OpenAI has signed an agreement estimated to be worth more than $10 billion with Cerebras Systems, a startup that designs advanced AI chips dedicated to one thing: running AI models as fast as possible. It is a unique alliance not only because of that change of focus, but because there is a conflict of interests.
what has happened. The firm led by Sam Altman has committed to purchasing 750 MW of computing capacity over the next three years from Cerebras. Sources cited in The Wall Street Journal indicate that this alliance has an estimated value of more than $10 billion. We are therefore facing an operation extraordinary in size, but peculiar in form and substance.
What Cerebras does. The firm based in Sunnyvale, California, was founded in 2015 by former engineers from SeaMicro, purchased in 2012 by AMD. The startup designs artificial intelligence chips specifically aimed at the inference stage of AI models, that is, executing them.
More tokens per second please. When we use ChatGPT or any AI model, what we are looking at is an AI model using inference. Some “write” faster than others, and that speed of displaying text in responses is measured in tokens per second. Typically NVIDIA chips are great for the training phase, but not so much for the inference phase. Chips from companies like Cerebras —or those of the well-known Groqwhich has just been “bought” by NVIDIA—are precisely designed to run those models at full speed and obtain very high token per second speeds.
The AI is already good. Now she wants to be fast. NVIDIA’s recent “purchase” of Groq makes it clear that Jensen Huang’s company wanted the ability to offer those ultra-fast inference chips, and now OpenAI seems to want something very similar with its deal with Cerebras. AI models have already achieved remarkable performance in many scenarios, and although they are not perfect, now companies want them to not only work well, but also work very very fast and their responses, even if they are long, appear almost instantly.
OpenAI wants more computing power. This operation also helps Sam Altman’s company with another objective: to obtain (and reserve) as much computing capacity as possible in anticipation of the fact that demand for these AI models will grow non-stop in the coming months and years. According to WSJ OpenAI already has more than 900 million weekly users, and its managers have frequently commented that they continue to have computing capacity problems.
Brains grow. This agreement reinforces Cerebras’ position in a market that clearly demands this type of solutions. The firm is negotiating a $1 billion investment round that would bring its market valuation to $22 billion, tripling the current valuation, which is around $8.1 billion. In the past it has raised $1.8 billion according to PitchBook.
Conflict of interest. This agreement also draws attention for an important aspect: Sam Altman, CEO of OpenAI, is also an investor in Cerebras (he is at the bottom of this Cerebras website) and indeed your company At one point he considered acquiring Cerebras although in the end that operation did not bear fruit. We are therefore faced with an operation that theoretically benefits Altman on both sides, which is worrying.
How will OpenAI pay for this party? This new agreement once again triggers the debate about OpenAI’s ability to meet its credit and debt obligations. In 2025 it generated about 13,000 million dollars in income, but that enormous amount remains minuscule if we take into account that the contracts it signed with OracleMicrosoft or Amazon They amount to about 600,000 million dollars that will have to end up getting from somewhere. Where from? It’s a good question. We’ll see if they can end up answering it.
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