SoftBank and its subsidiary Arm attempted to acquire AI chipmaker Cerebras, but were rejected.

CoinFeed reported on May 13 that Arm (ARM.O) and its major shareholder SoftBank Group approached Cerebras Systems, a leading US AI chip company, weeks before its IPO, expressing interest in acquiring the company. According to sources familiar with the matter, Cerebras Systems rejected the offer. Cerebras plans to price its IPO on Wednesday, with a potential valuation of approximately $34 billion. Previous reports indicated that the company told potential investors that the IPO price was expected to be above the upper limit of its offering range, and the final market capitalization could still be adjusted based on the actual number of shares issued. Cerebras is poised to be the largest IPO so far this year and has previously hinted at a possible price range of $150 to $160 if market demand is strong.