SAVRN Research · Capital Atlas · NeoCloud and GPU cloud
Cerebras Systems Data Center Capex and Sites
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.
Cerebras Systems
NeoCloud and GPU cloud
Financing regimelate-stage venture equity plus customer working-capital loan, moving toward IPO with a Morgan Stanley revolver
Named sites
6
Site-level commitments the atlas ties to Cerebras Systems
Disclosed site capital
n.a.
Sum of named sites with a stated dollar figure. Not a capex total; see the spending table
Disclosed capacity
n.a.
Sum of named sites with a stated megawatt figure
Financing transactions
6
Transactions naming Cerebras Systems or tied to one of its sites
Spending
Reported and guided spending
Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent; guidance is what management said it expects. They are shown side by side and 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) |
Named sites
Where Cerebras Systems builds
California
2 sites
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Minnesota
1 site
Open the Minnesota investment tracker →
Oklahoma
1 site
Open the Oklahoma investment tracker →
Quebec
1 site
Texas
1 site
Open the Texas investment tracker →
| 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
Financing transactions
Transactions that name Cerebras Systems as a party or attach to one of its named sites. Amounts are as stated; 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. |
The record
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.
Sources
Sources for Cerebras Systems
Every source cited on this page, once each. The full atlas source register is at Capital Atlas sources.
NeoCloud and GPU cloud: one page each
Applied Digital 5Bitdeer Technologies Group 2Cerebras Systems 6Cipher Digital Inc. 0Core Scientific 2CoreWeave 4Corvex, Inc. 0Crusoe Energy 5Fluidstack 2Galaxy Digital Inc. 1Groq 1Hut 8 Corp. 1IREN 1Lambda (Lambda Labs) 2Nebius Group 4Nscale 2Poolside 1SambaNova Systems 0Sesterce 3TeraWulf 1Together AI 0Voltage Park 6Vultr 1WhiteFiber, Inc. 2
The figure beside each provider is its count of named sites in the atlas.
Part of the North American Data Center Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them into a single deployment number. Informational, not investment advice.
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