The move comes as OpenAI seeks to stay ahead in the artificial intelligence race and meet rising demand. In January, the company agreed to purchase up to 750 megawatts of compute capacity from Cerebras over three years in a deal worth more than $10 billion.
The new commitment is twice the size of OpenAI’s previous agreement with the chipmaker.
The deal highlights the industry’s growing demand for compute capacity needed to support inference, the process by which AI models generate responses.
The report said Cerebras could disclose part of its previously unannounced partnership with OpenAI as early as Friday.
Under the agreement, OpenAI will receive warrants for a minority stake in Cerebras, with its ownership position potentially increasing as its investment grows. The report also said OpenAI has agreed to provide roughly $1 billion to help finance the construction of data centers used to run AI products.
OpenAI’s total spending over the next three years could reach $30 billion, which may translate into warrants representing as much as a 10% stake in Cerebras.
The partnership with OpenAI is considered critical to Cerebras’ IPO plans, as the AI chipmaker is aiming to go public in the second quarter of this year. Cerebras, previously valued at $23.1 billion, plans to raise $3 billion through an IPO in May at a valuation of about $35 billion.
Founded in 2015, Cerebras is known for its wafer-scale engine chips, which compete with products from Nvidia and other AI chipmakers. OpenAI Chief Executive Officer Sam Altman was an early investor in Cerebras.