# Cerebras revenue, valuation & funding

Markdown copy of https://realalpha.app/companies/cerebras/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

Cerebras went public on the Nasdaq as CBRS in May 2026, at a fully diluted valuation of $56.4B at its $185 IPO price. It reported $180.1M in GAAP revenue for the second quarter of 2026, up 74% from a year earlier, and $510M for 2025.

Checked Nov 6, 2026

## At a glance

- Valuation: $56.4B fully diluted at its $185 IPO price, in May 2026. Shares closed at $109.18 on October 30, 2026.
- Revenue: $180.1M in GAAP revenue for Q2 2026, up 74% year over year. $510M for 2025.
- Status: public. Its shares have traded on the Nasdaq as CBRS since May 14, 2026.
- Founded: 2015, by Andrew Feldman, Gary Lauterbach, Michael James, Sean Lie and Jean-Philippe Fricker.
- CEO: [Andrew Feldman](https://realalpha.app/builders/andrew-feldman/), a co-founder.
- Headquarters: Sunnyvale, California.
- Investors: Tiger Global, Fidelity, Atreides, Benchmark, Alpha Wave, Eclipse Ventures and AMD, among others.
- Products: the CS-4 system, the WSE-3 chip and CS-3 system, and Cerebras Inference, its pay-as-you-go cloud.
- On Real Alpha: 8 moments of its people talking, from 1 interviews

## Is Cerebras public? Can you buy its stock?

Yes. Cerebras is a public company. Its Class A shares trade on the Nasdaq Global Select Market under the ticker CBRS. Trading began on May 14, 2026, [Cerebras said](https://www.cerebras.ai/press-release/cerebras-systems-announces-pricing-of-initial-public-offering).

It priced 30 million shares at $185 each, above its initial range of $115 to $125. [TechCrunch reported](https://techcrunch.com/2026/05/14/cerebras-raises-5-5b-kicking-off-2026s-ipo-season-with-a-bang/) $5.5 billion raised. In its August results, Cerebras put gross proceeds from the IPO at [$6.4 billion](https://www.sec.gov/Archives/edgar/data/0002021728/000162828026056186/cbrsannouncesfinancialresu.htm).

This was its second attempt. A first IPO filing in 2024 was held up in a review by the Committee on Foreign Investment in the United States. The concern was a large investment from Abu Dhabi-based Group 42, [TechCrunch reported](https://techcrunch.com/2026/05/14/cerebras-raises-5-5b-kicking-off-2026s-ipo-season-with-a-bang/). Those plans were shelved.

The stock has fallen from its peak. CBRS closed at $109.18 on October 30, 2026, about 72% below its 52-week high of $386.34, [Startup Fortune reported](https://startupfortune.com/cerebras-stock-has-fallen-39-from-its-peak-as-lockup-and-earnings-collide/). Its 180-day insider lockup is staggered, with the last tranche due around November 9 or 10. Andrew Feldman and CTO Sean Lie sold over $240 million in stock between August 20 and September 25, under pre-set trading plans.

Its shares are held by public investors, its founders and staff, and its earlier backers. This page reports facts and gives no investment advice.

## Valuation, round by round

Its valuation went from $8.1B in September 2025 to about $23B in February 2026, then $56.4B fully diluted at its May 2026 IPO price.

- May 2026 · $56.4B · — · — · [TechCrunch](https://techcrunch.com/2026/05/14/cerebras-raises-5-5b-kicking-off-2026s-ipo-season-with-a-bang/)
- Feb 2026 · about $23B · $1B · Tiger Global · [Cerebras](https://www.cerebras.ai/press-release/cerebras-systems-raises-usd1-billion-series-h)
- Sep 2025 · $8.1B · $1.1B · Fidelity Management & Research Company and Atreides Management · [Cerebras](https://www.cerebras.ai/press-release/series-g)

Earlier rounds, Series A through F, aren't included. TechCrunch reported $5.5B raised in the IPO, while Cerebras put gross proceeds at $6.4B in August.

## Revenue

Cerebras reported $510 million in revenue for 2025, up 76% year over year, according to [TechCrunch](https://techcrunch.com/2026/05/14/cerebras-raises-5-5b-kicking-off-2026s-ipo-season-with-a-bang/). In Q2 2026, [it reported](https://www.sec.gov/Archives/edgar/data/0002021728/000162828026056186/cbrsannouncesfinancialresu.htm) GAAP revenue of $180.1 million, up 74%, and core revenue of $209.9 million, up 103%.

- Apr 2026 · $510M · Reported · [TechCrunch](https://techcrunch.com/2026/05/14/cerebras-raises-5-5b-kicking-off-2026s-ipo-season-with-a-bang/)

Q2 2026 brought a net loss of $450.5 million as stock-based compensation reached $377 million, [Startup Fortune reported](https://startupfortune.com/cerebras-stock-has-fallen-39-from-its-peak-as-lockup-and-earnings-collide/). Core figures are the company's own measures, shown next to GAAP.

## How Cerebras makes money

Cerebras sells hardware and cloud services. It sells on-premises supercomputers to organizations, and offers developers and enterprises pay-as-you-go cloud access, [the company says](https://www.cerebras.ai/company).

Cloud is the faster-growing part. GAAP cloud and other services revenue was $126.0 million in Q2 2026, up 281% year over year, [Cerebras reported](https://www.sec.gov/Archives/edgar/data/0002021728/000162828026056186/cbrsannouncesfinancialresu.htm). Its GAAP gross margin that quarter was 14%, and its core gross margin was 41%.

Its [IPO filing](https://www.sec.gov/Archives/edgar/data/2021728/000162828026025762/cerebras-sx1april2026.htm) values a multi-year deal with OpenAI, announced in January 2026, at more than $20 billion.

- **[OpenAI](https://realalpha.app/companies/openai/).** In January 2026 the two said OpenAI will buy up to 750 megawatts of computing power from Cerebras over three years. · [Reuters (via Yahoo Finance)](https://finance.yahoo.com/news/openai-buy-compute-capacity-startup-200619645.html)
- **Backlog.** Cerebras reported $25.4 billion in remaining performance obligations as of June 30, 2026. · [SEC (Form 8-K)](https://www.sec.gov/Archives/edgar/data/0002021728/000162828026056186/cbrsannouncesfinancialresu.htm)
- **AI coding companies.** In Q2 2026 it signed new cloud capacity agreements with companies including [Cognition](https://realalpha.app/companies/cognition/) and Lovable. · [Cerebras (8-K press release)](https://www.sec.gov/Archives/edgar/data/0002021728/000162828026056186/cbrsannouncesfinancialresu.htm)
- **[AWS](https://realalpha.app/companies/#aws).** A multi-year partnership that began in March 2026 brings its fast inference to AWS customers. · [SEC (Form S-1)](https://www.sec.gov/Archives/edgar/data/2021728/000162828026025762/cerebras-sx1april2026.htm)
- **Inference pricing.** Cerebras Inference comes in free, developer and enterprise tiers, with pay-per-token options. New accounts that add a payment method get a one-time $5 credit. · [Cerebras](https://www.cerebras.ai/pricing)
- **Data centers.** Its capacity, live and under contract for delivery by the end of 2027, rose to more than 600 MW. · [Cerebras (8-K press release)](https://www.sec.gov/Archives/edgar/data/0002021728/000162828026056186/cbrsannouncesfinancialresu.htm)
- **Credit.** It closed a revolving credit facility of up to $850 million to speed up data center purchases. · [Cerebras (8-K press release)](https://www.sec.gov/Archives/edgar/data/0002021728/000162828026056186/cbrsannouncesfinancialresu.htm)

From Cerebras's interviews

- [Data center delivery depends on power gear and site readiness](https://realalpha.app/s/data-center-delivery-depends-on-power-gear-and-site/) · Andrew Feldman · Uncapped · Sep 15, 2026
- [Faster inference can open new markets and increase throughput](https://realalpha.app/s/faster-inference-can-open-new-markets-and-increase/) · Andrew Feldman · Uncapped · Sep 15, 2026

## Products

Cerebras builds its processors from a whole silicon wafer, which it calls wafer-scale. Each generation of chip has come with a system built around it.

- **WSE-1 and CS-1** (August 2019). Its first Wafer-Scale Engine and the system that housed it. · [Cerebras](https://www.cerebras.ai/company)
- **CS-2** (April 2021). Built on the WSE-2, which has 850,000 cores. · [Wikipedia](https://en.wikipedia.org/wiki/Cerebras)
- **WSE-3 and CS-3** (2024). The chip and system behind its inference and training work. · [Cerebras](https://www.cerebras.ai/company)
- **CS-4** (August 18, 2026). A rack-scale system built from three WSE-3 Turbo processors. First shipments began that quarter. · [GlobeNewswire (Cerebras press release)](https://www.globenewswire.com/news-release/2026/08/19/3347356/0/en/cerebras-unveils-cs-4-up-to-30-times-faster-than-gpu-based-solutions.html)
- **Disaggregated inference with AMD.** Cerebras says it splits inference work with AMD hardware, raising throughput by up to 5x. It is due in production in Q4 2026. · [Cerebras (8-K press release)](https://www.sec.gov/Archives/edgar/data/0002021728/000162828026056186/cbrsannouncesfinancialresu.htm)

From Cerebras's interviews

- [Cerebras is developing memory and optical links alongside compute](https://realalpha.app/s/cerebras-is-developing-memory-and-optical-links-alongside/) · Andrew Feldman · Uncapped · Sep 15, 2026
- [Cerebras made architectural choices to adapt as AI changed](https://realalpha.app/s/cerebras-made-architectural-choices-to-adapt-as-ai-changed/) · Andrew Feldman · Uncapped · Sep 15, 2026
- [Chip fabs are a rare, tightly coupled supply chain](https://realalpha.app/s/chip-fabs-are-a-rare-tightly-coupled-supply-chain/) · Andrew Feldman · Uncapped · Sep 15, 2026

## Customers

[TechCrunch reported](https://techcrunch.com/2026/05/14/cerebras-raises-5-5b-kicking-off-2026s-ipo-season-with-a-bang/) in May 2026 that its customers include OpenAI, G42, Mohamed bin Zayed University of Artificial Intelligence and Amazon Web Services.

In August 2026 Cerebras said its fast inference serves Block, Figma, AlphaSense and GSK, among others. It also said it [built an inline-security segment](https://www.sec.gov/Archives/edgar/data/0002021728/000162828026056186/cbrsannouncesfinancialresu.htm) with CrowdStrike.

## Leadership

Cerebras had 708 employees as of December 31, 2025, with 426 in the United States, according to its [IPO filing](https://www.sec.gov/Archives/edgar/data/2021728/000162828026025762/cerebras-sx1april2026.htm). Its other co-founders are Gary Lauterbach, Michael James and Jean-Philippe Fricker.

- **[Andrew Feldman](https://realalpha.app/builders/andrew-feldman/),** co-founder and CEO. · [SEC (Form 8-K)](https://www.sec.gov/Archives/edgar/data/0002021728/000162828026056186/cbrsannouncesfinancialresu.htm)
- **Sean Lie,** co-founder and CTO. · [GlobeNewswire (Cerebras press release)](https://www.globenewswire.com/news-release/2026/08/19/3347356/0/en/cerebras-unveils-cs-4-up-to-30-times-faster-than-gpu-based-solutions.html)
- **Bob Komin,** chief financial officer. · [Cerebras (8-K press release)](https://www.sec.gov/Archives/edgar/data/0002021728/000162828026056186/cbrsannouncesfinancialresu.htm)
- **Dhiraj Mallick,** chief operating officer. · [Cerebras](https://www.cerebras.ai/company)
- **Qi Jin, Shirley Li, Jessica Liu and Hagay Lupesko** lead software, legal, product management and the AI cloud, according to the company's team page. · [Cerebras](https://www.cerebras.ai/company)

From Cerebras's interviews

- [Failure analysis kept Cerebras going through 18 months of setbacks](https://realalpha.app/s/failure-analysis-kept-cerebras-going-through-18-months-of/) · Andrew Feldman · Uncapped · Sep 15, 2026

## Who owns Cerebras?

[Wikipedia](https://en.wikipedia.org/wiki/Cerebras) lists its largest holders as Eclipse Ventures Fund 1 with 13.5 million shares, Alpha Wave with 12.1 million and Andrew Feldman with 10.1 million.

Feldman still holds roughly $1.9 billion in Cerebras stock at the offer price, [Startup Fortune reported](https://startupfortune.com/cerebras-stock-has-fallen-39-from-its-peak-as-lockup-and-earnings-collide/) in November 2026.

- **Tiger Global** led the $1 billion Series H in February 2026, at a post-money valuation of about $23 billion. · [Cerebras](https://www.cerebras.ai/press-release/cerebras-systems-raises-usd1-billion-series-h)
- **Fidelity and Atreides** led the $1.1 billion Series G in September 2025, at an $8.1 billion post-money valuation. · [Cerebras](https://www.cerebras.ai/press-release/series-g)
- **Benchmark, Alpha Wave, Altimeter, AMD, Coatue and 1789 Capital** joined the Series H. · [Cerebras](https://www.cerebras.ai/press-release/cerebras-systems-raises-usd1-billion-series-h)
- **Group 42,** based in Abu Dhabi, made a large investment that drew a federal review of the first IPO attempt. · [TechCrunch](https://techcrunch.com/2026/05/14/cerebras-raises-5-5b-kicking-off-2026s-ipo-season-with-a-bang/)
- **Eclipse Ventures** is listed by Wikipedia as its largest holder, with 13.5 million shares. · [Wikipedia](https://en.wikipedia.org/wiki/Cerebras)

## Competitors

[Reuters](https://finance.yahoo.com/news/openai-buy-compute-capacity-startup-200619645.html) calls Cerebras an "Nvidia challenger." Wikipedia, citing its IPO filing, lists Nvidia, AMD, Intel and Broadcom as its main hardware competitors.

Andrew Feldman argues that a startup can't beat an incumbent with small gains. He says that is why Cerebras built the whole stack itself.

- **[Nvidia](https://realalpha.app/companies/#nvidia),** the market leader in AI chips, which reporters most often set Cerebras against. · [Reuters (via Yahoo Finance)](https://finance.yahoo.com/news/openai-buy-compute-capacity-startup-200619645.html)
- **[AMD](https://realalpha.app/companies/#amd),** a rival in hardware that is also a Series H investor and a partner on disaggregated inference. · [Cerebras (8-K press release)](https://www.sec.gov/Archives/edgar/data/0002021728/000162828026056186/cbrsannouncesfinancialresu.htm)
- **[Intel](https://realalpha.app/companies/#intel),** listed among its main hardware competitors. · [Reuters (via Yahoo Finance)](https://finance.yahoo.com/news/openai-buy-compute-capacity-startup-200619645.html)
- **Broadcom,** also listed among its main hardware competitors. · [Reuters (via Yahoo Finance)](https://finance.yahoo.com/news/openai-buy-compute-capacity-startup-200619645.html)

What its people said about the competition

- [Attacking Goliath requires a radically better product](https://realalpha.app/s/attacking-goliath-requires-a-radically-better-product/) · Andrew Feldman · Uncapped · Sep 15, 2026
- [Nvidia's long fight as a public company shaped its grit](https://realalpha.app/s/nvidias-long-fight-as-a-public-company-shaped-its-grit/) · Andrew Feldman · Uncapped · Sep 15, 2026

## Timeline and latest news

- Nov 2, 2026 · Startup Fortune reported the last insider lockup tranche ends around November 9 or 10. · [Startup Fortune](https://startupfortune.com/cerebras-stock-has-fallen-39-from-its-peak-as-lockup-and-earnings-collide/)
- Oct 30, 2026 · CBRS closed at $109.18, about 72% below its 52-week high. · [Startup Fortune](https://startupfortune.com/cerebras-stock-has-fallen-39-from-its-peak-as-lockup-and-earnings-collide/)
- Sep 2026 · Feldman and Lie finished selling over $240 million in stock under pre-set plans. · [Startup Fortune](https://startupfortune.com/cerebras-stock-has-fallen-39-from-its-peak-as-lockup-and-earnings-collide/)
- Aug 18, 2026 · Introduced the CS-4, built from three WSE-3 Turbo processors. · [GlobeNewswire (Cerebras press release)](https://www.globenewswire.com/news-release/2026/08/19/3347356/0/en/cerebras-unveils-cs-4-up-to-30-times-faster-than-gpu-based-solutions.html)
- Aug 12, 2026 · Reported Q2 2026 GAAP revenue of $180.1 million, up 74%. · [SEC (Form 8-K)](https://www.sec.gov/Archives/edgar/data/0002021728/000162828026056186/cbrsannouncesfinancialresu.htm)
- Aug 12, 2026 · Closed a revolving credit facility of up to $850 million. · [Cerebras (8-K press release)](https://www.sec.gov/Archives/edgar/data/0002021728/000162828026056186/cbrsannouncesfinancialresu.htm)
- May 14, 2026 · Began trading on the Nasdaq under the ticker CBRS. · [Cerebras](https://www.cerebras.ai/press-release/cerebras-systems-announces-pricing-of-initial-public-offering)
- May 13, 2026 · Priced 30 million shares in its IPO at $185 each. · [Cerebras](https://www.cerebras.ai/press-release/cerebras-systems-announces-pricing-of-initial-public-offering)
- Apr 17, 2026 · Its IPO filing valued the OpenAI deal at more than $20 billion. · [SEC (Form S-1)](https://www.sec.gov/Archives/edgar/data/2021728/000162828026025762/cerebras-sx1april2026.htm)
- Mar 2026 · Started a multi-year partnership with AWS on fast inference. · [SEC (Form S-1)](https://www.sec.gov/Archives/edgar/data/2021728/000162828026025762/cerebras-sx1april2026.htm)
- Feb 3, 2026 · Raised $1 billion at about $23 billion, led by Tiger Global. · [Cerebras](https://www.cerebras.ai/press-release/cerebras-systems-raises-usd1-billion-series-h)
- Jan 14, 2026 · OpenAI agreed to buy up to 750 megawatts of computing power over three years. · [Reuters (via Yahoo Finance)](https://finance.yahoo.com/news/openai-buy-compute-capacity-startup-200619645.html)
- Dec 31, 2025 · Had 708 employees, 426 of them in the United States. · [SEC (Form S-1)](https://www.sec.gov/Archives/edgar/data/2021728/000162828026025762/cerebras-sx1april2026.htm)
- Sep 30, 2025 · Raised $1.1 billion at $8.1 billion, led by Fidelity and Atreides. · [Cerebras](https://www.cerebras.ai/press-release/series-g)
- Apr 2021 · Released the CS-2, built on the 850,000-core WSE-2. · [Wikipedia](https://en.wikipedia.org/wiki/Cerebras)
- Aug 2019 · Announced its first Wafer-Scale Engine and the CS-1 system. · [Cerebras](https://www.cerebras.ai/company)

## Legal matters

Cerebras's first attempt to go public, filed in 2024, stalled in a long review by the Committee on Foreign Investment in the United States. [TechCrunch reported](https://techcrunch.com/2026/05/14/cerebras-raises-5-5b-kicking-off-2026s-ipo-season-with-a-bang/) the concern was a large investment from Abu Dhabi-based Group 42. Those plans were shelved, and Cerebras listed in May 2026.

## In their own words, and what followed

- [Nvidia's long fight as a public company shaped its grit](https://realalpha.app/s/nvidias-long-fight-as-a-public-company-shaped-its-grit/) · Andrew Feldman · Uncapped · Sep 15, 2026
  > “They look to CUDA. I don't think it's CUDA.”
  Reported after · Six weeks later CBRS closed at $109.18, about 72% below its 52-week high of $386.34. · [Startup Fortune](https://startupfortune.com/cerebras-stock-has-fallen-39-from-its-peak-as-lockup-and-earnings-collide/)

- [Failure analysis kept Cerebras going through 18 months of setbacks](https://realalpha.app/s/failure-analysis-kept-cerebras-going-through-18-months-of/) · Andrew Feldman · Uncapped · Sep 15, 2026
  > “We hadn't run out of ideas.”
  Reported after · In November 2026 Feldman still held roughly $1.9 billion in Cerebras stock at the offer price, Startup Fortune reported. · [Startup Fortune](https://startupfortune.com/cerebras-stock-has-fallen-39-from-its-peak-as-lockup-and-earnings-collide/)

## Questions people ask

### Is Cerebras a public company? Can I buy Cerebras stock?

Yes. Cerebras is public, and its shares trade on the Nasdaq under the ticker CBRS. This page gives no investment advice.

### When did Cerebras IPO?

It priced its IPO at $185 a share on May 13, 2026, and began trading on May 14, [Cerebras said](https://www.cerebras.ai/press-release/cerebras-systems-announces-pricing-of-initial-public-offering).

### Who owns Cerebras?

Its shareholders. [Wikipedia](https://en.wikipedia.org/wiki/Cerebras) lists Eclipse Ventures, Alpha Wave and Andrew Feldman as its largest holders.

### Who is the CEO of Cerebras?

[Andrew Feldman](https://realalpha.app/builders/andrew-feldman/), who co-founded the company in 2015.

### Who founded Cerebras?

Andrew Feldman, Gary Lauterbach, Michael James, Sean Lie and Jean-Philippe Fricker, in 2015.

### How much is Cerebras worth?

It had a fully diluted valuation of $56.4B at its $185 IPO price in May 2026, [TechCrunch reported](https://techcrunch.com/2026/05/14/cerebras-raises-5-5b-kicking-off-2026s-ipo-season-with-a-bang/). Its shares closed at $109.18 on October 30, 2026.

### How much revenue does Cerebras make?

It reported $510M for 2025 and [$180.1M in GAAP revenue](https://www.sec.gov/Archives/edgar/data/0002021728/000162828026056186/cbrsannouncesfinancialresu.htm) for Q2 2026, up 74% year over year.

### Is Cerebras profitable?

No. It posted a Q2 2026 net loss of $450.5M, [Startup Fortune reported](https://startupfortune.com/cerebras-stock-has-fallen-39-from-its-peak-as-lockup-and-earnings-collide/). Its GAAP operating margin that quarter was (265%), and its core operating margin was (16%).

### How does Cerebras make money?

It sells hardware systems and cloud services. Cloud and other services brought in [$126.0M](https://www.sec.gov/Archives/edgar/data/0002021728/000162828026056186/cbrsannouncesfinancialresu.htm) in Q2 2026, up 281%.

### Who are Cerebras's customers?

OpenAI, AWS, G42 and MBZUAI, as [TechCrunch reported](https://techcrunch.com/2026/05/14/cerebras-raises-5-5b-kicking-off-2026s-ipo-season-with-a-bang/). The company also names Block, Figma, AlphaSense, GSK, Cognition and Lovable.

### Where is Cerebras headquartered?

Sunnyvale, California, where it leases about 68,000 square feet, according to its [IPO filing](https://www.sec.gov/Archives/edgar/data/2021728/000162828026025762/cerebras-sx1april2026.htm).

### Who are Cerebras's competitors?

Nvidia above all, plus AMD, Intel and Broadcom, which Wikipedia lists from its IPO filing.

## Every moment from Cerebras's people

### Andrew Feldman on Building Cerebras and the Future of Chips | Ep. 57
Uncapped · Sep 15, 2026

- [Attacking Goliath requires a radically better product](https://realalpha.app/s/attacking-goliath-requires-a-radically-better-product/) · 6 min
- [Failure analysis kept Cerebras going through 18 months of setbacks](https://realalpha.app/s/failure-analysis-kept-cerebras-going-through-18-months-of/) · 3 min
- [Chip fabs are a rare, tightly coupled supply chain](https://realalpha.app/s/chip-fabs-are-a-rare-tightly-coupled-supply-chain/) · 7 min
- [Data center delivery depends on power gear and site readiness](https://realalpha.app/s/data-center-delivery-depends-on-power-gear-and-site/) · 6 min
- [Faster inference can open new markets and increase throughput](https://realalpha.app/s/faster-inference-can-open-new-markets-and-increase/) · 3 min
- [Nvidia's long fight as a public company shaped its grit](https://realalpha.app/s/nvidias-long-fight-as-a-public-company-shaped-its-grit/) · 2 min
- [Cerebras made architectural choices to adapt as AI changed](https://realalpha.app/s/cerebras-made-architectural-choices-to-adapt-as-ai-changed/) · 4 min
- [Cerebras is developing memory and optical links alongside compute](https://realalpha.app/s/cerebras-is-developing-memory-and-optical-links-alongside/) · 3 min

## People on Real Alpha

- [Andrew Feldman](https://realalpha.app/builders/andrew-feldman/), Co-founder & CEO, Cerebras

## How this page is sourced

Each figure links to the filing, company statement or news report it came from, with its date. Run rates are what reporters were told, not audited results; estimates and unconfirmed reports are marked. Quotes are what each person said on the record, with the minute they said it.