Cerebras Systems Inc., an artificial intelligence chipmaker and data center operator, has disclosed the financial terms of its upcoming initial public offering. The company is seeking to raise as much as $3.5 billion as it looks to counter rivals in the competitive AI sector.
The startup plans to offer 28 million shares at a price between $115 and $125 each, which would raise $3.5 billion at the upper end of the range. The banks coordinating the listing as underwriters have the option to buy additional shares.
This pricing aligns the deal with the company's February private valuation. The share sale could result in a valuation of up to $24.5 billion, compared with $23 billion as of February. These terms come after previous suggestions that the company might target up to $4 billion at a valuation of roughly $40 billion.