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🚨 Cerebras Just Raised Its 2026 Forecast to $960 Million, and the Stock Jumped Nearly 18% After Hours

Cerebras raised its 2026 revenue forecast to as much as $960 million after a 70% jump in Q3 core revenue, and its shares leapt in extended trading.

By Tech Arcade··2 min read

Cerebras Just Raised Its 2026 Forecast to $960 Million, and the Stock Jumped Nearly 18% After Hours — Tech Arcade
Photo: Immo Wegmann / Unsplash

Cerebras just told Wall Street it now expects up to $960 million in revenue for 2026, up from a previous forecast of $880 million to $890 million, and its shares jumped nearly 18% in extended trading on Thursday evening (Reuters via MarketScreener).

The AI chipmaker posted its third-quarter results after the US market closed on 12 November. Core revenue hit $230.9 million, up 70% on a year ago (Cerebras).

When Cerebras posted its first results as a public company in June, the shares fell about 20% despite a beat (DCD). Not tonight.

⚡ What Happened

  • Core revenue: $230.9 million, against an analyst average of $214.7 million (Reuters via MarketScreener). On a GAAP basis, revenue was $210.8 million, up 55%.
  • Cloud and services revenue more than tripled to $144.9 million on a core basis. Hardware sales actually fell, to $68.9 million from $96.8 million (Cerebras).
  • Adjusted earnings of 13 cents a share, where analysts had pencilled in a loss of 13 cents (AP via Yahoo Finance). The GAAP net loss was still $161.2 million.
  • Q4 guidance: $310 million to $330 million in core revenue.
  • Remaining performance obligations: $26.1 billion, contracted work that has not yet turned into revenue.

“We exceeded our guidance across the board for the third quarter in a row.” (Bob Komin, CFO, Cerebras)

🧠 Why It Matters

Cerebras sells AI compute built on its own wafer-sized chips, and the story it is telling investors has shifted. The growth is coming from renting out speed, not selling boxes. Cloud revenue up 272% while hardware shrinks is a different business from the one that went public.

That $26.1 billion backlog is the number to sit with. Next to a full-year revenue forecast under $1 billion, it suggests years of booked demand, though Cerebras itself lists reliance on a small number of big customers, including OpenAI, as a risk.

The timing is pointed too. This landed on the same day Jensen Huang resigned as Nvidia’s CEO, with investors already rethinking who wins the AI chip race.

🔜 What To Watch

  • Friday’s open. After-hours moves can fade; see where the shares settle in regular trading.
  • The 2027 claim. CEO Andrew Feldman says Cerebras expects to triple revenue in 2027. That is a big promise for a company still losing money on a GAAP basis.
  • Customer concentration. Watch how much of that backlog comes from one or two buyers.

The earnings call was still under way at the time of writing, so more detail may emerge.

Sources

❓ Quick answers

Why did Cerebras stock jump after hours on 12 November 2026?

Cerebras beat Q3 forecasts with $230.9 million in core revenue, up 70%, and raised its 2026 outlook to $940m-$960m; Reuters reported the shares rose nearly 18% in extended trading.

What is Cerebras' 2026 revenue forecast?

Cerebras now expects 2026 core revenue of $940 million to $960 million, up from $880 million to $890 million, per its 12 November 2026 results and Reuters.

How big is Cerebras' backlog?

Cerebras reported $26.1 billion in remaining performance obligations as of 30 September 2026, according to its Q3 results release.