Cerebras Systems is preparing to raise both the size and price range of its initial public offering as early as Monday, driven by overwhelming investor demand for shares of the artificial intelligence chipmaker, according to two individuals familiar with the matter.

The Sunnyvale, California-based company is now considering a revised IPO price range of $150 to $160 per share, up from the original $115 to $125 range. Additionally, the number of shares offered will increase from 28 million to 30 million. At the top of the new range, Cerebras could raise approximately $4.8 billion, a significant jump from the $3.5 billion initially targeted, though these figures remain subject to change before final pricing.

The surge in demand reflects the broader boom in AI adoption, which has intensified the need for high-performance chips and made semiconductors a critical bottleneck in the tech supply chain. Reports indicate that Cerebras’ IPO has already attracted orders exceeding 20 times the available shares, as the company works to manage exceptional investor interest ahead of its expected May 13 pricing date.

Cerebras specializes in chips designed for running advanced AI models, positioning itself as a competitor in an industry long dominated by Nvidia. The company’s processors are particularly well-suited for inference—the computations that enable AI models to respond to user queries—rather than the GPU-based training that has traditionally driven chip demand. This focus aligns with a growing shift among AI labs from model training to deployment.

The upcoming listing marks Cerebras’ second attempt to go public. The firm initially filed for an IPO in 2024 but withdrew the plan last year after its partnership with G42, a UAE-based AI organization that accounted for over 80% of its revenue in the first half of 2024, triggered a national security review by the Committee on Foreign Investment in the United States. The committee ultimately approved the deal.

Since then, Cerebras has expanded its customer base to include major players such as Amazon and OpenAI, two of the world’s largest builders of AI infrastructure. If successful, the IPO would be the largest globally so far this year, according to Dealogic.

The offering is being led by Morgan Stanley, Citigroup, Barclays, and UBS Group. Cerebras plans to list its shares on the Nasdaq Global Select Market under the ticker symbol “CBRS.”