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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt">As filed with the Securities and Exchange Commission on May ___, 2004



<P align="right" style="font-size: 10pt">Registration No.&nbsp;333-______

<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="15%">


<P align="center" style="font-size: 18pt"><B>FORM S-8</B>


<P align="center" style="font-size: 18pt"><B>REGISTRATION STATEMENT<BR>
Under<BR>
THE SECURITIES ACT OF 1933</B>



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="15%">


<P align="center" style="font-size: 24pt"><B>CRAY INC.</B>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>

<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="15%">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

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    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD align="center" valign="top">WASHINGTON
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">93-0962605</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction<BR>
of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>


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</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="15%">


<P align="center" style="font-size: 10pt">411 First Avenue South, Suite&nbsp;600<BR>
Seattle, Washington 98104-21860<BR>
(Address of Principal Executive Offices)



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="15%">



<P align="center" style="font-size: 10pt">Cray Inc. 2004 Long-Term Equity Compensation Plan<BR>
(Full title of plan)



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="15%">



<P align="center" style="font-size: 10pt">Kenneth W. Johnson<BR>
Vice President-Legal Affairs, General Counsel and Secretary<BR>
CRAY INC.<BR>
411 First Avenue South, Suite&nbsp;600<BR>
Seattle, Washington 98134<BR>
Tel.: (206)&nbsp;701-2000<BR>
Fax: (206)&nbsp;701-2500<BR>
(Name, address, telephone and facsimile numbers of agent for service)



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="15%">



<P align="center" style="font-size: 10pt">Copy to:<BR>
L. John Stevenson<BR>
Stoel Rives LLP<BR>
600 University Street, Suite&nbsp;3600<BR>
Seattle, Washington 98101<BR>
Tel.: (206)&nbsp;624-0900<BR>
Fax: (206)&nbsp;386-7500



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt">CALCULATION OF REGISTRATION FEE


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

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    <TD width="58%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Title of Securities to Be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount to Be&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price Per</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Registered</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registered(1)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Share (2)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price (2)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration Fee</B><HR size="1" noshade></TD>
</TR>


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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Common Stock $0.01 par value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">5,500,000 Shares</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38,170,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,836.14</TD>
    <TD>&nbsp;</TD>
</TR>


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</TABLE>
</DIV>




<P>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Together with an indeterminate number of additional shares that may be necessary to adjust the number of
shares reserved for issuance pursuant to such employee benefit plan as the result of any future stock split,
stock dividend or similar adjustment of the registrant&#146;s outstanding Common Stock.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(h) and
(c)&nbsp;of the Securities Act of 1933, based on the high and low sales prices for the Common Stock on the Nasdaq
National Market System on May&nbsp;11, 2004</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">2
</DIV>

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<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
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	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000"> PART I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001"> Item&nbsp;1. Plan Information. *</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002"> Item&nbsp;2. Registrant Information and Employee Plan Annual Information. *</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003"> PART II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;3. Incorporation of Documents By Reference.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;4. Description of Securities.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;5. Interests of Named Experts and Counsel.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;6. Indemnification of Directors and Officers.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;7. Exemption From Registration Claimed.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">Item&nbsp;8. Exhibits.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">Item&nbsp;9. Undertakings.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011"> SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="v99178orexv5.txt">EXHIBIT 5</A></TD></TR>
<TR><TD colspan="9"><A HREF="v99178orexv23w1.txt">EXHIBIT 23.1</A></TD></TR>
</TABLE>
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<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART I<BR>
INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS</B>



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="50%">


<!-- link2 " Item&nbsp;1. Plan Information. *" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;1. Plan Information. *

<!-- link2 " Item&nbsp;2. Registrant Information and Employee Plan Annual Information. *" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;2. Registrant Information and Employee Plan Annual Information. *


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Information required by Part&nbsp;I of Form S-8 to be contained in the Section
10(a) prospectus is omitted from this Registration Statement in accordance
with Rule&nbsp;428 under the Act and the Note to Part&nbsp;I of Form S-8.</TD>
</TR>

</TABLE>

<!-- link1 " PART II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="50%">


<!-- link2 "Item&nbsp;3. Incorporation of Documents By Reference." -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;3. Incorporation of Documents By Reference.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities and Exchange Commission (the &#147;SEC&#148; or the &#147;Commission&#148;)
allows us to &#147;incorporate by reference&#148; our publicly filed reports into this
registration statement which means that information included in those reports
is considered part of this registration statement. Information that we file
with the SEC after the date of this registration statement will automatically
update and supersede the information contained in this registration statement.
We incorporate by reference the documents listed below and any future filings
made with the SEC under Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Securities
Exchange Act of 1934 until we have sold all the shares offered hereby or have
deregistered any shares then remaining unsold.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed with the SEC are incorporated into this
statement by reference:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our Annual Report on Form 10-K for the year ended
December&nbsp;31, 2003;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our Definitive Proxy Statement for the 2004 Annual
Meeting, as filed with the SEC on March&nbsp;24, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our Quarterly Report on Form 10-Q for the quarter ended
March&nbsp;31, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our Current Reports on Form 8-K filed on January&nbsp;30,
February&nbsp;26, April&nbsp;2, April&nbsp;30, May&nbsp;10 and May&nbsp;14, 2004; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of our common stock set forth in our
Registration Statement on Form SB-2 (Registration No.
33-95460-LA), including any amendment or report filed for the
purpose of updating such description, as incorporated by
reference in our Registration Statement on Form 8-A (Registration
No.&nbsp;0-26820), including the amendment thereto on Form 8-A/A.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will furnish without charge to you, on written or oral request, a copy
of any or all of


<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">the documents incorporated by reference, other than exhibits to such
documents. You should direct any requests for documents to Investor Relations,
Cray Inc., 411 First Avenue South, Suite&nbsp;600, Seattle, Washington 98104,
Telephone (206)&nbsp;701-2000.


<!-- link2 "Item&nbsp;4. Description of Securities." -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;4. Description of Securities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel." -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;5. Interests of Named Experts and Counsel.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenneth W. Johnson, our Vice President &#151; Legal Affairs, General Counsel
and Corporate Secretary, is giving an opinion on the validity of the common
shares. As of the date of this prospectus, Mr.&nbsp;Johnson held 87,722 shares of
our common stock and options covering 430,200 shares of our common stock. Mr.
Johnson is eligible to receive awards under the Plan.

<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers." -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;6. Indemnification of Directors and Officers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;VII of our Restated Articles of Incorporation and Section&nbsp;10 of
our Restated Bylaws require indemnification of directors and permit
indemnification of our officers, employees, and agents to the fullest extent
permitted by the Washington Business Corporation Act (the &#147;WBCA&#148;). Sections
23B.08.500 through 23B.08.600 of the WBCA authorize a court to award, or a
corporation&#146;s board of directors to grant, indemnification to directors and
officers on terms sufficiently broad to permit indemnification under certain
circumstances for liabilities arising under the Securities Act of 1933, as
amended.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;23B.08.320 of the WBCA authorizes a corporation to limit a
director&#146;s liability to the corporation or its shareholders for monetary
damages for acts or omissions as a director, except in certain circumstances
involving intentional misconduct, self-dealing or illegal corporate loans or
distributions, or any transaction from which the director personally receives a
benefit in money, property or services to which the director is not legally
entitled. Article&nbsp;VI of our Restated Articles of Incorporation contains
provisions implementing, to the fullest extent permitted by Washington law,
such limitations on a director&#146;s liability to us and our shareholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We maintain liability insurance for our directors and officers.

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<DIV align="left"><A NAME="008"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;7. Exemption From Registration Claimed.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

<!-- link2 "Item&nbsp;8. Exhibits." -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;8. Exhibits.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion on Legality</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2004 Long-Term Equity Compensation Plan*</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of General Counsel (included in Exhibit&nbsp;5)</TD>
</TR>


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<P align="center" style="font-size: 10pt">4
</DIV>

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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

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    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on signature page hereof)</TD>
</TR>


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<HR size="1" width="18%" align="left" noshade>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Incorporated by reference to the Company&#146;s definitive Proxy Statement for the
2004 Annual Meeting, as filed with the Commission on March&nbsp;24, 2004.</TD>
</TR>

</TABLE>


<!-- link2 "Item&nbsp;9. Undertakings." -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;9. Undertakings.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned registrant hereby undertakes:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being
made, a post effective amendment to this registration statement:



<P align="left" style="margin-left:9%; font-size: 10pt">(i)&nbsp;To include any prospectus required by section 10(a)(3) of
the Securities Act of 1933;



<P align="left" style="margin-left:9%; font-size: 10pt">(ii)&nbsp;To reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or
the most recent post effective amendment thereof) which,
individually or in the aggregate, represent a fundamental
change in the information set forth in the registration
statement;



<P align="left" style="margin-left:9%; font-size: 10pt">(iii)&nbsp;To include any material information with respect to the
plan of distribution not previously disclosed in the
registration statement or any material change to such
information in the registration statement;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROVIDED, HOWEVER, that paragraphs (a)(1)(i) and (a)(1)(ii) do
not apply if the information required to be included in a post
effective amendment by those paragraphs is contained in periodic
reports filed by the registrant pursuant to section 13 or section
15(d) of the Securities Exchange Act of 1934 that are incorporated
by reference in the registration statement.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post effective amendment shall be
deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post effective
amendment any of the securities being registered which remain unsold at
the termination of the offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant&#146;s annual report pursuant to section 13(a) or section 15(d) of the
Securities Exchange Act of 1934 that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the


<P align="center" style="font-size: 10pt">5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Securities and Exchange Commission such indemnification is against public
policy as expressed in the Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the
payment by the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such
issue.



<P align="center" style="font-size: 10pt">6
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 " SIGNATURES" -->
<DIV align="left"><A NAME="011"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Seattle, State of Washington, on May&nbsp;17, 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>CRAY INC.</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left">/s/ James E. Rottsolk</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James E. Rottsolk<br>
President and Chief Executive Officer</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>Power of Attorney</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the undersigned hereby constitutes and appoints James E. Rottsolk,
Kenneth W. Johnson and Burton J. Smith, and each of them, his true and lawful
attorney-in-fact and agent, with full power of substitution, for him and in his
name, place and stead, in any and all capacities, to sign any or all amendments
or post-effective amendments to this Registration Statement, and any other
instruments or documents that said attorneys-in-fact and agents may deem
necessary or advisable, to enable Cray Inc. to comply with the Securities Act
of 1933, as amended, and any requirements of the Securities and Exchange
Commission in respect thereof, and to file the same, with all exhibits thereto,
with the Securities and Exchange Commission, in connection with the
registration under the Securities Act, of shares of Common Stock of Cray Inc.,
issuable pursuant to the 2004 Long-Term Equity Compensation Plan, granting unto
said attorneys-in-fact and agents and each of them full power and authority to
do and perform each and every act and thing requisite and necessary to be done,
as fully to all intents and purposes as he might or could do in person, hereby
ratifying and confirming all that each such attorney-in-fact and agent, or his
substitute, may lawfully do or cause to be done by virtue hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the
Registration Statement has been signed by the following persons in the
capacities indicated below on the 17th day of May&nbsp;2004:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signature and Title</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ James E. Rottsolk
<HR size="1" noshade>
James E. Rottsolk, Chairman of the
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Burton J. Smith
<HR size="1" noshade>
Burton J. Smith, Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Board and Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Daniel J. Evans
<HR size="1" noshade>
Daniel J. Evans, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Stephen C. Kiely
<HR size="1" noshade>
Stephen C. Kiely, Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Kenneth W. Kennedy, Jr.
<HR size="1" noshade>
Kenneth W. Kennedy, Jr., Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Frank L. Lederman
<HR size="1" noshade>
Frank L. Lederman</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Daniel C. Regis
<HR size="1" noshade>
Daniel C. Regis, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Scott J. Poteracki
<HR size="1" noshade>
Scott J. Poteracki</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial and Accounting Officer</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">8
</DIV>


</BODY>
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sv8
Table of Contents
As filed with the Securities and Exchange Commission on May ___, 2004
Registration No. 333-______
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
CRAY INC.
(Exact name of registrant as specified in its charter)
WASHINGTON
93-0962605
(State or other jurisdiction
of incorporation or organization)
(IRS Employer
Identification No.)
411 First Avenue South, Suite 600
Seattle, Washington 98104-21860
(Address of Principal Executive Offices)
Cray Inc. 2004 Long-Term Equity Compensation Plan
(Full title of plan)
Kenneth W. Johnson
Vice President-Legal Affairs, General Counsel and Secretary
CRAY INC.
411 First Avenue South, Suite 600
Seattle, Washington 98134
Tel.: (206) 701-2000
Fax: (206) 701-2500
(Name, address, telephone and facsimile numbers of agent for service)
Copy to:
L. John Stevenson
Stoel Rives LLP
600 University Street, Suite 3600
Seattle, Washington 98101
Tel.: (206) 624-0900
Fax: (206) 386-7500
Table of Contents
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Title of Securities to Be
Amount to Be
Offering Price Per
Aggregate Offering
Amount of
Registered
Registered(1)
Share (2)
Price (2)
Registration Fee
Common Stock $0.01 par value
5,500,000 Shares
$
6.94
$
38,170,000
$
4,836.14
(1)
Together with an indeterminate number of additional shares that may be necessary to adjust the number of
shares reserved for issuance pursuant to such employee benefit plan as the result of any future stock split,
stock dividend or similar adjustment of the registrant's outstanding Common Stock.
(2)
Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(h) and
(c) of the Securities Act of 1933, based on the high and low sales prices for the Common Stock on the Nasdaq
National Market System on May 11, 2004
2
TABLE OF CONTENTS
PART I            INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS
Item 1. Plan Information. *
Item 2. Registrant Information and Employee Plan Annual Information. *
PART II            INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents By Reference.
Item 4. Description of Securities.
Item 5. Interests of Named Experts and Counsel.
Item 6. Indemnification of Directors and Officers.
Item 7. Exemption From Registration Claimed.
Item 8. Exhibits.
Item 9. Undertakings.
SIGNATURES
EXHIBIT 5
EXHIBIT 23.1
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS
Item 1. Plan Information. *
Item 2. Registrant Information and Employee Plan Annual Information. *
*
Information required by Part I of Form S-8 to be contained in the Section
10(a) prospectus is omitted from this Registration Statement in accordance
with Rule 428 under the Act and the Note to Part I of Form S-8.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents By Reference.
The Securities and Exchange Commission (the "SEC" or the "Commission")
allows us to "incorporate by reference" our publicly filed reports into this
registration statement which means that information included in those reports
is considered part of this registration statement. Information that we file
with the SEC after the date of this registration statement will automatically
update and supersede the information contained in this registration statement.
We incorporate by reference the documents listed below and any future filings
made with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Securities
Exchange Act of 1934 until we have sold all the shares offered hereby or have
deregistered any shares then remaining unsold.
The following documents filed with the SEC are incorporated into this
statement by reference:
1)
Our Annual Report on Form 10-K for the year ended
December 31, 2003;
2)
Our Definitive Proxy Statement for the 2004 Annual
Meeting, as filed with the SEC on March 24, 2004;
3)
Our Quarterly Report on Form 10-Q for the quarter ended
March 31, 2004;
4)
Our Current Reports on Form 8-K filed on January 30,
February 26, April 2, April 30, May 10 and May 14, 2004; and
5)
The description of our common stock set forth in our
Registration Statement on Form SB-2 (Registration No.
33-95460-LA), including any amendment or report filed for the
purpose of updating such description, as incorporated by
reference in our Registration Statement on Form 8-A (Registration
No. 0-26820), including the amendment thereto on Form 8-A/A.
We will furnish without charge to you, on written or oral request, a copy
of any or all of
3
Table of Contents
the documents incorporated by reference, other than exhibits to such
documents. You should direct any requests for documents to Investor Relations,
Cray Inc., 411 First Avenue South, Suite 600, Seattle, Washington 98104,
Telephone (206) 701-2000.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Kenneth W. Johnson, our Vice President — Legal Affairs, General Counsel
and Corporate Secretary, is giving an opinion on the validity of the common
shares. As of the date of this prospectus, Mr. Johnson held 87,722 shares of
our common stock and options covering 430,200 shares of our common stock. Mr.
Johnson is eligible to receive awards under the Plan.
Item 6. Indemnification of Directors and Officers.
Article VII of our Restated Articles of Incorporation and Section 10 of
our Restated Bylaws require indemnification of directors and permit
indemnification of our officers, employees, and agents to the fullest extent
permitted by the Washington Business Corporation Act (the "WBCA"). Sections
23B.08.500 through 23B.08.600 of the WBCA authorize a court to award, or a
corporation's board of directors to grant, indemnification to directors and
officers on terms sufficiently broad to permit indemnification under certain
circumstances for liabilities arising under the Securities Act of 1933, as
amended.
Section 23B.08.320 of the WBCA authorizes a corporation to limit a
director's liability to the corporation or its shareholders for monetary
damages for acts or omissions as a director, except in certain circumstances
involving intentional misconduct, self-dealing or illegal corporate loans or
distributions, or any transaction from which the director personally receives a
benefit in money, property or services to which the director is not legally
entitled. Article VI of our Restated Articles of Incorporation contains
provisions implementing, to the fullest extent permitted by Washington law,
such limitations on a director's liability to us and our shareholders.
We maintain liability insurance for our directors and officers.
Item 7. Exemption From Registration Claimed.
Not applicable.
Item 8. Exhibits.
5
Opinion on Legality
10.1
2004 Long-Term Equity Compensation Plan*
23.1
Consent of Deloitte & Touche LLP
23.2
Consent of General Counsel (included in Exhibit 5)
4
Table of Contents
24
Power of Attorney (included on signature page hereof)
*
Incorporated by reference to the Company's definitive Proxy Statement for the
2004 Annual Meeting, as filed with the Commission on March 24, 2004.
Item 9. Undertakings.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being
made, a post effective amendment to this registration statement:
(i) To include any prospectus required by section 10(a)(3) of
the Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or
the most recent post effective amendment thereof) which,
individually or in the aggregate, represent a fundamental
change in the information set forth in the registration
statement;
(iii) To include any material information with respect to the
plan of distribution not previously disclosed in the
registration statement or any material change to such
information in the registration statement;
PROVIDED, HOWEVER, that paragraphs (a)(1)(i) and (a)(1)(ii) do
not apply if the information required to be included in a post
effective amendment by those paragraphs is contained in periodic
reports filed by the registrant pursuant to section 13 or section
15(d) of the Securities Exchange Act of 1934 that are incorporated
by reference in the registration statement.
(2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post effective amendment shall be
deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post effective
amendment any of the securities being registered which remain unsold at
the termination of the offering.
(b) The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to section 13(a) or section 15(d) of the
Securities Exchange Act of 1934 that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the
5
Table of Contents
Securities and Exchange Commission such indemnification is against public
policy as expressed in the Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the
payment by the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such
issue.
6
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Seattle, State of Washington, on May 17, 2004.
CRAY INC.
By:
/s/ James E. Rottsolk
James E. Rottsolk
President and Chief Executive Officer
7
Table of Contents
Power of Attorney
Each of the undersigned hereby constitutes and appoints James E. Rottsolk,
Kenneth W. Johnson and Burton J. Smith, and each of them, his true and lawful
attorney-in-fact and agent, with full power of substitution, for him and in his
name, place and stead, in any and all capacities, to sign any or all amendments
or post-effective amendments to this Registration Statement, and any other
instruments or documents that said attorneys-in-fact and agents may deem
necessary or advisable, to enable Cray Inc. to comply with the Securities Act
of 1933, as amended, and any requirements of the Securities and Exchange
Commission in respect thereof, and to file the same, with all exhibits thereto,
with the Securities and Exchange Commission, in connection with the
registration under the Securities Act, of shares of Common Stock of Cray Inc.,
issuable pursuant to the 2004 Long-Term Equity Compensation Plan, granting unto
said attorneys-in-fact and agents and each of them full power and authority to
do and perform each and every act and thing requisite and necessary to be done,
as fully to all intents and purposes as he might or could do in person, hereby
ratifying and confirming all that each such attorney-in-fact and agent, or his
substitute, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, the
Registration Statement has been signed by the following persons in the
capacities indicated below on the 17th day of May 2004:
Signature and Title
/s/ James E. Rottsolk
James E. Rottsolk, Chairman of the
/s/ Burton J. Smith
Burton J. Smith, Director
Board and Chief Executive Officer
/s/ Daniel J. Evans
Daniel J. Evans, Director
/s/ Stephen C. Kiely
Stephen C. Kiely, Director
/s/ Kenneth W. Kennedy, Jr.
Kenneth W. Kennedy, Jr., Director
/s/ Frank L. Lederman
Frank L. Lederman
/s/ Daniel C. Regis
Daniel C. Regis, Director
/s/ Scott J. Poteracki
Scott J. Poteracki
Chief Financial and Accounting Officer
8