Ticker Teardown Dossier
Cerebras Systems ($CBRS), taken apart the way the desk does.
Cerebras Systems (CBRS) Teardown Dossier · As of 2026-11-09, refreshed after no structured SEC filing
The CBRS dossier is the desk's Cerebras Systems teardown written out as a document, plus what a five-minute video cannot carry: the last eight quarters of Cerebras Systems's own SEC filings in one table (fiscal years for a foreign filer whose quarterly reports carry no structured data), a peer comparison with numbers, the level map rebuilt from the latest close, and a link to every filing used. Rebuilt after each quarterly print.
Look inside before you buy
1,477 words · about 6 min to read · 10 sections · data as of 9 November 2026 · last refreshed after no structured SEC filing
Table of contents
- What is in this dossier
- What this is not
- 1. The teardown
- The setup
- The business: what it sells
- The second quarter: reported august 12
- The order book: end of june
- 1: margins
- 2: supply of shares
- 3: one customer
- The price: estimates
- The tape: Monday's close
- The verdict: the level map
- 2. What changed since it was written
- 3. The filings
- 4. Valuation against the peers
- 5. Level map
- 6. Sources
- 7. What this dossier cannot do
- More dossiers in this theme
Excerpt
1. The teardown
Written 2026-11-10, with prices as of 2026-11-09. Figures in this part are as the desk read them that day; parts 2 to 5 carry the numbers as of 2026-11-09.
The setup
Cerebras doubled its revenue last quarter. Its order book stands at $25.4 billion. Yet the stock closed Monday at $96.70, 69% under its first day close in May. What is the market pricing that the revenue line does not show? Three things, and the third is one customer.
The business: what it sells
Most chip makers cut a silicon wafer into hundreds of small chips. Cerebras keeps the wafer whole. Its chip, the WSE3, holds 4 trillion transistors on a single piece of silicon. The pitch is speed. When an AI model answers a question, Cerebras aims to answer faster than graphics chips can. It sells that speed two ways: as hardware, and as a cloud service billed by usage.
The second quarter: reported august 12
The second quarter, reported August 12. Core revenue was $209.9 million, up 103% in a year. The cloud business did most of it, at 127.7 million, almost 4x a year earlier. Hardware grew 17%. Core is the company's own measure. It leaves out pass through costs and the warrants granted to customers. Under standard accounting, revenue was 180.1 million.
One table from the document
4. Valuation against the peers
| Ticker | Market cap | Revenue growth (YoY) | Operating margin | EV / sales | From 52-week high | Correlation | Filings through |
|---|---|---|---|---|---|---|---|
| $CBRS | $23.0B | n/a | n/a | n/a | -75.0% | (this name) | no SEC data |
| $RKLB | $37.6B | +73% | -27.6% | 37.6x | -61.0% | 0.61 | 2026-09-30 |
| $LWLG | $757M | +28% | n/a | 2836.2x | -73.8% | 0.55 | 2026-06-30 |
| $AAOI | $4.7B | +127% | -6.8% | 5.7x | -77.7% | 0.53 | 2026-09-30 |
| $LITE | $54.1B | +137% | 23.5% | 14.5x | -47.8% | 0.53 | 2026-09-26 |
| $ICHR | $1.3B | +37% | 1.7% | 1.1x | -69.7% | 0.53 | 2026-09-25 |
| $COHR | $44.4B | +50% | 12.5%† | 5.9x | -48.8% | 0.52 | 2026-09-30 |
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What the dossier has that the video does not
The filings themselves: revenue, gross margin, operating income, net income, operating cash flow, capex, free cash flow, cash, debt and diluted shares, quarter by quarter, each column dated with the filing it comes from. A foreign filer whose quarterly reports carry no structured data gets its fiscal years, and the dossier says so.
Never stale
Every dossier carries an "as of" date and the quarter it was last refreshed after. It is rebuilt after each print, and the desk's daily check flags any dossier left more than 45 days without a refresh. The written teardown keeps its date, and a "what changed since" section gives the move in the price and the filings since.
What is inside
- The teardown in writing: the business, the bull case, the full bear case and the verdict, dated.
- What changed since it was written: the price move and every SEC filing since.
- Eight quarters of the company's own SEC filings in one table, each column dated, with a plain read of what the table says.
- Peers with numbers: market cap, revenue growth, operating margin, EV / sales and distance from the 52-week high.
- The level map rebuilt from the latest close: where the price sits against the 52-week range and each level.
- Sources: a link to every filing and results release used.
Buy it if
- You hold or watch $CBRS and want a structured read before acting.
- You want levels you can check on the chart, not an opinion.
Skip it if
- You want a buy signal. A dossier explains and maps; it does not signal.
- You want every name on the desk. The Teardown Library covers every dossier, current and future, for less than four dossiers.
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