Now Trading on Nasdaq — May 14, 2026
Cerebras (CBRS)
Day 1: $311 •
+68% from IPO
Cerebras (CBRS) debuted on Nasdaq May 14, 2026 — opened at $385 (+108% from $185 IPO price), closed day 1 at $311 (+68%). Market cap ~$67 billion. Ticker: CBRS. Revenue $510M (+76% YoY), $87.9M GAAP net income (profitable, 47% net margin). $24.6B contracted backlog. Last updated May 22, 2026.
CBRS
Nasdaq — now trading
$87.9M
GAAP net income (profitable)
🟢 CBRS NOW TRADING — Day 1: $311 (+68%)
Cerebras (CBRS) closed day 1 at $311 — up 68% from $185 IPO price
Track CBRS: daily price updates, earnings dates, analyst targets, and key events. 375+ companies tracked. Delivered every morning.
TechStackIPO may earn a referral fee from brokerage and pre-IPO platform links. Not investment advice — for accredited investors only on pre-IPO platforms.
Full disclosure
📊 DAY 1
CBRS Debut: Opened $385 (+108%) — Closed $311 (+68%) on May 14, 2026
Cerebras IPO priced at $185/share (raised twice to $150–$160, 20x+ oversubscribed). Opened at $385 (+108%), peaked at $393, closed at $311 (+68%). Market cap ~$67 billion. Raised $5.55 billion — largest tech IPO of 2026. 30M shares offered + 4.2M greenshoe. Morgan Stanley lead underwriter. (Source: Nasdaq, Bloomberg — May 14, 2026)
Cerebras (CBRS) is now trading on Nasdaq. IPO date: May 14, 2026. IPO price: $185/share. Opened at $385 (+108%), closed day 1 at $311 (+68%). Market cap ~$67 billion. Raised $5.55 billion — largest tech IPO of 2026. Revenue $510M (+76% YoY), $87.9M GAAP net income (profitable, 47% net margin). WSE-3 chip — 4 trillion transistors, 900,000 AI cores, 10x faster AI inference vs GPU clusters. $24.6B contracted backlog. OpenAI anchor deal: $20B+ multi-year compute contract + $1B loan + 33.4M warrants. AWS Bedrock integration (binding term sheet, March 2026). Key risks: customer concentration (OpenAI ~24%, Abu Dhabi ~62%), premium valuation at ~18x FY28E sales, 180-day lock-up expires ~November 2026. Last updated May 22, 2026.
CBRS Now Trading
Follow CBRS performance and key dates on TechStackIPO
Daily updates: earnings dates, analyst targets, lock-up expiry (~November 2026), and major events.
📬 Track CBRS + 375 Companies $49/mo
CBRS now publicly traded on Nasdaq. TechStackIPO tracks performance and key events for 375+ companies. Not investment advice.
Full disclosure
IPO Readiness Score
74 / 100
S-1 filed, profitable, lead underwriter engaged — listing imminent
IPO Day 1 Results
Cerebras (CBRS) first-day trading data — May 14, 2026, Nasdaq.
$185
IPO offer price per share
$385
Opening price (+108% from IPO)
$311
Day 1 closing price (+68%)
$67B
Market cap at close (day 1)
$5.55B
Total raised (largest tech IPO of 2026)
CBRS
Nasdaq ticker — now trading
LIVE
$510M
2025 Revenue (+76% YoY)
+$87.9M
2025 Net Income (GAAP profitable)
$24.6B
Remaining performance obligations
~$33B
Valuation at IPO (at $155 midpoint)
Morgan Stanley
Lead underwriter
~November 2026
180-day lock-up expiry (insider sell risk)
🐦
Robinhood
Buy CBRS stock at market price. Zero-commission trading. Full account opening in minutes.
Buy CBRS on Robinhood →
📱
Webull
Commission-free stock trading. Extended hours access. Real-time CBRS quotes and charts.
Buy CBRS on Webull →
🌐
Public.com
Buy fractional shares of CBRS. Social investing with transparency on holdings.
Buy CBRS on Public →
🏦
Fidelity
Full-service brokerage. Research CBRS, check fundamentals, buy with confidence.
Buy CBRS on Fidelity →
TechStackIPO may earn a referral fee if you open an account through these links. CBRS is now publicly traded on Nasdaq. Not investment advice. Verify all information independently.
Full disclosure.
IPO Filing Progress
Cerebras' path from S-1 filing to Nasdaq listing.
✓ Complete
Confidential S-1
Filed 2024 (originally with Citigroup)
✓ Complete
CFIUS Clearance
G42 removed from cap table, March 2025
✓ Complete
Public S-1 Filed
April 17, 2026 (Morgan Stanley lead)
✓ Complete
SEC Review & S-1/A Filed
Price range confirmed, roadshow in progress
✓ LISTED
Nasdaq Listing (CBRS) — $5.55B Raise
May 14, 2026 • Nasdaq • Closed at $311 (+68%)
S-1 Financial Highlights
Key financials from the public S-1 registration statement.
| Metric |
FY 2025 |
FY 2024 |
Change |
| Revenue |
$510M |
$290M |
+76% YoY |
| Net Income / (Loss) |
+$87.9M |
-$485M |
Profitable |
| Remaining Performance Obligations |
$24.6B |
— |
Primarily OpenAI contract |
| IPO Valuation Target |
~$33B |
$23.1B |
30M shares @ $150–$160/share |
| Greenshoe / Overallotment |
4.2M shares (~$651M at $155) |
— |
Authorized; exercisable 30 days post-IPO |
| US-Billed Revenue (2025) |
$187.6M (–34% YoY) |
$282.7M |
US domestic revenue declining |
| Non-GAAP Operating Loss |
-$75.7M |
-$91M |
Adj. for stock-comp & one-time items |
| Total Funding Raised |
~$2.3B |
$720M |
Series H: $1B at $23.1B |
⚠️ Key Risks — Read Before Investing
Material risks disclosed in Cerebras' S-1 filing. Not investment advice.
⚠️ Customer Concentration — Abu Dhabi (MBZUAI/G42) + OpenAI
~62% of Cerebras' 2025 revenue came from Abu Dhabi (G42-linked / MBZUAI entities); OpenAI accounts for approximately 24%. The top two customers represent ~86% of total revenue. While G42 was removed from the cap table to satisfy CFIUS, G42-linked entities remain the dominant revenue source by geography. Losing or renegotiating either relationship would be catastrophic to near-term financials. Investors should treat Cerebras as a two-customer business until revenue diversification is demonstrated post-IPO.
⚠️ US-Billed Revenue Declined 34% YoY
US domestic revenue fell from $282.7M to $187.6M (–34%) in 2025, despite total revenue growing 76%. The growth is entirely driven by international (Abu Dhabi) bookings. This structural divergence — US business shrinking while international business grows — creates regulatory risk exposure and challenges the narrative that Cerebras is a broadly-adopted AI compute platform. Investors should monitor US-billed revenue closely in Q1 and Q2 2026 earnings.
⚠️ GAAP Profit vs. Non-GAAP Reality
The $87.9M GAAP net income includes significant one-time accounting gains from warrant revaluations and non-cash adjustments tied to the OpenAI deal structure. Non-GAAP operating loss was $75.7M in FY2025 — the company is not operationally profitable on an adjusted basis. Investors should scrutinize the difference between GAAP net income and core operating performance before assigning a profitable-company premium.
ℹ️ IPO Price Range
Cerebras is offering 30 million shares at $150–$160 per share (raised again May 11 — 20x+ oversubscribed), targeting up to $4.8B raise. At the midpoint ($155), the IPO values Cerebras at approximately $33B — making this the largest tech IPO of 2026. Morgan Stanley (lead), Citigroup, Barclays, UBS, Mizuho, and TD Cowen are the underwriting syndicate. Final pricing will be set the evening of May 13, 2026. Shares trade on Nasdaq as CBRS starting May 14.
Cerebras Revenue & IPO Readiness: The $87.9M Growth Story
How a $970M swing in profitability made Cerebras IPO-ready in 2026.
The $87.9M figure is the headline number from Cerebras' S-1: net income of +$87.9 million in FY2025, compared to a -$485 million loss in FY2024. That's a $572.9M turnaround in a single year — almost entirely driven by the OpenAI $20B+ compute contract that began ramping in 2025. For a search query like "cerebras nasdaq yoy 87.9m", this is the answer: Cerebras turned profitable on the back of its landmark OpenAI deal, hit $510M in revenue (+76% year-over-year), and is now listing on Nasdaq under ticker CBRS with $24.6B in contracted backlog.
+$87.9M
FY2025 Net Income
PROFITABLE
-$485M
FY2024 Net Loss (prior year)
$572.9M
YoY profitability swing (2024→2025)
+76% YoY
Revenue growth ($290M → $510M)
What the $87.9M Figure Actually Means
When investors search for "Cerebras 87.9M" or "Cerebras Nasdaq yoy 87.9m," they're looking for context on this profitability figure. Here's the full picture:
- Net income of $87.9M — not a revenue YoY growth figure. Cerebras' total 2025 revenue was $510M, up 76% from $290M in 2024.
- Catalyst: The OpenAI deal — The $20B+ multi-year contract began contributing revenue in 2025, driving the swing from loss to profit. OpenAI also extended a $1B loan and received warrants for 33.4M shares.
- IPO significance — Pre-IPO profitability is rare for semiconductor companies. Cerebras' S-1 shows a company that has already crossed the critical threshold. Combined with $24.6B in RPO, the financial case for CBRS is among the strongest in the 2026 IPO class.
Company Overview
What Cerebras builds and why it matters to investors.
The Largest Chip Ever Built — Purpose-Made for AI
Wafer-Scale Engine 3 (WSE-3)
4 Trillion Transistors
900,000 AI Cores
OpenAI Partnership
AWS Integration
Cerebras Systems builds the world's largest processors — chips the size of an entire silicon wafer rather than a small die. While a typical GPU chip is ~800mm², Cerebras' Wafer-Scale Engine 3 (WSE-3) occupies an entire 300mm wafer at ~46,225mm² — roughly 56 times larger. This contains 4 trillion transistors and 900,000 AI-optimized cores, enabling AI model training orders of magnitude faster than GPU clusters.
The fundamental insight is that GPU clusters waste enormous energy and time on chip-to-chip communication. A single Cerebras wafer eliminates this bottleneck entirely — all 900,000 cores share on-chip memory and communicate at silicon speed, not network speed. This architecture delivers dramatically higher performance per watt for AI training and inference workloads.
Cerebras' business model centers on selling integrated CS-3 systems (each containing one WSE-3 wafer) and cloud compute capacity. The company operates Cerebras Cloud, where customers can rent wafer-scale compute without purchasing hardware. The OpenAI deal — a $20B+ multi-year contract for 750 megawatts of Cerebras compute through 2028 — transformed the company's financial trajectory, driving the swing from $485M loss to $87.9M profit in a single year.
In addition to OpenAI, Cerebras has signed a binding term sheet with Amazon AWS (March 2026, not yet finalized as a full agreement) to integrate WSE-3 chips into AWS cloud infrastructure, making wafer-scale compute accessible to any AWS customer. AMD participated in the Series H round, signaling strategic interest. The company also serves enterprise customers in pharma, energy, and defense for large-scale AI model training.
Company Facts
Founded2016
HQSunnyvale, CA
CEOAndrew Feldman
Employees~800
StageS-1 Filed
SectorAI Semiconductors
Key Investors & Partners
OpenAI$20B+ Deal + Largest Customer
Amazon AWSBinding Term Sheet (Mar 2026)
MBZUAI / G42-linked~62% of 2025 Revenue
Abu Dhabi Growth FundSeries C-G Lead
AMDSeries H Investor
BenchmarkSeries B Lead
IPO Filing Data
IPO DateMay 14, 2026
ExchangeNasdaq Global Select
TickerCBRS
Price Range$150–$160/share ↑↑
Shares Offered30M + 4.2M greenshoe
IPO Valuation~$33B
Raise Target$4.8B (~$5.5B w/ greenshoe)
Lead UnderwriterMorgan Stanley
Co-UnderwritersCiti, Barclays, UBS, Mizuho, TD Cowen
Why Cerebras Is IPOing Now
The forces that make this the right window for the largest AI chip IPO of 2026.
$20B+
OpenAI multi-year deal — largest AI infra contract ever
The OpenAI Anchor Contract
OpenAI signed a $20B+ multi-year contract with Cerebras for 750 megawatts of wafer-scale compute through 2028. OpenAI also provided a $1 billion loan plus warrants for 33.4 million Cerebras shares. This deal single-handedly transformed Cerebras from a loss-making chipmaker into a profitable, high-growth company with exceptional revenue visibility.
- $24.6B remaining performance obligations provide years of contracted revenue
- OpenAI warrants align incentives — OpenAI benefits from Cerebras' success
- Deal validates wafer-scale architecture at the largest AI scale in the world
76%
Year-over-year revenue growth ($290M → $510M)
Profitable Growth at Scale
Cerebras achieved a rare feat for a pre-IPO chip company: profitability. The swing from -$485M to +$87.9M net income in one year demonstrates operating leverage. Revenue grew 76% YoY to $510M, driven by the OpenAI ramp and enterprise adoption. This financial profile is significantly stronger than most semiconductor IPOs.
- Profitable before IPO — unlike most semiconductor IPOs which are pre-profit
- Revenue acceleration driven by AI compute demand, not one-time deals
- Backlog provides visibility well beyond IPO date
CFIUS Clearance Unlocked the IPO
Cerebras' earlier IPO attempt (confidential S-1 filed in 2024 with Citigroup as lead) was blocked by CFIUS concerns over G42's stake — an Abu Dhabi-based AI company with perceived ties to China. In March 2025, G42 was removed from the cap table, clearing the CFIUS review. Morgan Stanley replaced Citigroup as lead underwriter, and the company re-filed publicly on April 17, 2026.
- G42 cap table removal satisfied all CFIUS national security concerns
- Morgan Stanley engagement signals institutional confidence in the listing
- Two-year delay means financials are now dramatically stronger than the 2024 filing
- AWS binding term sheet (March 2026) broadens compute distribution beyond direct deals
AI Compute Demand Is Insatiable
Global AI compute demand is growing faster than GPU supply chains can scale. OpenAI, Google, Meta, and Anthropic are all racing to secure non-NVIDIA compute. Cerebras offers the only commercially available wafer-scale alternative — a fundamentally different architecture that avoids the interconnect bottleneck of GPU clusters. The AWS partnership extends this reach to every cloud customer.
- NVIDIA shortage driving hyperscalers to diversify compute sources
- AWS integration makes Cerebras accessible without hardware purchase
- Wafer-scale architecture offers fundamentally different scaling economics
Funding History
Cerebras' capital raises from Series A through the Series H mega-round.
| Round |
Amount |
Date |
Lead Investors |
Valuation |
| Series H |
$1B |
Feb 2026 |
Growth investors + AMD |
$23.1B |
| Series F |
$250M |
2024 |
Abu Dhabi Growth Fund |
$4B |
| Series C |
$250M |
Nov 2021 |
Abu Dhabi Growth Fund |
$4B |
| Series B |
$112M |
Jul 2019 |
Benchmark, Eclipse Ventures |
$500M |
| Series A |
$27M |
Dec 2016 |
Foundation Capital |
$100M |
Key Risks to Understand
What investors should weigh carefully before buying CBRS shares.
Customer Concentration
OpenAI (~24% of revenue) and Abu Dhabi-linked entities / MBZUAI (~62%) together represent ~86% of 2025 revenue. US-billed revenue declined 34% YoY ($282.7M → $187.6M), meaning all growth came from international. If either top relationship deteriorates, Cerebras' revenue base collapses. The $24.6B RPO is dominated by these two customer clusters.
NVIDIA Competition — Valuation Gap
CBRS prices at ~65x trailing revenue at the $155 midpoint vs. Nvidia at ~30x forward revenue. Cerebras is priced for perfection against the largest, most profitable chip company in history. The twice-raised price range ($115→$125→$135→$150→$160) means the market is demanding the stock at an increasingly premium multiple. NVIDIA's CUDA ecosystem lock-in and B200/Rubin roadmap make switching costly for AI labs — Cerebras must prove its wafer-scale thesis at scale.
Manufacturing Risk
Wafer-scale manufacturing is extraordinarily difficult. Each WSE-3 is produced on a single silicon wafer with near-perfect yield required across 4 trillion transistors. Any manufacturing disruption at TSMC (Cerebras' fabrication partner) could constrain supply at a critical growth moment.
Geopolitical & Export Risk
AI chip export restrictions continue to evolve. While Cerebras resolved its CFIUS issues (G42 removal), future regulatory changes could limit international sales. The semiconductor industry is increasingly subject to geopolitical tensions between the US and China.
CBRS Investment Thesis
Why investors are buying Cerebras stock — and what to watch next.
🧠 Bull Case
WSE-3 — world's largest AI chip
4T transistors, 900,000 AI cores, 10x faster AI inference vs GPU clusters. Single-wafer chip eliminates inter-chip communication bottleneck that limits Nvidia's H100/H200 performance.
$24.6B contracted backlog (RPO)
Revenue visibility well into the future. OpenAI deal ($20B+ through 2028) + other enterprise contracts mean CBRS is not a story stock — it's a backlog-driven revenue company.
OpenAI anchor deal + AWS Bedrock
$20B+ multi-year compute contract + $1B loan + 33.4M warrant shares (OpenAI). Binding AWS Bedrock term sheet (March 2026). These are strategic, not financial, customers — alignment runs deep.
Profitable at 47% net margin
$87.9M GAAP net income in 2025, up from -$485M loss in 2024. One of the few profitable AI chip companies in the public markets — $970M swing in 12 months.
📅 Post-IPO Watch List
~November 2026: Lock-up expiry
180-day lock-up expires ~Nov 10, 2026. Abu Dhabi Growth Fund, AMD, Benchmark insiders can sell. Watch for secondary filing in Oct. Significant selling pressure possible.
Q2 2026 Earnings (Aug 2026)
Watch for: US-billed revenue trend (was down 34% YoY), new non-OpenAI/non-UAE customers, AWS revenue recognition, non-GAAP operating loss trajectory ($75.7M).
Customer diversification milestones
OpenAI (~24%) + Abu Dhabi (~62%) = concentration risk. Any new large US enterprise or cloud customer changes the risk story materially.
AWS Bedrock integration milestones
Binding term sheet signed March 2026. Watch for final contract execution and first revenue contribution from AWS — a $5B+ market opportunity.
Frequently Asked Questions
Everything investors want to know about CBRS now that it's trading on Nasdaq.
What is Cerebras stock symbol?
+
Cerebras trades on Nasdaq under the ticker CBRS. The company went public on May 14, 2026 at an IPO price of $185/share. You can buy CBRS through any standard brokerage account by searching the ticker CBRS. All major brokerages (Robinhood, Fidelity, Schwab, Webull, Public.com) support CBRS trading. Last updated May 22, 2026.
What did CBRS open at on IPO day?
+
CBRS opened at $385 per share on May 14, 2026 — a +108% pop above the $185 IPO offer price. The stock peaked at $393 intraday, then settled to close at $311 (+68%). This gave Cerebras a market cap of approximately $67 billion at close. The company raised $5.55 billion in total — making it the largest tech IPO of 2026. Morgan Stanley led the deal.
Is Cerebras profitable?
+
Yes — highly profitable. Cerebras reported $87.9 million in GAAP net income for FY2025 on revenue of $510 million (+76% YoY). This is a dramatic turnaround from a $485 million net loss in FY2024. The company has a 47% net margin, making it one of the few profitable AI chip companies in the public markets. Note: non-GAAP operating loss was $75.7M — the gap comes from stock-based compensation and other adjustments.
How to buy Cerebras stock (CBRS)?
+
CBRS is now trading on Nasdaq. To buy: (1) Open a brokerage account at Robinhood, Fidelity, Schwab, Webull, or any major broker. (2) Search for ticker CBRS. (3) Place a buy order. No IPO allocation required — CBRS is already trading. Use a limit order to control your entry price. Commission-free trading is available at Robinhood, Webull, and Public.com.
What is Cerebras' investment thesis post-IPO?
+
Cerebras builds the WSE-3 — the world's largest AI processor (4T transistors, 900,000 AI cores on a single wafer-scale chip). Bull case: (1) $24.6B contracted backlog (RPO) from OpenAI and enterprise contracts. (2) OpenAI anchor deal: $20B+ multi-year + $1B loan + 33.4M warrants. (3) AWS Bedrock integration (binding term sheet, March 2026) — a $5B+ addressable market. (4) 47% net margin — profitable AI chip company. (5) 76% revenue growth. Key risks: customer concentration, ~18x FY28E sales valuation, 180-day lock-up (~November 2026), US revenue declining 34% YoY.
How does Cerebras compare to Nvidia?
+
Cerebras and Nvidia use fundamentally different architectures. Nvidia uses thousands of interconnected GPU dies (~800mm²) networked in clusters. Cerebras uses a single wafer-scale chip (~46,225mm²) — the size of an entire silicon wafer — eliminating inter-chip communication bottlenecks. Cerebras claims 10x faster AI inference and 40x faster model training vs GPU clusters. At ~$67B market cap, CBRS is ~8% of Nvidia's valuation — while generating $510M revenue vs Nvidia's ~$130B. Nvidia's CUDA ecosystem (12+ years of lock-in) remains the primary competitive moat.
What are the key risks for CBRS stock?
+
Customer concentration: OpenAI (~24% of revenue) and Abu Dhabi G42 (~62% of compute utilization) represent ~86% combined exposure — any disruption is existential. Premium valuation: at ~18x FY28E sales, there's little room for error. US revenue declining: US-billed revenue fell 34% YoY ($282.7M → $187.6M) — growth is international, not domestic. Nvidia competition: CUDA lock-in is hard to overcome. Lock-up expiry: ~November 2026, when insiders and early investors can sell — expect significant selling pressure near that date.
What is Cerebras' $24.6B remaining performance obligations (RPO)?
+
$24.6 billion in contracted but unrecognized revenue — primarily from the OpenAI multi-year compute deal and other enterprise contracts. RPO represents revenue Cerebras has contracts to earn but hasn't recognized yet. This is ~48x 2025 annual revenue ($510M) — meaning the company has ~48 years of current-year revenue already contracted. OpenAI alone accounts for $20B+ through 2028. The RPO backlog provides analysts with exceptional revenue visibility and is a primary reason investors assign a premium valuation to CBRS.
⚡ 6 Days Until Nasdaq Listing
Cerebras IPO is May 14 — Don't Miss CBRS Day One
Full access to every company on TechStackIPO — including Cerebras, SpaceX, OpenAI, and 375+ others.
Trusted by retail investors tracking 375+ pre-IPO companies