🔥OpenAI and Cerebras sign procurement agreement worth over $20 billion to obtain up to 10% equity


An exclusive report by The Information says that OpenAI has signed a three-year compute procurement agreement with AI chip company Cerebras, with a value of at least $20 billion—more than double the $10 billion scale disclosed publicly in January of this year. As consideration, OpenAI will receive warrants for a minority stake in Cerebras; if OpenAI’s three-year procurement spending hits the $30 billion cap, the corresponding percentage can rise to 10%. OpenAI also provides Cerebras with about $1 billion, specifically to fund the construction of data centers to be used by OpenAI. The agreement is structured in the form of a “working capital deposit”: OpenAI can put the $1 billion into data…
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