The Free On-line Dictionary of Computing (19 January 2023):

GIPS

   /gips/ or /jips/ [Analogy with MIPS] Giga-Instructions per
   Second (or possibly "Gillions of Instructions per Second"; see
   gillion).

   In 1991, this was used of only a handful of highly parallel
   machines and one sequential processor built with Josephson
   devices.  DEC's Alpha AXP 21164 processor was the first
   commercially available 1 GIPS sequential processor (7 Sep
   1994).  Compare KIPS.

   ["A 1-GIPS Josephson Data Processor", Yuji Hatano et al, IEEE
   J Solid State Circuits, vol 26, 6, June 1991]

   [Jargon File]

   (1994-11-02)


The Jargon File (version 4.4.7, 29 Dec 2003):

GIPS
 /gips/, /jips/, n.

    [analogy with MIPS] Giga-Instructions per Second (also possibly ‘Gillions
    of Instructions per Second’; see gillion). Compare KIPS.