According to informed sources, AI chip manufacturer Cerebras Systems plans to go public through an IPO in October this year, aiming to compete with Nvidia.

Sources indicated that Cerebras has included Barclays Bank in its IPO underwriting team, with discussions still ongoing. The details of the IPO may change, and more banks could join the IPO investment banking team in the future.

Earlier reports suggested that Cerebras had secretly filed for an IPO in the U.S. and had chosen Citibank as the lead underwriter for the offering.

Cerebras Systems, an AI chip manufacturer based in Silicon Valley, was founded in 2016. In March of this year, Cerebras launched the CS-3 AI supercomputer featuring the latest WSE-3 chip, as well as the AI supercomputer Condor Galaxy 3.

Currently, Nvidia dominates the AI chip market, and Cerebras aims to capture market share from Nvidia. The company claims its chips are not only more powerful than Nvidia’s graphics processing units but also offer better value for money.

Cerebras' existing investors include the Abu Dhabi Growth Fund and Coatue Management. The company raised $250 million in its Series F round of funding in 2021, with a valuation exceeding $4 billion.

As Cerebras prepares for its IPO, the U.S. IPO market continues its steady recovery. Data shows that the U.S. IPO market has raised nearly $30 billion to date, roughly twice the amount at the same time last year, although activity levels have yet to return to pre-pandemic levels.

This IPO will also serve as a significant test of investor interest in AI-related stocks. Due to concerns over excessive spending on AI, some investors have withdrawn funds from the tech sector in the past month, shifting their investments towards value stocks.