Cerebras Systems seeks to raise as much as $3.5 billion in IPO, offering 28 million shares at $115 to $125 each.

The Sunnyvale, California-based AI chipmaker is stepping back into the IPO spotlight after withdrawing a previous registration earlier this year. Banks on the deal have already received indications of interest above $10 billion in potential orders.

Cerebras makes large chips designed to help customized computers process massive amounts of data. The company has positioned itself as a possible alternative to Nvidia, claiming its hardware runs AI models faster than Nvidia's.

Amazon.com said it plans to use Cerebras' chips alongside its own Trainium processors to run AI software. In January, Cerebras signed a $20 billion multi-year deal with OpenAI, which will use its hardware for 750 megawatts of computing power. OpenAI has also lent the company $1 billion for working capital.