Cerebras Systems has resolved outstanding matters with the Committee on Foreign Investment in the United States (CFIUS), enabling the AI-focused chipmaker to move forward with its initial public offering (IPO).

In a disclosure made in September, Cerebras notified CFIUS regarding its relationship with Group 42, a data center operator based in Abu Dhabi, which has contributed over 80% of Cerebras' revenues.

Group 42 plans to purchase more than 22 million shares in Cerebras.

The California-based company confirmed that the agreement no longer requires scrutiny by CFIUS, as it was amended to grant Group 42 the right only to acquire non-voting shares.

Cerebras stated, "The long-term strategic partnership between Cerebras and Group 42 exemplifies the positive impact of cross-border cooperation in advanced artificial intelligence technology, with a shared commitment to fostering innovation and growth."

According to Cerebras, the agreement with Group 42 has led to the establishment of data centers in California, Texas, and Minnesota.

Cerebras is one of the few AI companies looking to initiate an IPO, aiming to challenge the dominance of NVIDIA in the sector, which is pivotal to the massive spending on AI computing infrastructure.

The company is pursuing a new strategy involving the manufacture of large chips that it claims facilitate specially designed computers capable of processing vast amounts of data necessary for developing AI applications.

While Cerebras has not disclosed the proposed terms for its IPO, reports indicate that the listing could raise up to $1 billion, with the company's estimated value ranging between $7 billion and $8 billion.

Group 42 has accounted for approximately 87% of Cerebras' sales in the six months leading up to June 30, based on the filings for the IPO.