# Cerebras Systems Data Center Capex and Sites Source: https://savrn.com/data-center-capital-atlas/company/cerebras Markdown alternate of the page above; the site index is https://savrn.com/llms.txt --- 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 Open the California investment tracker → 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 datacenterannounced March 11, 2025 | [Texas](https://savrn.com/data-center-capital-atlas/texas) | Dallas | n.a. | n.a. | operating | | | Minneapolis datacenterQ2 2025 | [Minnesota](https://savrn.com/data-center-capital-atlas/minnesota) | Minneapolis | n.a. | n.a. | announced | | | Montreal datacenterQ3 2025 | Quebec | Montreal | n.a. | n.a. | announced | | | Oklahoma City datacenterQ3 2025 | [Oklahoma](https://savrn.com/data-center-capital-atlas/oklahoma) | Oklahoma City | n.a. | n.a. | announced | | | Santa Clara datacenterannounced March 11, 2025 | [California](https://savrn.com/data-center-capital-atlas/california) | Santa Clara | n.a. | n.a. | operating | | | Stockton datacenterannounced March 11, 2025 | [California](https://savrn.com/data-center-capital-atlas/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 + CerebrasThe 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 ManagementSeries G led by Fidelity and Atreides Management. | equity raise | $1.1B | September 30, 2025 | n.a. | | | CerebrasRaise preceding the April 2026 S-1 re-filing. | equity raise | $1.0B | February 2026 | n.a. | | | OpenAI + CerebrasOpenAI 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 SystemsZone 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 StanleyMorgan 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](https://savrn.com/data-center-capital-atlas/sources). - cerebras.ai[Cerebras](https://www.cerebras.ai/press-release/cerebras-announces-six-new-ai-datacenters-across-north-america-and-europe-to-deliver-industry-s) - cnbc.com[CNBC](https://www.cnbc.com/2026/04/17/cerebras-new-ipo-ai-chips.html) - cnbc.com[CNBC](https://www.cnbc.com/2026/01/14/cerebras-scores-openai-deal-worth-over-10-billion.html) - cerebras.ai[Cerebras](https://www.cerebras.ai/press-release/series-g) - futurumgroup.com[Futurum](https://futurumgroup.com/insights/cerebras-s-1-teardown-is-the-23b-wafer-scale-ipo-the-end-of-gpu-homogeneity/) - sec.gov[Zone Frontier Form 10-K for fiscal year ended 30 June 2026 (SEC)](https://www.sec.gov/Archives/edgar/data/1956741/000121390026104157/ea0306318-10k_zone.htm) ### NeoCloud and GPU cloud: one page each [Applied Digital 5](https://savrn.com/data-center-capital-atlas/company/applied-digital)[Bitdeer Technologies Group 2](https://savrn.com/data-center-capital-atlas/company/bitdeer)[Cerebras Systems 6](https://savrn.com/data-center-capital-atlas/company/cerebras)[Cipher Digital Inc. 0](https://savrn.com/data-center-capital-atlas/company/cipher-digital)[Core Scientific 2](https://savrn.com/data-center-capital-atlas/company/core-scientific)[CoreWeave 4](https://savrn.com/data-center-capital-atlas/company/coreweave)[Corvex, Inc. 0](https://savrn.com/data-center-capital-atlas/company/corvex)[Crusoe Energy 5](https://savrn.com/data-center-capital-atlas/company/crusoe-energy)[Fluidstack 2](https://savrn.com/data-center-capital-atlas/company/fluidstack)[Galaxy Digital Inc. 1](https://savrn.com/data-center-capital-atlas/company/galaxy-digital)[Groq 1](https://savrn.com/data-center-capital-atlas/company/groq)[Hut 8 Corp. 1](https://savrn.com/data-center-capital-atlas/company/hut8)[IREN 1](https://savrn.com/data-center-capital-atlas/company/iren)[Lambda (Lambda Labs) 2](https://savrn.com/data-center-capital-atlas/company/lambda)[Nebius Group 4](https://savrn.com/data-center-capital-atlas/company/nebius-group)[Nscale 2](https://savrn.com/data-center-capital-atlas/company/nscale)[Poolside 1](https://savrn.com/data-center-capital-atlas/company/poolside)[SambaNova Systems 0](https://savrn.com/data-center-capital-atlas/company/sambanova)[Sesterce 3](https://savrn.com/data-center-capital-atlas/company/sesterce)[TeraWulf 1](https://savrn.com/data-center-capital-atlas/company/terawulf)[Together AI 0](https://savrn.com/data-center-capital-atlas/company/together-ai)[Voltage Park 6](https://savrn.com/data-center-capital-atlas/company/voltage-park)[Vultr 1](https://savrn.com/data-center-capital-atlas/company/vultr)[WhiteFiber, Inc. 2](https://savrn.com/data-center-capital-atlas/company/whitefiber) The figure beside each provider is its count of named sites in the atlas. Part of the [North American Data Center Capital Atlas](https://savrn.com/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. The SAVRN reference set ## 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. Delay Watchlist Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue. [Open the watchlist →](https://savrn.com/data-center-delay-tracker) Moratorium Tracker The policy layer: every state measure and local moratorium mapped and cited, with one page per state. Open the tracker → Water Tracker Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger. Open the water tracker → Grid Operator Watchlist ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize. Open the watchlist → Permits and Power Development Data center and substation permits, large loads in the interconnection queues, and the power plants planned to serve them, refreshed hourly from public records. Open the permits tracker → SAVRN Scarcity Tracker Eleven primary-sourced indicators of AI infrastructure scarcity, one composite index, read against the token index, SAVRN's own cost basis and the frontier ceiling. Open the scarcity tracker → Have a specific address? Site Intelligence reads all seven references against one location, county, utility and grid operator included, and cites every finding. [Check an address →](https://savrn.com/site-intelligence)