Cerebras, Nvidia's direct AI chip competitor, files for IPO with backing from Amazon and Barclays after withdrawing plans last year.

Artificial intelligence chipmaker Cerebras Systems filed for an initial public offering with the Securities and Exchange Commission on Friday, after withdrawing its IPO plans in October 2025, stating the 2024 filing document was "stale." The California-based competitor to Nvidia submitted a registration statement for the proposed IPO of its Class A common stock, which will list on the Nasdaq Global Select Market under the ticker symbol "CBRS." The number of shares and the price range for the offering remain to be determined, contingent on market conditions.

The announcement comes two days after Cerebras Systems closed an up to $850 million credit facility to expand its data center capacity and support growth. The company was last valued at about $8 billion and competes in the AI hardware market alongside larger established players. The offering will be managed by Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank as lead book-running managers, with Mizuho and TD Cowen as bookrunners.

Cerebras Systems is advancing its public listing amid accelerating demand for AI computing infrastructure. Earlier this year, the company secured a landmark deal with OpenAI to provide 750 megawatts of computing power. The company also partnered with Amazon to accelerate AI inference for large language models, strengthening its position in AI infrastructure. These strategic partnerships position Cerebras to raise capital for expansion amid growing competition in the AI chip market and rising adoption of large-scale model training and inference workloads.