Cerebras Tokenization Opens New Investor Pipeline as Stock Surges Ahead of First Earnings

AI chip maker Cerebras jumps 10% on tokenized stock listing from MEXC/Ondo Finance, unanimous analyst buy ratings, and live Nvidia demo wins; but revenue concentration risk persists.

The rally in Cerebras Systems shares has taken on a new dimension. After a volatile few months since its May IPO, the AI chip developer is now benefiting from both a sector-wide tech upswing and a novel financial structure that broadens access to its stock. On Friday, the shares jumped nearly 10% following the announcement that the crypto exchange MEXC, in partnership with Ondo Finance, has begun listing tokenized versions of Cerebras equity. The tokens are fully backed by shares held at US custodians, enabling investors outside the United States to trade around the clock and integrate the positions into decentralized finance networks.

The move comes at a critical juncture for the company. Just a day earlier, the stock had already surged roughly 13%, snapping a multi-day losing streak that had pushed it as low as $202. That earlier rally took the shares from an opening of $220 to an intraday high of $241, though trading volume of 2.8 million shares fell well short of the daily average of 5.19 million — a signal that the bounce was driven more by positioning ahead of earnings than broad buying interest.

Wall Street’s unanimous endorsement

Since the post-IPO lockup period expired, no fewer than nine major banks have launched coverage on Cerebras, and every single one assigned a buy rating. The list includes Citi, Morgan Stanley, Wedbush, Rosenblatt, Needham, Mizuho, Barclays, TD Cowen, and UBS, with a consensus price target of $294. Citi is the most bullish at $340, while Craig-Hallum recently added coverage with a $325 target, citing the company’s patented wafer-scale technology as the fastest solution for AI inference.

Morgan Stanley settled at $250, emphasizing low latency as a key differentiator. The unanimity among analysts stands in stark contrast to the stock’s trading range since the IPO: it hit a high of $311 early on, then slumped by roughly a third before this week’s recovery. The 52-week span now stretches from $185 to $386.

Live proof against Nvidia

Cerebras has also been making noise on the conference circuit. At the SuperAI event in Singapore, Chief Strategy Officer Andy Hock staged a live head?to?head demonstration pitting the company’s Wafer Scale Engine against Nvidia’s B200 platform. In front of around 10,000 attendees, both systems ran Meta’s Llama?4 model on tasks including coding a Tetris game and planning a travel itinerary — and Cerebras finished faster each time. The performance dovetails with the company’s broader confidence: both OpenAI and Amazon have chosen Cerebras as a preferred inference provider, with OpenAI signing contracts worth $20 billion.

The wild card: customer concentration

Yet every rally comes with a caution. Cerebras’ order book stands at a hefty $24.6 billion, but last year 86% of revenue came from just two customers, both based in the United Arab Emirates. The company grew annual sales from $25 million in 2022 to $510 million in 2025, and it has already turned profitable, posting earnings per share of $1.38. But the customer?concentration risk remains the elephant in the room.

First earnings test

All eyes are now on the quarterly report due after the US market close on June 23. Analysts forecast revenue of roughly $57 million for the first quarter. The earnings call will be the first real proof point for whether Cerebras has successfully diversified its client base — a question that has dogged the stock since its listing. If the numbers show progress on that front, the token?deal liquidity boost and the unanimous analyst support could provide a powerful tailwind. If not, the recent double?digit gains may prove short?lived.