Cerebras, a producer of chips that run artificial intelligence models, will file to go public on Friday, two people familiar with the matter told CNBC.
The people spoke on condition of anonymity, in order to discuss internal matters.
Cerebras declined to comment.
For years, Cerebras sought to sell chips to companies, but it has begun operating the chips inside its own data centers as a cloud service on behalf of clients. In January, Cerebras touted plans to provide up to 750 megawatts of computing power to OpenAI through 2028 in an agreement valued at over $10 billion.
OpenAI has since expanded its relationship with Cerebras in an agreement worth over $20 billion and will get warrants to buy Cerebras shares, one person said. The Information previously reported on the arrangement.
Another major expansion could be on the way.
On Oracle’s March earnings call, CEO Clay Magouyrk mentioned that the database and cloud company offers chips from Cerebras and other suppliers. But at the time, Oracle’s price list did not contain references to Cerebras.
Cerebras does supply OpenAI with cloud-based computing power to operate a coding tool. Many companies that build and deploy generative AI models rely on Nvidia’s graphics processing units, or GPUs. AMD has made inroads in AI infrastructure as well.
Cerebras has picked up new business by emphasizing the high speed that its large-scale processors can deliver, particularly for responding to queries from end users.
The company announced plans for an initial public offering in 2024 but withdrew the paperwork last year to add information on financial performance and strategy.
Retail investors are thirsty for IPOs from large and growing technology companies after a relative drought that began in 2022. AI companies Anthropic and OpenAI are considering going public as soon as this year.
In September, days before withdrawing the IPO paperwork, Cerebras said it had raised a $1.1 billion funding round at a $8.1 billion valuation.
Cerebras was founded in 2016 and is based in Sunnyvale, California. Andrew Feldman, the startup’s co-founder and CEO, sold server startup SeaMicro to AMD for $355 million in 2012.
Feldman has said that in 2018, Tesla CEO Elon Musk tried to buy Cerebras. The company’s investors include OpenAI CEO Sam Altman.
CNBC’s Seema Mody contributed to this report.
WATCH: OpenAI unveils first AI model running on Cerebras chips
