OpenAI's Cerebras commitment redefines what a supply contract can be. By pairing a $20 billion purchase agreement with an equity stake and a loan for data center construction, OpenAI has moved from customer to co-investor in a single transaction [4]. The practical consequence is that Cerebras now has financial incentive to survive long enough to fulfill the commitment — and OpenAI has a return on that survival. This is that finance observers flagged when OpenAI's $110 billion round included infrastructure partners as both investors and vendors. The…