Cerebras Stock Is Up 11% Since Its IPO. Is It a Buy?

Cerebras Systems (CBRS) trades at $205 per share, 11% above its May IPO price of $185, after retreating from a $350 peak. The AI chipmaker's wafer-scale processors have landed it a $20 billion deal with OpenAI and integration with Amazon Web Services.

The company posted 76% core revenue growth to $510 million in 2025 and carries a $25 billion backlog. Management projects a 143% three-year revenue compound annual growth rate, positioning Cerebras among the fastest-growing plays in the AI semiconductor space.

The stock remains unprofitable and has experienced significant volatility since going public. The 46% pullback from the $350 high to current levels reflects typical post-IPO price discovery, particularly for high-growth tech names with unproven earnings models. The OpenAI partnership and AWS deal represent concrete revenue drivers, while the backlog provides near-term visibility into order flow.