OpenAI to pay Cerebras over $20 billion for AI chips - and receives equity stake
What it really says
OpenAI has signed a deal with AI chip startup Cerebras worth more than $20 billion over three years to use servers powered by Cerebras chips. The deal doubles an earlier agreement from January 2026 worth $10 billion for 750 megawatts of computing capacity. In return, OpenAI receives warrants for a minority stake in Cerebras - at a total volume of $30 billion, these could represent up to 10 percent of the company. Additionally, OpenAI is providing approximately $1 billion to fund construction of data centres that will run OpenAI's AI products. Cerebras, last valued at $23.1 billion, plans an IPO in the second quarter of 2026 at a target valuation of approximately $35 billion.
Our assessment
The deal reveals two opposing trends. On one hand, diversification away from Nvidia is fundamentally positive: when a single chip manufacturer does not dominate the entire AI market, dependency risks and potential bottlenecks decrease. On the other hand, the sums are staggering: $20 billion for chips from a single company - roughly equivalent to the entire annual budget of Germany's Federal Ministry of Education and Research. The fact that OpenAI simultaneously becomes both customer and part-owner of Cerebras raises questions about market structure: when the largest AI companies buy into their suppliers, vertical power structures emerge that could restrict competition. For consumers, this means better and cheaper AI services in the short term through economies of scale - but in the long term, further concentration of AI infrastructure among a few US corporations.
Relevance for Germany
The deal highlights the growing gap between US and European AI investment. While OpenAI alone spends $20 billion on chips, Germany's entire federal budget allocates significantly less to AI research and infrastructure. For German companies and research institutions, the question of technological sovereignty arises: if the computing infrastructure for AI lies almost exclusively in US hands, Europe's AI future depends on American corporate decisions. The EU is trying to counter this with initiatives like the European Chips Act, but the scales are not comparable. At Hannover Messe, which opens today, technological sovereignty will be a central theme - this deal underscores the urgency.
Fact check
The core facts - over $20 billion across three years, doubling of the January deal worth $10 billion, warrants for up to 10 percent at $30 billion total volume, $1 billion for data centres, Cerebras valuation of $23.1 billion, planned IPO at $35 billion - are consistently reported by The Information (primary source), Reuters, Manila Times and GuruFocus. The Information is reliable as a primary source and broke the deal exclusively. Caveat: the exact contract terms are not public; figures come from anonymous sources familiar with the deal. The equity structure (warrants rather than direct ownership) and conditions for the 10 percent threshold are not known in detail.
Source
- • The Information 17.04.2026 (theinformation.com/articles/openai-spend-20-billion-cerebras-chips-receive-equity-stake) - primary report
- • Reuters 17.04.2026 (via finance.yahoo.com/sectors/technology/articles/openai-spend-more-20-billion-013150907.html)
- • Manila Times 18.04.2026 (manilatimes.net/2026/04/18/business/foreign-business/openai-to-spend-more-than-20-billion-on-cerebras-chips-receive-stake/2322863)
- • GuruFocus 18.04.2026 (gurufocus.com/news/8800280/openai-partners-with-cerebras-for-20-billion-deal-reducing-nvidia-dependency)