Cerebras Systems reports $25.4 billion backlog driven by OpenAI deal

Cerebras Systems reported a significant second-quarter performance, with non-GAAP revenue growing 103% year-over-year to $209.9 million. The AI computing specialist ended June with a $25.4 billion backlog of contracted work. A substantial portion of this backlog is attributed to a master relationship agreement with OpenAI, which involves a commitment from OpenAI to purchase 750 megawatts of computing capacity for AI inference, a deal valued at over $20 billion. OpenAI also holds an option for an additional 1.25 gigawatts of capacity through 2030.

Separately, Credo Technology Group reported 115% year-over-year revenue growth. Despite increased research and development spending, the company maintained a 48.2% non-GAAP operating margin. Management has projected fiscal 2027 growth exceeding 85%, with optical revenue expected to surpass $600 million.