Wafer-scale AI systems and inference cloud
Cerebras Systems
A wafer-scale AI systems and cloud company whose WSE uses an entire wafer as one processor. Q2 2026 revenue was $180.11M (+74%); cloud and other services reached $125.99M (+281%) and 70% of revenue. OpenAI committed to 750MW and holds a 1.25GW option. RPO was $25.4B at June 30, but customer concentration and sole-foundry dependence on TSMC remain high.
Business categories AI Accelerators · AI Compute Infrastructure · primary
CBRS Updated Nov 2, 2026 5 AI consumers· 4 recurring
Per the valuechain.wiki graph, Cerebras Systems is directly linked to 3 companies (1 supply, 2 revenue relationships) and reaches 78 companies within two hops; the links are backed by 7 dated sources, 1 of them primary filings (as of 2026-11-02).
Annual return · 2026-11-02YTD-68.8%
Money in ▸OpenAI●capacity 750 MWCustomers A, B and C (undisclosed)●Revenue share 76 percentAmazon Web Services●
Cerebras SystemsQ2 2026 revenue $180.11M
Financials & Segments
- Total revenue · Q2 2026 revenue $180.11M (+74%); H1 $373.52M (+84%)
- Customer concentration · Unnamed Customers A, B and C were 34%, 32% and 10% of Q2 revenue. Two customers were 76% of receivables at June 30. The filing does not map the letters to names.
- Segments · Cloud and other services(70%) · Hardware(30%)
Revenue from
- OpenAI High confidence· capacity 750 MW · 2026-2028 · OpenAI committed inference capacity
OpenAI committed to 750MW of inference capacity deployed in tranches during 2026-2028. Its 1.25GW option takes potential capacity to 2GW; Q2 2026 recognized revenue was $56.8M.Confirms EN U.S. Securities and Exchange Commission Published Aug 12, 2026: Cerebras Systems Q2 2026 Form 10-QConfirms KO SK Securities Published Mar 18, 2026: Park Jemin's Q&A.I: GTC 2026 and ultra-low-latency inferenceConfirms KO Seoul Shinmun NowNews Published Feb 21, 2026: Can Cerebras and OpenAI reshape the AI processor market? - Customers A, B and C (undisclosed) High confidence· Revenue share 76 percent · 2026-Q2 · Combined revenue share of unnamed Customers A, B and C (34%+32%+10%)
Customers A, B and C were 34%, 32% and 10% of Q2 2026 revenue. The filing does not map these letters to OpenAI, G42, MBZUAI or other named customers.Confirms EN U.S. Securities and Exchange Commission Published Aug 12, 2026: Cerebras Systems Q2 2026 Form 10-Q - Amazon Web Services High confidence
Global hardware lease with AWS for a joint compute solution in AWS data centers. Commencement conditions were unmet at June 30, 2026, so no revenue had been recognized.Confirms EN U.S. Securities and Exchange Commission Published Aug 12, 2026: Cerebras Systems Q2 2026 Form 10-QMentions KO SK Securities Published Mar 18, 2026: Park Jemin's Q&A.I: GTC 2026 and ultra-low-latency inference
Pays to
- TSMC High confidence
TSMC is the sole foundry producing all WSE wafers. Cerebras generally has no long-term capacity commitment and procures by purchase order.Confirms EN U.S. Securities and Exchange Commission Published Aug 12, 2026: Cerebras Systems Q2 2026 Form 10-QConfirms KO Seoul Shinmun NowNews Published Feb 21, 2026: Can Cerebras and OpenAI reshape the AI processor market? - Packaging · systems · R&D (undisclosed) High confidence
Procures servers, FPGAs, switches, cooling, interconnects and chassis plus outsourced assembly and testing. Individual suppliers and amounts are undisclosed.Confirms EN U.S. Securities and Exchange Commission Published Aug 12, 2026: Cerebras Systems Q2 2026 Form 10-Q
Investors
- G42 · MBZUAI (strategic customers · investment) High confidence
G42 was 24% of 2025 (85% of 2024) revenue and MBZUAI 62% of 2025 — high concentration.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +134.7 |
| Palo Alto Networks | lead2 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +127.4 |
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +115.6 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +68.2 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +66.4 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | +52.6 |
| Schlumberger | lead2 | +39.6 | +81.2 | -0.8 | -24.5 | +3.3 | +52.3 |
| Airbnb Inc | lead2 | · | -48.6 | +59.2 | -3.5 | +3.3 | +34.1 |
| Labcorp Holdings Inc. | lead2 | +54.4 | -24.4 | +13.8 | +2.2 | +10.6 | +25.3 |
| Becton, Dickinson and Company | lead2 | +1.9 | +5.1 | -2.7 | -5.4 | -12.6 | +22.8 |
| Live Nation Entertainment, Inc. | lead2 | +62.9 | -41.7 | +34.2 | +38.4 | +10 | +21.8 |
| Carrier Global Corporation | lead2 | +45.3 | -22.7 | +41.5 | +20.3 | -21.8 | +14.3 |
| Waters Corporation | lead2 | +50.6 | -8.1 | -3.9 | +12.7 | +2.4 | +14.2 |
| Rockwell Automation, Inc. | lead2 | +41.2 | -24.8 | +22.6 | -6.2 | +38.4 | +12.3 |
| Agilent Technologies, Inc. | lead2 | +35.5 | -5.5 | -6.4 | -2.7 | +1.9 | +11.5 |
| Automatic Data Processing, Inc. | lead2 | +42.6 | -1.3 | -0.2 | +28.4 | -10.2 | +9.6 |
| Hilton Worldwide Holdings Inc. | lead2 | +40.2 | -18.7 | +44.7 | +36.1 | +16.5 | +8.5 |
| 3M Company | lead2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| Expedia Group, Inc. | lead2 | +36.5 | -51.5 | +73.3 | +22.8 | +53.3 | +5.8 |
| Hubbell Incorporated | lead2 | +35.6 | +15.1 | +42.4 | +28.9 | +7.4 | +4.7 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -1.8 |
| DoorDash, Inc. | lead2 | · | -67.2 | +102.6 | +69.6 | +35 | -6.5 |
| The Walt Disney Company | lead2 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -6.7 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| Roper Technologies | lead2 | +14.7 | -11.6 | +26.9 | -4.1 | -13.8 | -7.9 |
| Workday, Inc. | lead2 | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| Axon Enterprise, Inc. | lead2 | +28.1 | +5.7 | +55.7 | +130.1 | -4.4 | -9.2 |
| Constellation Brands, Inc. | lead2 | +16.1 | -6.4 | +5.8 | -7.1 | -36 | -9.2 |
| Salesforce, Inc. | lead2 | +14.2 | -47.8 | +98.5 | +27.8 | -20.2 | -12.9 |
| GE HealthCare Technologies Inc. | lead2 | · | · | · | +1.3 | +5.1 | -15.9 |
| Netflix | lead2 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -16.5 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -20.4 |
| Accenture plc | lead2 | +60.7 | -34.8 | +33.6 | +1.9 | -22.6 | -20.5 |
| IDEXX Laboratories, Inc. | lead2 | +31.7 | -38 | +36.1 | -25.5 | +63.6 | -20.9 |
| Comcast Corporation | lead2 | -2.2 | -28.7 | +29.1 | -11.8 | -17.3 | -22.3 |
| Adobe Inc. | lead2 | +13.4 | -40.7 | +77.3 | -25.5 | -21.3 | -23.9 |
| Autodesk, Inc. | lead2 | -7.9 | -33.5 | +30.3 | +21.4 | +0.1 | -26.4 |
| Coupang | lead2 | · | -49.9 | +10.1 | +35.8 | +7.3 | -35.2 |
| Fair Isaac Corporation | lead2 | -15.1 | +38 | +94.5 | +71 | -15.1 | -44.9 |
| Intuit Inc. | lead2 | +70.3 | -39.1 | +61.8 | +1.2 | +6.1 | -53.7 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Cerebras Systems | node | · | · | · | · | · | -68.8 |
| TSMC | benef1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +50.3 |
| Global Unichip | benef2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +122.8 |
| SUMCO Corporation | benef2 | -4.3 | -3.9 | +21.3 | -48.1 | +41.7 | +112.8 |
| GlobalWafers | benef2 | +26.9 | -29.9 | +14.3 | -39 | +48.9 | +98.1 |
| Applied Materials | benef2 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +98 |
| Resonac | benef2 | -2.6 | -4 | +37.5 | +30.3 | +137.9 | +96.4 |
| Lam Research | benef2 | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +86.8 |
| Onto Innovation | benef2 | +112.9 | -32.7 | +124.6 | +9 | -5.3 | +86.6 |
| Teradyne | benef2 | +36.8 | -46.3 | +24.8 | +16.5 | +54.4 | +84.6 |
| Entegris | benef2 | +44.6 | -52.5 | +83.5 | -17.1 | -14.6 | +65.1 |
| ASML | benef2 | +64.1 | -30.5 | +39.9 | -7.7 | +55.8 | +61.1 |
| Tokyo Electron (TEL) | benef2 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +57.4 |
| Qnity Electronics | benef2 | · | · | · | · | · | +55.3 |
| KLA | benef2 | +68 | -11.2 | +56 | +9.4 | +94.5 | +53.3 |
| EO Technics | benef2 | +7.6 | -28.2 | +130.5 | -16.2 | +163.2 | +39.4 |
| HPSP | benef2 | · | · | +216.5 | -30.4 | +54.7 | +38.9 |
| SCREEN Holdings | benef2 | +40.7 | -13.2 | +220.1 | -24.1 | +84.9 | +33.7 |
| Advantest | benef2 | +17 | -2.3 | +155.7 | +49.5 | +196 | +29.9 |
| Tokyo Ohka Kogyo (TOK) | benef2 | -2.7 | -3 | +63.8 | +4.3 | +111.5 | +28.7 |
| ASM International | benef2 | +44.2 | +2.9 | +68.7 | +10.3 | +25.9 | +25 |
| Fujimi Incorporated | benef2 | +64.7 | -1.6 | +40.4 | -24.2 | +28.4 | +23.4 |
| Air Liquide | benef2 | +14.3 | +8.1 | +21.1 | +8.7 | -4.6 | +20.7 |
| Linde | benef2 | +33.4 | -4.4 | +27.7 | +3.2 | +3.2 | +14.6 |
| Shin-Etsu Chemical | benef2 | +6.3 | +3.1 | +57.8 | -15.6 | +7.6 | +13.8 |
| Cadence Design Systems | benef2 | +36.6 | -13.8 | +69.6 | +10.3 | +4 | +12.9 |
| BESI | benef2 | +33.7 | -6.1 | +121.8 | -9.3 | +35 | +9.8 |
| Synopsys | benef2 | +42.1 | -13.4 | +61.3 | -5.7 | -3.2 | +8.6 |
| Ebara | benef2 | +58.1 | +2.3 | +76.1 | +41 | +84 | +3.3 |
| Lasertec | benef2 | +78.9 | +2.4 | +57 | -60.6 | +138.9 | -8.5 |
| Photronics | benef2 | +68.9 | -10.7 | +86.4 | -24.9 | +35.8 | -9 |
| Leeno Industrial | benef2 | +21 | -5.3 | +18.3 | +9.5 | +150.1 | -17 |
| Disco Corporation | benef2 | -6.6 | +27.7 | +218.5 | +11.6 | +49.6 | -17.3 |
YTD as of 2026-11-02 · source: Yahoo Finance
Cerebras fell 68.8% from its first-day close through November 2, 2026. The measurement windows differ, but TSMC was up 50.3% year to date through October 9. Even with Q2 revenue up 74% and 750MW of committed OpenAI capacity, data-center build-out, customer warrants and customer concentration were priced into the newly listed company first. OpenAI is private, so demand-side stock transmission cannot be measured directly; the foundry stayed strong while the systems-and-cloud middle layer moved the other way. The next test is how quickly the $25.4B RPO becomes revenue and cash.
Analysis generated from returns as of 2026-11-02Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $283 · Price $97.135 (11-02) · Upside +191%
Analyses covering this node
- Part of the demand comes from the supplier's own balance sheet: the fragility of circular financing Jun 23, 2026
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