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What happened: Cerebras Systems (CBRS) was set to start trading on the Nasdaq on Thursday in a highly anticipated initial public offering by an Nvidia (NVDA) competitor.

Shares indicated an open at around $350 per share, nearly double their IPO price.

By the numbers: The AI chipmaker priced its stock at $185, giving the company an estimated valuation of roughly $40 billion based on outstanding shares disclosed in regulatory filings. On a fully diluted basis, the valuation approaches $49 billion, according to Bloomberg data.

What else you need to know: Cerebras stock will start trading under the ticker symbol CBRS.

The listing is expected to mark the largest IPO of the year so far and underscores continued momentum in the AI semiconductor space as companies race to challenge heavyweight Nvidia.

“We built a chip the size of a dinner plate. It’s 58 times larger than any chip previously built,” Andrew Feldman, Cerebras CEO told Yahoo Finance on Thursday morning, noting in AI, bigger chips process information more quickly.

“We’re more than 15 times faster than the competition,” he added.

Cerebras had initially marketed 30 million shares at $150 to $160 apiece after earlier increasing both the size and price range of the offering. Investor appetite for the IPO was exceptionally strong, with demand exceeding available shares by more than 20 times, according to Bloomberg.

Cerebras has established partnerships across the AI industry, including collaborations with Amazon (AMZN) and OpenAI (OPAI.PVT). Earlier this year, OpenAI launched its first AI model running on Cerebras chips.

Ines Ferre is a Senior Business Reporter for Yahoo Finance covering the US stock market, publicly traded companies, and commodities.

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