Cerebras gunning for Nvidia with confidential IPO

NVIDIA'S domination of the artificial intelligence chip market could soon be challenged following an initial public offering in the United States filed confidentially by a potential rival with some heavyweight backing.

Semiconductor firm Cerebras Systems has filed an IPO, supported by the Abu Dhabi Growth Fund and Coatue Management, as it bids to grab its own slice of one of the most lucrative cakes on the business table.

Nvidia recently overturned Microsoft's position as the world's most valuable company as enthusiasm and momentum in the AI market continue to swell.

With eight years in the industry, Cerebras has kept the filing under wraps in order to delay revealing its accounts to the wider markets and, in turn, competitors.

Giving little away, Cerebras issued a brief statement with a nod to the watchful eye of the US Securities and Exchange Commission.

"Cerebras Systems today announced that it has confidentially submitted a draft registration statement on Form S-1 with the US Securities and Exchange Commission (“EC) relating to the proposed initial public offering of its common stock," it read.

"The size and price range for the proposed offering have yet to be determined. The initial public offering is subject to market and other conditions and the completion of the SEC’s review process."