Cerebras Takes Aim at Nvidia’s Throne as $24.6 Billion Backlog Fuels the Bet
11.06.2026 - 23:44:41 | boerse-global.de
Cerebras Systems is no longer just a promising IPO story. The chipmaker’s CEO, Frank Bruno, is making no secret of his ambition: he believes Nvidia is vulnerable to the same kind of disruption that derailed Intel during the smartphone revolution. The battleground is inference — the process of running trained AI models in real time. While Nvidia built its architecture around training, Cerebras has engineered its wafer-scale processors specifically for inference, using an entire silicon wafer as a single chip with trillions of transistors and hundreds of thousands of AI cores. Bruno argues that this eliminates the communication bottlenecks inherent in linking thousands of smaller chips together, a weakness he says Nvidia is now scrambling to address. Indeed, the industry giant is actively working on technologies to improve inference performance and reduce overhead — a move that Bruno interprets as a sign of concern.
That strategic narrative rests on a rapidly strengthening financial foundation. Cerebras swung from a deep loss in fiscal 2024 — nearly $482 million — to a net profit of $238 million in fiscal 2025, according to company filings. Another financial report put net income at $88 million for the same period, underscoring the variability in how the numbers are parsed. Either way, the turnaround is dramatic. Revenue surged 76% to roughly $510 million, and the company ended the year with a staggering $24.6 billion in contracted order backlog. Management expects to convert about 15% of that into revenue during the current business cycle, providing a massive cushion for expansion.
The stock made a spectacular debut on the Nasdaq in May, jumping 68% above its $185 IPO price on the first day. Since then, some of those gains have faded. Shares recently changed hands around $226, roughly 22% above the IPO price but well off the post-listing highs. The most recent session saw a 4.6% decline, and the weekly drop stood at 4.1%, with the stock oscillating between $240.30 and $248.51 during the trading day. Despite the pullback, the company’s market capitalization sits at about $52 billion.
Should investors sell immediately? Or is it worth buying CEREBRAS SYSTEMS INC - A?
Analysts remain overwhelmingly bullish. All ten covering the stock rate it a buy, with a consensus price target of $294 and a high of $340. The balance sheet provides further reassurance: Cerebras holds around $1.1 billion in cash and short-term investments and carries no long-term bank debt. That financial flexibility is critical as the company attempts to scale its wafer-scale technology and chip away at Nvidia’s dominant CUDA software ecosystem — a moat that new entrants seldom cross quickly.
The next major test comes on June 23, when Cerebras will release its first quarterly earnings report as a publicly traded company. Investors will watch closely to see whether the blistering 76% growth rate can be sustained and how quickly the order backlog translates into actual cash flow. If the profit trajectory from the prior year holds, the stock’s current valuation could gain a firmer footing. In the meantime, Cerebras has already taken one symbolic step into the big leagues: on June 9 it officially exited the TSG Venture 50 Index, completing its transition from startup to established tech player.
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