Home / Business and Economy / Cerebras AI Backlog Tops $25B, Fueled by OpenAI
Cerebras AI Backlog Tops $25B, Fueled by OpenAI
6 Sep
Summary
- Cerebras Systems reported over $25.4 billion in remaining performance obligations.
- A single agreement with OpenAI represents a significant portion of the backlog.
- The company expects to recognize approximately 22% of the backlog in two years.
Cerebras Systems has announced an impressive second quarter, with adjusted revenue soaring 103% year-over-year to $209.9 million. The company's inference cloud business experienced nearly quadrupled growth, leading management to raise its full-year revenue outlook to between $880 million and $890 million.
However, the most notable figure is Cerebras' backlog of $25.4 billion in remaining performance obligations as of June 2026. This substantial backlog is significantly influenced by a master relationship agreement signed with OpenAI in December 2025, committing OpenAI to purchase 750 megawatts of computing capacity for AI inference, valued at over $20 billion.
This backlog has accumulated over time, with minimal growth in the first half of 2026. Cerebras recognized $56.8 million in revenue under the OpenAI agreement during the second quarter, representing about 32% of its GAAP revenue. The conversion of this backlog into recognized revenue will be gradual, with only an estimated 22% expected within the next 24 months, followed by another 43% in the subsequent two years.
The company's latest filings indicate that a significant portion of the remaining performance obligations is directly tied to the terms of the OpenAI agreement. This strategic partnership highlights the growing demand for specialized AI computing infrastructure and positions Cerebras to benefit from long-term revenue streams.
