Cerebras Systems (CBRS)
Builds wafer-scale AI systems and cloud compute for model training and low-latency inference.
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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
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 13, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $273 | Target: $279 |
| Aug 13, 2026 | UBS | Reiterate | Rating: —Target: $320 | Target: $330 |
| Jul 27, 2026 | Mizuho Securities | Target | Target: $300 | Target: $310 |
| Jun 24, 2026 | Wedbush | Reiterate | Rating: —Target: $270 | Target: $280 |
| Jun 24, 2026 | Rosenblatt Securities | Target | Target: — | Target: $300 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $8.61B · Total debt $1.49B · Total assets $11.63B · Shareholders' equity $9.15B
- Revenue
- $180.1M
- Operating income
- −$477.2M
- Net income
- −$450.5M
No dividends on record.
| Institutions | ≈ 35.69% | 84.80M shares | |
|---|---|---|---|
| 458 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 8.67% | 20.59M shares | |
| 8 holders · as of Sep 17, 2026 | |||
| Strategic holders | 10.02% | 23.81M shares | |
| 2 holders · as of Aug 26, 2026 | |||
| Other | ≈ 45.62% | 108.36M shares | |
| remainder | |||
237.56M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (237.56M in the company's Sep 22, 2026 report, 112.25M elsewhere); stakes use the report.
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
This company has 3 share classes; every stake here is a share of the whole company.
The reported float (60.85M, 26.9% free) does not reconcile with the share count, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Foundation Capital Management Co. VIII, L.L.C.1,2Strategic10 percent owner | 6.29% | 14.21M A | filed Aug 25, 2026 |
Eclipse Ventures, LLCInstitution | 4.82% | 11.45M A | as of Jun 30, 2026 |
Andrew D. Feldman3,4Insiderdirector, officer: CEO, President | 4.34% | 10.40M A | filed Sep 8, 2026 |
Benchmark Capital Partners VIII, L.P.Institution | 3.92% | 9.31M | filed Aug 14, 2026 |
Benchmark Capital Management Co. VIII, L.L.C.Strategic10 percent owner | 3.73% | 8.86M B | filed Aug 26, 2026 |
- Foundation Capital Management Co. VIII, L.L.C.'s transaction reports restate only vehicles that traded; the 2026 ownership statement (14.21M) plus the 737.8K net shares acquired since is used instead.
- Foundation Capital Management Co. VIII, L.L.C. reports a block also reported by Vanguard Portfolio Management LLC; it is counted once, under Vanguard Portfolio Management LLC.
- Andrew D. Feldman's transaction reports restate only vehicles that traded; the 2026 ownership statement (10.40M) less the 76.1K net shares sold since is used instead.
- Andrew D. Feldman reports a block also reported by Foundation Capital Management Co. VIII, L.L.C.; it is counted once, under Foundation Capital Management Co. VIII, L.L.C.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 4, 2026 | Steven Vassallo | director | −50,000 | $210.30 |
| Sep 4, 2026 | Andrew D. Feldman | director, officer: CEO, President | −37,441 | $210.46 |
| Sep 4, 2026 | Sean Lie | officer: Chief Technology Officer | −53,460 | $210.16 |
| 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 |
- 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.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cerebras Systems | $202.47 | −2.89% | $49.53B | — | — | 72.8 | — |
| Nvidia | $228.78 | +0.62% | $5.51T | 28.7 | 19.1 | 18.2 | +105.9% |
| Amazon | $257.85 | −0.23% | $2.78T | 20.8 | 27.6 | 3.6 | +19.6% |
| Microsoft | $499.39 | −0.44% | $3.72T | 27.9 | 25.5 | 11.2 | +17.8% |
| Alphabet Class A | $361.03 | +1.71% | $4.30T | 17.8 | 26.9 | 9.6 | +24.2% |
| AMD | $616.00 | +0.08% | $1.00T | 157.8 | 55.0 | 24.3 | +50.1% |
| Oracle | $152.90 | +2.92% | $427.95B | 23.3 | 18.0 | 6.0 | +29.6% |
| CoreWeave | $87.24 | +2.12% | $46.61B | — | — | 6.1 | +112.3% |
| Intel | $121.81 | +0.02% | $614.26B | — | 71.6 | 10.8 | +25.4% |
| Median | 25.6 | 26.9 | 10.2 | +27.5% |