AI chip startup Cerebras increased its initial public offering size to $4.8 billion. This valuation would make it the largest global IPO of the year. The company raised its target share price range by 30% to between $150 and $160.
Institutional orders reportedly exceeded available shares by 20 times. Cerebras specializes in AI inference chips used for deploying services. Major customers for the technology include OpenAI and Amazon.
The surge in demand reflects an industry shift from AI model training to service deployment. Investors are increasingly funding hardware competitors to challenge NVIDIA's market dominance. Cerebras expects to announce the final offering price on Thursday.