Cerebras Systems is accelerating toward an IPO filing this week, revealing a transformed business model that now combines hardware sales with cloud-based AI compute services. The company's $10 billion+ deal with OpenAI for 750MW of computing power through 2028 has reportedly doubled in value, with warrants adding equity incentives.

The pivot reflects broader industry demand for ready-to-use AI infrastructure rather than standalone chips. Cerebras' dual approach—selling both hardware and access to its proprietary data centers—positions it uniquely in the competitive AI accelerator market.

OpenAI's Sachin Katti notes the partnership delivers "low-latency inference solutions," emphasizing performance over physical hardware. This compute-as-a-service strategy mirrors crypto's cloud mining evolution, where access trumps ownership.