Warrant Wire
OpenAI and AWS Use Warrants to Lock In AI Compute at Cerebras
- Commercial Warrants
- Performance Warrants
At a glance
Cerebras disclosed major warrant arrangements with OpenAI and AWS tied to AI compute infrastructure. OpenAI holds a warrant for up to 33.4 million Class N shares at a nominal exercise price, with vesting tied to financing, market value, and compute delivery. AWS is expected to receive a smaller warrant at a $100 strike tied to purchases beyond the initial lease.
Wrnt’s perspective
This is not a discount, it is a transfer of upside in exchange for guaranteed scale. The structure is attractive because it aligns buildout with real demand, but it leaves little room for error once capacity, capital, and counterparties are locked together. The difficulty is not negotiating the deal, it is managing vesting, obligations, and outcomes over years without losing control of the economics.