AI chipmaker Cerebras targets $115-$125 share price in US IPO, source says

May 4 (Reuters) – AI chipmaker Cerebras Systems, a rival to Nvidia , is scheduled to kick off its IPO ​roadshow on Monday, with shares ‌expected to be priced between $115 and $125, a source familiar with the matter told Reuters.

This marks Cerebras’ second attempt to go public after withdrawing ‌a ​previous IPO filing last ⁠October.

Cerebras did not immediately ⁠respond to Reuters request for a comment.

The company now aims to list on the Nasdaq under the ticker symbol “CBRS”. ​According to a Bloomberg News report last week, Cerebras could raise up ⁠to $4 billion, targeting a ⁠valuation of around $40 billion.

The Sunnyvale, ​California-based company is known for its wafer-scale ​engine chips, designed to speed up ‌the training and inference of large AI models, placing it in direct competition with Nvidia and other AI hardware firms.

The ⁠company’s revenue rose to $510 million in the year ended December 31, up from $290.3 million a ⁠year earlier. ‌It also reported a profit ⁠of $1.38 per share, a turnaround ​from ‌a loss of $9.90 per share ​a year ⁠earlier.

Morgan Stanley, Citigroup, Barclays and UBS are the lead underwriters for the offering.

(Reporting by Echo Wang in New York and Rhea Rose Abraham in Bengaluru; Editing by ​Sherry Jacob-Phillips)