Cerebras Systems Inc. plans to lift its IPO price range to $125‑$135 per share, a move driven by demand that has already outstripped the 28 million shares it seeks to sell. The company is targeting $3.5 billion, with initial offers set at $115‑$125 each. Investors have bid more than 20 times the available shares for institutional and retail buyers alike.

Market makers Morgan Stanley, Citigroup, Barclays and UBS have led the offering, which will list on Nasdaq under CBRS. Early indications suggest interest exceeding $10 billion, making the debut the largest U.S. IPO of the year so far. Cerebras is also asking investors to state the maximum price they will pay, sharpening demand signals for a clearer valuation picture.

Surging optimism around AI has lifted the broader semiconductor index by 37% in the last month, with Intel leading the rally. Cerebras’ higher price band reflects both the chipmaker’s unique architecture and the sector’s appetite for AI hardware. The move sets a new benchmark for future tech IPOs, underscoring how investor enthusiasm can reshape valuation multiples for next‑generation chip firms.