By Echo Wang, Manya Saini and Pritam Biswas

May 4 (Reuters) – Nvidia-rival Cerebras is seeking a valuation of as much as $26.62 billion in its U.S. initial public offering, as heavy spending on AI infrastructure lifts demand for advanced chips and ‌fuels investor appetite for the sector.

Sunnyvale, California-based Cerebras is aiming to sell 28 million shares in the offering, priced between $115 ‌and $125 apiece to raise $3.50 billion in the company’s second attempt to go public after withdrawing a previous IPO filing last October.

The company is known for its wafer-scale engine chips, ​designed to speed up the training and inference of large AI models, placing it in direct competition with Nvidia and other AI…