US chip startup Cerebras plans to raise $5.5 billion through an IPO.

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Cerebras is valued at over $55 billion after its shares were priced at the top of the revised range.

US chip startup Cerebras Systems said its Wall Street listing will begin on Thursday at $185 per share, raising around $5.5 billion, making it the largest IPO in the United States so far this year.

Including all outstanding shares, stock options, and other financial instruments, the Sunnyvale, California-based company is valued at more than $55 billion.

Cerebras has twice increased its target price for its Nasdaq listing.

The company initially set a price range of $115 to $125 per share, later revised it to $150 to $160, before finally pricing the offering at $185.

It plans to issue 30 million shares, with an additional over-allotment option of 4.5 million shares, according to a Cerebras statement released on Wednesday evening.

Raising $5.55 billion would make Cerebras one of the 15 largest initial public offerings ever completed on Wall Street, and the biggest since medical equipment group Medline in December.

Cerebras focuses on large-scale processors, also known as wafer-scale systems, which are considered well-suited for building and running AI models.

Following three years of steady growth after the launch of OpenAI’s ChatGPT, the AI infrastructure market has seen rapid expansion this year.

In January, OpenAI agreed to purchase a large number of Cerebras processors in a deal valued at over $10 billion.

As part of the arrangement, Cerebras issued warrants to OpenAI—derivative instruments that can be converted into shares under specific conditions. If all conditions are fulfilled, OpenAI could end up holding more than 10% of Cerebras’s equity.

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