The artificial intelligence boom has been the biggest topic in financial markets for nearly two years, following the November 2022 launch of ChatGPT. And while Nvidia (NASDAQ:NVDA) has been the biggest beneficiary of the trend — as have its investors — the AI semiconductor space is about to get a bit more crowded.

Cerebras Systems Inc., a maker of chips and other tech infrastructure for artificial intelligence, filed for an initial public offering on Monday, as more startups look to make a name for themselves in a space occupied by tech juggernauts like Nvidia Corp.

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

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 ("Cerebras") today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission ("SEC") relating to a proposed initial public offering of its Class A common stock.

Cerebras Systems is planning to kick off its initial public offering this week with a view to raising as much as $1 billion in a New York listing, people with knowledge of the matter said.

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

Cerebras Systems, an artificial intelligence (AI) chipmaker that competes head-to-head with Nvidia ($NVDA), has filed to hold an initial public