Cerebras Systems CEO Andrew Feldman highlighted a $25 billion backlog of orders, formally known as remaining performance obligations, from major tech companies. The company reported Q1 2026 revenue of $193.4 million, with the single largest backlog contributor being a multi-year agreement with OpenAI worth more than $20 billion, covering 750 megawatts of inference compute capacity. Cerebras went public in May 2026 in the largest semiconductor IPO in history, with valuations ranging from an initial estimate around $23 billion to peaks near $70 billion after trading began. Despite revenue growth of roughly 92% year-over-year, the market punished Cerebras shares after the company issued cautious guidance on margins. Feldman cited insufficient data center infrastructure growth and memory sourcing as key bottlenecks. The same data center infrastructure powering AI inference also underpins much of the crypto ecosystem, as mining operations and decentralized compute networks compete for the same scarce resources.