SoftBank Group Corp.’s Arm Holdings Ltd. took a step toward what’s set to become the biggest US initial public offering of the year, a bet that the once-obscure designer of phone chips can flourish in the era of artificial intelligence computing. The company applied for a Nasdaq listing on Monday.

In a regulatory filing, Arm said the offering is being led by Barclays Plc, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Mizuho Financial Group Inc. The document listed 24 other underwriters below that top tier — with Morgan Stanley notably absent.

The U.K.-based company filed confidentially for a listing in the U.S. earlier this year after previously announcing it would go public in the U.S. over the U.K., dealing a blow to the London Stock Exchange.

Arm plans to start its roadshow the first week of September and price the IPO the following week, Bloomberg has reported. The company didn’t disclose proposed terms for the share sale in the document, but it’s expected to seek a valuation of $60 billion to $70 billion. Arm, based in Cambridge, UK, also has held talks with some of its biggest customers about backing the IPO.

While Arm had been aiming to raise $8 billion to $10 billion in the IPO, that target could be lower since SoftBank has decided to hold onto more of the company after buying Vision Fund’s stake in it. That transaction valued Arm at more than $64 billion, based on the filing.

A successful debut by Arm would provide a windfall for SoftBank founder Masayoshi Son, whose Vision Fund lost a record $30 billion last year.

Even so, the offering promises to give the struggling IPO market its biggest lift in almost two years. The listing is poised to be the largest in the US since electric-vehicle maker Rivian Automotive Inc.’s $13.7 billion offering in October 2021. It could rank near or even just below the tech industry’s largest-ever IPOs: Alibaba Group Holding Ltd.’s $25 billion 2014 offering and 2012’s $16 billion debut by Meta Platforms Inc., then known as Facebook Inc.

Arm is one of the most important chip companies. It sells licenses to an instruction set at the heart of nearly every mobile chip, and increasingly, PC and server chips as well. In recent years, it has aimed to sell more complete chip designs, which is more lucrative.

Arm chips are made by companies including Amazon, Alphabet, AMD, Intel, Nvidia, Qualcomm, and Samsung, according to the filing. Its technology is also included in Apple’s chips for iPhones. Arm said that its technology was included in over 30 billion chips shipped in its fiscal 2023. Arm typically takes a fee on every chip that is shipped using its technology.

SoftBank originally sought to sell Arm to chip giant Nvidia but the deal faced major pushback from regulators, who raised concerns over competition and national security. SoftBank took Arm private in 2016 in a deal valued at $32 billion.

(With Inputs From Other Agencies.)