Cerebras diversifies with MBZUAI and OpenAI

This showed Cerebras was turning one politically sensitive buyer relationship into a broader Gulf AI revenue base. G42 had dominated the business, which made the IPO story fragile because one customer decision could swing most of the company’s revenue. MBZUAI matters because it buys compute for real model building and inference work, from Arabic models like Jais 2 to newer reasoning models, using Cerebras as an operating supplier rather than just a showcase partner.1 2 3 4 5

• Cerebras disclosed in its April 17, 2026 S 1 that MBZUAI was 62% of 2025 revenue. That is still concentrated, but it is different from being almost entirely dependent on G42, and it gave investors evidence that demand was spreading across separate institutions in the same regional ecosystem.3 4
• The MBZUAI relationship is concrete product revenue, not just research branding. The two have worked together on open models including Jais 2 and K2 launches, where Cerebras supplied the training and inference infrastructure behind models that universities, labs, and national AI programs can actually use.1 2 5
• This also fit Cerebras’s larger repositioning from a single Gulf counterparty to multiple channels. By mid 2026 the company had added a multi year OpenAI capacity deal and an AWS distribution partnership, so the business looked less like one bespoke sovereign contract and more like a repeatable inference supplier.3 6 7

Going forward, the key shift is from customer concentration to ecosystem concentration. Cerebras is building around universities, sovereign AI programs, and cloud channels that can each generate separate workloads. If that keeps widening from MBZUAI to OpenAI, AWS, and national buildouts, the company becomes easier to underwrite as a long term infrastructure vendor.3 6 7