Cerebras Systems Inc.: Solid Results Out of the Gate, AWS Deal Gets the Green Light

Research evidence excerpt

Cerebras Systems Inc.: Solid Results Out of the Gate, AWS Deal Gets the Green Light

Equity Research

U.S. Semiconductors & Semiconductor Capital Equipment

23 June 2026

Cerebras Systems Inc.

Solid Results Out of the Gate, AWS

Deal Gets the Green Light

Hardware leads beat and Cloud Services lifts full year on price CBRS OVERWEIGHT

increases. Unchanged

U.S. Semiconductors &

Semiconductor Capital NEUTRAL

Equipment

Solid beat and raise with full year operating numbers moving materially higher vs, our prior Unchanged

model (GM ~1,000bps, OpM ~1,500bps). In March, Hardware came in higher than our ests. Price Target USD 280.00

($112M vs. our $103M), but most of our full year raise is attributed to Cloud and other services Unchanged

where the company is getting better pricing. The company struck the right tone on supply and Price (23-Jun-26) USD 226.72

leasing capacity, noting CY26 will be hard to upside but expects significant additions in CY27 as Potential Upside/Downside +23.5%

they are engaged with "dozens" of DC owners and operators. Announced the formal completion Source: Bloomberg, Barclays Research

of the definitive agreement with AWS which now enters a technical collaboration phase, which

is mostly software oriented to pair T3 for prefill and the CS-3 for decode. There is no official Market Cap (USD mn) 49790

wording on the attach rate of CS-3 to T3, but these systems do not need to be sitting directly Shares Outstanding (mn) 219.61

adjacent (please see our initiation here for a scenario analysis for T3 attach). Net-net, we think Free Float (%) 60.97

this print was a good start with all the major drivers progressing well. 52 Wk Avg Daily Volume (mn) N/A

CBRS: Quarterly and Annual EPS (USD) Dividend Yield (%) N/A

Return on Equity TTM (%) N/A

2025 2026 2027 Change y/y