The company owned by SoftBank, aims at the Artificial Intelligence effect. The offer is led by Barclays, Goldman Sachs and JPMorgan Chase.

A stock market debut following the Nvidia dream. This is what Arm Holdings Ltd. of SoftBank Group Corp. is dreaming of, which has taken a step forward towards what is destined to become the largest IPO of the year in the United States.

In a document filed with the SEC and expected for a couple of years now (the IPO has been postponed several times due to the unfavorable macro context, ed), Arm announced that the offer is led by Barclays Plc, Goldman Sachs Group Inc, JPMorgan Chase & Co. and Mizuho Financial Group Inc. The document, about 330 pages long, lists 24 other subscribers below this first group, notably the absence of Morgan Stanley.

According to reports from Bloomberg, Arm expects to start the roadshow in the first week of September and to fix the price of the IPO the following week. Proposed terms for the sale of the shares were not disclosed in the filing, but the British company is expected to seek a valuation of between $60 and $70 billion. Numbers that would immediately make it the largest IPO of 2023, but also the first IPO of a certain size in the tech world after a fairly stingy three-year period. Arm, which is based in Cambridge, UK, has also been in talks with some of its biggest clients to support the IPO. And as reported a few weeks ago by Bloomberg, Nvidia is also watching this listing with interest.

It looks to Nvidia precisely for Arm, because Nvidia – which like Arm deals with semiconductors – is experiencing months of great enthusiasm, after masterfully riding the trend of Artificial Intelligence (the Californian company produces one of the most sought-after chips in the world of AI generative, ed.). A situation that has taken Nvidia up to a trillion dollars in market capitalization.

A successful debut by Arm would be a payoff for SoftBank founder Masayoshi Son, whose Vision Fund lost a record $30 billion last year. He could also push dozens of companies to pursue — or further delay — their own IPO plans. These include companies like Instacart Inc., a provider of marketing and data automation, Klaviyo, and Birkenstock, a footwear maker.