Wafer-scale AI (inference)
Cerebras Systems
Its wafer-scale engine (900k cores, 44GB on-chip) runs inference up to 15x faster than GPUs. It IPO\u0027d in May 2026 ($185 to $311). 2025 revenue $510M (+76%), swinging to profit. A $20B+ OpenAI inference deal (750MW to 2GW) and AWS Bedrock integration. But customer concentration in G42 and MBZUAI is high.
CBRS Updated Jul 10, 2026 1 AI consumers
Per the valuechain.wiki graph, Cerebras Systems is directly linked to 3 companies (1 supply, 2 revenue relationships) and reaches 50 companies within two hops; the links are backed by 3 dated sources, 1 of them primary filings (as of 2026-07-10).
Financials & Segments
- Total revenue · 2025 revenue $510M (+76%)
- Customer concentration · OpenAI $20B+ inference; G42/MBZUAI concentration.
- Segments · Wafer-scale inference · AI systems/cloud
Revenue from
Pays to
- TSMC High confidence
Manufactures the wafer-scale engine (WSE) at TSMC. - Packaging · systems · R&D (undisclosed) Low confidence
Wafer-scale packaging, systems and R&D.
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 |
|---|---|---|---|---|---|---|---|
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +89.4 |
| Palo Alto Networks | 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 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | -7.8 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -8 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -8.8 |
| The Walt Disney Company | 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 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| Cerebras Systems | node | · | · | · | · | · | · |
| TSMC | benef1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| SUMCO Corporation | 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 |
| Applied Materials | benef2 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +135 |
| Lam Research | 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 |
| Tokyo Electron (TEL) | benef2 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +78.2 |
| Qnity Electronics | 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 Incorporated | benef2 | +64.7 | -1.6 | +40.4 | -24.2 | +28.4 | +54.6 |
| Shin-Etsu Chemical | benef2 | +6.3 | +3.1 | +57.8 | -15.6 | +7.6 | +44 |
| Tokyo Ohka Kogyo (TOK) | 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 |
| Disco Corporation | benef2 | -6.6 | +27.7 | +218.5 | +11.6 | +49.6 | +10.2 |
| EO Technics | 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 |
| Leeno Industrial | benef2 | +21 | -5.3 | +18.3 | +9.5 | +150.1 | -30.3 |
A wafer-scale AI-chip firm (inference-focused, an NVIDIA alternative; returns not tracked at this private stage). It sells inference to cloud and enterprises, sitting atop its equipment and wafer suppliers (MKS, SUMCO, Applied). It benefits as demand for an alternative to NVIDIA monopoly grows, though its structural bet on a single giant chip is still being validated.
Analysis generated from returns as of 2026-06-23Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $283
Analyses covering this node
- Part of the demand comes from the supplier's own balance sheet: the fragility of circular financing Jun 23, 2026