AI chip maker Cerebras is seeking to raise $4 billion through an IPO

According to Dynamic Beating monitoring, Bloomberg reported that sources familiar with the matter revealed that Cerebras Systems is seeking to raise up to $4 billion in its initial public offering (IPO) as market demand for the AI chipmaker and data center operator's stock heats up.

The sources stated that the California-based company is targeting a valuation of around $40 billion. As the information has not been made public yet, these sources requested anonymity. It is also rumored that Cerebras will kick off the IPO roadshow as early as Monday.

Reportedly, the investment banks underwriting the deal have received indications of interest totaling over $10 billion. This comes against the backdrop of a sharp rally in semiconductor stocks.

Sources also mentioned that IPO details, including the offering size, valuation, and timing, are still subject to change. Cerebras declined to comment on the matter.