Cerebras Systems reported strong second quarter 2026 results, characterized by a massive surge in cloud revenue and a significant beat on gross margins despite heavy infrastructure investments. While GAAP figures reflect substantial stock-based compensation following its IPO, core business metrics exceeded internal and analyst expectations. The company highlighted a massive $25.4 billion in remaining performance obligations and secured 600 MW of data center capacity to support its OpenAI and AWS contracts.
Key Highlights
- Core total revenue reached $209.9 million, up 103% year-over-year, driven by record demand for fast AI inference.
- Core cloud and services revenue grew 287% year-over-year to $127.7 million, now representing the majority of the company's core business.
- Core gross margin of 41% exceeded the high end of management's 36-38% guidance range, reflecting efficient scaling of its wafer-scale architecture.
- Manufacturing capacity is on track to scale more than 10x during 2026 to meet the multi-billion dollar RPO backlog.