SoftBank Group’s Arm Holdings on Monday took a step toward what’s set to become the biggest U.S. 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.

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

A successful debut by Arm would provide a windfall for SoftBank founder Masayoshi Son, whose Vision Fund lost a record ¥4.38 trillion last year. It could also spur dozens of startups to pursue — or further delay — their own IPO plans. That includes companies like online grocery-delivery firm Instacart and marketing and data automation provider Klaviyo.