Nvidia Rival Cerebras Discloses US IPO Filing as AI Boom Drives Listings

April 17 (Reuters) - AI chipmaker Cerebras Systems revealed its filing for a U.S. initial public offering on Friday, bringing the Nvidia NVDA.O rival closer to the public markets as it seeks to tap into growing optimism around a broad revival in the listings market.

This is the company's second attempt to list after it withdrew a previous IPO filing in October, days after a more than $1 billion fundraise that valued it at about $8 billion.

Cerebras aims to challenge Nvidia with a different kind of artificial intelligence chip that avoids dependence on high-bandwidth memory, one of the industry's biggest bottlenecks.

It is focused on inference, the process by which AI systems respond to user queries, and has tied much of its growth to OpenAI, including a $20 billion multi-year deal under which the ChatGPT creator will deploy 750 megawatts of Cerebras chips.

The listing adds to signs the IPO market is regaining momentum after a brief slowdown in March, when volatility driven by geopolitical tensions and a tech stocks selloff curbed investor appetite.

A recent pickup in listings suggests companies are returning to the market as sentiment stabilizes, with issuers and bankers betting that the recovery seen earlier this year can extend into the coming months.

Analysts expect artificial intelligence-linked companies to spearhead tech sector listings on expectations of significant growth from wider generative AI adoption.

DELAY IN INITIAL OFFERING

Cerebras' revenue rose to $510 million in the year to December 31, from $290.3 million a year earlier. It posted a profit of $1.38 per share, compared with a $9.90-per-share loss a year ago.

The company first filed paperwork with the U.S. Securities and Exchange Commission in 2024, before postponing and ultimately withdrawing its IPO last year.

Reuters earlier reported that the previous delay followed a U.S. national security review of UAE-based tech conglomerate G42's minority investment in the AI chipmaker.

G42, which had been both an investor and one of Cerebras' largest customers, drew increased scrutiny from U.S. authorities amid concerns that Middle Eastern companies could provide China access to advanced American AI technology, Reuters previously reported .

The company announced in 2025 that it had obtained clearance from the Committee on Foreign Investment in the United States.

Sunnyvale, California-based Cerebras is known for its wafer-scale engine chips, designed to speed up the training and inference of large AI models and compete with products from Nvidia and other AI chipmakers.

Cerebras is aiming to list on the Nasdaq under the ticker symbol "CBRS".

Morgan Stanley, Citigroup, Barclays and UBS are the lead underwriters for the offering.