Cerebras' aim is to eventually hit a $250 billion valuation, per its new prospectus.

Behind the scenes: CEO Andrew Feldman and CTO Sean Lie are set for additional share payouts should the company reach $75 billion, $150 billion, and $250 billion in average valuation within nine years.

Zoom out: Investors worried that Cerebras' revenue was heavily concentrated in Abu Dhabi when it previously filed. The new filing appears to address that, lining up contracts with OpenAI and Amazon's AWS.

The $20 billion OpenAI deal could potentially dwarf the size of current Cerebras annual revenue (nearly $510 million last year).

Between the lines: OpenAI doesn't need to spend the $20 billion in its agreement to receive a good chunk of a potential 10% stake in the company in return.

OpenAI already has access to about a sixth of that stake, as part of an agreement for it to lend $1 billion to Cerebras.
Another 17% or so of Sam Altman-led company shares in the chipmaker will vest if Cerebras maintains a $40 billion valuation on average for a month. That's not far off from the $35 billion Cerebras is seeking in the IPO -- especially without three mega AI IPOs to dry up markets for other AI bets.
OpenAI will have access to the rest of the stake if it fully buys up the 2GW of AI inference compute capacity.

Flashback: OpenAI inked a similar deal with AMD last year that also gave OpenAI an up to 10% stake in the chipmaker, also dependent on the delivery of certain GPU products and AMD's share price eventually hitting $600.

That deal was widely seen as a way for OpenAI to finance its chip buying.

Context: The cap table of Coreweave, a cloud data center competitor, was dominated by crossover investors in its IPO last year.

Cerebras' largest investors include Alpha Wave Ventures, Benchmark, Eclipse Ventures, Fidelity, and Foundation Capital.

The bottom line: The AI world's entanglements aren't going away.

Inside Cerebras' IPO filing