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Cerebras signs Microsoft as third hyperscaler customer as Q3 revenue jumps 70%
AI chipmaker Cerebras reported record third-quarter core revenue of $230.9 million, up 70% year on year, and raised its full-year outlook; its chief executive confirmed to CNBC that Microsoft has signed as its third hyperscaler cloud customer, with revenue expected from the first quarter of 2027.
US artificial intelligence chipmaker Cerebras reported record third-quarter results on Thursday (November 12) and said it has signed Microsoft as a cloud customer, its third hyperscaler after Amazon Web Services (AWS) and Oracle. Cerebras shares jumped about 18% in after-hours trading on the news.
Core revenue up 70% in Q3
Cerebras said third-quarter core revenue rose 70% year on year to $230.9 million, a quarterly record, while cloud and other services revenue reached $145 million, up 272%. The company raised its 2026 full-year core revenue forecast to $940 million to $960 million, from $880 million to $890 million, and said revenue should roughly triple in 2027. It has 700 megawatts of data-center capacity under contract for delivery by the end of 2027, with a remaining performance obligation of $26.1 billion.
Microsoft signed in October; revenue from Q1 2027
Cerebras said in its earnings release that it had signed an important cloud deal with a top-three hyperscaler, and chief executive Andrew Feldman told CNBC the customer is Microsoft. The agreement was signed in October, with revenue expected to begin showing up in the first quarter of 2027 and more details in the first half of next year. Microsoft has not commented. Cerebras signed a commercial agreement with AWS in June, and Oracle plans to offer Cerebras inference inside Oracle Cloud Infrastructure in 2027.
OpenAI deliveries behind schedule, but not a chip problem
On the same earnings call, Cerebras said deliveries to its biggest customer, OpenAI, are running behind schedule. The company said the problem is land, power and data-center buildings, not chips. The OpenAI deal is a take-or-pay contract for 750 megawatts of capacity; delays give OpenAI credits, which Cerebras has already removed from its backlog, and it estimates less than 5% of committed megawatts could be open to cancellation this year, with none cancelled so far.
Sources: CNBC; Cerebras third-quarter results (SEC Form 8-K); SiliconANGLE.
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