Cerebras Systems lifts IPO price range, looks to raise $4.8bn in Nasdaq debut

(Sharecast News) - Superfast AI processor firm Cerebras Systems has raised the price of its upcoming initial public offering on Wall Street by nearly 30% and aims to raise up to $4.8bn.

Cerebras, which claims it is building the fastest AI infrastructure in the world, said on Monday that it plans to offer 30m shares at $150 to $160 a pop.

Just last week, the company said it was planning to offer 28m share at $115 to $125 each.

At the top of the new pricing range, that would equate to IPO proceeds of $4.8bn, up from $3.5bn under its previous plans.

The company's Wafer-Scale Engine 3 (WSE-3) is said to be 58 times larger than a leading GPU chip but uses "a fraction" of the power per unit compute, while delivering inference up to 15 times faster than competitors.

The stock will go public on 13 May on the Nasdaq with the ticker CBRS.