Cerebras Systems increased its initial public offering size following high investor interest. The company now offers 30 million shares. The new price range is set between $150 and $160 per share. This replaces the previous plan to offer 28 million shares. The original price range was $115 to $125.
The revised offering could raise up to $4.8 billion. This target represents a significant increase from the initial $3.5 billion goal. The new pricing suggests a potential company valuation of $34.4 billion.
Institutional orders have oversubscribed the IPO by more than 20 times. Cerebras positions itself as a primary competitor to Nvidia in the AI chip market. The company expects to price the IPO around May 13. Shares will list on the Nasdaq under the ticker symbol CBRS.