CBRS announced a multi­-year partnership with OpenAI under which the chipmaker will supply 750 megawatts of AI compute capacity between 2025 and 2028. Sources familiar with the arrangement place its total consideration north of $10 billion. Under the deal, CBRS’s wafer­-scale engines will be deployed to accelerate real­-time inference workloads, enabling OpenAI to deliver faster response times to enterprise and consumer applications. Company leadership forecasts that this partnership will underpin over 40% of CBRS’s projected revenue growth through 2028.

In the first half of 2024, CBRS derived 87% of its top­-line from a single customer, the United Arab Emirates’ G42 group. The OpenAI contract marks the company’s first major engagement outside G42 and is expected to reduce concentration risk by shifting roughly 30% of CBRS’s annual revenue to the North American AI market. Management projects that by year­end 2025, revenue from diversified compute services will represent at least 50% of total billings.

In its Q2 2024 filing, CBRS reported revenue of $69.8 million, a year­-over­-year increase from $6.1 million in Q2 2023. Net loss for the quarter widened to $50.7 million, up from $26.3 million a year earlier, driven by accelerated R&D spending and infrastructure deployment costs. Adjusted gross margin improved by 12 percentage points to 24%, reflecting better factory yields on its AI­-optimized wafers and early volume production efficiencies.

After filing for an IPO in September 2024, CBRS withdrew its prospectus in October following a $1.1 billion funding round at an $8.1 billion valuation. The company is now in talks to raise an additional $1 billion at a $22 billion pre­-money valuation, according to sources. CBRS management has indicated that updated financials and a refined go­-to­-market strategy for the burgeoning AI inference market will accompany any re­-filing, targeting a public listing by mid­-2026.