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.

The banks on the deal have already received indications of interest in excess of $10 billion worth of potential orders, the ...