Cerebras Systems IPO Builds on 120.89% 90 Day Gain as Company Eyes $2B Offering

Weekly Edition & Stock Spotlight

March 11, 2026

PM Insights provides independent, market-driven data for Private Growth and Pre-IPO companies, providing unparalleled transparency and helping asset managers, banks, consultants, investors, and regulators understand trading conditions and risk in this dynamic market.

This report examines Cerebras Systems’ position within the rapidly expanding AI compute infrastructure market, highlighting the company’s development of wafer-scale processors and large-scale AI systems designed to accelerate model training and inference. Supported by growing demand for high-performance AI compute, strategic partnerships with major cloud and enterprise players, and a compute agreement with OpenAI, Cerebras is positioning itself as an alternative architecture to traditional GPU-based AI infrastructure.

The company has also taken steps toward public markets, having previously filed for an IPO, withdrawn the filing amid market conditions, and later reinitiated preparations with new underwriting support.

Continued expansion of its AI cloud offerings, alongside adoption of its wafer-scale engine systems by enterprise and research customers, positions Cerebras at the forefront of next-generation AI compute platforms. With accelerating demand for large-scale model training and inference capacity, these dynamics reinforce the company’s competitive positioning and support its long-term opportunity within the global AI infrastructure ecosystem.

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Key Takeaways‍

ROI Momentum: Cerebras Systems delivered strong performance of +174.89%, +120.89%, and +38.33% over the past 180 days, 90 days, and 30 days respectively
Volatility Level: Volatility stabilized at 26.87% as of March 9, 2026, indicating a relatively elevated level of price variability.‍
Highest bid-side activity: Cerebras Systems recorded the highest 90-day bid-side activity among peers, accounting for 75% of $275.80 million‍
Strongest Gain: Cerebras Systems recorded the largest composite price increase among peers, rising 120.89%

ROI Private & Public

|| ROI from March 09, 2025 until March 09, 2026.

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_{The PM50 Growth tracks the performance of the 50 most active private names observed in the secondary market. It is an equal-weighted index, rebalanced on a monthly basis.}

_{This rebalancing of constituents over time gives way for more active names to participate in what we observe as "market performance," and in a more appropriate manner than static selections and weightings criteria.}

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Most Active Names Performance Across All Sectors

Data as of March 09, 2026.

90D Return △ - Trend of return on composite price

90D % △ - Change in composite price in terms of percentage

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_{Price (USD) estimated based on secondary market activity observed by PM Insights. Valuation is estimated based on said price and share count from state filings and/or news in the public domain. Note that share count in calculations may change as new filing documents are obtained.}

Stock Spotlight -Cerebras Systems

Visit official website

Sectors

AI Manufacturing

Headquarters

Sunnyvale, California, USA

CEO

Andrew Feldman

“Industry-leading speed, scale, and quality.”

Cerebras Systems is a Sunnyvale based AI infrastructure company that builds wafer scale accelerator hardware and tightly integrated software to train and serve large frontier models for scientific, enterprise, and AI native customers. The company positions itself as providing the fastest end to end AI infrastructure, from cloud APIs to on premises systems, with a particular focus on ultra low latency inference for applications like real time copilots, code generation, and voice agents.

Its systems are increasingly used by global enterprises, national laboratories, and leading AI companies such as OpenAI that need supercomputer level performance for large models and complex workloads.

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Business Model

Cerebras generates revenue primarily through sales of its CS 3 systems, which are powered by its Wafer Scale Engine 3 chip and are sold for millions of dollars per deployment to customers with very large AI compute needs.

These hardware sales are complemented by professional services that cover data preparation, model design, training oversight, and optimization, and which account for roughly one quarter to one third of new customer engagements.

The company also offers cloud based access to its systems through partners and its own AI Model Studio, and it is experimenting with subscription style models where hardware is deployed on customer premises under licensing agreements, creating recurring revenue streams on top of large upfront system sales.

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Scale and Growth

Scale & Volume: Estimated 2024 revenue of about $272 million, with $136.4 million in H1 2024
Growth Rate: H1 2024 results imply roughly 245% year over year revenue growth
Customer Concentration: About 87% of revenue comes from a single strategic customer, G42, under a $1.43 billion commitment
Capitalization: Raised a $1 billion Series H in February 2026 at a $23 billion post money valuation, totaling about $2.91 billion raised
Profitability: Gross margin improved from 11.7% in 2022 to 33.5% in 2023 as shipments scaled

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Competitive Edge

The AI accelerator market spans general-purpose platforms and highly specialized solutions:

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General-Purpose Platforms: NVIDIA leads with versatile GPUs supporting diverse AI workloads, challenged by AMD and AWS’s broad compute offerings
Balanced Optimization: Google TPU and Intel Gaudi blend workload flexibility with targeted performance tuning
Ultra-Specialized Hardware: Groq delivers extreme LLM inference speeds; Cerebras and SambaNova target high-value segments with custom architectures.
Strategic Tension: Competition hinges on versatility versus peak optimization in AI infrastructure

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Targeted Impact

Cerebras Systems accelerates AI breakthroughs by enabling faster, more efficient deep learning to solve complex global challenges.

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What Comes Next?

Cerebras targets a 2026 IPO while expanding its high-speed AI inference cloud across North America, Europe, and new global markets.

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Who will benefit?

Cerebras Systems' innovations benefit AI researchers, supercomputing centers, pharmaceutical firms, and cloud service providers.

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Cerebras Systems' Timeline

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Bull and Bear Case

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Prominent News

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AI chipmaker Cerebras namedropped by Oracle, alongside Nvidia and AMD, March 10, 2026 - Oracle highlighted Cerebras alongside Nvidia and AMD as AI chip providers powering its cloud infrastructure, marking a major enterprise validation ahead of Cerebras’ IPO. Click here to read more.

AI Chipmaker Cerebras Taps Morgan Stanley for IPO Return, March 6, 2026 - Cerebras taps Morgan Stanley to lead renewed IPO efforts, targeting a potential ~$2B listing as soon as April 2026 after previously withdrawing its IPO filing. Click here to read more.

OpenAI signs deal, worth $10B, for compute from Cerebras, January 14, 2026 - OpenAI entered a multi-year compute agreement with Cerebras valued at over $10B, securing up to 750 MW of AI processing capacity through 2028 to scale model training and inference workloads. Click here to read more.‍

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Revenue

The graph below displays the revenue and revenue growth of Cerebras Systems from 2022 to 2024.

Cerebras Systems’ revenue grew 219.85% year-over-year to $78.74M in 2023, with 2024 revenue projected at $272.80M.

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Return on Investment (ROI)

The graph below displays Cerebras Systems' ROI over the past 90, 60, and 30 days, computed as of March 09, 2026.

180D: ↑ +174.89% since September 11, 2025
90D: ↑ +120.89% since December 10, 2025
30D: ↑ +38.83% since February 08, 2026

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Funding Round in USD

Primary Funding Round: Cerebras Systems raised $1 billion in Series H on January 28, 2026 , at a $23B valuation
Investors: Series H saw participation from 1789 Capital, Alpha Wave Global, Altimeter, Amd Ventures, Atreides Management Lp, Benchmark, Coatue, Fidelity, and Tiger Global Management‍
Secondary Market Valuation: $23.38 billion on March 09, 2026, according to PM Insights

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Primary Round Valuation

2026-01-28
$23B

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Secondary Market Valuation

2026-03-09
$23.38B

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Valuation Change

primary → secondary
+1.65%

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Quarterly Bid-to-Ask Volume Ratio

PM Insights presents the quarterly bid-to-ask volume ratio of Cerebras Systems from 2024 Q1 to 2026 QTD. The stacked bar chart below shows total quarterly bid and ask volumes alongside their relative ratios, illustrating market activity.

Highest volume: $386.70 million in 2025 Q1
Lowest volume and Largest ask-side activity: 100% of $7.50 million in 2024 ‍
Largest bid-side activity: 73% of $205.50 million were bids in 2026 QTD

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Volatility of Composite Price

The volatility of the composite price is calculated based on price movements within a 90-day rolling window ending on each respective date. The graph below illustrates the trend in volatility of composite price for Cerebras Systems for a one year period from March 10, 2025 until March 09, 2026.

Volatility began at 22.70% and gradually declined to 21.33% by mid-May
It then dropped sharply to 11.93%, followed by a gradual decline with minor fluctuations until reaching a low of 6.01% in early September
After this point, volatility began trending upward, with several sharper increases
In February 2026, volatility rose from 17.47% to 23.91%, and within a few days increased further to 27.40%, marking the most volatile period of the year
Volatility then stabilized at 26.87% as of March 9, 2026

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Cerebras Systems' Private Comparables

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PM Insights highlights four private companies, all active as of March 09, 2026, that are close competitors of Cerebras Systems. These companies either develop specialized AI hardware, such as custom accelerators and processors, or provide AI-optimized compute infrastructure and cloud platforms for large-scale model training and inference.

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Change in Valuation

PM Insights uses composite prices based on institutional-sized broker contributions within the last 90 days to compute implied valuations. The current implied valuations reported below were computed as of January 19, 2026, and are compared to each company's latest funding round valuation and valuation on December 31, 2025.

Lambda Labs's current implied valuation is $11.08B, a 60.98% increase from its latest valuation of $6.88B. Lambda Labs's implied valuation was $10.9B on December 31, 2025.
Groq's current implied valuation is $7.92B, a 14.82% increase from its latest valuation of $6.9B. Groq's implied valuation was $7.94B on December 31, 2025.
Cerebras Systems's current implied valuation is $23.38B, a 1.67% increase from its latest valuation of $23.0B. Cerebras Systems's implied valuation was $9.07B on December 31, 2025.
Lightmatter's current implied valuation is $2.83B, a 35.68% decrease from its latest valuation of $4.4B. Lightmatter's implied valuation was $3.18B on December 31, 2025.
SambaNova Systems's current implied valuation is $807.43M, a 83.85% decrease from its latest valuation of $5.0B. SambaNova Systems's implied valuation was $922.0M on December 31, 2025.

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90D Bid and Ask Volume Ratio

The stacked bar chart below illustrates the bid and ask volume ratios for the period from December 10, 2025, to March 09, 2026, showing only companies with at least 3 contributions.

Highest volume: Lambda Labs, $350.10 million‍
Lowest volume: SambaNova Systems, $9.90 million
‍Highest bid-side activity: Cerebras Systems, ‍75% of $275.80 million
Highest ask-side activity: Lightmatter, 100% of $50 million

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Change in Composite Price

The bar chart below illustrates the 90-day change in composite prices for the period from December 10, 2025, to March 09, 2026.

Strongest gain: Cerebras Systems' composite price was up 120.89%
Highest decline: SambaNova Systems' composite price was down -36.32%

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YTD Average Volatility of Composite Price

The volatility of the composite price is calculated based on price movements within a 90-day rolling window ending on that date. The bar chart below displays the mean volatility from January 1, 2026 until March 09, 2026.