Cerebras vs Micron: Revenue, Profit and Business Model
Cerebras had $510M of annual revenue in FY2025 and $87.9M of net income. Micron had $133.2B of annual revenue in FY2026 and $85B of net income.
Latest financial snapshot
Financial summary
Cerebras
Cerebras reported revenue of $510 million in 2025, up about 76% from roughly $290 million in 2024, and swung to net income of $87.9 million from a $485 million loss. After its May 2026 IPO it began reporting 'core revenue', which excludes pass-through revenue and amortization of customer warrant assets. Q1 2026 core revenue was $191.3 million (up 92%), and Q2 2026 core revenue was $209.9 million (up 103%), against GAAP revenue of $180.1 million. Q2 GAAP net loss was $450.5 million, mostly from $386.6 million of stock-based compensation tied to the listing. Management raised 2026 core revenue guidance to $880-890 million and guided Q3 to $214-216 million. Remaining performance obligations stood at $25.4 billion. Cerebras Systems is a highly valued AI hardware startup, reaching a private valuation of over $4 billion as it prepares for an IPO.
Micron
Micron's results swing with memory pricing. Revenue fell from $30.76B in fiscal 2022 to $15.54B in fiscal 2023, with a $5.83B net loss, then recovered to $25.11B in fiscal 2024 and $37.38B in fiscal 2025. Fiscal 2026 was a step change: revenue reached $133.19B, GAAP gross margin rose to 80.7% from 39.8%, and GAAP net income hit $84.97B. Fiscal Q4 2026 alone produced $54.23B of revenue and $37.70B of net income. Operating cash flow was $89.68B for the year, and Micron ended it with $73.48B of cash, marketable investments and restricted cash. Micron Technology, Inc. is a massive American producer of computer memory and computer data storage, commanding a market valuation generally exceeding $130 billion.
Revenue and profit by year
Cerebras
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $510M | $87.9M | 17.2% | +75.7% | Source |
| FY2024 | $290.3M | -$485M | -167.1% | +268.9% | Source |
| FY2023 | $78.7M | — | — | — | Source |
Micron
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $133.2B | $85B | 63.8% | +256.3% | Source |
| FY2025 | $37.4B | $8.5B | 22.8% | +48.9% | Source |
| FY2024 | $25.1B | $778M | 3.1% | +61.6% | Source |
| FY2023 | $15.5B | -$5.8B | -37.5% | -49.5% | Source |
| FY2022 | $30.8B | $8.7B | 28.2% | +11.0% | Source |
| FY2021 | $27.7B | $5.9B | 21.2% | +29.3% | Source |
| FY2020 | $21.4B | $2.7B | 12.5% | -8.4% | Source |
| FY2019 | $23.4B | $6.3B | 27.0% | -23.0% | Source |
| FY2018 | $30.4B | $14.1B | 46.5% | +49.5% | Source |
| FY2017 | $20.3B | $5.1B | 25.0% | +63.9% | Source |
| FY2016 | $12.4B | -$276M | -2.2% | — | Source |
Where the revenue comes from
Cerebras
- Cloud & Other Services (Fast Inference)
~61% of Q2 2026 core revenue
Per-token API fees and dedicated capacity contracts for running AI models on Cerebras systems in leased data centers, led by OpenAI. $127.7 million in Q2 2026.
- Hardware Systems
~39% of Q2 2026 core revenue
Sales of CS-3 systems and clusters to sovereign AI programs, universities, national labs, and enterprises. $82.1 million in Q2 2026.
Micron
- Compute And NetworkingMajor
Data-center, graphics, networking, and client-related memory and storage demand.
- MobileMaterial
Low-power DRAM, NAND, and managed memory used in smartphones and mobile devices.
- EmbeddedMaterial
Automotive, industrial, and embedded-market memory and storage products.
- StorageMaterial
SSDs and NAND-based storage products for enterprise, client, and consumer markets.
- Consumer Channels
Complementary
Crucial-branded memory and storage upgrades sold through retail and ecommerce channels.
Business model and strategy
Cerebras
How it makes money
Cerebras makes money in two ways. First, it sells hardware: CS-3 systems built around the WSE-3 chip, bought by sovereign AI programs, national labs, universities, and enterprises that want to own their compute. Second, and now larger, it sells cloud and services: customers pay to run models on Cerebras systems hosted in data centers it leases, either through per-token inference APIs or dedicated capacity contracts.
Growth strategy
Cerebras' growth strategy centers on fast inference. It is building out leased data center capacity to serve OpenAI and other model providers, distributing its service through Amazon Web Services under a March 2026 agreement, and pricing low-latency token generation at a premium to GPU clouds.
Competitive advantage
Cerebras' edge is its wafer-scale architecture. A GPU cluster splits a model across many chips and spends time and energy moving data between them over external links. The WSE-3 keeps 900,000 cores and 44 GB of SRAM on one piece of silicon, so weights and activations move across the wafer at 21 PB/s.
Micron
How it makes money
Micron runs a capital-intensive B2B memory manufacturing model: it designs DRAM and NAND process technology, fabricates wafers in its own fabs in the US, Japan, Taiwan and Singapore, and sells chips, modules, HBM stacks and SSDs to hyperscalers, server makers, AI accelerator vendors, PC and phone OEMs, and auto suppliers.
Growth strategy
Micron's growth strategy centres on high-bandwidth memory (HBM) for artificial intelligence. AI accelerators such as Nvidia's need large amounts of fast memory alongside them, so Micron is investing heavily in HBM3E and competing with Samsung and SK Hynix for contracts to supply the AI data centers built by companies such as Microsoft and Google. The aim is to reduce its dependence on the volatile smartphone market.
Competitive advantage
Micron's advantage rests on the cost of entry and its place in US policy. A modern memory fabrication plant costs more than $15 billion, which keeps new entrants out, and the industry has consolidated into three companies: Samsung, SK Hynix and Micron. As the only American memory maker, Micron also receives US government support through the CHIPS Act, which treats domestic memory supply as a national security matter.
Questions about Cerebras vs Micron
Which company has higher revenue — Cerebras Systems Inc. or Micron Technology, Inc.?
Cerebras Systems Inc. had $510.0M (FY2025), while Micron Technology, Inc. had $133.2B (FY2026). By latest annual revenue, Micron Technology, Inc. is the larger business, with Cerebras Systems Inc. showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Cerebras Systems Inc. vs Micron Technology, Inc.?
Cerebras Systems Inc.'s market capitalisation stands at $46.3B, while Micron Technology, Inc.'s is $1.15T. Micron Technology, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Cerebras Systems Inc..
How does revenue per employee compare for Cerebras Systems Inc. and Micron Technology, Inc.?
Cerebras Systems Inc. has $720k / employee in revenue per employee, while Micron Technology, Inc. has $2.51M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Cerebras Systems Inc. and Micron Technology, Inc. make money?
Cerebras Systems Inc. and Micron Technology, Inc. generate revenue in fundamentally different ways. Cerebras Systems Inc.: Cerebras makes money in two ways. Micron Technology, Inc.: Micron runs a capital-intensive B2B memory manufacturing model: it designs DRAM and NAND process technology, fabricates wafers in its own fabs in the US, Japan, Taiwan and Singapore, and sells chips, modules, HBM stacks and SSDs to hyperscalers, server makers, AI accelerator vendors, PC and phone OEMs, and auto suppliers.
Which company is valued higher relative to revenue — Cerebras Systems Inc. or Micron Technology, Inc.?
On a price-to-sales (P/S) basis, Cerebras Systems Inc. trades at 90.8x P/S and Micron Technology, Inc. at 8.6x P/S. Cerebras Systems Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Micron Technology, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Cerebras Systems Inc. bigger than Micron Technology, Inc.?
By last reported revenue, Micron Technology, Inc. ($133.2B (FY2026)) is the larger company compared to Cerebras Systems Inc. ($510.0M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Cerebras vs Micron overview