OpenAI has reportedly agreed to spend more than $20 billion over the next three years to use servers powered by Cerebras chips. According to The Information, OpenAI’s total spending with Cerebras could reach $30 billion, and the deal may also give the ChatGPT maker a 10% stake in the company. The OpenAI deal matters because it shows big AI players are starting to look beyond Nvidia (NVDA), which could slowly change the way the AI chip market operates.
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Forget margin or options. Here's how the pros trade NVDAFor context, Cerebras Systems is a U.S.-based AI hardware company that builds specialized chips designed to train large AI models faster and more efficiently. Its key product is the Wafer-Scale Engine (WSE) — one of the largest chips ever built. Cerebras takes a different approach by using a single large chip instead of thousands of smaller GPUs, helping reduce complexity and speed up AI training.
Building Beyond Nvidia
The move comes as OpenAI looks to stay ahead in the AI race and meet rising demand for computing power. Earlier this year, the company also agreed to purchase up to 750 megawatts of computing capacity from Cerebras in a separate deal worth over $10 billion.
That said, Nvidia remains a key partner for OpenAI. In 2025, OpenAI also signed agreements with Nvidia, AMD (AMD), and Broadcom (AVGO), and Nvidia’s role is still central to its overall chip strategy. In fact, Nvidia has a much larger commitment, including a deal to supply up to 10 gigawatts of chips to OpenAI.
OpenAI has positioned the Cerebras deal as part of a broader strategy, adding a specialized, low-latency solution while continuing to rely heavily on existing partners.
Details on the Latest Deal
The report further stated that OpenAI will receive warrants for a minority stake in Cerebras, with its ownership likely to increase as it spends more. It also said OpenAI plans to provide around $1 billion to help fund data centers that will support its AI systems. Notably, the agreement highlights the growing demand for computing power needed for inference—the process AI models use to generate responses.
Meanwhile, the partnership with OpenAI is key to Cerebras’ plans to go public, with the company targeting an IPO in the second quarter of this year.
Although OpenAI remains a private company, investors can still monitor its performance and key developments through TipRanks’ Private Companies Center. Below is a screenshot for reference.
