Cerebras Systems Q1 2026 Results, $20B OpenAI Deal and IPO

Sunnyvale, Calif. - Cerebras Systems Inc. (NASDAQ: CBRS), a leader in high-speed AI infrastructure, has announced its financial results for the first quarter of fiscal year 2026. The company reported significant growth, driven by rapid adoption of its wafer-scale technology and major strategic partnerships.

The financial results reflect a robust growth trajectory for the company. GAAP revenue reached $193.4 million, marking a 94 percent increase compared to the same period last year. Core revenue, which excludes certain non-cash items and pass-through costs, reached $191.3 million, up 92 percent year-over-year.

Key Financial Highlights:

• GAAP revenue of $193.4 million, with hardware revenue contributing $110.6 million.
• Cloud and other services revenue grew 178 percent year-over-year to $82.8 million.
• Core gross margin stood at 47 percent.
• The company reported cash, cash equivalents, and short-term investments of $3.3 billion.

Strategic Business Updates:

• OpenAI Partnership: Cerebras announced a multi-year agreement with OpenAI for 750 megawatts of high-speed inference compute, valued at more than $20 billion. This agreement also includes the co-launch of Codex-Spark, a model optimized for interactive coding tasks.
• AWS Collaboration: The company entered into a multi-year partnership with Amazon Web Services (AWS) to scale fast inference globally. This strategy involves a disaggregated approach using AWS Trainium 3 chips for prefill and Cerebras CS-3 units for decode.
• Capitalization: Cerebras raised $6.4 billion in gross proceeds during its second quarter via the largest semiconductor IPO in history. This is supported by additional financing, including a $1 billion Series H pre-IPO round and a $1 billion working capital loan from OpenAI.

The company continues to focus on innovating at the pace of demand, supporting AI infrastructure growth for enterprise and research customers who require unprecedented speed for advanced AI applications.