Cerebras beats earnings, raises guidance—stock falls 18%

What happened

Cerebras reported first-quarter revenue of $193.4 million（約310億円）, up 94% year over year, exceeding Wall Street's consensus estimate of $181 million（約290億円）. The company also narrowed its adjusted loss per share to $0.04, beating the expected $0.16, and raised its full-year core revenue guidance to $855 million（約1400億円） to $865 million（約1400億円）, ahead of the prior $828 million（約1300億円） expectation.

Why it matters

The results demonstrate a newly public company delivering strong operational performance—yet the stock plunged 18% in response. The body notes that the first few quarters after a blockbuster IPO can be volatile because investor expectations may be unrealistic, and even stellar results can trigger sharp selloffs. This pattern is relevant for SpaceX investors ahead of its earnings report expected in late July or early August.

What to watch

Cerebras signed a multi-year agreement with OpenAI valued at $20 billion（約3.2兆円） to provide 750 megawatts of computing capacity, and entered a multi-year partnership with Amazon Web Services for AI inferencing. SpaceX's valuation—trading at 110 times sales and 54 times next year's expected sales—magnifies volatility risk; additionally, a staggered lockup expiration will release 20% of insider shares just two days after earnings, with another 10% potentially released if the stock hits $175 per share.