Cerebras Has a $25.4 Billion Backlog, and One OpenAI Agreement Is Behind Much of It
Key PointsCerebras grew its second-quarter adjusted revenue 103% year over year to $209.9 million.
Cerebras Systems, an artificial intelligence (AI) computing specialist, reported a remarkable second quarter, with its non-GAAP revenue surging 103% year-over-year to $209.9 million. Management further raised its full-year revenue outlook to a range of $880 million to $890 million in adjusted revenue. However, the most striking figure from the company's August update was its backlog of contracted work, amounting to $25.4 billion in remaining performance obligations.
This staggering backlog is nearly 29 times Cerebras' projected revenue for all of 2026, primarily driven by data center costs passed on to OpenAI through one significant agreement.
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