TLDR
Cerebras Systems landed a contract worth over $10 billion to supply OpenAI with computing power through 2028.
The deal provides 750 megawatts of capacity to run ChatGPT and other OpenAI products with faster response times.
Cerebras previously relied on G42 for 87% of its revenue and now has a second major customer.
The chipmaker withdrew its IPO filing in October but CEO Andrew Feldman says the company will refile soon.
OpenAI evaluated Cerebras chips as far back as 2017 before signing the term sheet in late 2024.
Cerebras Systems has secured a multiyear agreement with OpenAI to deliver computing infrastructure. The contract runs through 2028 and is valued at more than $10 billion.
Exclusive: OpenAI has struck a multibillion-dollar agreement to buy computing capacity from startup Cerebras Systems, which is backed by CEO Sam Altman https://t.co/c7Ej8A9Vgl
— The Wall Street Journal (@WSJ) January 14, 2026
Under the terms, Cerebras will provide up to 750 megawatts of computing power. OpenAI plans to use this capacity to operate ChatGPT and its other AI services.
The partnership aims to improve speed and reduce delays in AI responses. Sachin Katti from OpenAI’s compute infrastructure team said Cerebras offers a low-latency solution for their platform.
OpenAI currently relies heavily on Nvidia for its computing needs. Nvidia controls most of the AI chip market and reached a $5 trillion market cap in October.
Cerebras manufactures wafer-scale processors designed for AI workloads. These large chips process tasks without combining thousands of smaller units like traditional setups require.
Customer Diversification
The OpenAI contract helps Cerebras reduce its dependence on a single customer. G42, a United Arab Emirates tech firm, generated 87% of Cerebras revenue in early 2024.
CEO Andrew Feldman told CNBC that landing a second major customer was a key milestone. He said the strategy involves keeping the first customer satisfied while winning additional ones.
Cerebras serves other clients including IBM, Cognition, and Hugging Face. The Committee on Foreign Investment in the United States approved Cerebras selling shares to G42 in March 2025.
IPO Plans and Financials
Cerebras filed paperwork for a public offering in September 2024. The filing showed second quarter revenue near $70 million, up from about $6 million a year earlier.
Net losses increased to almost $51 million from $26 million in the same quarter. The company withdrew its IPO documents in October after raising $1.1 billion at an $8.1 billion valuation.
Feldman said the withdrawal allowed the company to update its financial data. He wrote on LinkedIn that the business had improved and needed fresh information for potential investors.
The CEO declined to provide a timeline for refiling. He said the revised documents would better explain the business and its approach to the changing AI landscape.
Deal Origins
Conversations between OpenAI and Cerebras started in August. The talks followed a demonstration showing OpenAI’s open-source models ran efficiently on Cerebras hardware.
OpenAI first looked at Cerebras technology in 2017. This early evaluation came to light through emails in litigation between Sam Altman and Elon Musk.
Musk tried to acquire Cerebras in 2018. Feldman said the company believed the offer was tied to Tesla at the time.
The companies signed a term sheet right before Thanksgiving. Cerebras will expand its data center footprint to fulfill the OpenAI commitment.
The 750-megawatt capacity matches the output of multiple large data centers. OpenAI CEO Sam Altman has discussed plans to invest up to $1.4 trillion in computing infrastructure.
Cerebras operates facilities in the United States and internationally. The company will continue building out locations to support the contract.
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