To take market share from Nvidia, Cerberas would need to add application software that is more advanced and useful than Nvidia’s CUDA.

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.

CNBC's Seema Mody reports on news from Nvidia.

Cerebras, based in Sunnyvale, California, unveiled its investor prospectus on Monday, taking an important step toward listing its shares on the stock market. In doing so, the startup aims to break the drought of hot IPOs and take advantage of investor excitement for all things AI.