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All Eyes on AI Chipmaker Cerebras as It Gears Up for First Earnings Since IPO

Following a volatile post-IPO run that has seen its stock retreat sharply from May highs, Cerebras' first quarterly results as a public company will offer investors an early test of its growth prospects, customer concentration risks, and ability to compete in the fast-growing AI infrastructure market.
Exterior view of Cerebras Systems' headquarters in Sunnyvale, California, with the company's logo displayed on a sign outside the office building.
June 23, 2026 03:03 PM IST | Written by Pratima O Pareek

Weeks after raising $5.55 billion in the largest U.S. IPO of the year, Sunnyvale, California-based AI chipmaker Cerebras Systems (Nasdaq: CBRS) faces its first earnings test on June 23.

The stock has already fallen from its first-day high of $385 to around $224 at Monday’s close, a decline of roughly 40% in just over a month, though it remains more than 20% above its $185 IPO price.

AI Chipmaker Cerebras
One-month Nasdaq chart showing shares of Cerebras Systems (CBRS)

Shares were initially expected to price between $115 and $125 before the range was revised to $150-$160 amid strong demand. The stock ultimately priced at $185, above even the revised range.

Options markets are pricing in a 13% move in either direction by week’s end, according to Investopedia.

Morgan Stanley analyst Joseph Moore, ranked 152nd among 12,279 Wall Street analysts, called Cerebras a “unique chance to invest in an AI processor company with a first-mover advantage against NVIDIA,” initiating coverage with an Overweight rating and a $250 price target, according to TheStreet.

Citigroup is the most bullish, with a $340 price target over the next 12 months, according to LSEG data.

Wedbush maintained its Outperform rating and $270 price target, saying it expects any business inflections to be positive.

According to Investopedia, citing Visible Alpha consensus estimates, Cerebras is expected to post an adjusted loss of $0.16 per share on first-quarter revenue of $183.26 million, up more than 80% from a year earlier.

Beyond the headline numbers, investors will be looking for updates on customer diversification, growth in the company’s cloud and AI infrastructure businesses, and management’s outlook for future demand.

The earnings report may also offer fresh insight into customer concentration after Cerebras disclosed in its IPO filings that Abu Dhabi-linked entities accounted for 86% of its 2025 revenue.

Also Read: AI Chipmaker Cerebras Files for IPO Again: 86% Revenue From Abu Dhabi Customers

Cerebras is best known for its Wafer-Scale Engine 3 (WSE-3), a wafer-scale AI processor featuring 4 trillion transistors and 900,000 AI-optimized cores. The company is positioning itself as a challenger to NVIDIA in the AI compute infrastructure market.

Cerebras is scheduled to report first-quarter 2026 financial results after the U.S. market closes on June 23 and will host a conference call at 2 p.m. PT / 5 p.m. ET.

Also Read: Anthropic Confidentially Files for IPO Post $965 B Valuation

Author

  • Pratima Pareek, Editor and Co-founder of AI FrontPage

    Pratima O Pareek is an Editor and Co-Founder of AI FrontPage. A gold medalist in Mass Communication and Journalism, she's worked across national and international newsrooms, bringing sharp editorial instincts and a commitment to clarity. She believes in cutting through the noise to deliver stories that actually matter.
    Off the clock, she watches offbeat cinema, follows tennis, and explores new places like a traveler, not a tourist.

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