OpenAI MRA ramping: Cerebras recognized $56.8M in Q2 2026 revenue (net of $2.5M warrant amortization) under the December 2025 Master Relationship Agreement for 750MW of AI inference compute capacity, with deployment in tranches across 2026-2028 and an option for an additional 1.25GW by end of 2030. In June 2026, the vesting condition for 5,574,171 shares of Class N common stock under the OpenAI Warrant was satisfied; a further tranche of 10,033,508 shares was partially exercised in July 2026 (subsequent event). The $1.0B Working Capital Loan funded in January 2026 stood at $918.2M after $86.3M in non-cash service credits; no cash payments made to date. Remaining performance obligations totaled $25.4B, predominantly attributable to the OpenAI MRA, with ~22% expected to be recognized over the first 24 months and 43% over months 25-48.
AWS partnership initiated: In June 2026, Cerebras entered a global hardware leasing agreement with Amazon Web Services to collaborate on developing and deploying a joint compute solution in AWS data centers, along with related software and support services. As of June 30, 2026, lease commencement conditions had not been satisfied and no revenue was recognized. Cerebras also issued an AWS Warrant for up to 2,696,678 shares of Class N common stock at a $100.00 exercise price (grant-date fair value $185.38/share); 269,668 shares vested immediately, with the remainder vesting in tranches upon specified payment thresholds over five years.
Revenue mix shifted decisively toward cloud and services: Q2 2026 total revenue was $180.1M (+74% YoY), with cloud and other services at $126.0M (70% of revenue, +281% YoY) and hardware at $54.1M (30%, -23% YoY). The hardware decline was driven by $28.0M in customer warrant asset amortization reducing reported revenue; underlying hardware revenue under existing customer arrangements increased $11.9M. Customer B (OpenAI) represented 32% of Q2 revenue, Customer A (MBZUAI) 34% (down from 70% in Q2 2025), and Customer C 10%. Two customers accounted for 76% of accounts receivable at quarter-end.
Data center infrastructure buildout accelerated: Cerebras executed non-cancelable lease agreements in Q2 2026 for additional data center capacity with ~$1.5B in aggregate undiscounted future minimum lease payments (commencement dates in 2026, not yet reflected on the balance sheet). A further ~$753M in data center leases were executed in Q3 2026 (subsequent event). Total operating lease obligations on the balance sheet were $690.3M, and construction-in-progress assets grew to $604.0M from $163.5M at year-end, reflecting substantial capital deployment. Total lease costs for Q2 were $71.7M (vs. $25.9M in Q2 2025).
IPO completed and capital structure reformed: Cerebras closed its IPO on May 15, 2026, selling 34.5M shares of Class A common stock at $185.00/share for ~$6.2B in net proceeds. All 113.3M shares of redeemable convertible preferred stock converted into 124.7M Class B shares (20 votes/share) immediately prior to the IPO. The revolving credit facility was upsized from $250M (limited to standby letters of credit) to $850M for general corporate purposes on June 17, 2026, maturing April 2031; no borrowings as of quarter-end. Combined cash, restricted cash, and marketable securities totaled ~$8.6B.
G42 warrant exercised and customer warrant amortization ongoing: Cerebras issued a new G42 Warrant in April 2026 for 1,655,975 Class N shares at $0.01/share, which was exercised in full during the quarter. Total customer warrant assets on the balance sheet reached $1.1B (vs. $152.4M at year-end) and are being amortized as a reduction in revenue in proportion to related revenue through October 2031, reducing reported revenue by $44.3M in Q2 2026. The company also recorded $11.8M in inventory write-downs for Q2 related to the transition to its next-generation product offering.
(Filed on June 24, 2026)
+94.4%
44.6%
$1.7B
OpenAI MRA progress: Began recognizing revenue under the December 2025 Master Relationship Agreement in Q1 2026 ($16.9M, net of $0.8M customer-warrant amortization). OpenAI funded a ~$1.0B secured Working Capital Loan in January 2026 (6% fixed rate, matures by Dec 31, 2032, repayable via service fees, compute, hardware, or pass-throughs); $21.7M of non-cash credits had been applied by quarter-end. The initial warrant tranche (4.46M Class N shares) vested upon loan funding. Remaining performance obligations totaled $25.0B, substantially attributable to the MRA, with ~16% expected to be recognized in the first 24 months. The 750MW Committed Capacity is scheduled for deployment in tranches across 2026–2028; OpenAI holds an option for an additional 1.25GW (total potential 2.0GW) by end of 2030.
Q1 operating metrics and revenue-mix shift: Total revenue was $193.4M (up 94% YoY). Cloud and other services revenue grew 178% to $82.8M (42.8% of total, vs. 30.0% a year earlier), driven by cloud inference demand, a growing installed hardware base, and $4.1M in new pass-through data-center costs under the OpenAI arrangement. Hardware revenue rose 59% to $110.6M. Gross margin improved to 44.6% (from 41.8%); net loss narrowed to $14.0M (from $23.9M), and core net loss (excluding stock-based compensation, pass-throughs, and warrant amortization) was $2.5M. A $2.3M inventory write-down was recorded related to the transition to the next-generation product offering.
Data-center infrastructure buildout: Construction in progress nearly doubled to $294.7M (from $163.5M at year-end 2025); net property and equipment grew to $572.4M. Cerebras executed non-cancelable data-center leases with 2026 commencement dates carrying ~$2.3B in aggregate undiscounted minimum payments (not yet recorded on the balance sheet) and a Canadian data-center lease (expected Q2 2026 start, with the lessor purchasing $15M of Class N stock). Total operating-lease commitments reached $460.3M over remaining terms through 2031.
Customer-concentration shift: MBZUAI (related to G42) rose to 63% of Q1 revenue (from 24% in Q1 2025) while G42 declined to 11% (from 64%). Three customers held 86% of accounts receivable at quarter-end. The filing notes that the OpenAI MRA represents a substantial portion of projected multi-year revenues and that exclusivity provisions in customer agreements restrict sales to certain named competitors.
AWS strategic collaboration (subsequent event, June 2026): Entered a commercial agreement with AWS for a joint compute solution deployed in AWS data centers, encompassing an initial multi-year system lease, future procurement options, pricing commitments, exclusivity provisions, and minimum manufacturing-capacity guarantees. Concurrently issued a warrant to Amazon for up to 2,696,678 Class N shares at $100/share (269,668 vested immediately; remaining 2,427,010 vest upon aggregate-payment thresholds through 2031; expires June 2033). The filing cautions the commitments may limit flexibility to serve other customers and create excess-inventory risk if AWS does not expand purchases.
Capital position and subsequent IPO: Q1 financing raised ~$2.0B in cash (Series H preferred stock $1.0B at $89.02/share + OpenAI Working Capital Loan $1.0B), lifting total cash, equivalents, and restricted cash to $2.7B. In January 2026 the G42 warrant (1,857,516 Class N shares at $0.01) was exercised in full. Subsequent to quarter-end, Cerebras completed its IPO on May 15, 2026, selling 34.5M Class A shares at $185 for ~$6.2B in net proceeds; all outstanding preferred and pre-IPO Class A shares converted to 185.1M Class B shares (20 votes/share). A revolving credit facility (initially $250M, upsized to $850M post-IPO) was entered in April 2026.
