Investor demand for artificial intelligence companies is pushing Cerebras Systems toward one of the largest tech stock debuts in recent years.
The California-based AI chipmaker is preparing to increase both the size and price of its upcoming initial public offering after orders reportedly exceeded available shares by more than 20 times. According to two people familiar with the matter, Cerebras may raise its IPO price range to between $150 and $160 per share, up sharply from its earlier target of $115 to $125.
The company is also considering increasing the number of shares offered to 30 million from 28 million. If priced at the top end of the revised range, Cerebras could raise nearly $4.8 billion. Under the original terms, the IPO was expected to generate around $3.5 billion.
The final terms could still change before the company prices the offering on May 13.
The sudden jump reflects the intense appetite for AI infrastructure companies as businesses race to deploy advanced artificial intelligence tools. Demand for high-performance semiconductors has exploded over the past two years, turning AI chips into one of the most valuable parts of the global technology market.
Cerebras has positioned itself as an alternative to dominant chipmaker Nvidia by focusing on processors designed for AI inference. Inference refers to the calculations AI systems perform when responding to user prompts and generating answers in real time.
That segment of the AI market is expanding quickly as technology companies shift from building models to running them at scale for consumers and businesses.
Unlike traditional GPU systems widely used for AI training, Cerebras says its specialized architecture is more efficient for handling inference workloads. The company’s technology has gained attention from major AI infrastructure builders, including Amazon and OpenAI, which have both become customers since the company’s earlier IPO attempt stalled.
Cerebras first filed to go public in 2024 but later withdrew the plan after scrutiny tied to its relationship with UAE-based AI company G42. The partnership had generated more than 80% of Cerebras’ revenue during the first half of 2024 and triggered a national security review by the Committee on Foreign Investment in the United States.
Federal regulators eventually cleared the arrangement, allowing the company to move forward with a second IPO push.
The listing is expected to become the largest IPO globally so far this year, according to Dealogic. Investors continue to pour money into companies linked to artificial intelligence, especially firms building the hardware needed to support massive AI workloads.
Wall Street banks leading the offering include Morgan Stanley, Citigroup, Barclays, and UBS Group AG.
Cerebras plans to trade on the Nasdaq Global Select Market under the ticker symbol CBRS.
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