# Cerebras Systems Inc. (CBRS)

> Source: Nexqual · https://nexqual.com/CBRS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Cerebras Systems Inc. (CBRS), nexqual.com/CBRS" · informational, not investment advice.

**Price:** USD 108.94 (-7.66% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 117.98 · day 107.9–114.19 · 52w 107.9–386.34 · market cap $25.9B · NMS

## Key facts
- 1 of 80 tracked superinvestors hold CBRS (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 1.73 on a 1–5 scale) (11 analysts), mean target USD 282.55 (range 175–330).
- Total return with dividends: 1Y -65.0% vs S&P 500 +14.9%; 5Y -61.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-12, EPS estimate USD -0.14, revenue estimate $215M.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 44.9x · EV/Sales 32.8x · P/B 2.8x · FCF yield -3.50% · Earnings yield -0.69% · Net cash $7.00B · EV $18.9B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CBRS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Chase Coleman | Tiger Global Management | 2.76% | $663M | New position |

## Analysts
Consensus Buy (mean 1.73 on a 1–5 scale), 11 analysts; mean target USD 282.55 (low 175, high 330).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | TD Cowen | Target lowered | Buy | $275 → $175 |
| 2026-10-02 | Freedom Capital Markets | Upgrade | Hold → Buy | $209 |
| 2026-09-14 | Freedom Capital Markets | Maintained | Hold | $209 |
| 2026-08-19 | Rosenblatt | Maintained | Buy | $300 |
| 2026-08-19 | Needham | Reiterated | Buy | $300 |
| 2026-08-13 | UBS | Target raised | Buy | $320 → $330 |
| 2026-08-13 | Citigroup | Target lowered | Buy | $340 → $320 |
| 2026-08-13 | Wedbush | Target raised | Outperform | $280 → $290 |
| 2026-08-13 | Mizuho | Target lowered | Outperform | $310 → $300 |
| 2026-08-13 | Rosenblatt | Maintained | Buy | $300 |
| 2026-08-13 | Morgan Stanley | Target raised | Overweight | $273 → $279 |
| 2026-08-13 | Needham | Reiterated | Buy | $300 |

## Total return (dividends reinvested)
|  | 1Y (from 2026-05-14) | 5Y (from 2026-05-11) |
|---|---|---|
| Total return | -65.0% | -61.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | — | — |
| Volatility (annualized) | 112.5% | 92.5% |
| Max drawdown | -65.0% (May 2026→Oct 2026) | -61.0% (May 2026→Oct 2026) |

## Peers (Semiconductors)
GFS (GlobalFoundries Inc.) USD 43.37 -9.08% · ON (ON Semiconductor Corporation) USD 73.23 -4.82% · CRDO (Credo Technology Group Holding ) USD 162.77 -10.70% · TSEM (Tower Semiconductor Ltd.) USD 167.71 -11.52% · MTSI (MACOM Technology Solutions Hold) USD 229.73 -15.87% · SWKS (Skyworks Solutions, Inc.) USD 82.39 +0.21%

## More
Full page: https://nexqual.com/CBRS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Service | $126.0M | 70.0% | +281.5% |
| Product | $54.1M | 30.0% | -23.0% |
| Total revenue | $180.1M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Europe, Middle East, and Africa | $95.7M | 53.2% | +31.1% |
| United States | $84.0M | 46.6% | +178.0% |
| Other | $384,000 | 0.2% | +398.7% |
| Total revenue | $180.1M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 34%, 32%, 10% of revenue from unnamed direct customers (10-Q, filed 2026-08-12).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.14 | $-0.32 | -56.2% | $214.7M | 10 |
| Next quarter (ends 2026-12-31) | $-0.23 | $-0.38 | -40.6% | $274.4M | 10 |
| Current fiscal year (ends 2026-12-31) | $-0.47 | $-0.97 | -51.6% | $887.1M | 11 |
| Next fiscal year (ends 2027-12-31) | $1.27 | $0.96 | +33.1% | $2.95B | 11 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-13 (includes earnings 2026-11-12): ±18.7%; earnings reaction alone ±9.1%; last 2 reports averaged ±10.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 90.4% | ±10.8% |
| 2026-11-06 | 14 | 83.5% | ±13.6% |
| 2026-11-13 | 21 | 93.7% | ±18.7% |
| 2026-11-20 | 28 | 93.4% | ±21.4% |
| 2026-11-27 | 35 | 88.3% | ±22.5% |
| 2026-12-04 | 42 | 87.6% | ±24.4% |
| 2026-12-18 | 56 | 84.4% | ±27.1% |
| 2027-01-15 | 84 | 81.1% | ±31.6% |