Exclusive: AI chip company Cerebras plans to file for U.S. IPO after delay, sources say

Item 1/2 Startup Cerebras System's new AI supercomputer Andromeda will be seen in a data center in Santa Clara, California, USA in October 2022. Rebecca Lewington/Cerebras Systems/Handout via REUTERS

[1/2]Startup Cerebras System's new AI supercomputer Andromeda will be seen at a data center in Santa Clara, California, USA in October 2022. Rebecca Lewington/Cerebras Systems/Handout via REUTERS Purchase Licensing rightopens a new tab

NEW YORK, Dec 19 (Reuters) – AI chipmaker Cerebra Systems is preparing to file for an initial public offering (IPO) in the United States as early as next week, with the aim of going public in the second quarter of 2026, people familiar with the matter said.

The company, which develops high-performance processors for artificial intelligence workloads, withdrew its previous IPO application in October, days after announcing it had raised more than $1 billion in a funding round that valued the AI chip maker at $8 billion.

Mr. Cerebras declined to comment.

The company first filed documents with the U.S. Securities and Exchange Commission in 2024, but postponed and ultimately withdrew its IPO earlier this year. Reuters previously reported that the earlier delay was due to a U.S. national security review of UAE-based tech conglomerate G42's minority stake in an AI chip maker.

Reuters previously reported that G42, which was an investor and one of Cerebras' biggest customers, has come under increased scrutiny from U.S. authorities amid concerns that the Middle Eastern company could provide China with access to advanced U.S. AI technology.

The company announced earlier this year that it had received approval from the Committee on Foreign Investment in the United States (CFIUS).

The new filing excludes G42 as an investor in Cerebras, one of the people said. Reuters was unable to learn the reason. The Abu Dhabi-based technology group was previously a minority investor and commercial partner.

Reuters previously reported that G42 participation was a bottleneck in the CFIUS review, which led to delays in the company's early IPO filing.

G42 did not immediately respond to a request for comment.

Sunnyvale, Calif.-based Cerebras is known for its wafer-scale engines, chips designed to speed up the training and inference of large-scale AI models, and competes with Nvidia's (NVDA.O) products.opens a new tab and other AI chip manufacturers.

U.S. IPO activity held up well into 2025 despite market volatility in April caused by President Donald Trump's sweeping tariffs and the longest government shutdown. Excluding blank check companies, traditional public companies have raised $46.15 billion so far this year, according to data from Dealogic, with trading volume up more than 21% year over year and the highest since 2021.

Bankers expect momentum to pick up next year, with high-profile companies such as Elon Musk's SpaceX considering the possibility of flotation.

Report by Echo One from New York. Editing: Dawn Kopetzki and Nick Zieminski

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