CBRS
Cerebras Systems Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Cerebras Systems Inc.
Cerebras Systems Inc. is an artificial-intelligence infrastructure company that designs and manufactures wafer-scale compute systems and related software for AI training and inference. Its Wafer-Scale Engine integrates an entire silicon wafer into a single processor, deployed in CS-series systems and cloud offerings aimed at foundation-model labs, hyperscalers, enterprises, and sovereign-AI customers.
Coverage
Cerebras Shipped a 132GB Wafer-Scale Inference Machine Without HBM. Its Models Need 50,000.
Cerebras' CS-4 proves inference silicon can skip HBM: 750 PFLOPS and no high-bandwidth memory. But its 132 GB of SRAM faces models needing 25,000-100,000 GB.
Cerebras' First Full Quarter as a Public Company Cost 30 Points of Gross Margin
Cerebras' first full public quarter: revenue down to $180.1M, gross margin from 44.6% to 14.2%, free cash flow −$477M. The IPO charge passes; the margin stays.
Capital expenditure and cash flow are too large relative to current revenue for the combined Rule of 40 score to be meaningful.
Quarter contextWhere the revenue goes next
Latest: $180M (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | $67M |
| 2024Q2 | $70M |
| 2024Q3 | $72M |
| 2024Q4 | $82M |
| 2025Q1 | $100M |
| 2025Q2 | $103M |
| 2025Q3 | $136M |
| 2025Q4 | $171M |
| 2026Q1 | $193M |
| 2026Q2 | $180M |
Latest: −$2.98 (2026Q2)
| Period | Value |
|---|---|
| 2025Q1 | −$0.46 |
| 2025Q2 | $1.91 |
| 2026Q1 | −$0.22 |
| 2026Q2 | −$2.98 |
Latest: −$477M (2026Q2)
| Period | Value |
|---|---|
| 2025Q1 | −$153M |
| 2025Q2 | −$156M |
| 2026Q1 | −$120M |
| 2026Q2 | −$477M |
Latest: 238M (2026Q2)
| Period | Value |
|---|---|
| 2026Q1 | 63M |
| 2026Q2 | 238M |
Latest: −$905M (2026Q2)
| Period | Value |
|---|---|
| 2025Q1 | −$153M |
| 2025Q2 | −$309M |
| 2026Q1 | −$429M |
| 2026Q2 | −$905M |
Latest earnings
Next report: Nov 11, 2026 (Q3 2026)
Company History
Andrew Feldman, Sean Lie and three co-founders start Cerebras to build AI compute at wafer scale rather than as discrete chips.
Ships the first WSE, a single chip cut from an entire silicon wafer with orders of magnitude more cores and on-chip memory than a GPU.
Launches a high-speed inference service and files its initial S-1 in September, which is then delayed for well over a year.
The June quarter delivers sequential revenue decline, 14.2% gross margin and $417 million of capital expenditure as inference capacity is built out ahead of demand.
Prices at $185 per share on 14 May and lists as CBRS, valuing the company in the tens of billions on roughly $500 million of trailing revenue.
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By latest reported 13F position value. Market value at quarter-end, not cost basis.
