Cerebras' cloud revenue jumps 287% YoY, backlog $25.4B but only 22% converts to revenue by 2028

Cerebras Systems holds a $25.4 billion backlog of remaining performance obligations, though only 22% is expected to convert into revenue by June 2028. The company’s cloud and services revenue surged 287% year-over-year to $127.7 million, driven by a shift toward monetizing AI inference rather than hardware sales. With over 600MW of secured data center capacity, Cerebras is moving its growth focus from semiconductor supply constraints to data center deployment. Its new CS-4 chip offers up to 10 times higher throughput per watt, potentially boosting revenue density and improving long-term infrastructure margins. Analysts project Cerebras’ revenue to reach $7.54 billion by 2028, with price-to-sales ratios compressing significantly as growth accelerates.