Cerebras Systems reported first-quarter 2026 core revenue between $191 million and $193 million, a 92% jump year-over-year, driven largely by a massive multi-year deal with OpenAI.
That deal, announced on January 14, 2026, involves deploying up to 750 megawatts of Cerebras’ wafer-scale AI inference systems. It was initially valued at over $10 billion. The company has since updated that figure to exceed $20 billion, with phased rollouts continuing through 2028.
From startup to public market darling
Cerebras completed its IPO on May 14, 2026, pricing shares at $185. The offering raised an estimated $5 billion to $6 billion in capital. Shares opened at $385, more than double the IPO price, before settling at $311 by the close of the first trading day.
Cerebras builds wafer-scale engines — taking an entire silicon wafer, the kind that normally gets diced into hundreds of individual chips, and turning it into one massive processor. The result is dramatically lower latency for AI inference workloads compared to traditional GPU clusters.
