Key facts
- Cerebras Systems reported first-quarter revenue of $193.4 million, a 94% increase year-over-year.
- The company's growth was driven by strong enterprise demand for its specialized AI chips.
- This is the first financial report released by Cerebras since its initial public offering.
- Cerebras has a total backlog of $24.6 billion.
- Annual revenue grew from $25 million in 2022 to $510 million in 2025.
Cerebras Systems reported a 94% increase in first-quarter revenue to $193.4 million, its first financial update since going public. The company attributed the growth to strong enterprise demand for its specialized AI chips.
In its maiden quarterly report as a public company, Cerebras's shares saw a roughly 10% climb on Wednesday and a subsequent 13% surge on Thursday, recouping losses and reaching an intraday high of $241. However, Thursday's rally occurred on thin volume, suggesting positioning ahead of the earnings release rather than broad-based buying.
Analysts have largely initiated coverage with buy ratings, setting a consensus price target of $294, with Citi issuing the highest target at $340. Morgan Stanley described Cerebras as "one of the most differentiated AI infrastructure companies." Despite analyst optimism, the stock traded below the consensus target, with a price-to-earnings ratio exceeding 523, indicating a significant valuation gap.
At the SuperAI conference, Cerebras demonstrated its Wafer Scale Engine chip, comparing it to Nvidia's B200 and showcasing superior performance in tasks like coding and itinerary planning. Key customers include OpenAI, which has secured $20 billion in contracts, and Amazon Web Services, which is integrating the chips into its infrastructure. The company's total backlog stands at $24.6 billion.
Cerebras has experienced substantial revenue growth, surging from $25 million in 2022 to $510 million in 2025, with a 76% jump in the last fiscal year. The company also achieved profitability on a per-share basis. However, a concentration risk exists due to a few major customers accounting for a significant portion of revenue.
