Cerebras Systems Data Centers, Capex and GPU Pricing
Cerebras raised a $1.1 billion Series G at an $8.1 billion post-money valuation in September 2025 and $1 billion in February 2026 at a $23 billion valuation, identified as a Series H, and re-filed its S-1 on April 17, 2026 targeting a Nasdaq listing under CBRS at approximately a $23 billion valuation after withdrawing its first IPO following a 14-month CFIUS review. Its dominant contract is with OpenAI, valued by Cerebras at more than $20 billion with up to 750MW through 2028, plus a $1 billion OpenAI working capital loan. Remaining performance obligations stood at $24.6 billion at December 31, 2025.
Reported and guided spending
Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent, and guidance is what management expects. They sit side by side and are never combined.
| Period | Kind | Amount | As stated | Sources |
|---|---|---|---|---|
| as of 12/31/2025 | backlog | ~$24.6B | $24.6 billion of remaining performance obligations, only 15% expected to be recognized in 2026-2027 |
|
| FY2025 | reported | ≥$510M | 2025 revenue of $510 million (+76%); GAAP net income $87.9 million (Futurum reports $237.8 million GAAP net income driven by a $363.3 million non-cash G42 liability restructuring gain, and a $75.7 million non-GAAP net loss) |
|
| FY2024 | reported | $-483300K | 2024 net loss of $481.6-485 million (midpoint of the verbatim range recorded as a loss) |
Where Cerebras Systems builds
| Site | State | Place | Capital | MW | Status | Sources |
|---|---|---|---|---|---|---|
Dallas datacenter announced March 11, 2025 |
Texas | Dallas | n.a. | n.a. | operating | |
Minneapolis datacenter Q2 2025 |
Minnesota | Minneapolis | n.a. | n.a. | announced | |
Montreal datacenter Q3 2025 |
Quebec | Montreal | n.a. | n.a. | announced | |
Oklahoma City datacenter Q3 2025 |
Oklahoma | Oklahoma City | n.a. | n.a. | announced | |
Santa Clara datacenter announced March 11, 2025 |
California | Santa Clara | n.a. | n.a. | operating | |
Stockton datacenter announced March 11, 2025 |
California | Stockton | n.a. | n.a. | operating |
Financing transactions
Transactions that name Cerebras Systems as a party or attach to one of its named sites. Amounts are as stated, and overlapping commitments are never summed.
| Parties | Instrument | Amount | Date | Site | Sources |
|---|---|---|---|---|---|
OpenAI + Cerebras The dominant Cerebras contract, calling for up to 750MW of capacity through 2028. |
other | ≥$20.0B | capacity from 2026 through 2028 |
n.a. |
|
Cerebras + Fidelity + Atreides Management Series G led by Fidelity and Atreides Management. |
equity raise | $1.1B | September 30, 2025 |
n.a. |
|
Cerebras Raise preceding the April 2026 S-1 re-filing. |
equity raise | $1.0B | February 2026 |
n.a. |
|
OpenAI + Cerebras OpenAI extended a working capital loan to Cerebras tied to capacity delivery. |
debt facility | $1.0B | January 2026 |
n.a. |
|
Zone Frontier Inc. (formerly CleanCore Solutions) + Cerebras Systems Zone Frontier, which dropped its cleaning products and Dogecoin treasury businesses in June 2026 to build AI data centers, holds a binding ten-year lease with Cerebras Systems for its Minnesota campus, which is under construction. The company expects at least 55 MW of utility power and 40 MW of critical IT load online by the end of the second calendar quarter of 2027. The 10-K does not name the Minnesota town, so no site row is created. |
lease | ≥$800M | Backfill (not previously recorded). Announced 29 July 2026; Minnesota campus acquisition completed 23 July 2026 (company Form 10-K for fiscal year ended 30 June 2026) |
n.a. |
|
Cerebras + Morgan Stanley Morgan Stanley revolving credit facility disclosed in the S-1. |
debt facility | $250M | per April 2026 S-1 |
n.a. |
Sourced facts on Cerebras Systems
- Cerebras withdrew its first IPO in October 2025 after a 14-month CFIUS review of its largest customer's investment, then re-filed a Form S-1 on April 17, 2026 targeting a Nasdaq listing under CBRS at approximately a $23 billion valuation.
- Customer concentration shifted from 87% of H1 2024 revenue from G42 to 24% from G42 plus 62% from MBZUAI in 2025; Amazon is able to buy approximately $270 million of Class N stock; the company had 708 employees.
- An earlier CNBC report placed the OpenAI deal at more than $10 billion over 750MW through 2028, versus the later more-than-$20-billion valuation of the relationship.
- 85% of the capacity from the six datacenters announced March 11, 2025 is in the US.
Cerebras Systems prices
Every price the Index tracks for Cerebras Systems, in the provider's own words beside a normalized figure, with the date it was last checked. What AI Costs compares them across the market.
| Seller | Model | Input | Cached input | Output | Revenue per GPU-hour at list | Other published prices | Change | Checked |
|---|---|---|---|---|---|---|---|---|
| Cerebras | Qwen3.8-27BModel by Qwen | $0.99 | n.a. | $1.49 | n.a. | None published | No change | FeedOct 27, 2026huggingface.co ↗ |
| Cerebras | gpt-oss-120b | $0.35 | n.a. | $0.75 | n.a. | None published | No change | ResearchOct 21, 2026inference-docs.cerebras.ai ↗ |
| Cerebras | gpt-oss-120bModel by openai | $0.35 | n.a. | $0.75 | n.a. | None published | No change | FeedOct 27, 2026huggingface.co ↗ |
Revenue per GPU-hour is SAVRN's calculation, not a price any seller charges: the 6.83 million input and 0.85 million output tokens one Vera Rubin GPU handles in an hour in CoreWeave's measured test, billed at this model's list prices. It puts a token price beside a GPU rental price; it says nothing about how fast this model actually runs.
Sources for Cerebras Systems
Every source cited on this page, once each.
- cerebras.aiCerebras
- cnbc.comCNBC
- cnbc.comCNBC
- cerebras.aiCerebras
- futurumgroup.comFuturum
- sec.govZone Frontier Form 10-K for fiscal year ended 30 June 2026 (SEC)
- huggingface.cohuggingface.co
- inference-docs.cerebras.aiinference-docs.cerebras.ai
- huggingface.cohuggingface.co
More in the Index
Capital figures come from the Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so each figure appears as its source states it and none are added into a single deployment number. Informational, not investment advice.
Seven references, one system
Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it.