"AI Chipmaker Cerebras Is Said to Plan Raising IPO Price Range"

From Bloomberg, May 8:

Cerebras Systems Inc. is set to increase the price range of its initial public offering as soon as Monday, according to people familiar with the matter, as demand for the artificial intelligence chipmaker’s shares continues to build.

The company expects to raise the price range to $125 to $135 per share, the people said, asking not to be identified as the information isn’t public. The IPO has drawn orders for more than 20 times the number of shares available, the people said.

Cerebras is currently seeking to raise $3.5 billion and is marketing 28 million shares for $115 to $125 each, its filings with the US Securities and Exchange Commission show.

Deliberations are ongoing, details of the IPO could still change and the price range could increase further, the people said. A representative for Cerebras declined to comment.

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.

Read More: Cerebras Requires Limit Orders From IPO Buyers as Demand Grows

Cerebras’ listing would be this year’s biggest US IPO so far, according to data compiled by Bloomberg. The banks already received indications of interest from investors for more than $10 billion of shares before formal marketing began early Monday, Bloomberg News reported earlier....

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And we'll be back with more on Cerebras on Monday. 

In the meantime, if interested see:

January 15 - Chips As Big As Your Head: Cerebras Does Deal With OpenAI For $10 Billion+ In Computing Power 

That's our usual description of Cerebras. Where Nvidia uses smaller chips with ultrafast connections, Cerebras users the whole silicon wafer and eliminates the need for many of the connections completely.

February 9 - Chips: "Cerebras Raises $1 Billion in Funding at $23 Billion Value"

April 20 -  Chips as Big as Your Head: "Breaking down AI chipmaker Cerebras’ S-1"