# Cerebras stock trades as CBRS, and the crowd was bearish at its $311 top
> Cerebras is public: it listed on the Nasdaq as CBRS on May 14, 2026, at $185 a share. Why the stock now trades near $119, what Cerebras earns, how to buy it, and how the AI chip crowd reads it.
By Maya Koeva · 2026-10-28
Cerebras is a public company. Its Class A shares have traded on the Nasdaq as CBRS since May 14, 2026, after an IPO priced at $185. CBRS closed at $119.31 on October 27, 35.5% under the IPO price and 61.6% under its first-day close of $311.07. You buy it like any other Nasdaq stock, so a pre-IPO marketplace is no longer the route.
CBRS, Class A common stock
Nasdaq Global Select Market
Priced May 13, 2026, at $185; first trade May 14
About $6.38 billion, 34.5 million shares
$119.31 on October 27, 2026
$180.1 million, up 74% from a year earlier
About $23 billion, February 2026
On IPO day, the accounts we track posted about Cerebras 52 times and leaned bearish, 29 calls to 9,
while the stock opened at $350 and closed at $311.07. It has not closed that high since, and on
October 27 it ended at $119.31, 35% under the $185 IPO price.
Cerebras drew 7 mentions from the accounts we track in the last week, too few for a fair read.
This month's crowd read comes from the public AI chip stocks around it: Nvidia, AMD, Broadcom,
CoreWeave and Nebius.
## Is Cerebras stock public?
Yes. Cerebras Systems listed on the Nasdaq Global Select Market under the ticker **CBRS** on May
14, 2026. It sold 34.5 million Class A shares at $185, including the underwriters' extra shares,
for about $6.38 billion before fees, according to the
[company's closing announcement](https://www.cerebras.ai/press-release/cerebras-systems-announces-closing-of-initial-public-offering).
Morgan Stanley, Citigroup, Barclays and UBS led the deal.
Getting there took about 20 months:
| Date | What happened |
|---|---|
| September 30, 2024 | First [S-1 filed](https://www.businesswire.com/news/home/20240930383359/en/Cerebras-Systems-Announces-Filing-of-Registration-Statement-for-Proposed-Initial-Public-Offering), ticker CBRS proposed |
| Late 2024 to 2025 | A US national security review (CFIUS) of the stake held by G42, an Abu Dhabi group that was also a major customer, held the IPO up |
| Fall 2025 | $1.1 billion private round at an $8.1 billion valuation |
| October 3, 2025 | Cerebras [withdrew the filing](https://siliconangle.com/2025/10/03/wafer-scale-chip-startup-cerebras-withdraws-ipo-filing-1-1b-round/), saying it was out of date |
| January 2026 | OpenAI deal for 750 megawatts of compute over three years, reported at $20 billion |
| February 4, 2026 | $1 billion Series H at [about $23 billion](https://www.datacenterdynamics.com/en/news/cerebras-systems-raises-1bn-at-23bn-valuation/), led by Tiger Global |
| May 13, 2026 | IPO [priced at $185](https://siliconangle.com/2026/05/13/cerebras-prices-shares-185-ahead-biggest-tech-ipo-years/), above a range already raised to $150 to $160 |
| May 14, 2026 | First trade: opened at $350, closed at $311.07 |
At $185, Cerebras was worth about $56.4 billion on a fully diluted basis. Before the new filing,
Reuters reported, citing people familiar with it, that G42 would no longer be listed among the
investors.
## Why Cerebras stock fell
CBRS closed at $119.31 on October 27. Against the prices a quote page shows:
| Compared with | Price | CBRS since |
|---|---:|---:|
| IPO price (May 13) | $185.00 | -35.5% |
| First-day close (May 14) | $311.07 | -61.6% |
| 1 month ago (September 25 close) | $206.75 | -42.3% |
| 1 week ago (October 20 close) | $118.24 | +0.9% |
| Lowest close (October 26) | $108.37 | +10.1% |
*[Chart: Cerebras (CBRS) daily closes, May 14 to October 27, 2026. The first close is $311.07; the lowest is October 26 at $108.37.]*
The slide came in two legs.
- **June 24, −19.6%.** Cerebras reported its first quarter as a public company after the close on
June 23. Revenue grew, but it guided gross margin lower as it adds its own compute capacity, and
the stock [fell about 20% the next day](https://www.datacenterdynamics.com/en/news/cerebras-shares-fall-by-20-percent-after-company-publishes-first-earnings-report-since-its-ipo/).
- **October, −42% in a month.** A late September industry report said OpenAI runs the "Ultrafast"
tier of a newer model on Nvidia GPUs, not Cerebras hardware. On October 12 Microsoft said its own
Maia chips will become the main inference system for its products from 2027
([CoinCentral](https://coincentral.com/cerebras-cbrs-stock-falls-to-52-week-low-on-openai-report-microsoft-chip-news)).
An early lockup release made about 19.4 million more shares available to sell
([TipRanks](https://www.tipranks.com/news/catalyst/lockup-expiry-and-openai-jitters-hammer-cerebras-stock)),
and TD Cowen [cut its target](https://thecryptobasic.com/2026/10/20/cerebras-stock-slides-as-td-cowen-cuts-target-below-ipo-price/)
to $175, from $275.
The GPU clouds fell with it, so part of the drop hit the whole group. The numbers are
**[in the AI chip section below](#the-ai-chip-stocks-next-to-cerebras)**.
## What Cerebras earns
Cerebras builds wafer-scale AI chips, sells them as systems, and rents their speed out as a
growing cloud service for running AI models. Its second quarter, from the
[results filed with the SEC](https://www.sec.gov/Archives/edgar/data/0002021728/000162828026056186/cbrsannouncesfinancialresu.htm)
on August 12:
| Q2 2026, three months to June 30 | Figure |
|---|---:|
| Revenue | $180.1 million, +74% |
| Cloud and services revenue | $126.0 million, +281% |
| Hardware revenue | $54.1 million, down from $70.3 million |
| Gross margin | 14.2% |
| Net loss | $450.5 million |
| Contracted future revenue (remaining performance obligations) | $25.4 billion |
| Cash and short-term investments | $8.6 billion |
| 2026 revenue guidance, company's adjusted "core" measure | $880 to $890 million, raised |
The cloud business is now most of the revenue, and it is the part that grew. Hardware shrank, and
revenue came in under analysts' estimates, which sent the stock down after hours. The $25.4
billion backlog is close to 30 times this year's guided revenue, and since the October news, investors want to
know how much of it is OpenAI and how firm it is.
## How to buy Cerebras stock
Buying Cerebras means buying CBRS, the same way you would buy any US stock:
1. Open or log in to a brokerage account that offers US stocks.
2. Search for **CBRS**. Not CBRE, which is the real estate firm CBRE Group.
3. Choose a number of shares, or a dollar amount if your broker sells fractional shares.
4. Place a market order (fills now) or a limit order (fills only at your price or better). CBRS
moved 5% or more on 51 of its 114 trading days after the first one, so a limit order is worth
the extra step.
The full walkthrough is in **[how to invest in stocks](/learn/how-to-invest-in-stocks)**.
Searches for Hiive, Forge or EquityZen Cerebras shares come from the years when Cerebras was
private and those secondary marketplaces were the only way in for accredited investors. That
period ended on May 14. Public CBRS shares trade every market day at a quoted price, so there is
no reason to pay a pre-IPO markup for them now.
## The AI chip stocks next to Cerebras
Cerebras sells against [Nvidia](/stocks/NVDA) and [AMD](/stocks/AMD), sits next to custom-chip
designers like [Broadcom](/stocks/AVGO), and rents its systems out the way the GPU clouds do,
which is why CoreWeave (CRWV) and [Nebius](/stocks/NBIS) trade on the same news. **[What a
neocloud is](/learn/what-is-a-neocloud)** explains that last group.
Graded below means accounts with more than ten resolved calls, more than half of them right
([how a track record is graded](/learn/how-a-track-record-is-graded)).
| Stock | Mentions, 7 days | All, bullish : bearish, 30 days | Graded, bullish : bearish, 30 days | 7-day score, Oct 28 |
|---|---:|---:|---:|---:|
| Nvidia (NVDA) | 214 | 587 : 168 | 105 : 13 | 64 |
| Nebius (NBIS) | 253 | 539 : 99 | 201 : 20 | 76 |
| CoreWeave (CRWV) | 97 | 164 : 263 | 22 : 39 | 49 |
| Broadcom (AVGO) | 48 | 139 : 47 | 30 : 11 | 73 |
| AMD (AMD) | 27 | 199 : 60 | 26 : 7 | 77 |
Seven days run October 21 to 27, thirty days September 28 to October 27 (ET).
The chip makers read bullish, and on Nvidia, Nebius and AMD the graded accounts leaned harder
that way than the crowd as a whole. CoreWeave is the exception: the graded accounts were bearish on it 39 to 22 over a month in
which it fell 32%, and its score sits at a neutral 49. Over the same month Nvidia and Broadcom lost
about 3%, AMD 11%, Nebius 28% and Cerebras 42%. The pressure fell hardest on the companies that
rent out AI compute, which is the part of Cerebras that grew. **[Our AI infrastructure stocks
ranking](/blog/ai-infrastructure-stocks)** sorts the wider group.
The loudest graded accounts on these names this month were @ren_stocks, @TheValueist, @babyfolio,
@CKCapitalxx and @DeepValueBagger, and four of the five rank in our top 20 by track record. All but
@TheValueist also posted about Cerebras.
## What the accounts we track said about Cerebras
The accounts we track pile in on Cerebras around big events and go quiet between them. Four
weeks since the IPO cleared 20 mentions:
- **IPO week, May 11 to 17:** 70 mentions from 49 accounts, bearish 35 to 15, about half of them
on r/wallstreetbets. Most came on May 14, the first trading day, at a $311 close.
- **Earnings week, June 22 to 28:** 68 mentions, bearish 31 to 15, 46 of them on June 23, the day
of the first report, as the stock fell after hours.
- **August 17 week:** 23 mentions, bullish 15 to 3, around a 15.1% jump on August 17 that reports
tied to OpenAI partnership news.
- **September 28 week:** 30 mentions split 13 to 13, with the graded accounts bearish 7 to 5,
as CBRS started a slide from $196.74 on September 28 to $119.31 on October 27.
In the most recent week only 7 posts mentioned CBRS, below the 20 we want before calling a
direction, so this page doesn't give one. Treat it as a quiet week in the feeds we follow.
Across those four weeks the accounts we track were skeptical at the top and on the first report,
and the graded accounts among them leaned bearish in the week the October slide began.
## Common questions
### What is the Cerebras stock symbol?
CBRS, on the Nasdaq Global Select Market. The listed shares are Class A common stock.
### What is the Cerebras stock price today?
CBRS closed at $119.31 on October 27, 2026. For a current quote, check your broker or the
Quantral app.
### When was the Cerebras IPO?
The IPO priced on May 13, 2026, at $185 a share, and CBRS started trading on May 14. It first
filed in September 2024, withdrew that filing in October 2025, and filed again before the 2026
listing.
### Can I buy Cerebras stock on Hiive or Forge?
There is no need to. Those marketplaces traded private Cerebras shares before the IPO. Since May
14, 2026, anyone with a US brokerage account can buy CBRS on the Nasdaq.
### Is Cerebras profitable?
No. It lost $450.5 million in the second quarter of 2026 on $180.1 million of revenue, with a
gross margin of 14.2%.
### Why did Cerebras stock drop?
It fell 19.6% the day after its first earnings report in June on lower margin guidance, then 42%
in the month to October 27 on reports about OpenAI's use of Nvidia hardware, Microsoft's own
chips, a lockup release and analyst target cuts.
### Is Cerebras stock a good buy?
We don't give buy or sell advice. What we can show you is how the accounts we track read it: bearish
on IPO day at $311 and on the first earnings report, and split going into October, with the graded
accounts leaning bearish.
## Try it
Quantral is an investment ideas app built on alternative data. Open Cerebras, Nvidia or CoreWeave
in the app, on the web at [app.quantral.com](https://app.quantral.com), on iOS or on Android, to see
the score and every call behind it, with who made each one. Start with a 7-day free trial.
Prices are daily closes through October 27, 2026. Mention counts and splits cover the accounts
Quantral tracks, by ET day; scores are 7-day readings on the morning of October 28. Financial
figures are from Cerebras's filings and announcements; other reports are from the sources linked in
the text.
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*Quantral surfaces signals and context from public sources to support your own research. Nothing
here is financial advice or a recommendation to buy or sell. Past signals are not indicative of
future results.*