New to this? Read it in simple words
- Cerebras makes large AI chips and rents them out through its own cloud.
- Its core revenue rose 70% to $230.9 million in three months.
- It now expects $940 million to $960 million of core revenue in 2026.
- Its chief executive said Microsoft signed a cloud deal, but no terms were given.
- Core revenue
- The company’s own measure of sales. It leaves out some items that standard accounting rules count.
- Hyperscaler
- One of the few very large cloud companies, such as Microsoft.
- Extended trading
- Buying and selling shares after the stock market’s normal closing time.
Cerebras builds each of its chips from a whole silicon wafer, far larger than a usual chip, to run AI models quickly. It sells the machines and also rents them out through its own cloud. It listed its shares on Nasdaq in May.
The quarter
Core revenue, the company’s own measure, rose 70% to $230.9 million. Analysts had expected about $214.7 million, Reuters and SiliconANGLE report.
The core figures leave out some items, such as data-centre costs that Cerebras passes on to customers and the cost of share warrants it gave big customers. Under standard accounting rules, revenue was $210.8 million, up 55%.
Core revenue from its cloud and other services rose 272% to $144.9 million.
From Cerebras’s filed results. Microsoft as its chief executive said.
Profit and loss
Under standard accounting rules, Cerebras lost $161.2 million, or 67 cents a share. On its core measure, which also leaves out pay in shares, it made a profit of $29.8 million.
Its core gross margin, the share of sales left after the direct costs of making them, rose to 41%.
The forecast
For the fourth quarter, Cerebras expects core revenue of $310 million to $330 million. Analysts polled by LSEG expected $271 million, CNBC reports.
For all of 2026, it now expects $940 million to $960 million, up from $880 million to $890 million. Feldman said the company expects its revenue to triple in 2027.
Microsoft and other clouds
The results release mentions “an important cloud deal with a top three hyperscaler”, one of the biggest cloud companies. It does not name the company, and says more will be shared next year.
Feldman named Microsoft in an interview with CNBC and on the call with analysts. He told CNBC that Microsoft signed in October, and that revenue should start in the first quarter of 2027.
Cerebras also says Oracle will offer Cerebras’s fast AI answers in Oracle’s cloud in 2027.
Orders and shares
Cerebras’s order book, money it expects from signed contracts, was about $26 billion at the end of September, Reuters and SiliconANGLE report. A large part of it comes from its deal with OpenAI, Feldman said.
Before the results, the shares had fallen about 47% since the May listing, CNBC reports. After the results, they rose about 17% in extended trading.
Sources
Every fact in this story comes from the sources below. Open them to check our work.
- 1Primary source · November 12, 2026Cerebras Systems Delivers Record Revenue in Third Quarter 2026 Cerebras Systems (SEC filing)
- 2Research · November 12, 2026Cerebras shares jump 17% on upbeat annual forecast, easing AI jitters Reuters via MarketScreener
- 3Research · November 12, 2026Cerebras surges 17% after beating on quarterly revenue and announcing Microsoft deal CNBC
- 4Research · November 12, 2026Surging AI chip revenue and Microsoft deal boost Cerebras Systems’s stock by 17% SiliconANGLE
- 5Research · November 12, 2026Cerebras Systems soars on raised revenue guidance Investing.com via Yahoo Finance
The figures come from Cerebras’s filed results. Microsoft’s part rests on Feldman’s words: the release does not name Microsoft, and no terms have been given.
Cerebras lifts its forecast and says Microsoft signed on. Silicon AI News, November 13, 2026. https://siliconainews.com/stories/cerebras-q3-2026-microsoft-deal
Cerebras beat expectations with 70% core revenue growth and raised its 2026 forecast, though it still loses money under standard accounting. How we rate the mood
The mood shows how the news frames the event for the tech and AI world: as an opportunity (6 and above) or as a loss (below 5). It is not our verdict on who is right.