CBRS
Cerebras Systems Inc. Class A Common Stock
stock NASDAQ

I remember recently reading a fund letter with a long thesis on CBRS Cerebras. Anyone remember which fund that was?

Came across $ZONE and the numbers look odd for a $68M company.
**Background:**
It's had a few pivots. Cleaning products, then a Dogecoin treasury, and now AI data centers. I know how that sounds, so I looked at what's actually signed.
**The Cerebras deal ($CBRS):**
**•**10-year colocation agreement
**•$**800M initial contract value
**•**Up to $3B if both 10-year renewals are exercised
**•**Revenue expected from Q1 2027
**Sites:**
**•Minnesota:** 55MW campus, 40MW critical IT load, 100% pre-leased to Cerebras
** **
**•West Texas:** 200MW initial, potential for 500MW+ by 2030
**The thesis:**
AI buildout isn't only about GPUs. It needs power, land, permits and finished data centers, and those are the bottleneck. If $ZONE delivers Minnesota on time, the current valuation looks disconnected from the contract.

$TSLA — \~196× forward P/E
$SPCX — \~107× forward P/E
$MAAS — Unprofitable
$CRCL — \~78× forward P/E
$CRSP — Unprofitable
$COIN — \~200× forward P/E
$HOOD — \~42× forward P/E
$TWST — Unprofitable
$TXG — Unprofitable
$SHOP — \~71× forward P/E
$AMD — \~56× forward P/E
$CBRS — Unprofitable
$PLTR — \~98× forward P/E

CBRS and SNDK are both down but on miniscule volume.
Very nice opportunity to load up on both.

**Is Cerebras ($CBRS) being overlooked after the IPO selloff?**
The stock is down \~46% from its high, but the business has some interesting numbers:
* **$25.4B RPO**
* **$880–890M** 2026 revenue guide
* Cloud revenue **+287% YoY**
* **750 MW** OpenAI deal
* AWS potentially coming in 2027
The obvious concern is valuation — roughly **47x this year's sales** — plus customer concentration, lockup supply and continued losses.
I wrote a deeper breakdown of the bull case, risks, valuation and what I'm watching next.
**Curious what others think: is CBRS worth the premium?**

$.14 low risk high reward. Recently got long term contract from Cerrbras.
Zone signed a 10-year, $800 million AI colocation agreement with Cerebras Systems (NASDAQ: CBRS) in July 2026.
**Infrastructure Specs**
Located at the company's Minnesota data center campus
Delivers approximately 55 MW of utility power
Provides 40 MW of critical IT load
Initial revenue expected in the first quarter of 2027