Arm’s IPO is off to a strong start, with the company’s valuation skyrocketing roughly 25% to a $65 billion valuation.

Arm has been one of the most highly-anticipated IPOs, with the company occupying a unique place in the tech world. Unlike other semiconductor firms, Arm designs chips and licenses those designs to any company willing to buy them. As a result, Arm-based chips are used in the vast majority of mobile devices, as well as an increasing number of computers.

The company’s stock opened at $56.10 per share, but quickly rose to $63.59, according to Reuters. This lifted the company’s valuation to $65 billion.

“It is a successful IPO,” said Salman Malik, partner at Anson Funds in Toronto, told the outlet. “It will have a positive impact on the IPO pipeline and shows the AI theme is alive and kicking.”