Artificial intelligence chipmaker Cerebras Systems said on Friday that it's withdrawing plans for an IPO, days after announcing that it raised over $1 billion in a fundraising round.

In a filing with the SEC, Cerebras said it does not intend to conduct a proposed offering "at this time," but didn't provide a reason. A spokesperson told CNBC on Friday that the company still hopes to go public as soon as possible.

Cerebras filed for an IPO just over a year ago, as it was ramping up to take on Nvidia in an effort to create processors for running generative AI models. The filing revealed a heavy reliance on a single customer in the United Arab Emirates, Microsoft -backed G42, which is also a Cerebras investor.

In its prospectus, Cerebras said it had given voluntary

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