Cerebras Systems, an AI chipmaker, is completing its long-awaited initial public offering with terms that would raise about $3.5 billion based on an offer price range of $115 to $125 per share. The company plans to sell 28 million shares, a structure reported across outlets, and the pricing supports a valuation near levels it had cited previously in the private market. CNBC and other reports describe the share sale as targeting roughly $3.5 billion and valuing the company at up to about $24.5 billion, relative to about $23 billion in February.

Subsequent reporting indicates strong demand and higher pricing than initially described: the Financial Times says the IPO price boosts proceeds to about $5.5 billion, valuing the company at around $40 billion. Bloomberg and other outlets report that the company’s shares jump sharply on the Nasdaq debut—roughly 81% to 90%—with market capitalization reaching above $100 billion in early trading. Several outlets also frame the debut as occurring amid investor demand for AI-related stocks and IPOs.