Cerebras eyes $880 million as Nvidia-style bet

Cerebras priced its IPO at $185 a share, closed its first day at $311.07, and has since fallen to roughly $165 — below the IPO price and about 47% under that first close. The business is still expanding: core revenue rose 92% year over year in the first quarter of 2026 and 103% in the second, after 76% growth in 2025.

On revenue alone, Cerebras sits near where Nvidia's data center business was in fiscal 2017, when that unit took in $830 million, up from $339 million a year earlier. But Nvidia then was mainly a gaming company, with $4.06 billion of $6.91 billion in revenue and $1.67 billion of net income; today its data center business posts $193.7 billion. Cerebras, by contrast, sells speed from a wafer-scale processor — by its prospectus, 58 times the size of Nvidia's B200 chip — and increasingly delivers it on its own cloud service.

The company's newest quarterly filing names Nvidia as 'a dominant market leader' among its competitors, and CEO Andrew Feldman has argued demand for fast inference is enormous. Still, at about $39 billion in market value, roughly 44 times expected 2026 core revenue, Cerebras is valued at about two-thirds of what all of Nvidia was worth at the end of 2016.