun 23, 2026

    Cerebras guided FY2026 core revenue of $855–865 million.

    What happened

    Raised to $880–890 million on Aug 12, 2026; the year is not finished.

    Too early to tell

  3. Said on Aug 12, 2026

    Cerebras guided Q3 FY2026 core revenue of $214–216 million, core gross margin of 38–40% and core operating margin of (25)–(23)%.

    What happened

    The company said it will report Q3 results on Nov 12, 2026.

    Too early to tell

  4. Said on Aug 12, 2026

    CFO Bob Komin, speaking for the company: "plan to more than triple revenue in 2027".

    What happened

    2027 has not started.

    Too early to tell

  5. Said on Aug 12, 2026

    Cerebras said its inference product with AMD would be in production in Q4 2026, and that it expected to reach Amazon Bedrock in the first quarter of 2027.

    What happened

    No outcome is reported yet; this page's data ends with Q2 FY2026.

    Too early to tell
Sources

Form 424B4 final prospectus, initial public offering (dated May 13, 2026); Form 8-K Exhibit 99.1, Q1 FY2026 earnings release (Jun 23, 2026); Form 8-K Exhibit 99.1, Q2 FY2026 earnings release (Aug 12, 2026) and 1 more

08What could go wrong

What could go wrong for Cerebras?

  • Concentration

    A few customers pay most of the revenue

    MBZUAI and G42, related parties of each other, paid 86% of FY2025 revenue (Cityfort calculation from 424B4 filed May 14, 2026). In Q2 FY2026, MBZUAI paid 34% and an unnamed customer 32%. The 10-Q says a limited number of customers will keep driving a substantial portion of revenue, and names OpenAI among its significant customers.

    Watch The customer share table in each 10-Q and 10-K.

  • Execution

    The OpenAI contract depends on delivery

    If capacity is late or service levels fail, OpenAI may terminate part or all of the agreement. If the agreement ends other than for OpenAI's material uncured breach, its loan can become immediately due. A significant amount of the $25.4 billion of remaining performance obligations comes from this contract.

    Watch Remaining performance obligations, capacity delivered and any contract change in each 10-Q.

  • Cash and liquidity

    Losses and spending on data centers

    Free cash flowCash from operations minus spending on buildings and equipment. Learn more was −$596.4 million in H1 FY2026, and the accumulated deficit was $1,369.9 million at Jun 30, 2026. Operating lease payments due were $690.3 million, and some long leases sit against shorter customer contracts.

    Watch Purchases of property and equipment, lease commitments and free cash flow each quarter.

  • Execution

    One wafer supplier

    TSMC is the sole wafer source, and the prospectus says there are no long-term supply or allocation commitments. On Aug 12, 2026 the company said it had secured the wafer supply needed for continued growth.

    Watch Supply statements in risk factors and in earnings releases.

  • Regulation

    Export licenses and the Middle East

    Exports need a US license or an exception, including systems for G42 and MBZUAI in the UAE. The prospectus also names the war in the Middle East, where both are headquartered, as a risk.

    Watch Export-license language in each 10-Q and 10-K.

  • Competition

    Competition from far larger companies

    The company describes NVIDIA as "a dominant market leader" and says many competitors have greater financial resources. Some competitors, such as AWS, are also customers or partners.

    Watch Competition risk factors and customer names in each filing.

  • Governance

    Weak financial reporting controls

    Material weaknesses were identified for FY2024 and FY2025, and disclosure controls were not effective at Jun 30, 2026, according to the 10-Q. The prospectus says further weaknesses or restatements could arise.

    Watch Controls section (Item 4) of each 10-Q and Item 9A of the first 10-K.

  • Governance

    Class B shares hold voting control

    Class B carries 20 votes a share and Class A one. At Aug 5, 2026, Class B was 47.0% of shares and 95.2% of votes (Cityfort calculation from Q2 FY2026 10-Q). Class N shares have no votes.

    Watch Class counts on each 10-Q cover and the first proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more.

Sources

Form 424B4 final prospectus, initial public offering (dated May 13, 2026); Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); Form 8-K Exhibit 99.1, Q2 FY2026 earnings release (Aug 12, 2026)

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Remaining performance obligations were $25.4 billion at Jun 30, 2026.
  • Revenue grew 75.7% to $510.0 million in FY2025, and 84% in H1 FY2026.
  • Cloud and other services revenue rose 281% in Q2 FY2026 to $126.0 million.
  • Cash, restricted cash and short-term investments were $8,606.2 million at Jun 30, 2026, against a $918.2 million loan.

What critics point to

  • MBZUAI and G42 paid 86% of FY2025 revenue, and a significant amount of remaining performance obligations comes from OpenAI.
  • Cerebras lost $492.3 million on operations in H1 FY2026, and $145.9 million in FY2025.
  • FY2025 net income included a $363.3 million non-cash gain.
  • Disclosure controls were not effective at Jun 30, 2026.
  • Class B shares, 47.0% of the total, held 95.2% of votes at Aug 5, 2026 (Cityfort calculation from Q2 FY2026 10-Q).

10What to watch next

What should you watch next at Cerebras?

Next event

Q3 FY2026 results

Nov 12, 2026

Date confirmed by the company

  • Q3 FY2026 revenue on GAAP and company measures

    Cerebras said on Oct 20, 2026 that it will report on Nov 12, 2026. On Aug 12, 2026 it said it expected Q3 core revenue of $214–216 million; it gave no GAAP outlook.

  • How fast contracts become revenue

    The 10-Q expects about 22% of the $25.4 billion to be recognized within 24 months to Jun 30, 2028. Revenue was $373.5 million in H1 FY2026.

  • The last lock-up release

    Remaining locked-up shares become eligible for sale on the earlier of two filed triggers; see Key dates. Class A was 47.2% of shares at Aug 5, 2026.

11Key dates

What are the key dates for Cerebras?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Cerebras
EventDateSource
Last scheduled early lock-up release: up to about 19.4 million Class A sharesThis date has passed. The prospectus also scheduled about 14.6 million shares each on Aug 19, Sep 2 and Sep 16, and about 19.4 million each on Sep 30 and Oct 14. All staged early releases total up to about 171.1 million shares (the prospectus's own estimate).Form 424B4 final prospectus, initial public offering (dated May 13, 2026)
Final lock-up release: all remaining shares not previously eligible for saleAs filed: the earlier of (i) 6:00 a.m. Eastern Time on the second trading day after earnings for the quarter ending Sep 30, 2026, or (ii) 180 days after the prospectus date. No filing states a calendar date. Cityfort calculation from 424B4 filed May 14, 2026 and the company's Oct 20, 2026 results-date press release: May 13, 2026 + 180 days = Nov 9, 2026. Q3 results announced for Nov 12, 2026 + two trading days = Nov 16, 2026, so Nov 9 is the earlier. Rule 144 limits still apply, including for affiliates.Not yet statedForm 424B4 final prospectus, initial public offering (dated May 13, 2026); Cerebras Systems Announces Date of Third Quarter 2026 Financial Results (Oct 20, 2026)

Learn: IPO lock-up agreements: what they are and when they end

12Key facts

Key facts about Cerebras

What does Cerebras do?
Cerebras Systems designs a very large AI chip, the WSE-3, sells CS-3 computer systems built around it, and rents computing capacity through its own cloud. Cerebras had revenue of $510.0 million in FY2025 (calendar 2025).
How does Cerebras make money?
Cerebras made $358.4 million from hardware and $151.6 million from cloud and other services in FY2025. Dedicated cloud capacity is generally take-or-pay, and on-demand cloud is paid by the token or in bundles.
What is Cerebras's business model?
Cerebras builds AI systems, then either sells them or runs them in data centers and rents out the capacity under multi-year contracts. Cerebras had $25.4 billion of remaining performance obligations at Jun 30, 2026, a significant amount of it from OpenAI.
Is Cerebras profitable?
Cerebras lost $145.9 million on operations in FY2025 and has lost money on operations every year from FY2022. Its FY2025 total net income of $237.8 million included a $363.3 million non-cash gain. Cerebras had a net loss of $464.5 million in H1 FY2026.
What is Cerebras's revenue by segment?
Cerebras reports one business segment. Within it, hardware was 70.3% of FY2025 revenue and cloud and other services 29.7%. In H1 FY2026, cloud and other services were 55.9% of Cerebras's revenue.
Who are Cerebras's customers?
In FY2025, Abu Dhabi's Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) paid 62% of Cerebras's revenue and the Abu Dhabi technology group G42 paid 24%. In Q2 FY2026, MBZUAI paid 34%, an unnamed customer 32%, another unnamed customer 10% and G42 9%.
What does Cerebras's hardware business sell?
Cerebras sells CS-3 computer systems, each holding one WSE-3 chip, and groups of them form a supercomputer. Cerebras's hardware revenue was $358.4 million in FY2025 and $54.1 million in Q2 FY2026, after $28.0 million of customer warrant amortization that quarter.
What does Cerebras's cloud business sell?
Cerebras rents AI computing capacity from data centers, for training AI models and for inference, which means running trained models to answer requests. Cerebras's cloud and other services revenue was $151.6 million in FY2025 and $126.0 million in Q2 FY2026, up 281% from a year earlier.
How big is Cerebras?
Cerebras had revenue of $510.0 million in FY2025 and 708 employees at Dec 31, 2025. At Jun 30, 2026, Cerebras had total assets of $11,627.9 million, after its May 2026 IPO.
Who owns Cerebras?
Cerebras has filed no proxy statement yet. Its May 14, 2026 IPO prospectus, with ownership as of Mar 31, 2026, shows officers and directors with 18.5% of shares and 24.7% of votes. Fidelity entities held 9.4% and Benchmark entities 8.1% of shares.
Sources

Form 424B4 final prospectus, initial public offering (dated May 13, 2026); Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); Form S-1 filed Sep 30, 2024 (withdrawn Oct 3, 2025; never effective), FY2022 and FY2023 statements and 2 more

Go deeper

More detail from the same filings. Open any section.

13What it sells

13What it sells

What does Cerebras sell?

Cerebras builds computers for AI work around one very large chip. It sells those computers to organizations, and it also runs them in data centers and rents out the computing time.

  • CS-3 systems (hardware, $358.4M in FY2025)

    A CS-3 holds one WSE-3 chip with 900,000 processor cores and 4 trillion transistors. The company says the chip is 58 times larger than NVIDIA's B200. Several CS-3s form a supercomputer.

  • Dedicated cloud capacity

    A customer reserves computing capacity in Cerebras's data centers, generally on take-or-pay terms: it pays whether or not it uses the capacity.

  • On-demand cloud

    Customers pay by the token (a small unit of AI text) or in bundles to run AI models. Cloud and other services brought in $151.6M in FY2025.

  • Support and model services

    Support and management of customers' systems, and AI modeling services. They are reported inside cloud and other services.

What it does

  • Does: Designs its own wafer-sized AI chip
  • Does: Sells systems for customers' own sites
  • Does: Runs AI computing in data centers and rents out the capacity
  • Does: Competes with NVIDIA and also works with AMD and AWS

What it does not do

  • Does not: Does not make its own wafers: TSMC is its sole wafer source
  • Does not: Does not report hardware and cloud as separate segments: it has one reportable segment
  • Does not: Does not plan to pay dividends, according to its prospectus
Sources

Form 424B4 final prospectus, initial public offering (dated May 13, 2026); Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)

14How the money flows

14How the money flows · FY2025

How does money flow through Cerebras?

Money in

  • Hardware revenue$358M
  • Cloud and other services revenue$152M
  • Other income, mainly a $363.3M non-cash gain on a forward contract liability$391M

The company

Cerebras

$901M came in

Money out

  • Cost of hardware sold$205M
  • Cost of cloud and other services$106M
  • Research and development$243M
  • Sales and marketing$70.6M
  • General and administrative$31M
  • Income tax$7.1M
  • Total net income$238M
  1. Customers paid $510.0 million in FY2025: $358.4 million for hardware and $151.6 million for cloud and other services.
  2. Making systems and running the cloud cost $310.9 million, leaving gross profit of $199.1 million.
  3. Research took $243.3 million, sales and marketing $70.6 million and administration $31.0 million, for a $145.9 million operating loss.
  4. Other income added $390.7 million, of which $363.3 million was a non-cash gain when a forward contract liability ended; tax took $7.1 million.
  5. Total net income was $237.8 million, of which $87.9 million was attributed to common stockholders.
Sources

Form 424B4 final prospectus, initial public offering (dated May 13, 2026)

15What it needs to run

15What it needs to run

What does Cerebras need to run?

  • Wafers from TSMC

    TSMC is the sole wafer source, with no long-term supply or allocation commitments in the prospectus. On Aug 12, 2026 the company said it had secured TSMC wafer supply needed for continued growth.

  • Contract manufacturers

    Flex, Sanmina and Rocket EMS. The company said on Aug 12, 2026 that manufacturing capacity would increase more than 10x in 2026.

  • Data centers

    Sites in California, Oklahoma and Canada at the prospectus date. Property and equipment was $986.8 million at Jun 30, 2026: $817.8 million in the US and $169.0 million in Canada.

  • People

    708 employees at Dec 31, 2025, of whom 426 were in the US.

Sources

Form 424B4 final prospectus, initial public offering (dated May 13, 2026); Form 8-K Exhibit 99.1, Q2 FY2026 earnings release (Aug 12, 2026); Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)

16Where it sells

16Where it sells · FY2025

Where does Cerebras sell?

  • Europe, Middle East and Africa (by billing location, not where systems run)63%
  • United States (by billing location, not where systems run)37%
Sources

Form 424B4 final prospectus, initial public offering (dated May 13, 2026)

17Competitors and what protects it

17Competitors and what protects it

Who does Cerebras compete with?

Cerebras's prospectus calls NVIDIA "a dominant market leader". It also names Microsoft (Azure), Alphabet (Google Cloud) and Oracle as cloud competitors, and says some competitors are also customers.

  • NVIDIA

    Named as a semiconductor competitor. The company's chart claims up to 15 times the speed of NVIDIA GPUs, from its own measurements and Artificial Analysis (Apr 14, 2026).

  • AMD

    Named as a semiconductor competitor. The company also said on Aug 12, 2026 that it had built an inference product with AMD.

  • Intel

    Named as a semiconductor competitor.

  • Amazon (AWS)

    Named as a full-service cloud competitor. AWS is also a partner: it signed a hardware leasing agreement in June 2026 and holds a warrant.

  • CoreWeave

    Named as an AI-optimized specialized cloud competitor.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Contracted future revenue4 of 5

    Remaining performance obligations were $25.4 billion at Jun 30, 2026, against $680.7 million of revenue in the 12 months to that date (Cityfort calculation from 424B4 filed May 14, 2026 and Q2 FY2026 10-Q). A significant amount is one customer, OpenAI.

  • Chip design3 of 5

    The WSE-3 has 46,225 square millimeters of silicon and 44 GB of on-chip memory. The speed comparisons are the company's own claims.

  • Supply independence2 of 5

    TSMC is the sole wafer source, and three suppliers made up 13%, 12% and 10% of purchases in H1 FY2026.

Weak spot

Reliance on a few customers

MBZUAI and G42 paid 86% of FY2025 revenue (Cityfort calculation from 424B4 filed May 14, 2026). OpenAI, which the 10-Q names as a significant customer, may end part or all of its contract if capacity is late or service levels fail.

Sources

Form 424B4 final prospectus, initial public offering (dated May 13, 2026); Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); Form 8-K Exhibit 99.1, Q2 FY2026 earnings release (Aug 12, 2026)

18Where growth could come from

18Where growth could come from

Where could Cerebras' growth come from?

Cerebras said on Aug 12, 2026 that it expected Q3 FY2026 core revenue of $214–216 million and FY2026 core revenue of $880–890 million. Core is the company's own non-GAAP measure; GAAP revenue was $180.1 million in Q2 FY2026, and the company gave no GAAP outlook.
Management statement, Aug 12, 2026. Reported as a statement, not our forecast.

  • OpenAI capacity

    Early

    750 MW committed

    Signed Dec 24, 2025. The May 13, 2026 prospectus says it expects to deploy in tranches during 2026 through 2028, with an option on a further 1.25 gigawatts by the end of 2030. First capacity was delivered in January 2026.

    Status: Early, too early to judge.

  • Cloud and other services

    Working

    +281% in Q2 FY2026

    Revenue was $126.0 million in Q2 FY2026, up from $33.0 million a year earlier, after $16.2 million of customer warrant amortization.

    Status: Working, on track against what the company said.

  • Hardware

    Mixed

    −23% in Q2 FY2026

    Hardware revenue was $54.1 million in Q2 FY2026, against $70.3 million a year earlier. It is stated after $28.0 million of customer warrant amortization.

    Status: Mixed, partly on track.

  • AWS partnership

    New

    No revenue at Jun 30, 2026

    A global hardware leasing agreement was signed in June 2026; its conditions were not yet met at Jun 30. The company said on Aug 12, 2026 that it expects to reach Amazon Bedrock in the first quarter of 2027.

    Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources

Form 8-K Exhibit 99.1, Q2 FY2026 earnings release (Aug 12, 2026); Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); Form 424B4 final prospectus, initial public offering (dated May 13, 2026)

19The company's own measures (non-GAAP)

19The company's own measures · Q2 FY2026

What do Cerebras' own measures show?

Core and adjusted figures are Cerebras's own non-GAAP measures, shown next to the official (GAAP) number. They are never added together, and core started with Q1 FY2026.

  • Official (GAAP): Revenue, Q2 FY2026

    $180M

    Company's own measure: Core revenue, Q2 FY2026

    $210M

    Adds back $44.3 million of customer warrant amortization and removes $14.5 million of data center pass-through revenue, so core is above GAAP here.

  • Official (GAAP): Gross margin, Q2 FY2026

    14.2%

    Company's own measure: Core gross margin, Q2 FY2026

    40.6%

    Leaves out customer warrant amortization, stock-based pay, data center pass-through revenue and costs, and certain other items.

  • Official (GAAP): Loss from operations, Q2 FY2026

    −$477M

    Company's own measure: Core operating loss, Q2 FY2026

    −$33.6M

    Same exclusions. GAAP includes $377.0 million of stock-based pay, of which $273.6 million was triggered by the IPO.

  • Official (GAAP): Loss from operations, Q2 FY2026

    −$477M

    Company's own measure: Adjusted EBITDA, Q2 FY2026

    −$53.1M

    GAAP operating loss plus depreciation and amortization, stock-based pay and $22.8 million of employer payroll tax on IPO stock pay. Unlike core, it keeps warrant amortization and pass-through revenue.

  • Official (GAAP): Net loss, Q2 FY2026

    −$451M

    Company's own measure: Core net loss, Q2 FY2026

    −$6.9M

    Same exclusions as core operating loss, including certain other items.

  • Official (GAAP): Remaining performance obligations, Jun 30, 2026 (US$ million)

    $25.4B

    Company's own measure: Data center capacity live and under contract for delivery by the end of 2027

    600 MW (more than)

    The company's own count, stated Aug 12, 2026. Its contract with OpenAI commits to 750 MW.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Sources

Form 8-K Exhibit 99.1, Q2 FY2026 earnings release (Aug 12, 2026); Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

20Financial strength and debt

20Financial strength · Jun 30, 2026

How much debt does Cerebras have?

Cash, restricted cash and short-term investments of $8,606.2 million were larger than the $918.2 million OpenAI loan at Jun 30, 2026.
  • Total debt$918M
  • Cash and investments$8.6B
  • Net cash (cash minus debt)$7.7B
  • Net worth (shareholders' money)$9.2B
Debt to equity
0.1×
$ of debt for every $1 of shareholders' money
  • Cash and investments = cash $6,742.2 million + restricted cash $684.7 million + short-term investments $1,179.4 million. Net figures are a Cityfort calculation from Q2 FY2026 10-Q.
  • Debt is the OpenAI Working Capital Loan: $1,004.6 million received in January 2026, less $86.3 million of non-cash repayments. It carries 6% stated interest unless waived, matures by Dec 31, 2032, and can be repaid in cash or through services and hardware. There had been no cash payments as of Jun 30, 2026.
  • Operating lease liabilities of $568.8 million are shown separately and not counted as debt. Data center leases signed but not started add about $2.3 billion, undiscounted, across Q2 and Q3 2026.
  • An $850.0 million revolving credit line, maturing Apr 14, 2031, was undrawn. It requires minimum liquidity of $150.0 million.
  • Stockholders' equity was −$578.7 million at Dec 31, 2025, before the IPO and the conversion of preferred stock. No debt appeared on the Dec 2022 to Dec 2025 balance sheets.
Sources

Form 424B4 final prospectus, initial public offering (dated May 13, 2026); Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); Form 8-K Exhibit 99.1, Q2 FY2026 earnings release (Aug 12, 2026) and 1 more

21Who owns it

21Who owns it · ownership as of Mar 31, 2026

Who owns Cerebras?

Cerebras has filed no proxy statement yet (EDGAR, Nov 1, 2026). The group figures and prospectus rows come from its Form 424B4 filed May 14, 2026: ownership as of Mar 31, 2026, after the offering, assuming no over-allotment shares. The prospectus gave Class B holders 99.2% of votes after the IPO. Later Schedule 13G rows use a different basis, and fund rows overlap with directors, so these rows do not add up to a total.
Officers and directors (as a group), shares
18.5%
Officers and directors (as a group), votes
24.7%

Shares vs votes by class

Cerebras has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.

  • Class A common stock: share of all votes4.8%
  • Class B common stock: share of all votes95.2%
  • Class N common stock: share of all votes0.0%

Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.

Share classes
Cerebras share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Class A common stock (at Aug 5, 2026; traded on Nasdaq; percentages are a Cityfort calculation from Q2 FY2026 10-Q)112.21Public investors and holders whose Class B or Class N shares converted47.2%4.8%Yes
Class B common stock (at Aug 5, 2026; most transfers convert it to Class A; percentages are a Cityfort calculation from Q2 FY2026 10-Q)111.620Founders, directors and investors from before the IPO47.0%95.2%No
Class N common stock (at Aug 5, 2026; no votes; OpenAI exercised 10,033,508 warrant shares in July 2026)13.7NoneHolders of exercised customer warrants, including G42 and OpenAI5.8%0.0%No
Holders of 5% or more
Cerebras holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Fidelity entities9.4%10.9%Mar 31, 2026S120,443,122 Class B shares after the offering (prospectus).
Benchmark entities8.1%9.4%Mar 31, 2026S117,602,983 Class B shares after the offering; Eric Vishria is a director (prospectus).
Steve Vassallo / Foundation Capital7.0%8.2%Mar 31, 2026S115,302,343 Class B shares after the offering; Vassallo is a director (prospectus).
Lior Susan / Eclipse6.2%7.2%Mar 31, 2026S113,466,197 Class B shares after the offering; Susan is a director (prospectus).
Alpha Wave entities5.6%6.5%Mar 31, 2026S112,074,647 Class B shares after the offering (prospectus).
Andrew D. Feldman (CEO, co-founder)4.6%5.4%Mar 31, 2026S110,144,876 Class B shares after the offering (prospectus).
Sean Lie (CTO, co-founder)2.4%2.8%Mar 31, 2026S15,347,647 Class B shares after the offering (prospectus).
FMR LLC (% of Class A only)25.7%–Jun 30, 2026S10Schedule 13G/A: 28,878,217 shares. The percentage uses the filer's own Class A basis, so it is not comparable with the prospectus rows above.
Atreides Management / Gavin Baker (% of Class A only)10.7%–Jun 30, 2026S14Schedule 13G: 10,543,836 shares, on the filer's own Class A basis.
Coatue / Philippe Laffont (% of Class A only)7.1%–Jun 30, 2026S16Schedule 13G: 7,011,028 shares, on the filer's own Class A basis.
Altimeter / Brad Gerstner (% of Class A only)6.2%–Jun 30, 2026S15Schedule 13G: 7,226,432 shares, on the filer's own Class A basis.
Jane Street (% of Class A only)5.1%–Jun 30, 2026S17Schedule 13G: 5,222,522 shares, on the filer's own Class A basis.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Sources

Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); Form 424B4 final prospectus, initial public offering (dated May 13, 2026); Schedule 13G/A, FMR LLC (event Jun 30, 2026) and 4 more

Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

22What it does with profit

22What it does with profit

What does Cerebras do with its profit?

The prospectus says Cerebras has no plans to pay dividends. About $416 million of IPO proceeds went on tax withheld on employee stock awards. Before the IPO, it sold $1,100.0 million of Series G preferred stock (Sep–Oct 2025) and $1,014.2 million of Series H (Jan–Feb 2026).

  • Money raised · May 15, 2026

    IPO closed: 34,500,000 Class A shares sold at $185.00 (offering price of May 13, 2026), including the underwriters' option in full. Gross proceeds were about $6.4 billion and net about $6.2 billion.

    $6.4B

Sources

Form 424B4 final prospectus, initial public offering (dated May 13, 2026); Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); Form 8-K, closing of initial public offering (May 15, 2026)

23Governance signals

23Governance signals

What do Cerebras' governance filings show?

Auditor
KPMG LLP, since 2025
Auditor changes
Nov 10, 2025: BDO USA, P.C. → KPMG LLP (The audit committee approved the change. The prospectus reports no disagreements with BDO; the reportable events were the material weaknesses in financial reporting controls.)
Audit qualifications
None reported
Related-party dealings
The prospectus's related-party section covers preferred stock sales to holders of more than 5% and the OpenAI agreement, loan and warrant. G42 and MBZUAI, both customers, are related parties of each other under accounting rules.
Credit rating
No public credit rating found

Flags to know about

  • auditor

    Material weaknesses in financial reporting controls

    Cerebras identified material weaknesses for FY2024 and FY2025. Its Q2 FY2026 10-Q says disclosure controls were not effective at Jun 30, 2026, and remediation continues.

  • disclosure

    Two of the four years come from a withdrawn filing

    FY2022 and FY2023 appear only in the Form S-1 filed Sep 30, 2024, withdrawn Oct 3, 2025 and never effective. BDO audited them. The May 2026 prospectus carries only FY2024, audited by BDO, and FY2025, audited by KPMG. Quarterly figures are unaudited.

  • disclosure

    No annual report or proxy yet

    Cerebras had filed no Form 10-K or proxy statement as of Nov 1, 2026. As an emerging growth company, it needed to present only two audited years in its prospectus.

  • regulatory

    CEO: "Involvement in Certain Legal Proceedings" in the prospectus

    The prospectus dated May 13, 2026 says Mr. Feldman was one of six named defendants in SEC v. Pereira (N.D. Cal.), in which the SEC alleged, "among other things," that as Vice President, Corporate Marketing and Corporate Development of Riverstone Networks he "negotiated, reviewed, approved, or was otherwise aware of sales transactions in 2001 and 2002 that were improperly accounted for by Riverstone and aided and abetted Riverstone in violating U. S. securities laws." "Without admitting or denying the allegations of the complaint," he settled in 2008 by an agreement permanently restraining and enjoining him from violating federal securities laws and requiring him to pay $289,507 plus interest. "In connection with the same alleged facts," he pled guilty in December 2007 to one count of circumventing accounting controls of an issuer and was sentenced to three years of probation and fined $5,000, in an action brought by the U.S. Department of Justice.

  • regulatory

    US national security review of G42's share purchase

    A notice on G42's $335 million primary share purchase was filed with the Committee on Foreign Investment in the United States in July 2024. The committee granted the company's request to withdraw it on Mar 27, 2025, after the company and G42 agreed in principle to remove G42 from a preferred stock agreement and to remove product pricing and volume commitments. G42 was removed in Q3 2025.

  • other

    Copyright class action

    A putative class action filed in October 2025 in federal court in Northern California alleges copyright infringement in connection with certain large language models and datasets. Cerebras has denied the claims and says it cannot estimate any loss.

  • other

    Pre-arranged share sale plans

    Officers and directors adopted Rule 10b5-1 trading plansAn insider's trading plan, set up in advance, that buys or sells shares on a schedule. Learn more in May and June 2026. Andrew Feldman's covers up to 1,500,000 shares through Aug 20, 2027, including a 50,000-share gift, and Sean Lie's up to 1,872,000 through Aug 27, 2027, including a 432,000-share gift.

Sources

Form 424B4 final prospectus, initial public offering (dated May 13, 2026); Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); Form S-1 filed Sep 30, 2024 (withdrawn Oct 3, 2025; never effective), FY2022 and FY2023 statements and 2 more

24What the market paid

24What the market paid · price as of Oct 30, 2026

What did the market pay for Cerebras on Oct 30, 2026?

Price as of Oct 30, 2026 (shown for education; prices change daily).

Price as of Oct 30, 2026: Cerebras Class A shares closed at $109.18 on Nasdaq. Market value = $109.18 × 237.56 million Class A, B and N shares (Aug 5, 2026) = about $25,937 million (Cityfort calculation from the Oct 30, 2026 Nasdaq closing price and the Q2 FY2026 10-Q cover); only Class A trades, so this counts the others at the Class A price. Class A alone: about $12,255 million. P/E (price ÷ earnings per share) is not shown because the last four quarters add up to a net loss. The IPO price was $185.00 (May 13, 2026), and the first-day close was $311.07 (May 14, 2026).

Share price
$109.18
Market value (market cap)
$25.9B

Source: Nasdaq historical prices, CBRS, May 14 to Oct 30, 2026; Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); Form 424B4 final prospectus, initial public offering (dated May 13, 2026)

25How it got here

25How it got here

How did Cerebras get here?

  1. 2016

    Milestone

    Incorporated

    Cerebras was incorporated in Delaware in April 2016.

  2. 2024

    Milestone

    First IPO filing

    Cerebras filed a Form S-1 on Sep 30, 2024, when G42 paid 87% of H1 FY2024 revenue.

  3. 2025

    Milestone

    Security review notice and S-1 withdrawn

    The notice on G42's share purchase was withdrawn on Mar 27, 2025. Cerebras separately withdrew the S-1 on Oct 3, 2025.

  4. 2025

    Business-model change

    OpenAI agreement

    On Dec 24, 2025 OpenAI agreed to buy 750 MW of computing capacity. The company said the deal is valued at more than $20 billion.

  5. 2026

    Business-model change

    OpenAI loan and first delivery

    In January 2026 OpenAI lent Cerebras about $1.0 billion, and the first capacity was delivered.

  6. 2026

    Milestone

    Nasdaq listing

    Trading began on May 14, 2026, with 34,500,000 Class A shares sold at the $185.00 offering price dated May 13, 2026.

  7. 2026

    Milestone

    AWS hardware agreement

    In June 2026 Cerebras and AWS signed a global hardware leasing agreement, with a warrant for up to 2,696,678 Class N shares.

Sources

Form 424B4 final prospectus, initial public offering (dated May 13, 2026); Form S-1 filed Sep 30, 2024 (withdrawn Oct 3, 2025; never effective), FY2022 and FY2023 statements; Form RW, request to withdraw the 2024 Form S-1 (Oct 3, 2025) and 3 more

26Sources and changes

Where every number on this page comes from

Sources (16 documents)
  1. S1Form 424B4 final prospectus, initial public offering (dated May 13, 2026) · Cerebras Systems Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 14, 2026
  2. S2Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026) · Cerebras Systems Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 12, 2026
  3. S3Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026) · Cerebras Systems Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 24, 2026
  4. S4Form 8-K Exhibit 99.1, Q2 FY2026 earnings release (Aug 12, 2026) · Cerebras Systems Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 12, 2026
  5. S5Form 8-K Exhibit 99.1, Q1 FY2026 earnings release (Jun 23, 2026) · Cerebras Systems Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 23, 2026
  6. S6Form S-1 filed Sep 30, 2024 (withdrawn Oct 3, 2025; never effective), FY2022 and FY2023 statements · Cerebras Systems Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 30, 2024
  7. S7Form RW, request to withdraw the 2024 Form S-1 (Oct 3, 2025) · Cerebras Systems Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 3, 2025
  8. S8Form 8-K, closing of initial public offering (May 15, 2026) · Cerebras Systems Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 15, 2026
  9. S9Nasdaq historical prices, CBRS, May 14 to Oct 30, 2026 · Nasdaq · Tier 1: company or exchange filing · Oct 30, 2026
  10. S10Schedule 13G/A, FMR LLC (event Jun 30, 2026) · FMR LLC (SEC EDGAR) · Tier 1: company or exchange filing · Jul 8, 2026
  11. S14Schedule 13G, Atreides Management (event Jun 30, 2026) · Atreides Management (SEC EDGAR) · Tier 1: company or exchange filing · Aug 14, 2026
  12. S15Schedule 13G, Altimeter Capital Management (event Jun 30, 2026) · Altimeter Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Aug 14, 2026
  13. S16Schedule 13G, Coatue Management (event Jun 30, 2026) · Coatue Management (SEC EDGAR) · Tier 1: company or exchange filing · Aug 14, 2026
  14. S17Schedule 13G, Jane Street Group (event Jun 30, 2026) · Jane Street Group (SEC EDGAR) · Tier 1: company or exchange filing · Aug 13, 2026
  15. S19EDGAR filing list for Cerebras Systems Inc. (Forms 4; no 10-K or DEF 14A filed as of Nov 1, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Nov 1, 2026
  16. S20Cerebras Systems Announces Date of Third Quarter 2026 Financial Results (Oct 20, 2026) · Cerebras Systems Inc. · Tier 3: context only · Oct 20, 2026
Changes to this page (v2 · Nov 1, 2026)
  1. v2 · Nov 1, 2026Standardized calculation labels to name the filing they come from; no figures changed. (editorial update, Q2 FY2026)
  2. v1 · Nov 1, 2026First version. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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