Cerebras Books $230.9M Q3 Core Revenue, Signs Microsoft Deal

Cerebras Systems' remaining performance obligations stood at $26.1 billion as of September 30, the company disclosed in its third-quarter report covered by CNBC. Core revenue for the quarter hit a record $230.9 million, up 70% from $135.7 million a year earlier, and GAAP cloud revenue grew 265% year over year.

The AI chipmaker said it signed a deal with Microsoft in October, with revenue expected to begin showing up in Q1 2027. Oracle is integrating Cerebras inference into Oracle Cloud Infrastructure, with availability planned for 2027. The quarter included commercial wins with two new hyperscalers.

"Cerebras' technology remains the undisputed champion of speed," CEO Andrew Feldman said, and he expected the company to "triple revenue in 2027." Tripling off a raised full-year 2026 guidance range of $940 million to $960 million implies roughly $2.85 billion. Management also guided Q4 core revenue to $310 to $330 million and said Cerebras has 700 gross megawatts of data center capacity under contract for delivery by the end of 2027.

The GAAP line is less flattering. GAAP revenue came in at $210.8 million and the company reported a loss per share of $0.67. The pitch here is a backlog that dwarfs current sales and a hyperscaler customer sheet that keeps lengthening, not this quarter's bottom line.

This is our third AI infrastructure capacity story on the tracker today, after the Riot Platforms and SpaceX commitments earlier in the morning.