Cerebras Stock Tumbles 11% Overnight After Wider-Than-Expected Q1 Loss, Despite OpenAI's $20B Deal

According to Stocktwits, Cerebras Systems (CBRS) stock tumbled 11% in overnight trading on Tuesday following its first quarterly report since its May IPO. While Q1 revenue rose 94% to $193.4 million, beating analyst estimates of $181.2 million, the adjusted loss of $0.22 per share exceeded the expected $0.16 per-share loss.

The chipmaker revealed that its supply agreement with OpenAI, announced in January, is valued at $20 billion for 750MW of ultra-low-latency AI compute capacity. However, analyst Patrick Moorhead at Moor Insights & Strategy flagged customer concentration risks: UAE-affiliated customers accounted for about 86% of Cerebras' revenue last year according to IPO filings. "Concentration did not go away; it rotated," Moorhead said on X, noting that the $20 billion OpenAI deal could represent a larger single point of failure than the previous reliance on UAE customers.