NASDAQ: CBRS
Cerebras Systems Inc.CIK 0002021728 · SIC 3674 · Semiconductors
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Cerebras reports Q2 cloud revenue up 281% YoY, raises $6.4B via IPO, guides FY2026 to $880-890M
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revenue $180.1M, net income -$450.5M. Cerebras completes IPO, issues AWS warrant tied to commercial milestones
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Cerebras reports 94% revenue growth, $193.4M OpenAI loan
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Cerebras announces $20B+ OpenAI deal, AWS partnership, and $6.4B IPO alongside Q1 results
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Cerebras completes IPO: 34.5M Class A shares at $185 (~$6.38B gross; filing rounds to ~$6.38B (34.5M × $185; filing rounds to $6.4B))
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Cerebras Systems prices 30M-share IPO at $185.00, raising $5.4B net proceeds
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Cerebras raises IPO price 29% to $155/share, upsizes offering to 30M shares for $4.5B proceeds
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Cerebras prices $3.2B IPO at $120/share; insiders retain 99% voting control via dual-class stock
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Cerebras Systems files to go public; preliminary S-1 discloses 750MW OpenAI commitment, $1B working capital loan, and 20-to-1 dual-class structure
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Latest financial statements
From 10-Q filed Aug 12, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue | ||||
| Hardware | 54,119 | 70,295 | 164,712 | 139,969 |
| Cloud and other services | 125,991 | 33,027 | 208,804 | 62,865 |
| Total revenue | 180,110 | 103,322 | 373,516 | 202,834 |
| Cost of revenue | ||||
| Hardware | 53,141 | 46,649 | 118,072 | 95,059 |
| Cloud and other services | 101,410 | 24,574 | 143,709 | 34,072 |
| Total cost of revenue | 154,551 | 71,223 | 261,781 | 129,131 |
| Gross profit | 25,559 | 32,099 | 111,735 | 73,703 |
| Operating expenses | ||||
| Research and development | 320,151 | 60,768 | 395,646 | 113,519 |
| Sales and marketing | 86,969 | 18,228 | 101,670 | 28,554 |
| General and administrative | 95,672 | 10,285 | 106,689 | 17,282 |
| Total operating expenses | 502,792 | 89,281 | 604,005 | 159,355 |
| Loss from operations | (477,233) | (57,182) | (492,270) | (85,652) |
| Other income, net | 26,979 | 368,358 | 29,507 | 374,644 |
| Income (loss) before income taxes | (450,254) | 311,176 | (462,763) | 288,992 |
| Income tax expense | 274 | 1,664 | 1,771 | 3,347 |
| Net income (loss) | (450,528) | 309,512 | (464,534) | 285,645 |
| Net income (loss) attributable to common shareholders | ||||
| Basic | (450,528) | 120,318 | (464,534) | 110,580 |
| Diluted | (450,528) | 309,512 | (464,534) | 285,645 |
| Net income (loss) per share attributable to common shareholders | ||||
| Basic | (2.98) | 2.28 | (4.34) | 2.11 |
| Diluted | (2.98) | 1.91 | (4.34) | 1.76 |
| Weighted average shares outstanding | ||||
| Basic | 150,968 | 52,720 | 107,132 | 52,363 |
| Diluted | 150,968 | 161,822 | 107,132 | 162,276 |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share amounts)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 6,742,157 | 701,706 |
| Restricted cash | 684,680 | 228,672 |
| Investments | 1,179,390 | 406,531 |
| Accounts receivable, net | 123,361 | 50,423 |
| Inventories | 32,666 | 63,626 |
| Customer warrants | 167,762 | 60,906 |
| Prepaid expenses and other current assets | 191,698 | 31,782 |
| Total current assets | 9,121,714 | 1,543,646 |
| Property and equipment, net | 986,808 | 437,396 |
| Customer warrants, net of current portion | 960,635 | 91,447 |
| Operating lease right-of-use assets | 528,275 | 248,950 |
| Other non-current assets | 30,440 | 4,598 |
| Total assets | 11,627,872 | 2,326,037 |
| LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||
| Current liabilities: | ||
| Accounts payable | 88,313 | 48,630 |
| Deferred revenue | 173,735 | 131,049 |
| Operating lease liability | 88,422 | 45,865 |
| Customer deposits | 242,672 | 354,460 |
| Working capital loan | 736,036 | — |
| Accrued and other current liabilities | 236,910 | 139,536 |
| Total current liabilities | 1,566,088 | 719,540 |
| Deferred revenue, net of current portion | 244,529 | 35,847 |
| Operating lease liability, net of current portion | 480,405 | 215,957 |
| Working capital loan, net of current portion | 182,208 | — |
| Total liabilities | 2,473,230 | 971,344 |
| Commitments and contingencies (Note 16) | ||
| Redeemable convertible preferred stock, $0.00001 par value per share: 100,000,000 shares and 113,258,719 shares authorized, at June 30, 2026 and December 31, 2025, respectively; nil and 113,258,716 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | — | 1,933,348 |
| Stockholders’ equity (deficit) | ||
| Class A common stock, $0.00001 par value; 3,500,000,000 and 271,800,000 shares authorized at June 30, 2026 and December 31, 2025, respectively; 103,220,568 and 57,907,093 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 1 | 1 |
| Class B common stock, $0.00001 par value; 240,000,000 and nil shares authorized at June 30, 2026 and December 31, 2025, respectively; 121,301,359 and nil shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 1 | — |
| Class N common stock, $0.00001 par value; 100,000,000 and 37,100,000 shares authorized at June 30, 2026 and December 31, 2025, respectively; 3,682,000 and nil shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | — | — |
| Treasury stock, at cost, 889,890 shares as of June 30, 2026 and December 31, 2025 | (21,456) | (21,456) |
| Additional paid-in capital | 10,540,193 | 346,829 |
| Accumulated other comprehensive income | 5,767 | 1,301 |
| Accumulated deficit | (1,369,864) | (905,330) |
| Total stockholders’ equity (deficit) | 9,154,642 | (578,655) |
| Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit) | 11,627,872 | 2,326,037 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income (loss) | (464,534) | 285,645 |
| Adjustments to reconcile net income (loss) to net cash flows used in operating activities: | ||
| Stock-based compensation | 386,601 | 22,435 |
| Amortization of customer warrants | 46,315 | — |
| Depreciation and amortization | 42,551 | 9,315 |
| Non-cash lease expense | 39,104 | 5,872 |
| Non-cash interest expense | 38,602 | — |
| Provision for product warranties | 8,430 | 9,000 |
| Extinguishment of forward contract liability | — | (363,336) |
| Other | (2,110) | (835) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (72,938) | 125,508 |
| Inventories | 31,116 | 74,929 |
| Prepaid expenses and other assets | (182,311) | (3,003) |
| Accounts payable | 565 | 6,314 |
| Deferred revenue | 126,440 | 16,525 |
| Customer deposits | (111,788) | (320,558) |
| Other liabilities | 66,469 | 8,346 |
| Net cash flows used in operating activities | (47,488) | (123,843) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (548,873) | (185,094) |
| Purchases of investments | (1,275,515) | (20,175) |
| Maturities and sales of investments | 514,455 | 117,973 |
| Net cash flows used in investing activities | (1,309,933) | (87,296) |
| Cash flows from financing activities: | ||
| Proceeds from initial public offering, net of underwriting discounts and commissions | 6,232,511 | — |
| Proceeds from sale of shares of Series H redeemable convertible preferred stock | 1,014,249 | — |
| Costs incurred in connection with the sale of shares of Series H redeemable convertible preferred stock | (218) | — |
| Proceeds from Working Capital Loan | 1,004,571 | — |
| Proceeds from exercise of stock options | 20,221 | 5,176 |
| Proceeds from issuance of shares of Class N common stock | 15,036 | — |
| Fees paid for revolving credit facility | (3,801) | — |
| Repurchases of early exercised stock options | — | (28) |
| Tax withholding from tender offer and initial public offering | (416,660) | — |
| Payments of deferred offering costs and other financing activities | (12,667) | — |
| Net cash flows provided by financing activities | 7,853,242 | 5,148 |
| Effect of exchange rate on cash | 638 | 912 |
| Increase (decrease) in cash, cash equivalents, and restricted cash | 6,496,459 | (205,079) |
| Cash, cash equivalents, and restricted cash beginning of period | 930,378 | 581,965 |
| Cash, cash equivalents, and restricted cash end of period | 7,426,837 | 376,886 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except per share amounts); (in thousands, except share and per share amounts); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗