If Cerebras can grow beyond its initial benefactor, G42, this IPO will be a rocket ship. If not, … It may be hard to believe, but there hasn’t been a single IPO for an AI hardware company. Period. Not One.

Cerebras Systems, a startup competing with industry leader Nvidia for a slice of the lucrative AI chip market, said late on Monday its revenue surged more than threefold in 2023, in a filing to go public in the U.

Cerebras Systems, an AI chipmaker that lists among its competitors tech giants Nvidia, Microsoft, and Intel, filed for an IPO Monday, looking to capitalize on widespread enthusiasm about the AI industry.

To take market share from Nvidia, Cerebras would need to add application software that is more advanced and useful than Nvidia’s CUDA.

If Cerebras Systems goes public, Cerebras Systems stock may find a place in semiconductor ETFs like VanEck Semiconductor ETF SMH, iShares Semiconductor ETF SOXX, First Trust Nasdaq Semiconductor ETF FTXL and SPDR S&P Semiconductor ETF XSD. Renaissance IPO ETF IPO may also include the Cerebras stock in its portfolio.

Cerebras touts the world's largest and fastest AI chip, and competes with Nvidia, a top player in the AI computing space.

Cerebras is in a fierce race with fellow AI chip startups Groq and SambaNova for the title of ‘fastest generative AI.’

As the largest beneficiary of the generative AI surge, Nvidia's dominance has attracted a wave of challengers. The recent initial public offering (IPO) filing by Cerebras signals growing efforts to challenge Nvidia's control over supply and pricing in the AI chip market.