Cerebras targets up to $3.5 billion in IPO

AI chipmaker Cerebras is seeking to raise as much as $3.5 billion in its initial public offering as it moves toward a Nasdaq listing. In an updated prospectus filed Monday, the company said it plans to sell 28 million shares at a price range of $115 to $125 each. At the top of that range, Cerebras would be valued at about $26.6 billion, above the $23 billion valuation it announced in a funding round in February. Cerebras has positioned its chips as an alternative to Nvidia’s GPUs and has benefited from demand tied to generative AI. The company reported fourthquarter revenue growth of about 76% year over year to $510 million and net income of $87.9 million. CEO Andrew Feldman is not selling shares in the offering.