Wafer-scale AI (inference)
Cerebras Systems
Its wafer-scale engine (900k cores, 44GB on-chip) runs inference up to 15x faster than GPUs. It IPO\u0027d in May 2026 ($185 to $311). 2025 revenue $510M (+76%), swinging to profit. A $20B+ OpenAI inference deal (750MW to 2GW) and AWS Bedrock integration. But customer concentration in G42 and MBZUAI is high.
Business categories AI Accelerators · AI Compute Infrastructure · primary
CBRS Updated Jul 10, 2026 4 AI consumers· 2 recurring
Per the valuechain.wiki graph, Cerebras Systems is directly linked to 3 companies (1 supply, 2 revenue relationships) and reaches 78 companies within two hops; the links are backed by 3 dated sources, 1 of them primary filings (as of 2026-07-10).
Financials & Segments
- Total revenue · 2025 revenue $510M (+76%)
- Customer concentration · OpenAI $20B+ inference; G42/MBZUAI concentration.
- Segments · Wafer-scale inference · AI systems/cloud
Revenue from
Pays to
- TSMC High confidence
Manufactures the wafer-scale engine (WSE) at TSMC. - Packaging · systems · R&D (undisclosed) Low confidence
Wafer-scale packaging, systems and R&D.
Investors
- G42 · MBZUAI (strategic customers · investment) High confidence
G42 was 24% of 2025 (85% of 2024) revenue and MBZUAI 62% of 2025 — high concentration.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +134.7 |
| Palo Alto Networks | lead2 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +127.4 |
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +115.6 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +68.2 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +66.4 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | +52.6 |
| Schlumberger | lead2 | +39.6 | +81.2 | -0.8 | -24.5 | +3.3 | +52.3 |
| Airbnb Inc | lead2 | · | -48.6 | +59.2 | -3.5 | +3.3 | +34.1 |
| Labcorp Holdings Inc. | lead2 | +54.4 | -24.4 | +13.8 | +2.2 | +10.6 | +25.3 |
| Becton, Dickinson and Company | lead2 | +1.9 | +5.1 | -2.7 | -5.4 | -12.6 | +22.8 |
| Live Nation Entertainment, Inc. | lead2 | +62.9 | -41.7 | +34.2 | +38.4 | +10 | +21.8 |
| Carrier Global Corporation | lead2 | +45.3 | -22.7 | +41.5 | +20.3 | -21.8 | +14.3 |
| Waters Corporation | lead2 | +50.6 | -8.1 | -3.9 | +12.7 | +2.4 | +14.2 |
| Rockwell Automation, Inc. | lead2 | +41.2 | -24.8 | +22.6 | -6.2 | +38.4 | +12.3 |
| Agilent Technologies, Inc. | lead2 | +35.5 | -5.5 | -6.4 | -2.7 | +1.9 | +11.5 |
| Automatic Data Processing, Inc. | lead2 | +42.6 | -1.3 | -0.2 | +28.4 | -10.2 | +9.6 |
| Hilton Worldwide Holdings Inc. | lead2 | +40.2 | -18.7 | +44.7 | +36.1 | +16.5 | +8.5 |
| 3M Company | lead2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| Expedia Group, Inc. | lead2 | +36.5 | -51.5 | +73.3 | +22.8 | +53.3 | +5.8 |
| Hubbell Incorporated | lead2 | +35.6 | +15.1 | +42.4 | +28.9 | +7.4 | +4.7 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -1.8 |
| DoorDash, Inc. | lead2 | · | -67.2 | +102.6 | +69.6 | +35 | -6.5 |
| The Walt Disney Company | lead2 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -6.7 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| Roper Technologies | lead2 | +14.7 | -11.6 | +26.9 | -4.1 | -13.8 | -7.9 |
| Workday, Inc. | lead2 | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| Axon Enterprise, Inc. | lead2 | +28.1 | +5.7 | +55.7 | +130.1 | -4.4 | -9.2 |
| Constellation Brands, Inc. | lead2 | +16.1 | -6.4 | +5.8 | -7.1 | -36 | -9.2 |
| Salesforce, Inc. | lead2 | +14.2 | -47.8 | +98.5 | +27.8 | -20.2 | -12.9 |
| GE HealthCare Technologies Inc. | lead2 | · | · | · | +1.3 | +5.1 | -15.9 |
| Netflix | lead2 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -16.5 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -20.4 |
| Accenture plc | lead2 | +60.7 | -34.8 | +33.6 | +1.9 | -22.6 | -20.5 |
| IDEXX Laboratories, Inc. | lead2 | +31.7 | -38 | +36.1 | -25.5 | +63.6 | -20.9 |
| Comcast Corporation | lead2 | -2.2 | -28.7 | +29.1 | -11.8 | -17.3 | -22.3 |
| Adobe Inc. | lead2 | +13.4 | -40.7 | +77.3 | -25.5 | -21.3 | -23.9 |
| Autodesk, Inc. | lead2 | -7.9 | -33.5 | +30.3 | +21.4 | +0.1 | -26.4 |
| Coupang | lead2 | · | -49.9 | +10.1 | +35.8 | +7.3 | -35.2 |
| Fair Isaac Corporation | lead2 | -15.1 | +38 | +94.5 | +71 | -15.1 | -44.9 |
| Intuit Inc. | lead2 | +70.3 | -39.1 | +61.8 | +1.2 | +6.1 | -53.7 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Cerebras Systems | node | · | · | · | · | · | · |
| TSMC | benef1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +50.3 |
| Global Unichip | benef2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +122.8 |
| SUMCO Corporation | benef2 | -4.3 | -3.9 | +21.3 | -48.1 | +41.7 | +112.8 |
| GlobalWafers | benef2 | +26.9 | -29.9 | +14.3 | -39 | +48.9 | +98.1 |
| Applied Materials | benef2 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +98 |
| Resonac | benef2 | -2.6 | -4 | +37.5 | +30.3 | +137.9 | +96.4 |
| Lam Research | benef2 | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +86.8 |
| Onto Innovation | benef2 | +112.9 | -32.7 | +124.6 | +9 | -5.3 | +86.6 |
| Teradyne | benef2 | +36.8 | -46.3 | +24.8 | +16.5 | +54.4 | +84.6 |
| Entegris | benef2 | +44.6 | -52.5 | +83.5 | -17.1 | -14.6 | +65.1 |
| ASML | benef2 | +64.1 | -30.5 | +39.9 | -7.7 | +55.8 | +61.1 |
| Tokyo Electron (TEL) | benef2 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +57.4 |
| Qnity Electronics | benef2 | · | · | · | · | · | +55.3 |
| KLA | benef2 | +68 | -11.2 | +56 | +9.4 | +94.5 | +53.3 |
| EO Technics | benef2 | +7.6 | -28.2 | +130.5 | -16.2 | +163.2 | +39.4 |
| HPSP | benef2 | · | · | +216.5 | -30.4 | +54.7 | +38.9 |
| SCREEN Holdings | benef2 | +40.7 | -13.2 | +220.1 | -24.1 | +84.9 | +33.7 |
| Advantest | benef2 | +17 | -2.3 | +155.7 | +49.5 | +196 | +29.9 |
| Tokyo Ohka Kogyo (TOK) | benef2 | -2.7 | -3 | +63.8 | +4.3 | +111.5 | +28.7 |
| ASM International | benef2 | +44.2 | +2.9 | +68.7 | +10.3 | +25.9 | +25 |
| Fujimi Incorporated | benef2 | +64.7 | -1.6 | +40.4 | -24.2 | +28.4 | +23.4 |
| Air Liquide | benef2 | +14.3 | +8.1 | +21.1 | +8.7 | -4.6 | +20.7 |
| Linde | benef2 | +33.4 | -4.4 | +27.7 | +3.2 | +3.2 | +14.6 |
| Shin-Etsu Chemical | benef2 | +6.3 | +3.1 | +57.8 | -15.6 | +7.6 | +13.8 |
| Cadence Design Systems | benef2 | +36.6 | -13.8 | +69.6 | +10.3 | +4 | +12.9 |
| BESI | benef2 | +33.7 | -6.1 | +121.8 | -9.3 | +35 | +9.8 |
| Synopsys | benef2 | +42.1 | -13.4 | +61.3 | -5.7 | -3.2 | +8.6 |
| Ebara | benef2 | +58.1 | +2.3 | +76.1 | +41 | +84 | +3.3 |
| Lasertec | benef2 | +78.9 | +2.4 | +57 | -60.6 | +138.9 | -8.5 |
| Photronics | benef2 | +68.9 | -10.7 | +86.4 | -24.9 | +35.8 | -9 |
| Leeno Industrial | benef2 | +21 | -5.3 | +18.3 | +9.5 | +150.1 | -17 |
| Disco Corporation | benef2 | -6.6 | +27.7 | +218.5 | +11.6 | +49.6 | -17.3 |
A wafer-scale AI-chip firm (inference-focused, an NVIDIA alternative; returns not tracked at this private stage). It sells inference to cloud and enterprises, sitting atop its equipment and wafer suppliers (MKS, SUMCO, Applied). It benefits as demand for an alternative to NVIDIA monopoly grows, though its structural bet on a single giant chip is still being validated.
Analysis generated from returns as of 2026-06-23Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $283
Analyses covering this node
- Part of the demand comes from the supplier's own balance sheet: the fragility of circular financing Jun 23, 2026
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