Chip firm Arm is preparing to go public with a valuation between $60 and $70 billion, making it the largest tech IPO since Meta and Alibaba.

Arm designs some of the industry’s leading semiconductors, used in countless phones, tablets, and computers. Rather than manufacture its own chips, Arm licenses its designs to other companies, working with companies across the industry.

Owner SoftBank initially tried to sell Arm, with Nvidia attempting to purchase the company. Regulators shut down the deal, however, over concerns that it would give Nvidia a competitive advantage or that Nvidia would end Arm’s long-standing practice of selling its designs equally to various industry rivals.

According to Bloomberg, both Intel and Nvidia are in talks to become “anchor investors,” giving those companies the ability to purchase stock at a fixed price, as well as receive other favorable terms. At one point, Apple, Intel, and at least either other companies were considering becoming anchor investors.

Much of the interest in Arm comes from a newfound respect for how critical the company is to so many others.

Arm has “had a hugely important but behind-the-scenes and not-very-well-understood role for a very long time,” Bob O’Donnell, president of TECHnalysis Research, told Bloomberg. “There’s this raised awareness now of what Arm does and the role that it plays.”