Cerebras Systems creates AI acceleration hardware and software. Its CS-2 system is designed to replace traditional GPU clusters for AI workloads, speeding up training and inference while simplifying the setup by eliminating the need for parallel programming, distributed training, and cluster management. The product works as a single, large processor-based accelerator with accompanying software and cloud services to run AI models efficiently, reducing latency and time to results. Compared with competitors, Cerebras differentiates itself with the largest processor in the industry and an integrated hardware-software stack that aims to streamline AI workflows rather than relying on multi-GPU clusters. The company’s goal is to help research labs, healthcare, finance, and other industries achieve faster, more cost-effective AI development and deployment by offering a turnkey high-performance AI compute solution.
Company Size
1,001-5,000
Company Stage
IPO
Headquarters
Sunnyvale, California
Founded
2016
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Cerebras Systems holds $25.4 billion in signed contracts yet to be delivered, according to its June 30, 2026 figures. The AI hardware and cloud computing company projects core revenue of $880 million to $890 million for 2026, with expectations to more than triple in 2027. Second-quarter 2026 core revenue reached $209.9 million, up 103% year-over-year, driven primarily by cloud services including OpenAI deployment. The stock trades at 51.1 times sales, compared to 3.1 times for the S&P 500. Data centre capacity remains the key bottleneck. Cerebras has secured over 600 megawatts of capacity through end-2027. The company temporarily rents back some customer-operated systems to meet demand, pressuring gross margins short-term. Management expects AWS integration on Bedrock platform in first quarter 2027, with OpenAI remaining a significant but declining revenue portion.
Cerebras Systems CEO Andrew Feldman will speak at TechCrunch Disrupt 2026 about AI scaling challenges. The company, which raised $5.5 billion in its May IPO, takes a different approach to AI computing through wafer-scale processors rather than conventional chip architectures. Cerebras recently signed a multiyear agreement with OpenAI to deploy 750 megawatts of systems from 2026 through 2028. The company has more than 600 megawatts of data centre capacity live or under contract for delivery by end of 2027 and is increasing manufacturing capacity more than tenfold during 2026. Feldman will discuss compute demand, energy and infrastructure constraints, and potential limits of current AI hardware. The event takes place 13-15 October at Moscone West in San Francisco.
BigBear.ai and Cerebras Systems represent two distinct approaches to the AI market. BigBear.ai provides decision intelligence solutions primarily for US federal and defence agencies, using AI to help navigate supply chains, manage autonomous systems, and enhance cybersecurity. In FY 2025, BigBear.ai generated roughly $127.7 million in revenue, down approximately 19.3% year-over-year. The company reported a net loss of about $293.9 million, yielding a negative 230.2% net margin. Free cash flow was negative $46.3 million. Around 51% of total sales came from customers contributing over 10% of revenue individually. Cerebras Systems builds wafer-scale chips designed for demanding AI workloads. The company serves sectors including medical research, energy, and agentic AI through hardware sales and cloud services. BigBear.ai has 579 employees, many holding high-level security clearances, and maintains a debt-to-equity ratio of 0.0x with a current ratio of approximately 1.8x.
Gimlet Labs and Cerebras Systems announced a collaboration to deliver ultrafast AI inference through Gimlet Cloud. The partnership combines Cerebras' wafer-scale compute with Gimlet's inference technology to achieve speeds of up to 3,000 tokens per second for real-time AI applications. Gimlet Cloud integrates the Cerebras Wafer Scale Engine with GPUs, using advanced disaggregation technology to optimise each phase of inference. The first Cerebras-powered Gimlet Cloud datacentre is expected to launch later this year. The collaboration aims to improve user experience in real-time AI applications such as voice assistants and AI agents, where reduced latency creates more responsive interactions. Gimlet Labs will serve as a launch partner for Cerebras' CS-4 technology, providing developers with production-scale access to the combined infrastructure.
Cerebras Systems and CoreWeave represent distinct approaches to AI infrastructure, offering investors different risk-reward profiles for 2026. Cerebras builds wafer-scale processors for intensive computing workloads, whilst CoreWeave provides specialised cloud services for generative AI. Cerebras reported revenue of $510 million in fiscal 2025, up 75.7% year-on-year, and achieved profitability with net income of $237.8 million. However, free cash flow was negative at $392.8 million. CoreWeave showed more explosive growth, with revenue reaching $5.1 billion, up 167.9%. The company remains unprofitable, posting a net loss of $1.2 billion. CoreWeave faces concentration risk, with Microsoft accounting for roughly 67% of revenue, though agreements with Meta Platforms suggest diversification efforts. Both companies serve the rapidly expanding AI computing market but differ significantly in scale, profitability, and business model maturity.