Cerebras Systems Inc. has revised its plan to go public on the Nasdaq stock exchange.

The company, which develops artificial intelligence chips for data centers, filed to list its shares last September. Cerebras today asked the U.S. Securities and Exchange to withdraw the filing. 

“The Company is seeking the withdrawal of the Registration Statement because the Company does not intend to conduct the proposed offering that is described therein at this time,” Cerebras stated in its request to remove the filing.

The move comes days after the chipmaker raised $1.1 billion in funding from a consortium led by Fidelity Management. It’s unclear if the two developments are connected, though it seems likely. Shortly after the raise, Cerebras Chief Executive Officer Andrew Feldman stated that the company was still seeking to list its shares. A spokesperson told CNBC today that Cerebras hopes to launch its initial public offering as soon as possible.

The tech industry has experienced only a handful of IPO filing withdrawals over the past decade. In 2019, WeWork Inc. had to scrap its listing after investors raised concerns about the viability of its business. Two years earlier, application observability provider AppDynamics Inc. canceled its IPO listing to accept a $3.3 billion acquisition offer from Cisco Systems Inc.

Cerebras put out a statement saying  that the withdrawal of the S-1 was an administrative step and they will file a new offering document that better describes and reflects recent momentum, including the new financing, at a time of their chosing.

Sunnyvale, California-based Cerebras sells an AI chip called the WSE-3 that is nearly the size of an entire wafer. It features 4 trillion transistors made using Taiwan Semiconductor Manufacturing Co.’s five-nanometer process. Those transistors are organized into 900,000 cores and 44 gigabytes of memory.

Usually, chips keep the AI software they run in external memory. As a result, they have to regularly move model data to and from their external memory, which slows down processing. The WSE-3’s large 44-gigabyte memory pool enables customers to run AI models entirely on-chip and thereby avoid the latency associated with external RAM.

Cerebras ships the chip as part of an appliance called the CS-3. The system combines a single WSE-3 with cooling equipment and other auxiliary hardware. In addition, Cerebras provides a cloud platform that enables developers to access its processors without taking on infrastructure maintenance tasks. 

The company stated in its IPO filing that it generated $136.4 million in revenue during the first half of 2024, more than 10 times what it earned a year earlier. Cerebras’ losses narrowed by about $10 million in the same time frame.

After closing its $1.1 billion funding round earlier this week, Cerebras announced plans to add more data centers in the U.S. The company is building a half-dozen stateside facilities that will host thousands of CS-3 appliances. Additionally, Cerebras will use the capital to speed up its internal chip and packaging design projects. 

Update:  The company put out a statement on LinkedIn to clarify the move to postpone the IPO.

Here is the official statement from Cerebras.

On Friday, Cerebras Systems withdrew our S-1. It had become stale and no longer reflected the current state of our business. Our business and financial position have evolved significantly for the better since our initial filing in 2024:

• In 2024, we achieved record revenues.
• In 2025 we are on track to achieve record revenues.
• Our inference business is growing exponentially.

We closed an 𝗼𝘃𝗲𝗿-𝘀𝘂𝗯𝘀𝗰𝗿𝗶𝗯𝗲𝗱 $𝟭.𝟭𝗕 𝗦𝗲𝗿𝗶𝗲𝘀 𝗚 𝗿𝗼𝘂𝗻𝗱 𝗹𝗲𝗱 𝗯𝘆 𝗽𝗿𝗲𝗺𝗶𝗲𝗿 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗶𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 — including Fidelity, Atreides, and Tiger Global — who are major investors in IPOs as well as late-stage private companies.

Withdrawing our S-1 was an 𝗮𝗱𝗺𝗶𝗻𝗶𝘀𝘁𝗿𝗮𝘁𝗶𝘃𝗲 𝘀𝘁𝗲𝗽. We will file a new offering document that better describes and reflects all these changes, including the new financing, at a time of our choosing.

Withdrawing and refiling an S-1 will have no impact on the planned timing of our IPO.

Photo: Cerebras Systems