Cerebras Systems Inc. (CBRS) Stock Price & How to Invest
Short answer
CBRS is Cerebras Systems, an AI infrastructure company whose wafer-scale chips target ultra-fast AI inference as a challenger to Nvidia. It is a newly public, hyper-growth but concentrated and richly valued stock, so it tends to be treated as a high-conviction AI-compute position rather than a core holding.
CBRS stock price
As of 2026-07-09, Cerebras Systems Inc. (CBRS) last closed at $198.53, down 12.5% over the past month. Over its trading history so far it has traded between $168.52 and $311.07.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Cerebras Systems Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Cerebras Systems Inc. (CBRS) do?
Cerebras Systems (NASDAQ: CBRS) designs AI compute systems built around its Wafer-Scale Engine (WSE), a single chip the size of an entire silicon wafer with roughly 900,000 cores and large on-chip memory. That design keeps whole models in fast on-chip SRAM instead of shuttling weights to and from external memory, which lets Cerebras post very high token-generation speeds for AI inference. The company sells both on-premise systems and cloud inference capacity, positioning itself against Nvidia GPUs for large-model inference and AI supercomputing workloads. Founded in 2015 and based in Sunnyvale, California, it went public in May 2026 in one of the largest semiconductor IPOs on record.
The investment picture is one of rapid growth layered over real structural risks. Full-year 2025 revenue reached about $510 million, up roughly 76 percent, and Q1 2026 core revenue of about $191 million grew around 92 percent year over year, backed by a reported remaining-performance-obligation backlog near $25 billion tied largely to a multi-year OpenAI capacity agreement. At the same time, roughly 86 percent of 2025 revenue came from two UAE-affiliated buyers (G42 and MBZUAI), gross margins are guided into the high-30s to low-40s percent, and 2025 GAAP profit was flattered by a one-time non-cash gain. With a market capitalization around $51 billion against still-modest trailing revenue, CBRS trades on future backlog conversion rather than current fundamentals.
What's driving Cerebras Systems Inc. (CBRS)?
1. Inference speed leadership
Cerebras positions its wafer-scale architecture as the fastest way to run large models, with independent benchmarks showing multiples of the throughput of GPU and rival inference chips on some open models. As AI shifts from training toward high-volume inference, a differentiated speed advantage could expand the company's addressable market. Whether that advantage translates into durable share depends on winning workloads beyond a handful of flagship customers.
2. OpenAI and backlog conversion
A multi-year Master Relationship Agreement with OpenAI covers 750 megawatts of inference capacity valued at more than $20 billion and anchors a reported backlog near $25 billion. Revenue is described as back-half weighted in 2026 as cloud capacity comes online. Execution on building out that capacity, and OpenAI's continued commitment, are central to the growth story.
3. Diversification beyond UAE demand
Historically most revenue came from G42 and other Abu Dhabi entities, and the OpenAI deal plus a stated AWS partnership are steps toward a broader customer base. New enterprise, sovereign, and cloud customers would reduce reliance on any single buyer. Progress here is a key marker of whether Cerebras becomes a broad platform rather than a project-driven supplier.
4. Margin and profitability trajectory
Core gross margin is guided to roughly 38 to 41 percent for 2026, well below the software-like levels investors sometimes assume for AI winners. On an adjusted basis the company was still operating at a loss in 2025 once one-time items and stock compensation are removed. Scaling revenue while lifting margins is what would justify the current valuation over time.
What are the risks to Cerebras Systems Inc. (CBRS)?
Customer concentration is the defining risk: roughly 86 percent of 2025 revenue came from two UAE-affiliated buyers, and much of the future backlog now depends on a single OpenAI agreement, so the loss or renegotiation of one relationship could sharply reduce revenue. The valuation, a market capitalization near $51 billion on only a few hundred million dollars of trailing revenue, leaves little margin for execution stumbles or slower AI spending. Competition is intense, with Nvidia dominant and AMD, Groq, SambaNova, and in-house cloud silicon all pursuing inference. The stock is newly public and highly volatile (it has fallen sharply from its first-day highs), gross margins are modest, and 2025 GAAP profitability was inflated by a one-time non-cash gain rather than operating performance.
How is Cerebras Systems Inc. (CBRS) valued? (approximate, JULY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Cerebras Systems Inc.'s investor relations page or your broker.
- Revenue (FY2025): ~$510M
- Revenue growth (FY2025): ~76%
- Revenue (Q1 2026 core): ~$191M
- Backlog / RPO: ~$25B
- Market cap: ~$51B
- Core gross margin (2026 guide): ~38-41%
Cerebras trades at a very high multiple of trailing revenue, reflecting expectations that its roughly $25 billion backlog, most tied to OpenAI, converts into rapid future revenue. Reported 2025 GAAP net income was inflated by a one-time non-cash gain from extinguishing a G42-related liability; on an adjusted basis the company still ran an operating loss. Investors are effectively pricing execution years ahead of current fundamentals.
Who competes with Cerebras Systems Inc. (CBRS)?
Dominant GPU incumbents
Nvidia and AMD supply the GPUs that power most AI training and inference today. Nvidia's scale, software ecosystem (CUDA), and installed base are the primary competitive benchmark Cerebras must beat on speed and total cost to win workloads.
Specialized inference challengers
Groq and SambaNova, like Cerebras, build purpose-built inference hardware aimed at outrunning GPUs on token throughput. They compete directly for the same fast-inference customers, each with a different memory and architecture tradeoff.
In-house cloud and custom silicon
Hyperscalers such as Google (TPU), Amazon (Trainium and Inferentia), and Broadcom-designed ASICs let large AI buyers build their own accelerators. If major customers bring inference in-house, demand for third-party systems like Cerebras could narrow.
How to invest in Cerebras Systems Inc. (CBRS)
There are three common ways to get CBRS exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so CBRS sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where CBRS fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on Cerebras Systems Inc. (CBRS)
Cerebras pairs standout inference technology and explosive revenue growth with heavy customer concentration and a steep valuation, making it a high-risk, high-expectation way to express an AI-compute thesis.
More on Cerebras Systems Inc. (CBRS)
Whether CBRS is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is CBRS a buy?, and where the stock could go from here in the CBRS stock forecast.
For income investors, whether CBRS pays a dividend and how the payout looks is covered in does CBRS pay a dividend?
Build a basket around CBRS with Walnut
Use Cerebras Systems Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does CBRS stand for?
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CBRS is the Nasdaq ticker for Cerebras Systems Inc., an AI infrastructure company based in Sunnyvale, California. It is best known for its Wafer-Scale Engine, a processor built on an entire silicon wafer and designed for fast AI inference.
What does Cerebras actually sell?
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Cerebras sells AI compute systems powered by its wafer-scale chips, along with cloud-based inference capacity. Customers use these to run large AI models at high speed, whether on-premise or through Cerebras cloud services, competing with racks of GPUs.
When did Cerebras go public?
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Cerebras completed its IPO on Nasdaq in May 2026 under the ticker CBRS, one of the largest semiconductor IPOs on record. The stock opened well above its IPO price and has been highly volatile since, trading far below its first-day peak.
How fast is Cerebras growing?
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Full-year 2025 revenue was about $510 million, up roughly 76 percent, and Q1 2026 core revenue of about $191 million grew around 92 percent year over year. Growth is supported by a large multi-year OpenAI capacity agreement.
Why is customer concentration a concern for CBRS?
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Roughly 86 percent of 2025 revenue came from two UAE-affiliated buyers, G42 and MBZUAI, and much of the future backlog now depends on a single OpenAI agreement. Heavy reliance on a few customers means losing one could sharply cut revenue.
Is Cerebras profitable?
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Reported 2025 GAAP net income was positive but was inflated by a one-time non-cash gain tied to a G42 liability. On an adjusted basis, stripping out that gain and stock compensation, the company was still operating at a loss, so profitability is not yet durable.
How does Cerebras compare to Nvidia?
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Nvidia dominates AI compute with its GPUs, software ecosystem, and installed base. Cerebras competes on inference speed, claiming much faster token generation on some large models by keeping weights in on-chip memory, but it is far smaller and must prove it can win broad workloads.
Why is CBRS considered a high-risk stock?
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It trades at a very high multiple of trailing revenue, carries heavy customer concentration, has modest gross margins, and is a newly public, volatile stock. Its valuation depends on converting a large backlog into future revenue, leaving little room for execution missteps.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Cerebras Systems Inc.'s investor relations page or your broker before making investment decisions.