Cerebras shares fall 5.76% as 19.4 million-share unlock hits market
- Cerebras Systems (NASDAQ: CBRS) shares fell 5.76% to $183.85 on Wednesday
- Approximately 19.4 million shares were released from IPO lockup restrictions
- Reports indicate OpenAI's new GPT-6.1 Sol Ultrafast runs on Nvidia GPUs
- Shares are trading below the IPO price of $185
*this image is generated using AI for illustrative purposes only.
Cerebras Systems Inc. (NASDAQ: CBRS) shares traded 5.76% lower at $183.85 on Wednesday, pressured by a significant share unlock and reports that a new OpenAI model utilizes competitor hardware.
Share unlock schedule impacts liquidity
The decline coincides with the release of approximately 19.4 million shares for public trading. This event is part of Cerebras' staggered IPO lockup expiration, which releases shares in 11 separate waves rather than a single block. The current wave is one of three larger tranches, with the remaining two scheduled for October 14 and October 28. Together, these three specific releases are set to free about 58 million additional shares for trading.
The entire lockup period expires no later than November 9, which is 180 days after the IPO prospectus date and two trading days after Cerebras reports third-quarter earnings. Prior to Wednesday's event, smaller blocks of 14.6 million shares were released in August.
Hardware partnership concerns emerge
Market sentiment was further dampened by reports regarding OpenAI's newly unveiled GPT-6.1 Sol Ultrafast. According to a post from SemiAnalysis, the model's Ultrafast speed tier is running on Nvidia GPUs rather than Cerebras chips. Neither OpenAI nor Cerebras has publicly confirmed the hardware configuration for this tier.
OpenAI positioned GPT-6.1 Sol as a model that nearly matches its flagship GPT-6 Astra on agentic coding and professional work at roughly one-fifth of the price. The shift away from Cerebras hardware in this high-profile instance raises questions about the company's competitive position in the AI infrastructure market.
Market performance context
| Metric | Value |
|---|---|
| Current Price | $183.85 |
| Daily Change | -5.76% |
| IPO Price | $185.00 |
| Shares Unlocked | 19.4 million |
Cerebras shares are currently trading below their IPO price of $185. The combination of increased supply from lockup expirations and potential competitive headwinds has contributed to the downward price action.
How will the remaining 58 million shares unlocking in October and November impact Cerebras' stock volatility and price stability leading up to the Q3 earnings report?
Will the reported shift of OpenAI's GPT-6.1 Sol Ultrafast tier to Nvidia hardware prompt other major AI labs to reassess their reliance on Cerebras for high-speed inference workloads?
What strategic responses or new partnership announcements might Cerebras pursue to counter the perceived competitive disadvantage against Nvidia in the ultrafast inference market?
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