Updated 13 November 2026, 07:00 GMT, before US premarket trading. Cerebras (CBRS) closed Thursday at $97.75, down 3.29 percent, then rose about 13 to 17 percent after hours, to roughly $110-$115, once its third-quarter results were out (CNBC, Reuters via MarketScreener, GuruFocus). Core revenue of $230.9 million beat the $214.7 million consensus, and the full-year guide went up to $940-$960 million. Verdict: so far, the first post-IPO report the market has rewarded. Reference levels: $125 above, $98 below.
Key facts
- Thursday close: $97.75, down 3.29 percent in regular trading (GuruFocus).
- After hours: up about 13 percent according to CNBC and 13.63 percent according to GuruFocus; Reuters, via MarketScreener, reported a gain of about 17 percent and KuCoin quoted $114.60. Outlets measured at different times, so read it as a range.
- Revenue: GAAP revenue $210.8 million, up 55 percent year on year and a little below a consensus near $215 million. Core revenue $230.9 million against $214.7 million expected (LSEG via CNBC).
- Earnings: a GAAP loss of 67 cents a share against an expected 14-cent loss, driven largely by non-cash charges; adjusted EPS of 12 to 13 cents depending on the source.
- Guidance: 2026 core revenue raised to $940-$960 million from $880-$890 million; Q4 core revenue of $310-$330 million; revenue expected to roughly triple in 2027.
- Microsoft: a deal signed in October, with first revenue expected in Q1 2027 (CNBC).
- Margin: core gross margin of 41.0 percent, above the 38 to 40 percent guide.
What Cerebras reported
The quarter split into two businesses moving in opposite directions. Cloud and other services revenue rose 265 percent from a year earlier to $141.93 million. Hardware revenue fell to $68.88 million from $96.79 million. Cerebras is shifting from selling systems to selling compute, and the cloud line is now about two thirds of GAAP revenue.
Core revenue, the measure management guides on, came in at $230.9 million, well above the $214 million to $216 million range the company gave in August. Core gross margin of 41.0 percent beat the guide that our results-day preview set out. Management had called Q3 the low point for margins.
The GAAP numbers look worse. The loss of 67 cents a share compares with a consensus loss of about 14 cents. Stock-based compensation reached $541 million in the first nine months of 2026 and widened the quarter’s GAAP operating loss to $224 million. That is the cost of a recent IPO, and it does not affect cash, but it is a real cost to shareholders through dilution.
Why the stock jumped
Guidance did the work. The full-year core revenue range went up by $60 million at the low end and $70 million at the top, and the Q4 range of $310 million to $330 million is at least 34 percent above Q3’s $230.9 million. Management also repeated that revenue should roughly triple in 2027, and named Microsoft as a new customer, with first revenue in Q1 2027. Customer concentration in OpenAI has been the main concern about the stock, and a second hyperscaler goes straight at it.
The contrast with earlier reports is sharp. The stock fell 19.6 percent after Q1 and 11.85 percent after Q2, according to TipRanks, and it went into this report with options pricing a move of about 12 to 14 percent. The after-hours move matched that range, in the other direction.
The setting was difficult. Nvidia announced on Thursday that Jensen Huang had resigned as chief executive, and AI hardware stocks fell; our Nvidia report has the details. Cerebras fell 3.29 percent in regular trading before the numbers came out.
Where the stock stands
Cerebras listed on 14 May at $185. It hit a 52-week low of $77.84 on 5 November and closed at $109.18 on 30 October. The after-hours range puts it back near that late-October level. The 180-day lock-up ended on 10 November, so early holders can sell into strength; our lock-up report covers the share counts.
Analysts cut their targets before the report: Morgan Stanley to $178 from $279, Wedbush to $190 from $290 and UBS to $250 from $330. StockAnalysis puts the average 12-month target at $245.18, with a range of $170 to $325. No post-results target changes had been published at the time of writing.
Cerebras stock: bull, base and bear
| Scenario | CBRS | What has to happen | Anchor |
|---|---|---|---|
| Bear | $98 | The after-hours gain fades as lock-up sellers and Nvidia worries take over. | Thursday’s $97.75 close; about 11 to 15 percent below the after-hours range. |
| Base | $108-$118 | The stock opens near its after-hours level and holds it into the weekend. | The $110-$115 after-hours range and the $109.18 close on 30 October. |
| Bull | $125 | Analysts raise targets on the guide and the Microsoft deal, and the move extends. | About 28 percent above Thursday’s close; still 30 percent below Morgan Stanley’s $178, the lowest of the cited targets. |
The bear case sits below the current after-hours price. These are reference levels, not forecasts. The opening price may differ from the after-hours range.
What to watch
- Today, 09:00 GMT onward: premarket trading, which shows whether the after-hours range holds.
- 14:30 GMT: the US open, an hour after the October producer price index.
- Target changes: the first post-results notes from Morgan Stanley, Wedbush and UBS.
- 17 November: Nvidia’s results, the next big reading on AI compute demand.
Quick take: Cerebras beat on core revenue, raised its 2026 guide to $940-$960 million, guided Q4 to $310-$330 million and named Microsoft as a customer. The stock closed at $97.75 and rose 13 to 17 percent after hours. The GAAP loss was wide on stock compensation. $98 is the downside reference, $125 the upside.
FAQ
What is Cerebras stock trading at today?
CBRS closed at $97.75 on Thursday 12 November and traded about 13 to 17 percent higher after hours, roughly $110 to $115, according to CNBC, Reuters and GuruFocus. Check a live quote for the premarket price.
Did Cerebras beat earnings?
On core revenue, yes: $230.9 million against $214.7 million expected. GAAP revenue of $210.8 million was slightly below consensus, and the GAAP loss of 67 cents a share was wider than the 14 cents expected.
What is Cerebras’ guidance?
Full-year 2026 core revenue of $940 million to $960 million, up from $880 million to $890 million, and Q4 core revenue of $310 million to $330 million. The company expects revenue to roughly triple in 2027.
What is the Cerebras Microsoft deal?
Cerebras said Microsoft signed an agreement in October and that it expects first revenue from it in Q1 2027 (CNBC). Financial terms were not given in the coverage we reviewed.
What is the Cerebras price target?
The average is about $245.18, with a range of $170 to $325 (StockAnalysis). Morgan Stanley has $178, Wedbush $190 and UBS $250, all set before the results.
Is Cerebras above its IPO price?
No. It listed at $185 on 14 May. Even at the top of the after-hours range it is about 38 percent below that.
Sources: CNBC, 12 November 2026 (results, LSEG consensus, Microsoft deal, after-hours move); Reuters via MarketScreener, 12 November 2026 (after-hours move); GuruFocus, 12-13 November 2026 (close, after-hours move, EPS comparison); KuCoin, 12 November 2026 (after-hours quote, segment revenue); Cerebras 8-K via Quantisnow (results, guidance); 24/7 Wall St. and Substack earnings review (stock compensation, operating loss); TipRanks (prior post-earnings moves, options-implied move); StockAnalysis and MarketBeat (analyst targets); Debelegger (30 October close).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Stock prices are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.
