'OpenAI $27 Billion Deal' AI Chip Company Reports First Earnings Post-IPO and Massive Executive Stock Sales

Cerebras Systems Inc. (NASDAQ: CBRS) reported its fiscal 2026 first‐quarter results on June 23, posting revenue of $193.4 million, a 94% year‐over‐year increase. The company said it has significantly strengthened its financial position through a series of major initiatives: a multi-year supply agreement with OpenAI valued at over $20 billion for 750 megawatts of inference compute capacity; a global cloud partnership with AWS; a $6.4 billion initial public offering; a $1 billion Series H funding round; a $1 billion working capital loan from OpenAI; and an $850 million credit facility. Despite these developments, Cerebras recorded a modest net loss under GAAP.

According to filings on June 25–26, Chief Operating Officer Dhiraj Malik sold all of his directly held Class A shares—approximately 36,000 shares—in multiple on-market transactions at prices ranging from about $161 to $188 per share. On June 30, after converting 10,000 Class B shares into Class A shares, he sold an additional 10,000 shares at roughly $206.51 each. The filings show he still holds 679,696 Class A shares.

Cerebras went public on the Nasdaq in May, raising about $6.4 billion, and has now released its first quarterly results. While it provided revenue and growth guidance, it forecast annual adjusted gross margins of 38%–41%, down from 47% in Q1. This outlook led to a double-digit percentage decline in its share price immediately following the earnings announcement, increasing volatility.

Cerebras is a U.S. AI infrastructure company that develops wafer-scale‐engine-based AI accelerators, AI supercomputer systems, and cloud inference services. Alongside competitors like NVIDIA, it aims to capitalize on the rising demand for high-performance chips in data centers.