# Cerebras handed customers $1.1bn of warrants, and takes it out of revenue until 2031

![Cerebras handed customers $1.1bn of warrants, and takes it out of revenue until 2031](https://aiswingx.com/static/covers/cbrs-2026q2_cover.jpg?v=1790111034)

**From the Q2 2026 10-Q: the customer warrant asset went from $152.4m at the end of December to $1.1bn, and $44.3m of it was already deducted from revenue in the quarter. The rest comes out of revenue through October 2031**

Cerebras Systems (CBRS) filed its Q2 2026 quarterly report (10-Q) on August 12, and it carries an item the income statement does not show on its face. Warrants given to customers are carried as an asset of $1.1bn at June 30. The company deducted $44.3m of that from revenue in the quarter.

- 종목: CBRS (Cerebras Systems)
- 분기: 2026Q2 · 10-Q
- 작성: 2026-09-22 21:04 UTC
- 원문: https://aiswingx.com/p/cbrs-2026q2

## 숫자 하나
Customer warrant assets of $1.1bn, against $152.4m at the end of December 2025. The quarter's deduction from revenue was $44.3m, $46.3m for the half. The deductions run through October 2031.

## 비유 하나
(구독자 전용)

## 출처 하나
Cerebras Systems Form 10-Q (Q2 2026, filed 2026-08-12), Note 3 Revenue (customer warrant assets and the deduction from revenue), Note 12 Warrants (OpenAI and AWS terms), customer concentration in Note 3, Note 13 stock-based compensation, statement of operations and balance sheet

## 다음 분기에 볼 것
(구독자 전용)

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## What happened

Cerebras Systems (CBRS) builds the large chips used for AI computation, and listed in 2026.

Note 3 of its Q2 2026 quarterly report (10-Q), filed on August 12, carries an item the income statement does not show on its face. **Warrants given to customers are carried as an asset of $1.1bn** at June 30, against $152.4m at December 31, 2025. The company **deducted $44.3m of it from revenue** in the quarter ($46.3m for the half), and says the remainder comes out of revenue **through October 2031**.

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(End of free preview. What the numbers mean, why it matters, company context, the next-quarter checklist and the arithmetic are available to subscribers — https://aiswingx.com/pricing)

## FAQ

**Q. Why does giving a warrant reduce revenue?**

Letting a customer buy shares cheaply is treated as handing back part of what it paid, so the value is subtracted from revenue rather than recorded as a cost.

**Q. Does the $1.1bn come out at once?**

No. It is drawn down in proportion to the revenue recognised with that customer, and the company says the remainder runs through October 2031. The quarterly amounts are set out in the subscriber section of this article.

**Q. Which customers received them?**

The 10-Q states that warrants were issued to OpenAI and to AWS. The share counts, exercise prices and vesting terms are in the subscriber section.

**Q. Where can I check this myself?**

On SEC EDGAR, open Cerebras Systems Inc.'s Q2 2026 10-Q (accession 0001628280-26-056357) and read the customer warrant part of Note 3, with Note 12.