Arm “has confidentially submitted a draft registration” in preparation for a US initial public offering (IPO).

SoftBank currently owns Arm, but the company has been looking to spin out the semiconductor design firm following a failed attempt by Nvidia to purchase it. According to Reuters, Arm hopes to raise between $8 billion and $10 billion from its IPO.

According to the company’s filing, the time and size of the IPO have not yet been determined:

The size and price range for the proposed offering have yet to be determined. The initial public offering is subject to market and other conditions and the completion of the SEC’s review process.

Many view Arm’s IPO as the best-case scenario for the chip firm. Companies and regulators were concerned about how a merger with Nvidia would impact the market. Arm has a long-standing history of being neutral, selling its designs to any and all companies that want to buy them. Many were concerned that Nvidia might eventually change that policy in an effort to give itself a competitive advantage.

By going public, Arm will be free to continue doing business as it has for years.