Cerebras Systems, a Sunnyvale-based AI chipmaker, may raise the price range for its US IPO as investor demand strengthens ahead of the offering, according to a report.

The company is considering increasing the range to US$125 to US$135 a share from US$115 to US$125 before pricing on May 13. Cerebras is marketing 28 million shares and seeking to raise about US$3.5 billion, according to regulatory filings.