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Cerebras Systems has a $25.4 billion backlog, with over $20 billion from an OpenAI agreement for 750 megawatts of computing capacity.
The AI computing specialist's remaining performance obligations reached $25.4 billion by the end of June, largely driven by a December 2025 master agreement with OpenAI. Under this deal, OpenAI committed to purchase 750 megawatts of computing capacity for AI inference, valued at over $20 billion. Cerebras expects to recognize approximately 22% (about $5.6 billion) of this backlog as revenue by mid-2028. OpenAI also provided a $1 billion working capital loan to Cerebras in January.
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