WASHINGTON (dpa-AFX) - AI chipmaker Cerebras Systems announced it has launched its initial public offering, aiming to raise up to $3.5 billion.
The company plans to offer 28 million shares priced between $115 and $125 each. It also expects to grant underwriters a 30-day option to purchase up to an additional 4.2 million shares. At the top end of the range, Cerebras could be valued at about $26.6 billion.
Cerebras has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol 'CBRS.'
The offering will be led by Morgan Stanley, Citigroup, Barclays and UBS Investment Bank as joint book-running managers.
The IPO marks Cerebras' second attempt to go public after withdrawing a previous filing last year. The company, a rival to Nvidia, develops advanced AI processors, including its flagship Wafer-Scale Engine, designed to deliver faster performance with lower power consumption for large-scale AI workloads.
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