AI Chipmaker Cerebras Systems Seeks $4.8 Billion in Upsized IPO

Cerebras Systems Inc. increased the size of its initial public offering, now seeking to raise as much as $4.8 billion, as demand for the artificial intelligence chipmaker and data center operator’s shares continues to build.

The company is offering 30 million shares for $150 to $160 each, according to a filing with the US Securities and Exchange Commission on Monday, confirming an earlier Bloomberg News report. Cerebras had previously marketed 28 million shares for $115 to $125 each.

At the top of the price range, Sunnyvale, California-based Cerebras would have a market value of $34.4 billion, based on the shares outstanding in its filing. The IPO has drawn orders for more than 20 times the number of shares available, people familiar with the matter have said.

The IPO is expected to price on May 13, according to terms of the deal seen by Bloomberg News. Cerebras filed confidentially for a listing earlier this year, months after withdrawing a previous registration.

The increase comes as Cerebras looks to manage the surging interest in its upcoming listing, which is set to price May 13. Cerebras is telling institutional investors placing IPO orders to specify the number of shares and the maximum price they’re willing to pay, in order to gauge the true level of demand, people familiar with the matter have said.

US IPO activity is increasing ahead of what could be the biggest listing of all time, if Elon Musk’s SpaceX raises the $75 billion it’s been targeting. Listings have raised $18.9 billion on US exchanges this year, excluding blank-check companies and other financial vehicles, versus $10.4 billion in the same period last year, data compiled by Bloomberg show.