Cerebras Systems is targeting a valuation of as much as $26.62 billion in its planned US initial public offering, according to its prospectus filings.
The semiconductor company, which is positioning itself as a rival to Nvidia in AI hardware, is looking to sell 28 million shares of its Class A common stock in the offering, which is expected to be priced between $115 and $125 per share.
At the top of that range, Cerebras aims to raise approximately $3.5 billion.
Cerebras has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker “CBRS.”
Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank are serving as lead book-running managers for the offering. Mizuho and TD Cowen are acting as bookrunners, while Needham & Company, Craig-Hallum, Wedbush Securities, Rosenblatt, Academy Securities, Crédit Agricole CIB, MUFG, and First Citizens Capital Securities are serving as co-managers.
The listing marks the company’s second attempt to go public after it withdrew a prior IPO filing last October.
Cerebras develops wafer-scale engine chips designed to accelerate the training and inference of large artificial intelligence models. The company competes in the rapidly expanding AI hardware market alongside Nvidia and other semiconductor firms benefiting from rising demand for high-performance computing infrastructure.
“By bringing massive compute and memory onto a single piece of silicon and integrating it into a purpose-built system and software stack, we deliver exceptional AI speed for customers on premises and via the cloud,” the company said in its filing.