Wafer-scale chip designer Cerebras Systems is looking to raise an additional $1 billion in funding at a $22bn valuation ahead of its planned IPO later this year, per a report from The Information.

The report comes just over three months after the company raised $1.1bn in an oversubscribed Series G funding round, at an $8.1bn valuation.

Cerebras confidentially filed for an IPO with the SEC in August 2024, although the share price and expected market cap were not revealed. The company had been expected to go public in 2025, but withdrew those plans in September of that year in order to raise additional funds.

Since announcing its plans to IPO, the company has faced scrutiny from security watchdogs regarding its customers – 87 percent of the company’s revenue for the first six months of 2024 came from Abu Dhabi-based artificial intelligence and cloud computing company, G42.

However, in March 2025, Cerebras obtained clearance from the Committee on Foreign Investment in the United States to sell 22 million of non-voting shares to G42 in an IPO, a stake that would be worth $355 million, it was reported.

Citing people with knowledge of the discussions, The Information said the company is expected to go public in the coming months and will announce a new “high-profile customer” in the coming days that will reduce the company’s reliance on G42.