Cerebras Systems plans to raise the price range for its initial public offering to $150 to $160 per share, up from its previously targeted range, according to sources familiar with the matter.

The artificial intelligence chip company made the decision to increase pricing due to strong investor demand for the offering, the sources said. The higher price range reflects growing market interest in AI-focused technology companies as the sector continues to attract significant investment.

Cerebras, which develops specialized processors for artificial intelligence workloads, has been positioning itself as a competitor in the rapidly expanding AI chip market. The company's processors are designed to handle large-scale AI training and inference tasks that require substantial computational power.

The pricing adjustment comes as technology IPOs face varying levels of investor reception, with AI-related companies often commanding premium valuations. The final pricing and timing of the Cerebras offering have not been officially confirmed by the company.

Representatives for Cerebras did not immediately respond to requests for comment regarding the reported price range increase.