Atreides Management, LP and related parties report a 10.7% beneficial stake in Cerebras Systems Inc. Class A Common Stock. The group, including Atreides Management, LLC and Gavin Baker, is deemed to beneficially own 10,543,836 shares, all with shared voting and dispositive power and no sole power.
This total includes 6,733,750 shares of Class B Common Stock held by funds and accounts managed by Atreides Management, LP, each convertible 1-for-1 into Class A shares, as well as call options exercisable within 60 days of June 30, 2026. The 10.7% ownership is calculated against 92,130,188 Class A shares outstanding as of June 17, 2026. The reporting persons disclaim beneficial ownership beyond their pecuniary interests, and Atreides Foundation Master Fund LP has rights to dividends or sale proceeds exceeding five percent of the class.
Positive
None.
Negative
None.
Key Figures
Beneficially owned shares:10,543,836 sharesOwnership percentage:10.7%Shares outstanding:92,130,188 shares+3 more
6 metrics
Beneficially owned shares10,543,836 sharesClass A Common Stock deemed beneficially owned by the reporting persons as of June 30, 2026
Ownership percentage10.7%Percent of Cerebras Class A Common Stock represented by 10,543,836 shares
Shares outstanding92,130,188 sharesCerebras Class A Common Stock outstanding as of June 17, 2026
Class B shares included6,733,750 sharesClass B Common Stock held by Atreides-managed funds, convertible 1-for-1 into Class A
Shared voting power10,543,836 sharesShares over which the reporting persons have shared voting power
Shared dispositive power10,543,836 sharesShares over which the reporting persons have shared dispositive power
Key Terms
beneficial ownership, Class B Common Stock, shared voting power, shared dispositive power, +1 more
5 terms
beneficial ownershipfinancial
"Each Reporting Person hereby expressly disclaims beneficial ownership in the securities reported"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
Class B Common Stockfinancial
"6,733,750 shares of Class B Common Stock of Cerebras Systems Inc."
A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.
shared voting powerfinancial
"Shared Voting Power 10,543,836.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerfinancial
"Shared Dispositive Power 10,543,836.00"
Rule 13d-5(b)(1)regulatory
"membership in a "group" as that term is described in Rule 13d-5(b)(1)"
FAQ
What ownership stake in CBRS does Atreides Management report on this Schedule 13G?
Atreides Management and related parties report 10,543,836 shares of Cerebras Systems Inc. Class A Common Stock, representing 10.7% of the class. This figure includes convertible Class B shares and certain call options tied to Atreides-managed funds.
How is the 10.7% ownership in CBRS calculated in this Schedule 13G?
The 10.7% ownership is based on 92,130,188 Cerebras Class A shares outstanding as of June 17, 2026, as reported by the issuer. The reporting persons’ 10,543,836 shares are measured against this share count.
What portion of Atreides’ CBRS position comes from Class B Common Stock?
Of the 10,543,836 shares reported, 6,733,750 are Cerebras Class B Common Stock held by Atreides-managed funds. Each Class B share is convertible at any time into one Class A share, and is included in the beneficial ownership calculation.
Who holds voting and dispositive power over the CBRS shares reported by Atreides?
The reporting persons disclose 0 shares with sole voting or dispositive power and 10,543,836 shares with shared voting and shared dispositive power. Control is exercised through Atreides Management, LP and related entities over the managed funds and accounts.
Which Atreides entity can receive dividends or sale proceeds from more than 5% of CBRS?
Atreides Foundation Master Fund LP, a private investment vehicle managed by Atreides Management, LP, has the right to receive and/or direct dividends or sale proceeds from more than five percent of Cerebras Systems Inc. Class A Common Stock.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Cerebras Systems Inc.
(Name of Issuer)
Class A Common Stock
(Title of Class of Securities)
15675D103
(CUSIP Number)
6/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
15675D103
1
Names of Reporting Persons
Atreides Management, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
10,543,836.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
10,543,836.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10,543,836.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.7 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP Number(s):
15675D103
1
Names of Reporting Persons
Atreides Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
10,543,836.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
10,543,836.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10,543,836.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.7 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP Number(s):
15675D103
1
Names of Reporting Persons
Gavin Baker
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
10,543,836.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
10,543,836.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10,543,836.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.7 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Cerebras Systems Inc.
(b)
Address of issuer's principal executive offices:
1237 E. Arques Avenue, Sunnyvale, CALIFORNIA, 94085.
Item 2.
(a)
Name of person filing:
This statement is filed by:
(i) Atreides Management, LP, a Delaware limited partnership registered with the U.S. Securities and Exchange Commission (the "SEC"), which serves as the investment manager (the "Investment Manager") to certain investment funds and/or accounts (the "Funds"), with respect to the shares of Class A Common Stock (as defined in Item 2(d) below) held by the Funds;
(ii) Atreides Management, LLC, a Delaware limited liability company (the "GP"), which serves as the general partner to the Investment Manager, with respect to the shares of Class A Common Stock held by the Funds; and
(iii) Gavin Baker, a United States citizen, who serves as the managing member to the GP with respect to the shares of Class A Common Stock held by the Funds.
The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons". Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party.
(b)
Address or principal business office or, if none, residence:
Atreides Management, LP
One International Place, Suite 4410 Boston, MA 02110
(c)
Citizenship:
See response to Item 2(a).
(d)
Title of class of securities:
Class A Common Stock
(e)
CUSIP Number(s):
15675D103
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
10,543,836*
*6,733,750 of the shares of Class A Common Stock of Cerebras Systems Inc. reported as being beneficially owned by the Reporting Persons as of June 30, 2026, are included in this Schedule 13G because the Reporting Persons are deemed to beneficially own such shares because certain investment funds and separately managed accounts managed by Atreides Management, LP own 6,733,750 shares of Class B Common Stock of Cerebras Systems Inc. Each share of Class B Common Stock is convertible at any time at the option of the holder into one share of Class A Common Stock. Assuming the conversion of the Reporting Persons? Class B Common Stock into Class A Common Stock, the 10,543,836 shares of Class A Common Stock reported as being beneficially owned by the Reporting Persons in this Schedule 13G would represent 10.7% of the outstanding Class A Common Stock.
(b)
Percent of class:
See Row 11 of cover page for each Reporting Person.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Row 5 of cover page for each Reporting Person.
(ii) Shared power to vote or to direct the vote:
See Row 6 of cover page for each Reporting Person.
(iii) Sole power to dispose or to direct the disposition of:
See Row 7 of cover page for each Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
See Row 8 of cover page for each Reporting Person.
The percentages used herein and in the rest of this Schedule 13G are calculated based upon the 92,130,188 shares of Class A Common Stock reported to be outstanding by the Issuer as of June 17, 2026 in its Form 10-Q for the quarter ended March 31, 2026 filed with the SEC on June 24, 2026. Each Reporting Person hereby expressly disclaims beneficial ownership in the securities reported in this Schedule 13G except to the extent of its or his pecuniary interest therein (if any) and membership in a "group" as that term is described in Rule 13d-5(b)(1) of the Securities Exchange Act of 1934, as amended.
Shares reported herein are (i) owned by certain investment funds and separately managed accounts managed by Atreides Management, LP; (ii) inclusive of call options exercisable within 60 days of June 30, 2026; and (iii) inclusive of Class B Common Stock as described above.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Atreides Foundation Master Fund LP, a private investment vehicle managed by Atreides Management, LP, has the right to receive and/or the power to direct the receipt of dividend from, or the proceeds from the sale of, more than five percent of the Class A Common Stock of the Issuer.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Atreides Management, LP
Signature:
Laura Malone
Name/Title:
General Counsel & CCO
Date:
08/14/2026
Atreides Management, LLC
Signature:
Laura Malone
Name/Title:
General Counsel & CCO
Date:
08/14/2026
Gavin Baker
Signature:
Gavin Baker
Name/Title:
Authorized Signatory
Date:
08/14/2026
Exhibit Information
Exhibit 99: Joint Filing Agreement, dated August 14, 2026, by and among the Reporting Persons.
