If Cerebras can grow beyond its initial benefactor, G42, this IPO will be a rocket ship. If not, … It may be hard to believe, but there hasn’t been a single IPO for an AI hardware company. Period. Not One.

Cerebras Systems Inc., a maker of chips and other tech infrastructure for artificial intelligence, filed for an initial public offering on Monday, as more startups look to make a name for themselves in a space occupied by tech juggernauts like Nvidia Corp.

The company’s top line provides some strong support for that story. Cerebras’s 2023 revenue came in at $78.7 million, more than triple the prior year’s $24.6 million, with momentum on the rise. Revenue in the first half of this year surged to $136.4 million, up more than 1,400% from the first half of 2023.