AI chip company Cerebras has filed to withdraw its S-1 IPO plan to list on the Nasdaq.

Earlier this week, the wafer-scale semiconductor designer raised $1.1 billion in an oversubscribed Series G funding round, which valued the company at $8.1bn.

"Cerebras Systems withdrew our S-1. It had become stale and no longer reflected the current state of our business," the company said. "Withdrawing and refiling an S-1 will have no impact on the planned timing of our IPO."

Cerebras first filed for an initial public offering last year, but delayed the process due to a national security review of a $335 million investment from Abu Dhabi-based G42.

87 percent of Cerebras' revenue for the first six months of 2024 came from G42, with the chip company developing data centers across the US for use by the UAE firm.

Last week, Cerebras launched a new 10MW data center in Oklahoma City, Oklahoma, in partnership with Scale Datacenters.

The company also has inference clusters live in Santa Clara and Stockton, California (the latter at Nautilus’ floating barge facility), and Dallas, Texas.

It is rolling out clusters in Minneapolis, Minnesota; Montreal, Canada (at a Bit Digital facility); alongside undisclosed locations in the US Midwest and Europe, and has deployed hardware to the University of Edinburgh, Sandia National Labs, Los Alamos Labs, G42/Core42, Mayo Clinic, and others.

When it raised $1.1bn earlier this week, the company said it would use the funds to expand its technology portfolio, including AI processor design, packaging, system design, and AI supercomputers.