Cerebras Systems (NASDAQ:CBRS) reported $25.4 billion in remaining performance obligations, or contracted future revenue, in its second-quarter earnings report. [3, 4, 8]
The backlog is largely tied to a major agreement with OpenAI. [4, 7]
Despite the contracted business, Cerebras shares have traded below the company’s May 2026 IPO price. [5]
Analysts cite investor concerns about customer concentration, intense competition in the AI chip sector, and the challenge of turning long-term agreements into high-margin growth in the near term. [3, 6, 15]