--- title: "Insiders sold $387.7 million of Cerebras stock; 19.4 million more shares unlock Wednesday" description: "On Monday Cerebras closed at its lowest price since going public, and the next tranche of locked shares becomes eligible on Wednesday. Until the unlock calendar empties on November 9, supply is setting the price." publisher: "The Inference" section: "Money" published: 2026-10-13T15:27:40.838Z modified: 2026-10-13T15:27:40.838Z canonical: https://theinference.org/article/insiders-sold-387-7-million-of-cerebras-stock-19-4-million-more-shares-unlock-wednesday language: en keywords: "Cerebras, Lockup, Insider Sales, IPO, AI Chips, Stock Market" --- # Insiders sold $387.7 million of Cerebras stock; 19.4 million more shares unlock Wednesday > On Monday Cerebras closed at its lowest price since going public, and the next tranche of locked shares becomes eligible on Wednesday. Until the unlock calendar empties on November 9, supply is setting the price. Cerebras, the AI chipmaker, fell by a tenth on Monday to $146.62, its lowest close since going public in May [1][2]. The filings explain the move better than the roadmap does. [Insiders sold $387.7 million of stock last quarter](https://www.marketbeat.com/instant-alerts/price-cerebras-systems-nasdaq-cbrs-reaches-new-12-month-low-whats-next-2026-10-12/) [3]. About 19.4 million more shares become eligible to sell on Wednesday [1]. Until this calendar runs out, [supply is setting the price](https://theinference.org/article/altman-s-17-words-lifted-cerebras-9-the-lockup-calendar-set-the-price). ## The supply schedule runs out on November 9 Cerebras's lockup was never one 180-day freeze: it [lets shares out on 11 separate dates](https://www.fool.com/investing/2026/09/21/cerebras-shares-are-coming-out-of-lockup-in-waves-here-s-the-date-that-matters-most/) [4]. Shares have come out in biweekly waves since mid-August, and the schedule has reached three bigger tranches: September 30, this Wednesday, and October 28 [4]. Each of those waves is roughly 8 percent of all shares outstanding [5]. Monday's whole session traded 18.1 million shares, more than double its recent average [1]. Everything still locked frees up no later than November 9 [4]. The stock peaked at $386 on its first day in May [6]. It now trades roughly a fifth below the $185 offering price, leaving anyone who bought the IPO underwater [1][6]. The freed stock has been selling. [Sales disclosed by chief technology officer Sean Lie and director Steven Vassallo cleared near $210 a share](https://theinference.org/article/cerebras-cto-sells-192-million-ahead-of-looming-lockup-expiry) [3]. Chief executive Andrew Feldman and Lie sold more than $240 million between late August and late September, [under trading plans adopted shortly after the IPO](https://www.cnbc.com/2026/10/02/cerebras-stock-hits-post-ipo-low-on-nvidia-pressure-lockup-expiration.html) [5]. *Chart: **From $386 on day one to $146.62: every IPO buyer is now underwater** Bar chart of Cerebras stock price levels: the $386 first-day high, the $210 price of recent insider sales, the $185 IPO price, the $146.98 record low and the $146.62 close on Monday, October 12* *Share price benchmarks in US dollars. Recent insider sales disclosed by Form 4 cleared near $210. Sources: Crypto Briefing, FinanceFeeds, MarketBeat. [1][6]* ## Institutions put $668 million on the other side The buyers are on record too. Five funds opened new Cerebras positions worth about $668 million in the June quarter, led by Value Aligned Research Advisors and Wellington Management [3]. The analyst consensus still reads Moderate Buy, with an average target of $299.90 [3]. Both camps are betting on the same company. One of them is wrong, and nothing filed yet says which. *Chart: **Insiders sold $387.7 million; five funds answered with $668 million** Bar chart comparing Cerebras insider share sales with the five largest new fund positions from second-quarter 2026 13F filings, in millions of dollars* *Form 4 insider sales versus new fund positions from Q2 2026 13F filings, in millions of US dollars. Source: MarketBeat. [3]* ## Where OpenAI's fastest tier runs decides the company What Cerebras sells is the question: dinner-plate-sized chips for inference workloads, leased from its own data centers as a cloud service [5]. On September 30, research firm SemiAnalysis posted that the "Ultrafast" mode of [OpenAI](https://theinference.org/markets/companies/openai)'s GPT-6.1 Sol model [runs on Nvidia GPUs rather than Cerebras hardware](https://theinference.org/article/altman-calls-cerebras-a-close-partner-as-openai-s-fastest-tier-runs-on-nvidia) [5]. Neither company has confirmed it [1]. OpenAI chief executive [Sam Altman](https://theinference.org/markets/people/sam-altman) called Cerebras "a close partner" without naming the chips behind that tier [1][5]. [Microsoft](https://theinference.org/markets/companies/microsoft) widened the race on Monday, [saying its Maia chips become the primary inference system for its own products from 2027](https://blogs.microsoft.com/blog/2026/10/12/microsoft-to-expand-azure-maia-system-to-multi-gigawatt-deployments/) [7]. ## The business underneath is growing and burning [Contracted but undelivered work stood at $25.4 billion at the end of June](https://financefeeds.com/cerebras-falls-to-146-62-below-its-185-ipo-price-as-a-lock-up-release-nears/), a large share of it tied to OpenAI [1][4]. Core revenue more than doubled year over year last quarter, and management raised its full-year outlook [8]. The same quarter lost $2.98 a share against a $0.21 consensus [3]. Demand is strong, the company says, and the constraint on growth is available capacity [8]. Wednesday's unlock can set this week's price. What the company is worth will be set by wherever OpenAI runs its next fast tier, and no one has confirmed that [1]. ## Takeaway Supply is setting Cerebras's price: insiders have sold $387.7 million, 19.4 million more shares unlock Wednesday, and nothing on the fundamentals settles the OpenAI question until the calendar empties on November 9. ## Sources 1. [FinanceFeeds, Cerebras Falls to $146.62, Below Its $185 IPO Price - as a Lock-Up Release Nears, October 13, 2026](https://financefeeds.com/cerebras-falls-to-146-62-below-its-185-ipo-price-as-a-lock-up-release-nears/) 2. [CoinCentral, Cerebras (CBRS) Stock Falls to 52-Week Low on OpenAI Report, Microsoft Chip News, October 13, 2026](https://coincentral.com/cerebras-cbrs-stock-falls-to-52-week-low-on-openai-report-microsoft-chip-news/) 3. [MarketBeat, Cerebras Systems (NASDAQ:CBRS) Reaches New 12-Month Low - What's Next?, October 12, 2026](https://www.marketbeat.com/instant-alerts/price-cerebras-systems-nasdaq-cbrs-reaches-new-12-month-low-whats-next-2026-10-12/) 4. [The Motley Fool, Cerebras Shares Are Coming Out of Lockup in Waves. Here's the Date That Matters Most., September 21, 2026](https://www.fool.com/investing/2026/09/21/cerebras-shares-are-coming-out-of-lockup-in-waves-here-s-the-date-that-matters-most/) 5. [CNBC, Cerebras stock hits post-IPO low, tumbling 20% for the week on Nvidia pressure and lockup expiration, October 2, 2026](https://www.cnbc.com/2026/10/02/cerebras-stock-hits-post-ipo-low-on-nvidia-pressure-lockup-expiration.html) 6. [Crypto Briefing, Cerebras stock hits record low of $146.98, down 62% from its first-day high, October 12, 2026](https://cryptobriefing.com/cerebras-stock-record-low-down-62-percent/) 7. [Microsoft Official Blog, Microsoft to expand Azure Maia system to multi-gigawatt deployments, October 12, 2026](https://blogs.microsoft.com/blog/2026/10/12/microsoft-to-expand-azure-maia-system-to-multi-gigawatt-deployments/) 8. [Zacks Equity Research via Yahoo Finance, Cerebras (CBRS) Down 17.2% Since Last Earnings Report: Can It Rebound?, September 11, 2026](https://finance.yahoo.com/markets/stocks/articles/cerebras-cbrs-down-17-2-153002441.html) --- Insiders sold $387.7 million of Cerebras stock; 19.4 million more shares unlock Wednesday — The Inference. Canonical: https://theinference.org/article/insiders-sold-387-7-million-of-cerebras-stock-19-4-million-more-shares-unlock-wednesday