Arm, the British semiconductor design powerhouse, has applied to sell its shares in the United States, paving the way for what may be the largest stock market debut this year.
The Cambridge-based company is apparently looking to raise up to $10 billion (£8 billion).
In a blow to the UK, the company announced in March that it would not be listing its shares in London.
Softbank, a Japanese conglomerate, purchased Arm in 2016 for £23.4 billion. Arm was available in London and New York at the time.
The company creates the technology that powers processors, sometimes known as chips, which power everything from smartphones to game consoles.
Its designs are utilized to produce processors by chip makers such as Taiwan Semiconductor Manufacturing Company and household names such as Apple and Samsung.
Softbank stated it had “confidentially submitted a draft registration statement” to the US Securities and Exchange Commission (SEC) for the listing.
The notice did not specify how much money it intended to raise or when the share sale would take place.
According to rumors, the firm was hoping to raise between $8 billion and $10 billion by launching this year on the technology-heavy Nasdaq platform in New York.
