The Ledger ResearchPrivate

The Front Office

Scouting report · CBRS

Andrew D. Feldman

  • Chief Executive Officer, President & Director, CBRS since 2016-04src

Co-founded Cerebras; CEO, President and director since April 2016

—thin record

Not ranked yet

Scouting sheet

as of 24 Sep 2026
Delivers guidance—0 beat · 1 met · 0 missed · 0 withdrawn — fewer than 4, not scored
Answers the question617 dodges in 28 answers on 2 calls
Capital allocation60company five-year record: neutral
Pay design50individual, tsr, time only · 4.94% of net income
Skin in the game100stake worth $2.2bn, 183× last year's pay
Age
56src
In the role
10 yr
Promises scored
1
Hit rate
100%
Dodges / 100 answers
25.0
Airtime on calls
54%
Every promise, oldest firstM

What to weigh

Red flag 1

  • Securities-law history: a 2007 guilty plea (circumventing accounting controls) and a 2008 SEC settlement with a permanent anti-fraud injunction, both from his time at Riverstone Networks. The prospectus discloses it under Item 401(f)src

Watch 4

  • February 2026 founder package: 5,700,000 PRSUs that vest in thirds at $75bn, $150bn and $250bn market cap (90-day average), plus 743,902 time-vested RSUs. Part of the RSUs was a make-whole meant to lift his stake to the top 10% of peer founders. Grant-date value of $531.2m for the PRSUs and $101.6m for the RSUs, figures that combine his awards with the CTO'ssrc
  • Sold about $64.3m of stock in the four months after the IPO, during the lock-up. $55.2m was sold under a 10b5-1 plan he adopted 2026-05-20, a week after pricing, which covers up to 1,500,000 shares through August 2027. The other $9.0m was sell-to-cover for taxessrc
  • Signed the Q2 2026 10-Q concluding that disclosure controls were not effective, because of previously reported material weaknesses: IT general controls, segregation of duties, and too few qualified accounting staffsrc
  • Answered and deflected all seven dodges logged across the first two calls. Customer concentration and the AWS deal's size and economics were each dodged in both quarterssrc

In their favour 1

  • Large personal stake: 10.1m shares beneficially (4.6% of all shares outstanding after the offering), and after his post-IPO sales Form 4 still shows 13,945,134 Class B shares held directly, including unvested RSUs and PRSUssrc

Career

  1. 2016 – now
    Cerebras Systemssrc
    Co-founder; CEO, President and director
    Filings date the CEO role and board seat from April 2016; Wikipedia dates the co-founding to 2015 with four SeaMicro colleagues (WS-wiki). Took the company public on Nasdaq in May 2026 at $185 a share
  2. 2012 – 2014
    Advanced Micro Devices (AMD)src
    Corporate Vice President & General Manager
    February 2012 to June 2014, after AMD bought SeaMicro; led AMD's Data Center Server Solutions group per WS-wiki
  3. 2007 – 2012
    SeaMicrosrc
    Co-founder & CEO
    November 2007 to February 2012; co-founded with Gary Lauterbach per WS-wiki
  4. 2003 – 2006
    Force10 Networkssrc
    VP, Marketing and Product Management
    August 2003 to December 2006; Force10 was later acquired by Dell
  5. 2000 – 2003
    Riverstone Networkssrc
    VP, Corporate Marketing and Corporate Development
    March 2000 to August 2003; the period at issue in SEC v. Pereira (see flags)

Not located: June 2014 (left AMD) to April 2016 (Cerebras CEO) is not described in any filing; a search source dates Cerebras's founding to 2015. December 2006 to November 2007, between Force10 and SeaMicro, is not described

Achievements

  • Co-founded SeaMicro in 2007 and ran it until AMD agreed to buy it in February 2012 for about $334msrc
  • Co-founded Cerebras and has been CEO since April 2016; led the May 2026 IPO of 30,000,000 Class A shares at $185.00src
  • Led a first IPO filing (S-1, September 2024) that was later withdrawn, then re-filed and listed the company in May 2026src
  • Beneficially owned 10,144,876 shares after the offering (5.4% of Class B, 4.6% of all shares outstanding), per the prospectus table as of 2026-03-31src

Education

  • Stanford University, BA Economics and Political Science (1991)src
  • Stanford Graduate School of Business, MBA (1997)src

Background

  • Family The prospectus states there are no family relationships among any executive officers or directorssrc
  • Founder One of four named Founders in the charter (with Sean Lie, Jean-Philippe Fricker and Michael James); several co-founders, including CTO Sean Lie, worked with him at SeaMicro and AMDsrc
  • Legal Named defendant in SEC v. Pereira over Riverstone Networks sales transactions in 2001-2002 that were improperly accounted for; settled in 2008 without admitting or denying (permanent injunction, $289,507 plus interest). Pleaded guilty in December 2007 to one count of circumventing an issuer's accounting controls: three years' probation and a $5,000 finesrc
  • Giving Gave 50,000 Cerebras shares to a donor-advised fund on 2026-08-21; his 10b5-1 plan provides for that giftsrc
  • Other Employee director; the other five directors are independent. Class B shares carry 20 votes each and held about 99.2% of the voting power after the IPOsrc

The promise ledger

1 scored · 0 open
ResultWhat was promisedWhere it is scoredHow
M MetIPO: net proceeds ~$5,408.5m ($6,221.4m with the over-allotment) and "we will use approximately $416.1 million to satisfy our tax withholding and remittance obligations related to the vesting of such RSUs."CBRS row 8written outlook

Questions dodged

25.0 per 100 answers

  1. | Q1 2026 | Customer concentration | Tom O'Malley (Barclays) | Any 10% customers, and how large? | Declined and pointed to the filings: "I don't think we should share on the call. I think you'll see in the filings." | CALL-Q1 2026-06-23, Feldman, O'Malley second question |

    from CBRS · dossier-2026-09-24.md

  2. | Q1 2026 | AWS deal size | Quinn Bolton (Needham) | Is AWS tens of MW, hundreds, a gigawatt? | Declined: "I don't think we're going to -- we're sharing that at this time." | CALL-Q1, Feldman, Bolton second question |

    from CBRS · dossier-2026-09-24.md

  3. | Q1 2026 | Rent-back share of the FY guide | Atif Malik (Citi), asked of the CFO | How much of the FY outlook is new data centres vs renting back from G42? | The CEO took it and described the data-centre search: "And so I think the answer is all of the above." No split given | CALL-Q1, Feldman, Malik follow-up |

    from CBRS · dossier-2026-09-24.md

  4. | Q1 2026 | Value capture in disaggregation | Matt Bryson (Wedbush) | What share of a Trainium + CS-3 solution's value is Cerebras's? | Explained when disaggregation works: "Not exactly. Let me share maybe a different crack at the problem." | CALL-Q1, Feldman, Bryson first question |

    from CBRS · dossier-2026-09-24.md

  5. | Q2 2026 | Customer concentration | Timothy Arcuri (UBS) | Will OpenAI + AWS be ~2/3 of FY2027 revenue? | A history of past concentration worries, then "But I think you can expect for next year them to still be a meaningful portion of our revenue." No share given | CALL-Q2 2026-08-12, Feldman, Arcuri first question |

    from CBRS · dossier-2026-09-24.md

  6. | Q2 2026 | AWS economics | Joshua Buchalter (TD Cowen) | How will the economics of the Amazon deal work? | Deployment mechanics and timing: "It will be delivered through Amazon's API service, Bedrock. And we are in the process right now of organizing deployments." | CALL-Q2, Feldman, Buchalter first question |

    from CBRS · dossier-2026-09-24.md

  7. | Q2 2026 | OpenAI contract economics | Quinn Bolton (Needham) | Do AMD racks serving OpenAI add revenue under the contract? | Throughput economics in general: "Now I don't want to go into the specifics of our relationship with OpenAI." | CALL-Q2, Feldman, Bolton first question |

    from CBRS · dossier-2026-09-24.md

Calls reviewed

  • FY2026-Q1.roic.json — 16 answers, 52% of the words
  • FY2026-Q2.roic.json — 12 answers, 57% of the words

Sources

13
  1. Filing Cerebras Systems IPO prospectus, 424B4 (0001628280-26-035214) · 2026-05-14
  2. Filing Cerebras Systems Form S-1, first IPO attempt, later withdrawn (0001628280-24-041596) · 2024-09-30
  3. Filing Cerebras Systems 10-Q for the quarter ended 2026-06-30 (0001628280-26-056357) · 2026-08-12
  4. Filing Form 3, Andrew D. Feldman (reporting CIK 2039573), initial holdings (0001628280-26-034697) · 2026-05-13
  5. Filing Form 4, Andrew D. Feldman, sell-to-cover of 2026-06-25 (0001628280-26-046034) · 2026-06-29
  6. Filing Form 4, Andrew D. Feldman, sell-to-cover of 2026-08-18 (0001628280-26-058119) · 2026-08-19
  7. Filing Form 4, Andrew D. Feldman, option exercise, 10b5-1 sale and gift of 2026-08-21 (0001628280-26-058961) · 2026-08-25
  8. Filing Form 4, Andrew D. Feldman, option exercise and 10b5-1 sale of 2026-09-04 (0001628280-26-060987) · 2026-09-08
  9. Filing Form 4, Andrew D. Feldman, trust distribution of 2026-09-21 (0001628280-26-063253) · 2026-09-23
  10. Filing Form 144, Andrew Feldman, proposed sale of 37,441 shares (0001950047-26-009144) · 2026-09-04
  11. Call transcript CBRS Q1 2026 earnings call (2026-06-23), ROIC.ai
  12. Call transcript CBRS Q2 2026 earnings call (2026-08-12), ROIC.ai
  13. Web search result WebSearch / page read: Wikipedia, Andrew Feldman (businessman) · 2026-09-24