Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

Cerebras Systems / Private Capital Markets

<ul><li>Sacra estimates Cerebras hit $510M in 2025 revenue, up 76% YoY from $290M in 2024.</li><li>Morgan Stanley projects the company reaches $8B in 2028 revenue, driven primarily by the $20B OpenAI compute agreement running through 2028.</li><li>In May 2026, Cerebras completed its IPO on the Nasdaq Global Select Market under ticker "CBRS," raising approximately $6.38B, with Morgan Stanley, Citigroup, Barclays, and UBS as lead bookrunners.</li></ul>

Sacra estimates Cerebras hit $510M in 2025 revenue, up 76% YoY from $290M in 2024.Morgan Stanley projects the company reaches $8B in 2028 revenue, driven primarily by the $20B OpenAI compute agreement running through 2028.In May 2026, Cerebras completed its IPO on the Nasdaq Global Select Market under ticker "CBRS," raising approximately $6.38B, with Morgan Stanley, Citigroup, Barclays, and UBS as lead bookrunners.

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>Core revenue was $209.8 million, up 103% year over year. Core cloud and other services revenue was $127.7 million, +287% YoY. Core hardware revenue was $82.1 million, +17% YoY</li>
<li>Year over year, core gross margins improved substantially. Q2 core gross margin was 40.6%, approximately 940 basis points higher than Q2 2025.</li>
<li>Core operating margin was negative 16% compared to negative 42% a year ago, an improvement of approximately 2,600 basis points year over year.</li>
</ul>


Core revenue was $209.8 million, up 103% year over year. Core cloud and other services revenue was $127.7 million, +287% YoY. Core hardware revenue was $82.1 million, +17% YoY
Year over year, core gross margins improved substantially. Q2 core gross margin was 40.6%, approximately 940 basis points higher than Q2 2025.
Core operating margin was negative 16% compared to negative 42% a year ago, an improvement of approximately 2,600 basis points year over year.


Cerebras Q2 2026. Messy Numbers But What Did You Expect?

<ul>
<li>Cerebras presently derives up to 87% of its revenue from G42</li>
<li>Microsoft gatecrashed Cerebras party with a $1.5 billion investment in G42 to "accelerate AI development and global expansion"</li>
<li>G42 "severed its ties" with China in advance of the Microsoft investment</li>
</ul>


Cerebras presently derives up to 87% of its revenue from G42
Microsoft gatecrashed Cerebras party with a $1.5 billion investment in G42 to "accelerate AI development and global expansion"
G42 "severed its ties" with China in advance of the Microsoft investment


Cerebras Files Intent To IPO. This Will Be Interesting

<ul>
<li>GAAP quarterly revenue of $193.4 million; record core revenue of $191.3 million, up 92% from a year ago</li>
<li>Announced a multi-year deal with OpenAI for 750MW valued at more than $20 billion and launched multi-year partnership with Amazon to bring Cerebras’ fast inference to AWS</li>
<li>Temporarily renting their own systems back from an existing customer (G42?) which will depress core cloud and other services margin temporarily by 10 to 15 margin points. Interesting move...</li>
</ul>


GAAP quarterly revenue of $193.4 million; record core revenue of $191.3 million, up 92% from a year ago
Announced a multi-year deal with OpenAI for 750MW valued at more than $20 billion and launched multi-year partnership with Amazon to bring Cerebras’ fast inference to AWS
Temporarily renting their own systems back from an existing customer (G42?) which will depress core cloud and other services margin temporarily by 10 to 15 margin points. Interesting move...


Cerebras Q1 2026. Solid Opening Quarter, But Margins Are A Puzzle

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Cerebras Systems / Equity Capital Markets

<ul>
<li>Cerebras Systems has successfully closed its blockbuster IPO of 34.5M Class A shares at $185.00 per share, above the marketed price range.</li>
<li>The AI company raised the price range to $150.00-$160.00 and sold a total of 34.5M shares, up from the initial target. Cerebras’ stock soared 100%+ during the first trading day. </li>
<li>I think Cerebras Systems stock has reached a level that is too high to justify a BUY rating. I see limited near-term upside even in an upside growth scenario. </li>
</ul>


Cerebras Systems has successfully closed its blockbuster IPO of 34.5M Class A shares at $185.00 per share, above the marketed price range.
The AI company raised the price range to $150.00-$160.00 and sold a total of 34.5M shares, up from the initial target. Cerebras’ stock soared 100%+ during the first trading day. 
I think Cerebras Systems stock has reached a level that is too high to justify a BUY rating. I see limited near-term upside even in an upside growth scenario. 


Cerebras Systems IPO Trading Update: Over-Heated Post-IPO Valuation, Limited Near-Term Upside

United States

Cerebras Systems Inc. is an artificial intelligence infrastructure company. The Company designs and manufactures an AI compute platform comprised of proprietary systems and software that is delivered in standard racks for deployment in data centers up to supercomputer scale. Cerebras Systems serves customers in the United States.

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Cerebras Systems (CBRS US)

Primer: Cerebras - 24 Aug 2026

AI chip hardware for training large-scale models in scientific and enterprise use cases

Sacra

Cerebras Q2 2026. Messy Numbers But What Did You Expect?

Core revenue was $209.8 million, up 103% year over year. Core cloud and other services revenue was $127.7 million, +287% YoY. Core hardware revenue...

William Keating

Cerebras Files Intent To IPO. This Will Be Interesting

Cerebras gets up to 87% of its revenue from G42. G42 "severed its ties" with China, opening the door for a $1.5 billion Microsoft investment to...

William Keating

Cerebras Q1 2026. Solid Opening Quarter, But Margins Are A Puzzle

Temporarily renting their own systems back from an existing customer (G42?) which will depress core cloud and other services margin temporarily by...

William Keating

Cerebras Systems IPO Trading Update: Over-Heated Post-IPO Valuation, Limited Near-Term Upside

Cerebras Systems closed its IPO above marketed price range. The stock soared 100%+ on first trading day. However, I see limited near-term upside...

Andrei Zakharov

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Primer: Cerebras - 24 Aug 2026

AI chip hardware for training large-scale models in scientific and enterprise use cases

Sacra

Cerebras Q2 2026. Messy Numbers But What Did You Expect?

Core revenue was $209.8 million, up 103% year over year. Core cloud and other services revenue was $127.7 million, +287% YoY. Core hardware revenue...

William Keating

Cerebras Files Intent To IPO. This Will Be Interesting

Cerebras gets up to 87% of its revenue from G42. G42 "severed its ties" with China, opening the door for a $1.5 billion Microsoft investment to...

William Keating

Cerebras Q1 2026. Solid Opening Quarter, But Margins Are A Puzzle

Temporarily renting their own systems back from an existing customer (G42?) which will depress core cloud and other services margin temporarily by...

William Keating

Cerebras Systems IPO Trading Update: Over-Heated Post-IPO Valuation, Limited Near-Term Upside

​Cerebras Systems closed its IPO above marketed price range. The stock soared 100%+ on first trading day. However, I see limited near-term upside...

Andrei Zakharov

Cerebras Systems closed its IPO above marketed price range. The stock soared 100%+ on first trading day. However, I see limited near-term upside...