Cerebras Systems Inc. is seeking to raise up to $4 billion in its initial public offering, according to people familiar with the matter. The AI chipmaker and data center operator is tapping into red-hot investor demand for artificial intelligence infrastructure. The filing represents one of the largest tech IPOs to emerge since the AI boom accelerated over the past two years.

The company positions itself as a challenger to NVIDIA in the specialized AI chip market. Cerebras designs wafer-scale processors intended to accelerate machine learning workloads, an area that has attracted massive capital inflows as tech giants scramble to secure computing capacity for AI development. The timing reflects broader market enthusiasm for companies enabling the AI ecosystem.

The IPO would test investor appetite for AI hardware names at a moment when semiconductor valuations remain elevated. Cerebras joins a handful of AI-focused companies exploring public markets, though many have opted to remain private given favorable funding conditions. The offering's success will likely influence whether other AI chip startups accelerate their own listing plans.