Nvidia Rival Cerebras Seeks to Raise $3.5 Billion in US IPO (1)

Cerebras Systems Inc. is seeking to raise as much as $3.5 billion in an initial public offering, as the artificial intelligence chipmaker and data center operator looks to counter rivals in the red-hot sector.

The Sunnyvale, California-based company is offering 28 million shares for $115 to $125 each, according to its filing with the US Securities and Exchange Commission, confirming a Bloomberg News report. Accounting for the so-called overallotment option, the offering could raise as much as $4.03 billion. Cerebras filed confidentially for a listing earlier this year, months after withdrawing a previous registration.

At the top of the price ...