CBRS
Cerebras Systems Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Cerebras Systems Inc..
Coverage
Cerebras Just Shipped an Inference Machine With No HBM. It Holds 132 Gigabytes on Wafer, and the Models It Advertises Need 50,000.
The CS-4 is the concrete existence proof that inference silicon can be built without high-bandwidth memory: three wafer-scale engines, 750 PFLOPS, 129.6 PB/s, no HBM. It also holds 132 GB of on-wafer SRAM against the 50-trillion-parameter models it advertises, which need 25,000 to 100,000 GB. The weights have to live in DRAM, and Cerebras would need 7.6× its current revenue to dent Micron's cloud-memory line under an assumption that cannot be true.
Cerebras' First Full Quarter as a Public Company Cost 30 Points of Gross Margin
Cerebras reported June-quarter revenue of $180.1M, down sequentially from $193.4M, with gross margin falling from 44.6% to 14.2% and free cash flow at negative $477M on $417M of capital expenditure. The $450M net loss is mostly a one-off IPO stock-compensation charge; the margin is not.
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: -$905M (2026Q2)
| Period | Value |
|---|---|
| 2025Q1 | -$153M |
| 2025Q2 | -$309M |
| 2026Q1 | -$429M |
| 2026Q2 | -$905M |
Latest results
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.
Key Players
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