Credit · Tracked as filed as of 2026-06-30

Cerebras

CCIR tracks 2 instruments issued by Cerebras (CBRS): credit facility. Every row traces to a primary document.

Floating spreads at signing

Filed spread over SOFR, by signing date · window Apr 2026 – Apr 2026

Capital stack by borrower

Which entity owes what, as filed. Facilities raised in a subsidiary sit on that subsidiary's assets; the parent's own paper sits beside them, senior to nothing below it.

Borrower	Instrument	Size $m	Rate
Cerebras (parent level)	Syndicated revolving credit facility	850	S+1.50%
Cerebras Systems Inc.	OpenAI Working Capital Loan (secured promissory note, ~$1.0B, 6%)	1,005	6%

Instruments

Syndicated revolving credit facility

Credit facility $850m S+1.50% Entered 2026-04-14

Seniority: Secured corporate revolver + guaranty
Maturity: 2031-04-14 — Five-year term (Q2-26 10-Q)
Collateral: From the 6/17/26 Phase Two date, liens on substantially all assets, with carveouts that include securitization and leased infrastructure assets. Before that date, cash collateral only, backing LCs to data-center landlords and developers.
Lenders: Morgan Stanley (JLA; MS Senior Funding admin + collateral agent) · Citi · Barclays · UBS · Crédit Agricole CIB · MUFG · Mizuho · TD · SVB (First Citizens)
Pricing: SOFR + 1.50% at signing (2026-04-14, Phase One, LC-only; 0.250% commitment fee). From the 6/17/26 Phase Two date: Term SOFR + 2.25% (or a base rate), stepping down to 2.00% on an enhanced debt to EBITDA ratio; 0.375% commitment fee on undrawn commitments (Q2-26 10-Q).
Terms: Per 10-Q: $250M LC-only at signing Apr 14, 2026 → full $850M for general corporate purposes after IPO conditions met Jun 17, 2026 No borrowings at 6/30/26. Liquidity covenant: unrestricted cash plus undrawn commitments of at least $150.0M at each quarter end (Q2-26 10-Q).

Source: cerebras.ai release 2026-04-15; Q2-26 10-Q filed 2026-08-12, acc 0001628280-26-056357 (Liquidity; Note 10) · document

OpenAI Working Capital Loan (secured promissory note, ~$1.0B, 6%)

Credit facility $1,005m 6% Entered 2026-01

Borrower: Cerebras Systems Inc. (borrower); OpenAI OpCo, LLC (lender and customer under the Master Relationship Agreement)
Seniority: Secured promissory note
Maturity: 2032-12-31 — No later than 2032-12-31, unless repaid earlier or accelerated
Collateral: First-priority security interest in a lockbox account and the amounts held in it
Offtaker: OpenAI (lender is also the customer)
Lenders: OpenAI OpCo, LLC (lender and customer)
Pricing: 6% stated per annum, unless waived or deemed paid under the note and the MRA
Terms: $1,004.6M principal funded by OpenAI in January 2026 under the December 2025 Master Relationship Agreement, to build the capacity Cerebras sells to OpenAI. The lender is also the customer: OpenAI is committed to buy 750 MW of inference capacity. The loan may be repaid in cash or, under the MRA and the note, through service fees, compute capacity, hardware and other credits. $918.2M outstanding at 6/30/26 after $86.3M of non-cash billing credits; no cash payments had been made ($736.0M current, $182.2M non-current). Scheduled to amortize in equal installments over three years, starting after delivery of the final tranche of the initial 250 MW. Accounted for as debt under ASC 470.

Source: Q2-26 10-Q filed 2026-08-12, acc 0001628280-26-056357, Note 10 Debt and the OpenAI Collaboration note · document

Collateral classes on this page: secured_undisclosed, out. The full ledger, with every issuer and the derived credit series, is on Compute Credit.