AI Chipmaker Cerebras Is Said to Target Up to $4 Billion in IPO

Cerebras Systems Inc. is seeking to raise as much as $4 billion in its initial public offering, according to people familiar with the matter, as demand for the artificial intelligence chipmaker and data center operator’s shares heats up.

The Sunnyvale, California-based company is targeting a valuation of about $40 billion, the people said, asking not to be identified as the information isn’t public. Cerebras plans to begin formal marketing for the IPO as soon as Monday, the people said.