Plenitude Capital

Our firm's portfolio comprises multiyear long-side only investments and a nascent trading arm.

[Plenitude Capital @PlenitudeCap]

(like #TSMC's A16 or subsequent nodes) or endure the massive engineering hurdle of porting their wafer-scale design to #Samsung or #Rapidus.

[Plenitude Capital @PlenitudeCap]

#IBM’s announcement of a 0.7-nanometer (7 angstrom) "Nanostack" 3D MO transistor architecture has profound implications for #Cerebras.
#CBRS is famous for its Wafer-Scale Engine (WSE), which eschews traditional small dies in favor of manufacturing the world's largest single-wafer

[Plenitude Capital @PlenitudeCap]

#CBRS historically manufactures its giant chips exclusively with #TSMC due to TSMC's advanced lithography and packaging capabilities.

For #CBRS to exploit sub-1nm architecture, they will either have to wait for #TSMC to develop a competing sub-1nm/3D roadmap

[Plenitude Capital @PlenitudeCap]

As a firm, we are of the view that #CBRS has the potential to be the next big thing in the AI space.

[Plenitude Capital @PlenitudeCap]

Our assessment: $3.3B cash war chest from massive $6.4b IPO and OpenAI loans,#CBRS has won the validation phase. Next 18 mths will be about execution—proving they can build out infrastructure fast enough to convert $24b backlog into high-margin rev w/o drowning in ops cash burn

[Plenitude Capital @PlenitudeCap]

#CBRS
Cerebras' rev growth has been hyper-explosive, driven by massive contracts in the Middle East and, recently, US tech giants.
2022: $24.6m
2023: $78.7m (+220% YoY)
2024: $290.3m (+269% YoY)
2025: $510.0m (+76% YoY) 
Q1’26 (Latest): $193.4m (+94% YoY, 13% sequentially)

[Plenitude Capital @PlenitudeCap]

Severe Customer Concentration: In 2024, G42 was 85% of rev. In 2025, MBZUAI (an associated entity) was 62%. Moving forward, #OpenAI represents vast majority of backlog. If any of these anchor customers slow down their spending, #Cerebras' top line faces immediate exposure