From hardware vendor to cloud service provider, the valuation logic completely changes

AIMPACT announced on May 15th a three-year commitment of over $20 billion, enhancing future order visibility, with Wall Street willing to pay a premium for certainty. Cerebras' 2025 revenue is $510 million, a 76% year-over-year increase, achieving GAAP profit, but approximately $363 million is non-cash income, with core operations still losing $146 million. The market is betting on the growth curve and increased demand for AI inference. Cerebras is positioning cloud inference services as its core, transforming into a cloud computing service provider, entering the territory of giants like AWS.