AI Chipmaker Cerebras Is Said to Guide IPO Pricing Above Range

Cerebras Systems Inc. is guiding prospective investors that it expects to price its initial public offering above the top of its marketed range, according to people familiar with the matter, as demand soars for the chipmaker’s stock.

The company is offering 30 million shares in the IPO for $150 to $160 each, after revising the range and number of shares higher on Monday. At that price and size, the IPO would raise $4.8 billion, making it the year’s largest first-time share sale, excluding offerings with private placements.

Including so-called greenshoe shares, Cerebras’ IPO would potentially rival Arm Holdings Plc’s ...