Investing.com -- Cerebras Systems increased the size and price of its initial public offering on Monday, as demand for the artificial intelligence chipmaker's shares climbed.

The Sunnyvale, California-based company filed for a 30,000,000 share Nasdaq IPO at $150-$160 per share. Cerebras previously indicated a 28,000,000 share offering at $115-$125 per share. At the top of the new range, Cerebras would raise roughly $4.8 billion, up from $3.5 billion under its original terms.

The IPO has drawn orders for more than 20 times the number of shares available, Reuters reported on Monday. The company plans to price the offering on May 13.

Morgan Stanley, Citigroup, Barclays and UBS Investment Bank are lead underwriters. Mizuho, TD Cowen, Needham & Company, Craig-Hallum, Wedbush Securities, Rosenblatt, Academy Securities, Credit Agricole CIB, MUFG and First Citizens Capital Securities are also underwriters.

Cerebras makes specialized chips for running advanced AI models in a market dominated by Nvidia. The company is seeing demand for its processors as AI labs shift from training models to deploying them. Cerebras' chips are suited for inference, the computations that allow AI models to respond to user queries.

The company has secured some of the biggest AI infrastructure players, including Amazon and OpenAI, as customers.

The stock is expected to trade on the NASDAQ under the ticker CBRS.