Artificial intelligence chipmaker Cerebras Systems has increased the estimated price range for its initial public offering. It’s now looking to sell at $150 to $160 per share, according to a Monday filing, up from the range of $115 to $125 that it disclosed last week.

At the high end of the new range, Cerebras would net up to $4.8 billion in proceeds through the IPO. The company could end up being worth up to $48.8 billion on a fully diluted basis. That’s up from the $23 billion valuation the company announced in February as part of a funding round.

Among companies that want to train and run generative artificial intelligence models like those that power OpenAI’s ChatGPT, Nvidia’s graphics processing units, or GPUs, have been the industry standard. Cerebras says its chips perform more quickly than GPUs and cost less money. The high speeds that Cerebras advertises helped the company to secure a $20 billion-plus commitment from OpenAI, which relies on Cerebras for a model that writes code.

Rather than focus chiefly on selling hardware, Cerebras has been filling data centers with its own chips and providing cloud services to clients. That puts it up against cloud infrastructure providers. But in March, top cloud Amazon Web Services announced a deal to bring Cerebras chips into its data centers.

Cerebras has received additional attention in the trial for Elon Musk’s lawsuit against OpenAI CEO Sam Altman. Cerebras’ planned chips represented “the compute we thought we were going to need,” Greg Brockman, OpenAI’s co-founder and president, said in a California courtroom last week. OpenAI discussed merging with Cerebras, and Musk was open to a deal, Brockman said.

Nasdaq expects the Cerebras IPO to take place on May 14.

— CNBC’s Ashley Capoot contributed to this report.

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