# Cerebras (CBRS)
> 웨이퍼 한 장을 통째로 쓰는 웨이퍼스케일 엔진(90만 코어·44GB 온칩)으로 추론을 GPU 대비 최대 15배 빠르게 처리한다. 2026년 5월 상장($185→$311). 2025년 매출 $5.1억(+76%)·흑자전환. OpenAI와 $200억+ 추론용량(750MW→2GW) 계약, AWS 베드락 통합. 다만 G42·MBZUAI 고객 집중이 큼.
Canonical: https://valuechain.wiki/cerebras · Updated: 2026-07-10T11:58:40.825+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 Cerebras의 직접 연결 기업은 3곳(관계 기준 공급 1·매출 2)이고, 사슬을 2차까지 넓히면 50곳에 닿는다. 링크의 근거 출처는 3건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-10 기준).

## Financials & segments
- 총매출: 2025 매출 $510M (+76%)
- 고객 집중도: OpenAI $20B+ 추론. G42·MBZUAI 집중.
- 사업부문: 웨이퍼스케일 추론, AI 시스템·클라우드

## Value-chain annual returns (top→bottom: demand → node → supply)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Tempus AI | lead3 | · | · | · | · | +74.9% | -1.4% |
| Shopify | lead3 | +21.7% | -74.8% | +124.4% | +36.5% | +51.4% | -23.9% |
| Datadog | lead2 | +80.9% | -58.7% | +65.1% | +17.7% | -4.8% | +89.4% |
| 팔로알토 네트웍스 | lead2 | +56.7% | -24.8% | +111.3% | +23.4% | +1.2% | +76.9% |
| CrowdStrike | lead2 | -3.3% | -48.6% | +142.5% | +34% | +37% | +59.7% |
| Illumina | lead2 | +2.8% | -46.9% | -31.1% | -1.3% | -1.8% | +45% |
| Snowflake | lead2 | +20.4% | -57.6% | +38.6% | -22.4% | +42.1% | +19.2% |
| Airbnb Inc | lead2 | · | -48.6% | +59.2% | -3.5% | +3.3% | +9.5% |
| Schrödinger | lead2 | -56% | -46.3% | +91.5% | -46.1% | -7.3% | -7.8% |
| MercadoLibre | lead2 | -19.5% | -37.2% | +85.7% | +8.2% | +18.5% | -8% |
| Uber | lead2 | -17.8% | -41% | +149% | -2% | +35.5% | -8.8% |
| Disney | lead2 | -14.5% | -43.9% | +4.3% | +24.4% | +3.3% | -15.3% |
| Coupang | lead2 | · | -49.9% | +10.1% | +35.8% | +7.3% | -20.3% |
| Netflix | lead2 | +11.4% | -51.1% | +65.1% | +83.1% | +5.2% | -21.7% |
| 아마존 | lead1 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +6.3% |
| Cerebras | node | · | · | · | · | · | · |
| TSMC | benef1 | +12.1% | -36.7% | +42.3% | +92.6% | +55.9% | +43.6% |
| 섬코 | benef2 | -4.3% | -3.9% | +21.3% | -48.1% | +41.7% | +225.8% |
| GlobalWafers | benef2 | +26.9% | -29.9% | +14.3% | -39% | +48.9% | +171.6% |
| 어플라이드 머티어리얼즈 | benef2 | +83.6% | -37.5% | +68% | +1.1% | +59.6% | +135% |
| 램리서치 | benef2 | +53.7% | -40.7% | +88.6% | -6.8% | +139.2% | +105% |
| Onto Innovation | benef2 | +112.9% | -32.7% | +124.6% | +9% | -5.3% | +103.6% |
| KLA | benef2 | +68% | -11.2% | +56% | +9.4% | +94.5% | +91% |
| SCREEN Holdings | benef2 | +40.7% | -13.2% | +220.1% | -24.1% | +84.9% | +86.3% |
| Teradyne | benef2 | +36.8% | -46.3% | +24.8% | +16.5% | +54.4% | +85.9% |
| Resonac | benef2 | -2.6% | -4% | +37.5% | +30.3% | +137.9% | +80.4% |
| 도쿄일렉트론 | benef2 | +40.4% | -14.5% | +89.8% | -4.4% | +61.6% | +78.2% |
| 퀴니티 일렉트로닉스 | benef2 | · | · | · | · | · | +76.3% |
| Entegris | benef2 | +44.6% | -52.5% | +83.5% | -17.1% | -14.6% | +72.8% |
| ASML | benef2 | +64.1% | -30.5% | +39.9% | -7.7% | +55.8% | +68.6% |
| Global Unichip | benef2 | +21.4% | +67.6% | +99.4% | -13.7% | +101.4% | +66.4% |
| BESI | benef2 | +33.7% | -6.1% | +121.8% | -9.3% | +35% | +56.2% |
| Fujimi | benef2 | +64.7% | -1.6% | +40.4% | -24.2% | +28.4% | +54.6% |
| 신에쓰화학 | benef2 | +6.3% | +3.1% | +57.8% | -15.6% | +7.6% | +44% |
| Tokyo Ohka Kogyo | benef2 | -2.7% | -3% | +63.8% | +4.3% | +111.5% | +42.9% |
| Ebara | benef2 | +58.1% | +2.3% | +76.1% | +41% | +84% | +32.3% |
| ASM International | benef2 | +44.2% | +2.9% | +68.7% | +10.3% | +25.9% | +28.8% |
| Linde | benef2 | +33.4% | -4.4% | +27.7% | +3.2% | +3.2% | +25.1% |
| Cadence Design Systems | benef2 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +22.9% |
| Lasertec | benef2 | +78.9% | +2.4% | +57% | -60.6% | +138.9% | +22.4% |
| Advantest | benef2 | +17% | -2.3% | +155.7% | +49.5% | +196% | +17.1% |
| Air Liquide | benef2 | +14.1% | +7.9% | +20.9% | +8.5% | -4.8% | +12.5% |
| 디스코 | benef2 | -6.6% | +27.7% | +218.5% | +11.6% | +49.6% | +10.2% |
| 이오테크닉스 | benef2 | +7.6% | -28.2% | +130.5% | -16.2% | +163.2% | +0.7% |
| HPSP | benef2 | · | · | +216.5% | -30.4% | +54.7% | -4.5% |
| Synopsys | benef2 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -5.2% |
| Photronics | benef2 | +68.9% | -10.7% | +86.4% | -24.9% | +35.8% | -6.6% |
| 리노공업 | benef2 | +21% | -5.3% | +18.3% | +9.5% | +150.1% | -30.3% |
| 이코르 | benef3 | +52.7% | -41.7% | +25.4% | -4.2% | -42.8% | +444.2% |
| MKS Instruments | benef3 | +16.4% | -51% | +22.6% | +2.2% | +54.4% | +131% |
| 어드밴스드에너지 | benef3 | -5.7% | -5.4% | +27.5% | +6.6% | +81.6% | +47.2% |
| SMC Corporation | benef3 | +0.9% | +4.5% | +28.6% | -28% | +4.2% | +26.6% |
| 듀폰 | benef3 | +15.4% | -13.4% | +14.4% | +1% | +28.7% | +12.6% |
| 요코가와전기 | benef3 | -15.9% | +23.6% | +30.6% | +18.8% | +52.3% | +9.4% |
| 원익QnC | benef3 | +26.2% | +2% | +11.9% | -33.7% | +53.4% | +9.3% |
| 지멘스 | benef3 | +12.2% | +5.1% | +20.1% | +28% | +26.4% | +8.7% |
| 티씨케이 | benef3 | -10.1% | -16.9% | +2.8% | -28.7% | +225.7% | -2.5% |
| 호야 | benef3 | +10.8% | -3% | +34.4% | +11.3% | +24.9% | -2.9% |
| 히타치 | benef3 | +40.6% | +16.7% | +75.4% | +71.1% | +37.5% | -11.8% |
| 하나머티리얼즈 | benef3 | +106% | -30.5% | +26.1% | -47.4% | +173.9% | -15.7% |

웨이퍼스케일 AI 칩 기업(추론 특화·엔비디아 대안, 비상장 단계로 수익률 미집계). 클라우드·기업에 추론을 팔고 공급사(MKS·섬코·어플라이드 등 장비·웨이퍼) 위에 선다. 엔비디아 독점에 대한 대안 수요가 커질수록 수혜를 받는 구조이나, 단일 거대 칩이라는 구조적 베팅의 검증은 진행 중이다. (analysis as of 2026-06-23)

## Money in · revenue from (2)
### OpenAI (high)  → /openai.md
- note: OpenAI에 추론용량 공급($200억+ MRA, 750MW→2GW).
- [confirms] Futurum (EN, filing, published 2026-04-17) https://futurumgroup.com/insights/cerebras-s-1-teardown-is-the-23b-wafer-scale-ipo-the-end-of-gpu-homogeneity/: "OpenAI에 추론용량 공급($200억+ MRA, 750MW→2GW)."
- [confirms] CNBC (EN, news, published 2026-04-17) https://www.cnbc.com/2026/04/17/cerebras-new-ipo-ai-chips.html: "OpenAI에 추론용량 공급($200억+ MRA, 750MW→2GW)."

### 아마존 (mid)  → /amazon.md
- note: AWS 베드락에 CS-3 하드웨어 통합(관리형 추론).
- [confirms] TechTimes (EN, news, published 2026-06-11) https://www.techtimes.com/articles/318250/20260611/cerebras-after-its-ipo-how-wafer-scale-chips-challenge-nvidia-inference.htm: "AWS 베드락에 CS-3 하드웨어 통합(관리형 추론)."
- [confirms] Futurum (EN, filing, published 2026-04-17) https://futurumgroup.com/insights/cerebras-s-1-teardown-is-the-23b-wafer-scale-ipo-the-end-of-gpu-homogeneity/: "AWS 베드락에 CS-3 하드웨어 통합(관리형 추론)."

## Money out · pays to (2)
### TSMC (high)  → /tsmc.md
- note: 웨이퍼스케일 엔진(WSE)을 TSMC에 위탁생산.
- [confirms] TechTimes (EN, news, published 2026-06-11) https://www.techtimes.com/articles/318250/20260611/cerebras-after-its-ipo-how-wafer-scale-chips-challenge-nvidia-inference.htm: "웨이퍼스케일 엔진(WSE)을 TSMC에 위탁생산."
- [confirms] Futurum (EN, filing, published 2026-04-17) https://futurumgroup.com/insights/cerebras-s-1-teardown-is-the-23b-wafer-scale-ipo-the-end-of-gpu-homogeneity/: "웨이퍼스케일 엔진(WSE)을 TSMC에 위탁생산."

### 패키징·시스템·R&D (비공개) (low)
- note: 웨이퍼스케일 패키징·시스템·R&D.
- [confirms] TechTimes (EN, news, published 2026-06-11) https://www.techtimes.com/articles/318250/20260611/cerebras-after-its-ipo-how-wafer-scale-chips-challenge-nvidia-inference.htm: "58배 대형 단일 실리콘."

## Investors (1)
### G42·MBZUAI (전략 고객·투자) (high)
- note: G42가 2025년 매출 24%·2024년 85%, MBZUAI가 2025년 62% — 고객 집중.
- [confirms] Futurum (EN, filing, published 2026-04-17) https://futurumgroup.com/insights/cerebras-s-1-teardown-is-the-23b-wafer-scale-ipo-the-end-of-gpu-homogeneity/: "G42·MBZUAI 고객 집중 위험."

## 질문별 엔드포인트
- 누가 세레브라스의 고객인가? 세레브라스의 매출은 어디서 오는가? → https://valuechain.wiki/cerebras/customers.md
- 세레브라스의 주요 공급사는 어디인가? 세레브라스의 비용은 누구에게 가는가? → https://valuechain.wiki/cerebras/suppliers.md
- 세레브라스 주가가 움직이면 누가 수혜를 보는가? 세레브라스의 가치사슬 파급은 어디까지인가? → https://valuechain.wiki/cerebras/ripple.md
- 증권가가 보는 세레브라스: 목표주가와 투자의견은? → https://valuechain.wiki/cerebras/consensus.md

## 이 노드를 다룬 분석 (1)
- [수요의 일부는 공급자의 대차대조표에서 나온다: 회로형 금융의 취약점](https://valuechain.wiki/analysis/circular-ai-financing.md) (2026-06-23)

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