Softbank’s chip designer Arm is expected to file its F-1 for IPO today, revealing key finances and operations. But whether investors will buy its $64 billion pre-IPO valuation hinges on the filing showing that chip designer is truly at the center of the AI boom, as Softbank founder Masa Son claims, and not actually more like AI-adjacent. The listing would be the biggest in the U.S. in almost two years, and could jump start the IPO market.