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StocksMediumUpdated•Originally published 5 September 2026•Updated 6 September 2026•
2 min read

Cerebras Reports $25.4 Billion in Remaining Performance Obligations, Much Tied to OpenAI

Key Facts

1Second-quarter core revenue rose 103% to $209.9 million, while GAAP revenue reached $180.1 million, up 74%.
2Remaining performance obligations were $25.4 billion at June 30, 2026, with a significant amount tied to the OpenAI agreement.
3The OpenAI agreement commits it to purchase 750 megawatts in 3 tranches of 250 megawatts due by the end of 2026, 2027 and 2028.
4Cerebras forecasts core revenue of $214 million to $216 million for the third quarter and $880 million to $890 million for 2026.

Cerebras said core revenue for the second quarter ended June 30, 2026 rose 103% year over year to $209.9 million. Revenue under generally accepted accounting principles, or GAAP, was $180.1 million, up 74%, according to results released on August 12, 2026.

The distinction matters when assessing the growth rate. Core revenue is a non-GAAP measure that excludes, among other items, non-cash customer-warrant amortization, stock-based compensation and data-center pass-through revenue. The expansion also came primarily from cloud and other services, not hardware sales alone.

The company had $25.4 billion in remaining performance obligations as of June 30, 2026, with a significant amount tied to its master relationship agreement with OpenAI. The balance includes deferred revenue and amounts Cerebras expects to invoice and recognize as revenue in future periods.

The Cerebras-OpenAI agreement became effective on December 24, 2025 and commits OpenAI to purchase 750 megawatts of inference capacity and related services. The delivery schedule calls for 250 megawatts by the end of 2026, another 250 megawatts by the end of 2027 and a further 250 megawatts by the end of 2028.

Remaining performance obligations are not the same as recognized revenue or immediately available cash. Cerebras expects to recognize about 22% of the balance during the 24 months ending June 30, 2028, about 43% during months 25 through 48 and the remainder afterward, although delivery timing and customer requests could change that schedule.

Execution and customer concentration remain central risks. MBZUAI accounted for about 34% of second-quarter revenue and G42 for about 9%, while Cerebras said the OpenAI agreement represents a substantial portion of projected revenue over the next several years. OpenAI may terminate part or all of the agreement if Cerebras misses specified delivery milestones or service levels.

Looking ahead, Cerebras forecasts core revenue of $214 million to $216 million for the third quarter and $880 million to $890 million for full-year 2026. It also projects a negative full-year core operating margin of 19% to 17%, making capacity deployment and the conversion of obligations into recognized revenue the next key tests.