Cerebras Systems, a leading AI chip manufacturer, has raised its IPO price range to $150-$160 per share, up from the initial $115-$125, due to overwhelming demand. The company plans to list 30 million shares on Nasdaq under the ticker CBRS on May 13. At the top end of the new range, Cerebras could raise up to $4.5 billion, achieving a valuation of approximately $32 billion. Orders have reportedly exceeded $10 billion, making this one of the largest tech IPOs of the year. Cerebras, known for its wafer-scale chips that are significantly larger than traditional processors, has positioned itself as a formidable competitor to Nvidia. The company had delayed its IPO due to a national security review concerning UAE investments, which was cleared earlier this year. The shift in capital towards AI ventures is notable, with AI funding reaching $24.2 billion in February 2026, compared to $866 million for crypto ventures, highlighting a trend of investors favoring AI over blockchain infrastructure.