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Just days after raising $1.1 billion in funding, AI processor developer has filed to withdraw its hotly anticipated initial public offering.

The Sunnyvale, California-based company announced on Sept. 30 a Series G funding round that valued it at $8.1 billion post-money. and led the financing.

Then on Oct. 3, the startup submitted to the , formally requesting to withdraw its IPO registration because it 鈥渄oes not intend to conduct the proposed offering 鈥� at this time.鈥�

Cerebras originally filed to go public in September of 2024. At that time, the company was 鈥渞amping up to take on in an effort to create processors for running generative AI models,鈥� .

In its filing, Cerebras noted its dependence on a single customer, Group 42, a subsidiary of its investor , responsible for more than 80% of revenue in 2023 and the first half of 2024.

Cerebras has built a larger chip that is 10x faster for AI training and inference compared to leading GPU solutions, according to the . Its customers include and the .

The company has reportedly shifted its focus since that initial filing from selling systems toward more of being a cloud service provider for accepting incoming queries to models that use its chips underneath, according to . CEO told the publication that he thought last year鈥檚 prospectus was 鈥渙ut of date鈥� considering developments in AI.

Cerebras has raised a known $1.8 billion in funding since its 2016 founding by Feldman, per 萝莉视频 . It raised $250 million in led by in November 2021 that valued the company at just over $4 billion. Other backers include , , , and .

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