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US AI chip company building wafer-scale processors designed to train and run large AI models faster than GPU clusters.
US AI chip company building wafer-scale processors designed to train and run large AI models faster than GPU clusters.
Sells whole AI computing systems built around its giant chip and also rents out that computing as a cloud service paid by usage, so revenue depends on a handful of very large orders. Its early filings showed Abu Dhabi's G42 as by far the largest customer.
Moat: narrow (IP / patents, process know-how). Proprietary wafer-scale chip design is a unique, patent-protected approach that Nvidia's GPU architecture doesn't match.
Headquarters: Sunnyvale, California, US · Founded: 2015 · Employees: 708
Size Cerebras Systems (CBRS) is a United States Information Technology company (Packaged Software) with a market value of $20.1B, the 496th largest of 3,117 United States companies the cockpit tracks. Shares closed at $89.68 on 6 Nov 2026.
Growth Revenue grew 90.8% over the last twelve months (peer median +18.2%); the operating margin is -81.2% (peer median 22.3%).
Valuation It trades at 19.0× enterprise value to sales against a peer median of 7.1× (3rd most expensive of 21).
Capital Return on invested capital runs 40.3 points below its cost of capital (18.9% WACC).
Backlog Backlog (remaining performance obligations) was $25.4B at 30 Jun 2026. Backlog detail →
Short interest Short interest is 17.7% of the free float (15 Oct 2026).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $681M | $510M | $290M | $78.7M | $24.6M |
| Revenue growth | — | +76% | +269% | +220% | — |
| Gross profit | $265M | $177M | $114M | $19.8M | $2.05M |
| EBITDA | n/a | -$111M | -$89.9M | -$121M | -$156M |
| Net income | -$512M | $87.9M | -$482M | -$127M | -$178M |
| Free cash flow | n/a | -$393M | $429M | -$85.6M | -$175M |
| Capital expenditure | n/a | $383M | $23.4M | $6.59M | $10.5M |
| Total debt | $1.49B | $262M | $40.7M | $560,000 | $1.30M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Cerebras Systems CBRS | $20.1B | n/a | +91% | -81% | 19.0× | n/a |
| Nvidia NVDA | $4.50T | -13% | +83% | 65% | 14.7× | 26.3% |
| Advanced Micro Devices AMD | $733B | -1% | +42% | 18% | 16.0× | 60.9% |
| Intel INTC | $299B | -55% | +12% | 11% | 5.2× | 46.1% |
| Qualcomm QCOM | $177B | -24% | +2% | 24% | 4.2× | 15.9% |
| CoreWeave CRWV | $25.6B | -59% | +115% | -3% | 9.3× | n/a |
| NBIS NBIS | $35.2B | -8% | +461% | -49% | 27.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CBRS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -46.6% | +5.4% | lowest of 21 |
| Distance from 52-week high | -76.8% | -13.6% | 2nd lowest of 21 |
| Revenue growth (TTM) | +90.8% | +18.2% | 4th highest of 21 |
| Operating margin | -81.2% | 22.3% | 2nd lowest of 21 |
| EV / Sales | 19.0× | 7.1× | 3rd most expensive of 21 |
| ROIC minus cost of capital | -40.3 pp | +7.9 pp | 2nd lowest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cerebras Systems CBRS | United States | $20.1B | n/a | +91% | -81% | 19.0× | n/a | n/a |
| Toast TOST | United States | $20.1B | +38% | +22% | 7% | 2.5× | 28.6% | +49.5% |
| PTC PTC | United States | $21.2B | +33% | +20% | 40% | 7.7× | 10.3% | +8.6% |
| SS&C Technologies SSNC | United States | $18.2B | +13% | +9% | 24% | 3.8× | 6.9% | +6.1% |
| Unity Software U | United States | $22.7B | +83% | +14% | -14% | 11.3× | 33.5% | +19.1% |
| Gen Digital GEN | United States | $17.7B | +32% | +17% | 43% | 4.8× | 1.8% | +14.4% |
| F5, Inc. FFIV | United States | $17.7B | -12% | +11% | 24% | 4.8× | 9.7% | +5.6% |
| Hithink RoyalFlush Information Network 300033.SZ | China | $22.9B | -14% | +48% | 56% | 18.4× | 37.1% | +16.3% |
| Circle Internet CRCL | United States | $17.3B | -40% | +26% | 13% | 5.2× | 23.2% | +52.7% |
| Samsara IOT | United States | $24.0B | +38% | +30% | 1% | 12.6× | n/a | n/a |
| Beijing Kingsoft Office Software 688111.SS | China | $16.1B | -8% | +20% | 22% | 15.5× | 32.7% | +21.3% |
| MongoDB MDB | United States | $25.2B | +4% | +25% | -1% | 8.2× | 27.9% | +33.1% |
| Evolution EVO.ST | Sweden | $15.8B | +33% | -3% | 57% | 6.6× | -0.3% | +31.2% |
| CoreWeave CRWV | United States | $25.6B | -59% | +115% | -3% | 9.3× | n/a | n/a |
| Zoom Communications ZM | United States | $26.2B | -18% | +5% | 24% | 3.8× | 5.8% | +12.9% |
| Z.AI Co., Ltd. -H- Reg S 2513.HK | Hong Kong | $26.5B | -56% | +132% | -272% | 123.0× | n/a | n/a |
| Amadeus IT AMS.MC | Spain | $27.4B | +18% | +4% | 27% | 4.1× | 4.3% | +24.6% |
| Manhattan Associates MANH | United States | $14.7B | +77% | +8% | 25% | 12.6× | 29.4% | +13.0% |
| DocuSign DOCU | United States | $14.5B | +62% | +9% | 12% | 4.1× | 12.9% | +17.2% |
| Bending Spoons BSP | United States | $27.9B | n/a | +95% | 21% | 24.5× | 45.5% | +94.7% |
| Sage SGE.L | United Kingdom | $14.1B | +33% | +9% | 23% | 4.5× | 3.1% | +5.7% |
Cerebras Systems reported $25.4B of remaining performance obligations at 30 Jun 2026 and up 2% from the previous quarter. Book-to-bill last quarter: 3.22.