Doing IPO would mean they will use the money raised meaningfully. Shareholders probably see more upside with Nvidia integration. I’m not really sure what ARM need a bunch of money for in an IPO, they are pretty established.
The goal of independence is typically to execute on a vision.
According to some comments in this thread, the alternative is the slow destruction of the neutral Arm ecosystem. While some new baseline could be established in a few years, many Arm customers could face a material disruption in their supply chain.
With the US Fed supporting public markets, including corporate bond purchases of companies that include automakers with a supply chain dependent on Arm, there is no shortage of entities who have a vested interest in Arm's success.
If existing Arm management can't write a compelling S1 in the era of IoT, satellites, robots, edge compute, power-efficient clouds, self-driving cars and Arm-powered Apple computers, watches, and glasses, there will be no shortage of applicants.
