Cerebras Systems Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

Quarters: Cerebras Systems Inc.'s SEC filings, named by the month they end. Fiscal years: Yahoo Finance.

How it makes money

Of every $100 in revenue, $46.6 ends up as net income. Net margin rose from −721.9% to 46.6% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Yahoo Finance, operating income as filed with the SEC where its quarters cover the year; quarters: SEC filings.

Customers and suppliers

In its prospectus Cerebras Systems buys from Amazon, TSMC; sells to OpenAI, Amazon, G42.

Their suppliers

e.l.f. Beauty ELFto Amazon

United Parcel Service UPSto Amazon

Applied Optoelectronics AAOIto Amazon

KLA KLACto TSMC

Lam Research LRCXto TSMC

Onto Innovation ONTOto TSMC

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Suppliers

Amazon AMZN

TSMC TSM

 

CBRSCerebras Systems

Customers

Amazon AMZN

G42

OpenAI

Their customers

Aurora Innovation AURfrom Amazon

Celsius Holdings CELHfrom Amazon

Clover Health Investments CLOVfrom Amazon

Zeta Global Holdings ZETAfrom OpenAI

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Cerebras Systems's 10-Q for the quarter to Jun 2026 gives three customers' shares of its revenue: Customer A (34%), Customer B (32%) and Customer C (10%).

From Cerebras Systems Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Partners

OpenAIinvested in Cerebras Systems · Holds warrant tied to commercial commitmentsWarrant for up to 33,445,026 Class N shares at $0.00001 per share

Amazon AMZNinvested in Cerebras Systems · Receives warrant tied to product purchasesCommitment to issue warrant for up to 2,696,678 Class N shares at $100.00 per share

G42Collaborates on models and AI compute infrastructure

Only the companies Cerebras Systems names in its prospectus (424B4) filed May 14, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

A P/E is not available, so we look at price-to-sales instead: 34.1x, above the peer median of 16.4x. Revenue is up 74% from a year ago.

Above the peer median of 16.4x. The market pays more per $1 of revenue than for peers.

Cerebras Systems Inc. has very small earnings, so P/E would be misleading. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $240, 145% above the current price; 100% of 11 analysts rate it a buy; earnings beat estimates in all of the last 2 quarters.

Buy or Strong Buy: 11 analysts (100%). Sell or Strong Sell: 0.

Since Jun 8, 2026 the average of the analysts' latest price targets went from $290.56 to $257.00 (−12%), while CBRS went from $237.83 to $97.75 (−59%). In the past three months targets were cut 4 times and never raised. 1 upgrade and no downgrades over the year; the latest: Freedom Capital Markets moved it to Buy from Hold on Oct 2, 2026.

The day after each of these reports the stock moved −18.8% (Mar 2026, beat); −1.6% (Jun 2026, beat).

For the quarter ending Sep 2026 (Cerebras Systems reports on Nov 12, 2026), analysts expect an adjusted loss of $0.14 a share and revenue of $215M. For the fiscal year ending Dec 2026, they expect an adjusted loss of $0.47 a share and revenue of $894M.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Financial health

Current ratio 2.1, no pressure to repay short-term debt; shareholder equity is below zero; it has more cash than debt.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 12 funds whose copy leaves CBRS out (on the exchange, not in the app yet): Altimeter Capital Management, Harvard Management, Coatue Management, Dragoneer Investment Group, Tiger Global Management, Tensor Edge Capital and 6 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 18 held CBRS at the end of their latest quarter (for most, Q2 2026). Over that quarter 3 added shares, 1 cut, 13 bought new and 1 held the same. The largest of them is Altimeter Capital Management, 7.23M shares worth $1.6B at Jun 30, 2026.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of CBRS at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $389M of CBRS on the open market in the 12 months to Nov 11, 2026; none bought. 91% of the sales were made under 10b5-1 plans, set up in advance. The largest was Sean Lie (Chief Technology Officer), who sold $194M in 24 sales.

From the Form 4s filed with the SEC about Cerebras Systems Inc. (62 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 302 other transactions (grants, shares withheld for tax, shares sold to pay tax, gifts and other transfers).