GlobalData forecasts the AI market to be worth $909bn by 2030. Credit: Ground Picture/shutterstock.

Cloud and AI connectivity platform Astera Labs has launched its initial public offering (IPO) of more than 17 million shares of its common stock. 

It hopes to raise around $500m towards AI products and research. 

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Astera Labs expected the initial IPO price to be around $27–$30 per share. Trading is expected to begin on the Nasdaq Global Select Market under the ALAB ticker. 

Morgan Stanley and JP Morgan are currently joint bookrunners. 

However, according to Astera Labs, Barclays, Deutsche Bank Securities, Evercore ISI and Jefferies are also acting as bookrunners. 

Co-managers will include Needham & Company, Stifel, Roth Capital Partners and more. 

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Astera Labs builds semiconductor-based solutions for connectivity in cloud computing and AI infrastructure. 

Past investors of Astera Labs include Intel, Valor Equity Partners and Fidelity. 

Demand for AI has never been higher. A 2023 survey conducted by research and analysis company GlobalData showed that businesses had a keen interest in AI. 

More than 50% of respondents answered that they believed AI would live up to all its hype and promises. A further 57% of respondents also answered that AI was already disrupting their industries. 

AI is significantly impacting stocks, including the price of NVIDIA and Soundhound. 

In its 2023 thematic intelligence report into AI, GlobalData forecast that the global AI market will be worth more than $909bn by 2030, achieving a compound annual growth rate of 35% between 2022 and 2030. 

In 2024, GlobalData expects to see the number of live AI implementations by businesses grow exponentially, recommending that every business becomes an AI-forward business by 2025.