Cerebras Systems is behind schedule on the first 250 MW of inference capacity it is due to provide OpenAI by the end of 2026. The company attributes the delay not to its chips but to slower-than-planned contracting and construction of the data centers needed to house them, describing the pace of securing facilities as moving at “the speed of real estate.” The master agreement signed on December 24, 2025 covers 750 MW in three equal tranches through the end of 2028, with an estimated value of more than $20 billion and an option for an additional 1.25 GW by 2030. Despite strong cloud revenue growth and a backlog exceeding $25 billion, Cerebras needs to bring physical capacity online on time to avoid postponing the conversion of that backlog into recognized revenue.
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