Cerebras Systems vs. Nebius: What Revenue Growth Trends Reveal to Investors About These Artificial Intelligence Companies

Nebius Group N.V. (NBIS) posted Q2 2026 revenue of $582.3 million, up 454% year-over-year, establishing a 3x revenue lead over Cerebras Systems (CBRS) across a two-year period. The surge reflects surging demand for cloud infrastructure tied to the AI buildout.

Cerebras maintained steady growth through Q1 2026 but hit a wall in Q2, posting a sequential decline attributed to $28 million in customer warrant asset amortization. The quarter marks a stall in the chip designer's growth trajectory after quarters of expansion.

The divergence underscores differing business models in the AI infrastructure race. Nebius is capitalizing on hyperscale cloud demand, while Cerebras faces volatility tied to customer financing arrangements and warrant accounting. The $28 million amortization charge directly pressured Q2 sequential comparisons and raises questions about the sustainability of prior growth rates.

Both companies operate in the high-growth AI hardware and infrastructure space, but Nebius' 454% year-over-year jump dwarfs Cerebras' recent performance, even adjusting for the warrant impact.