Cerebras Systems Inc. (CBRS)

Cerebras is an AI infrastructure company that has built the Wafer-Scale Engine (WSE), the world's first and only commercialized wafer-scale processor, which is dramatically larger and more powerful in memory bandwidth than competing GPU chips, enabling AI training and inference speeds up to 15 times faster than leading GPU-based solutions. The company's core offering is a full-stack, co-designed hardware and software platform built around the WSE housed in Cerebras CS-3 systems, which are combined into AI supercomputers, supported by a software stack including a compiler for PyTorch models, an inference serving stack, and a cluster manager for orchestration. Cerebras delivers its solutions through multiple flexible deployment models: on-premises AI supercomputers for customers requiring full data and infrastructure control, Cerebras Cloud for consumption-based access, and partner clouds such as AWS Marketplace, Microsoft Marketplace, IBM watsonx Model Gateway, Vercel AI Gateway, OpenRouter, and Hugging Face, as well as hybrid deployments; it also offers AI model services to co-develop and optimize customer models and deployments.

Its customer base spans hyperscalers, foundation model labs, AI-native and digital-native businesses, enterprises, and Sovereign AI initiatives, with notable relationships including OpenAI (as its fast inference solution for products like Codex-Spark) and AWS (which has signed a binding term sheet to become the first hyperscaler to deploy Cerebras in its own data centers), along with training customers such as G42, MBZUAI, GlaxoSmithKline, Sandia National Laboratory, and the U.S. Department of Defense. The company targets the large and fast-growing AI training and inference infrastructure market, addressing use cases such as real-time coding agents, deep research systems, voice applications, and digital twins where inference speed is a critical determinant of adoption and value. Cerebras has grown revenue from $24.6 million in 2022 to $510.0 million in 2025, with gross margins ranging from 12% to 42% over that period, and reported net income of $237.8 million in 2025 following a net loss of $481.6 million in 2024.