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. 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. On Tuesday, Cerebras said it had raised $1.1 billion at a valuation of $8.1 billion in a private funding round. The government shutdown did not factor into Cerebras' decision, the spokesperson said.