Cerebras Systems has submitted a draft registration statement with the US Securities and Exchange Commission (SEC) relating to its proposed initial public offering (IPO).

According to a statement from the company, the size and price range of the IPO have yet to be determined.

Cerebras is a chip company known for its CS-2 system, powered by the company's Wafer-Scale Engine. The company introduced the latest version of its wafer-sized semiconductor in March 2024 which has four trillion transistors and 900,000 "AI Cores" along with 44GB of on-chip SRAM.

When combined with the Cerebras CS-3 system, the company claims the chip is capable of 125 peak AI petaflops. That can be scaled up to 2,048 CS-3s in a single cluster, for a purported 256 exaflops of AI compute.

The company raised $250 million in its November 2021 Series F round led by Alpha Wave Ventures, a partnership between Falcon Edge and Chimera. It joined investors Altimeter, Benchmark, Coatue, Eclipse, Moore, and VY.

It was first reported that the company was exploring an public listing in January 2024, with Cerebras alleging looking for a valuation figure above the $4 billion it achieved after its 2021 funding round.