Cerebras Systems reported second-quarter 2026 revenue of $180.11 million, up 74%, and a net loss of $450.53 million

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Cerebras Systems, which makes the Wafer-Scale Engine, a chip that spans an entire silicon wafer, reported revenue of $180.11 million for the quarter ended Jun 30, 2026, up 74% from $103.32 million a year earlier, in its quarterly report on Form 10-Q filed Aug 12, 2026. Cloud and other services revenue rose to $125.99 million from $33.03 million, while hardware revenue fell 23% to $54.12 million from $70.30 million. The filing credits higher customer consumption and the ramp of dedicated cloud capacity, partly offset by $44.3 million of customer warrant amortization booked against revenue.1^,2^,3^,4^,5^,6^,7^,8^,9

In December 2025 Cerebras entered a master relationship agreement under which OpenAI committed to buy 750MW of AI inference compute capacity and related services; the filing said deployment was expected in tranches during 2026 through 2028, and that OpenAI held an option on 1.25GW more for deployment by the end of 2030. Revenue under it was $56.8 million in the quarter, net of $2.5 million of warrant amortization. Remaining performance obligations, the contracted revenue not yet recognized, were $25.4 billion at Jun 30, 2026, and the filing says a significant amount of it was attributable to the OpenAI agreement; Cerebras expected to recognize about 22% of the total by Jun 30, 2028, within 24 months. OpenAI also funded a working capital loan to Cerebras of about $1.0 billion in January 2026, with $918.2 million outstanding at Jun 30, 2026.10^,11^,12^,13^,14^,15

In June 2026 Cerebras signed a global hardware leasing agreement with Amazon Web Services; the leases had not commenced at Jun 30, 2026, and it had recognized no revenue from it.16^,17

The company lost $477.23 million from operations, against $57.18 million a year earlier, and reported a net loss of $450.53 million against net income of $309.51 million. The year-earlier net income included a non-recurring $363.3 million gain from the release of a forward contract liability after the cancellation of a committed purchase obligation, the 10-Q says. Stock-based compensation, the non-cash cost of equity awards, was $377.01 million against $13.28 million, and the filing ties $228.0 million of the rise in research and development expenses to IPO-related stock-based compensation and related tax costs. Performance-based restricted stock units granted to the co-founder CEO and CTO were set to vest in three equal tranches at market capitalization thresholds of $75.0 billion, $150.0 billion and $250.0 billion. Cerebras's own non-GAAP measure, core net loss, which excludes items such as stock-based compensation, was $6.9 million against $40.5 million.18^,19^,20^,21^,22^,23^,24^,25^,26^,27^,28

The IPO completed on May 15, 2026, with 34,500,000 Class A shares sold at $185.00 each for net proceeds of approximately $6.2 billion. At Jun 30, 2026, cash, cash equivalents and restricted cash stood at $7.4 billion and marketable securities at $1.2 billion.29^,30

In our records, we hold the 10-Q's management discussion and notes but not its other exhibits, and we cannot tell whether year-earlier figures were restated.31^,32