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Arm, a British microchip major backed by SoftBank, filed with the US Securities and Exchange Commission (SEC) on Monday to list its shares on the Nasdaq.
The company did not disclose the number of shares or the price range for the offering. However, it was previously reported that SoftBank is aiming for a valuation of US$60 billion to US$70 billion for Arm.
The Japanese investment firm intends to keep Arm as a consolidated subsidiary after the IPO and does not expect any significant impact on its financial results or position, according to a statement.
SoftBank acquired Arm in 2016 for US$32 billion. It then tried to sell the microchip company to Nvidia for US$40 billion in 2020 but the deal was blocked by regulators and collapsed in 2022.
Arm’s revenue dropped slightly in the past year due to lower smartphone sales and licensing fees. However, SoftBank CEO Masayoshi Son has praised the company’s potential for “exponential growth” with a focus on AI.
The British firm previously said its chips are powerhouses for the transition to artificial intelligence as they run AI and machine learning workloads on a number of devices.
Editing by Lorenzo Kyle Subido
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