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OpenAI Is Making Billions Just by Promising to Buy From Suppliers
Cerebras is going public this week in a $5.5 billion IPO—and it will give OpenAI a windfall that could eventually top $5 billion.
Chipmaker Cerebras brought in one of the greatest pitchmen in tech, Sam Altman, to appear in a video to promote its $5.5 billion initial public offering. Seated on a gray upholstered couch and speaking softly, the OpenAI chief executive touted Cerebras’ chips as “the best high-speed inference offering in the world right now.”
Altman has a strong incentive to tout Cerebras. OpenAI stands to own a roughly 3% stake in Cerebras within weeks of the offering, which it got by committing to order chips and lend money to the company. OpenAI’s stake in Cerebras could grow to 11% in the coming years as it pays for the chips.