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The wafer-scale chip maker posted Q2 core revenue of $210 million, raised full-year guidance, and teased its next-generation system amid a $20 billion OpenAI partnership
Cerebras Systems just posted its second quarter as a public company, and the numbers suggest the AI chip upstart is growing at a pace that would make even Nvidia do a double-take.
The company reported Q2 2026 core revenue of roughly $210 million, representing more than 100% year-over-year growth. CEO Andrew Feldman told investors that core revenue should more than triple in 2027, backed by $25.4 billion in performance obligations already on the books.
The numbers behind the confidence #
GAAP revenue for the quarter came in at $180.1 million, a figure that trails core revenue because of how long-term contract accounting works.
On the strength of these results, Cerebras raised its full-year 2026 revenue guidance to a range of $880 million to $890 million.
The IPO itself was a landmark event. Cerebras raised $6.4 billion in gross proceeds, making it one of the largest semiconductor IPOs on record. The company went public in May 2026 and expects manufacturing capacity to increase more than tenfold by the end of 2026.
Cerebras doesn’t build conventional chips. It builds processors that occupy an entire silicon wafer, the dinner-plate-sized disc that traditional fabs slice into hundreds of individual chips. Cerebras skips the slicing part.
CS-4 and the wafer-scale roadmap #
The company’s current flagship is the CS-3, powered by the WSE-3 architecture. That chip packs 4 trillion transistors onto a single wafer. To put that in perspective, Nvidia’s H100 contains about 80 billion transistors.
Next week, Feldman and CFO Bob Komin plan to unveil the CS-4, the next generation system.
The OpenAI deal and strategic partnerships #
The most eye-catching partnership on Cerebras’ roster is a multi-year agreement with OpenAI valued at more than $20 billion. The deal is structured around delivering 750 megawatts of inference compute.
Cerebras has also established a collaboration with Amazon Web Services for inference capabilities.
These partnerships help explain the $25.4 billion in performance obligations. That figure represents contracted future revenue that Cerebras expects to recognize over the coming years.
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