Key Highlights

● First-quarter Revenue was US$193.4 million, up 94% year on year and 13% sequentially.

● The IPO sold 34.5 million Class A shares at US$185, raising about US$6.38 billion.

● A multi-year OpenAI agreement is valued at more than US$20 billion for 750 megawatts.

● Full-year 2026 core revenue is guided to US$855 million to US$865 million.

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Cerebras Systems Inc. (NASDAQ:CBRS), the AI-chip and inference-compute company, completed its initial public offering in May 2026. According to its closing announcement, 34.5 million Class A shares were sold at US$185.00, including 4.5 million from the full exercise of the underwriters' option, raising gross proceeds of about US$6.38 billion. Trading on the Nasdaq Global Select Market began on 14 May under the ticker CBRS.

On 23 June 2026 Cerebras reported results for the quarter ended 31 March, its first report after listing.

First-quarter results

Revenue was US$193.4 million, up 94% year on year and 13% sequentially. On a non-GAAP core basis revenue was US$191.3 million, up 92%. GAAP gross Margin was 45% and core gross margin 47%. The GAAP operating loss was US$15.0 million, the net loss US$14.0 million, and loss per share US$0.22 against US$0.46 a year earlier.

Cash, equivalents, restricted cash and short-term investments totalled about US$3.3 billion. Chief executive Andrew Feldman said AI has moved from being a novelty to being useful and productive. The release also describes a multi-year agreement with OpenAI valued at more than US$20 billion for 750 megawatts of inference compute, and it names G42 as a significant customer in its risk disclosures without giving figures.

Guidance

For the second quarter Cerebras guided to core revenue of about US$194.0 million, up 88% year on year, with a core gross margin of 36% to 38% and an Operating Margin of negative 30% to negative 32%. For 2026 it guided to core revenue of US$855 million to US$865 million, up 69% at the midpoint, with gross margin of 38% to 41%.

The guided gross margin is notably below the first-quarter core figure of 47%, and the guided operating margin is far more negative than the first-quarter core result. Costs associated with scaling capacity are expected to weigh on profitability even as revenue grows. The guidance implies a second-quarter core operating loss of roughly US$58 million to US$62 million, against US$3.5 million in the first quarter.

OpenAI contract and margin step-down

Second-quarter results will test the guided revenue of about US$194 million and the sharp decline in core gross margin. The use of IPO proceeds, the evolution of restricted cash and short-term investments, and any customers disclosed alongside G42 are further details that later filings may show.

The OpenAI agreement is the main dependency: a contract of more than US$20 billion concentrates customer exposure and depends on capacity being built, and the guided drop in core gross margin from 47% to 36% to 38% shows what that build-out is expected to cost.