Cerebras beats estimates, but its biggest customer is waiting

Resumen detallado

Cerebras (CBRS) sells chips that deliver that speed. When it went public on May 14, it priced its IPO at $185 per share, then opened at $350. By its first close, the company was v…

I've covered Cerebras from different angles since its IPO. First, I looked at the sharp reality check that followed its massive $5.5 billion debut. Then I covered Morgan Stanley's first-ever price target for the stock.

When you use an AI tool, how much does it matter that you get an answer in seconds rather than waiting longer?

Cerebras (CBRS) sells chips that deliver that speed. When it went public on May 14, it priced its IPO at $185 per share, then opened at $350. By its first close, the company was valued at nearly $95 billion against 2025 revenue of $510 million. The stock closed at $311.07 that day. It now trades around $108.72, 65% below that first close and well below its IPO price.

But the business is growing fast. Third-quarter core revenue was $230.9 million, up 70% from a year earlier, and contracted future revenue reached $26.1 billion.

CFO Bob Komin said Cerebras "exceeded our guidance across the board" for a third straight quarter, and that its pipeline for high-speed AI inference grew more than tenfold in the quarter. However, a delay in its largest contract complicates the story.

Also Read: Cerebras Systems Inc. Q3 2026 Earnings Call: Live Updates of $CRBS Earnings, Stock Forecast

Shared with me at TheStreet, Morgan Stanley kept an Overweight rating and $178 price target in a note titled "Strong numbers overall as mix shifts from cloud to hardware."

Morgan Stanley came away slightly more cautious about the story's foundation, even as numbers beat estimates. The stock closed at $97.75 on Nov. 12, then rose 11.22% the next day to $108.72, which leaves the price target 64% higher.

Core revenue beat the bank's $216.3 million estimate, gross margin came in about 2 points above the 41 % estimate, and non-GAAP earnings per share were $0.12 versus an expected loss of $0.21.

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