Arm Holdings and majority owner SoftBank Group expressed preliminary interest in acquiring AI chipmaker Cerebras Systems.
The approach occurred weeks before Cerebras is scheduled to price its initial public offering.
Cerebras rebuffed the informal takeover interest, and discussions did not advance to a formal offer.
The company is proceeding with its IPO plans after recently increasing its fundraising target due to strong demand.
Representatives for Arm, SoftBank, and Cerebras declined to comment.