Cerebras Systems has raised the price range of its IPO to $150–$160 per share, positioning the artificial intelligence chipmaker to potentially raise up to $4.8 billion. At the top end, the offering would value the company at as much as $48.8 billion on a fully diluted basis, a significant increase from its $23 billion valuation in a February funding round. The company has also secured major commitments, including a reported $20 billion-plus deal tied to OpenAI use cases.

Summary of transaction details:

• Deal Type: IPO
• Transaction Amount: $4,800,000,000
• Company Headquarters: Sunnyvale, California
• Founders: Andrew Feldman, Gary Lauterbach, Michael James, Sean Lie, Jean-Philippe Fricker

Cerebras Systems develops AI chips that outperform GPUs used in training generative models and is establishing itself as both a hardware and cloud infrastructure provider. The company has attracted interest from Amazon Web Services, which intends to integrate its chips. Additionally, Cerebras has been mentioned in testimony during legal proceedings involving Elon Musk and OpenAI CEO Sam Altman.