(Bloomberg) -- Astera Labs Inc., the semiconductor connectivity solutions firm backed by investors including Intel Corp.’s venture arm, is working with investments banks to prepare for an initial public offering that could come as soon as next year, according to people with knowledge of the matter.

The Santa Clara, California-based company has appointed Morgan Stanley and JPMorgan Chase & Co. as lead underwriters for the listing, said the people, who asked not to be identified discussing confidential information. The exact timing of a listing in 2024 hasn’t been finalized and Astera’s plans could still change.

A representative for Astera didn’t respond to a request for comment. A spokesperson for JPMorgan declined to comment, while a Morgan Stanley representative couldn’t be reached for comment.

Founded in 2017, Astera develops semiconductor-based connectivity solutions with the aim of enabling the “mainstreaming” of artificial intelligence and machine learning in the cloud, according to its website. Astera tapped into investor bullishness on AI as part of a 2022 funding round led by Fidelity Management & Research that raised $150 million at a $3.15 billion valuation, according to a statement at the time. 

The company, which also appointed Synaptics Inc. Chief Executive Officer Michael Hurlston and Meta Platforms Inc.’s vice president of infrastructure, Alexis Black Bjorlin, to the board at the time, said the round was “a testament that we are not only invested in the right growth markets such as cloud, artificial intelligence/machine learning, and hyperscale infrastructure, but that we are also able to consistently execute and deliver breakthrough connectivity products that are critical to our customers and partners.”

Fidelity was joined by other existing Astera investors including Atreides Management, Intel Capital and Sutter Hill Ventures. The Information reported last month that Astera had been talking to bankers about a potential listing in early 2024.

British chip designer Arm Holdings Plc, backed by SoftBank Group Corp., made its long-awaited debut last month, raising $5.23 billion including greenshoe shares in a deal that has helped whet the appetite for new equity offerings. Arm set aside more than $700 million worth of the stock on offer to some of its top customers including Intel, Apple Inc., Nvidia Corp., Samsung Electronics Co. and Taiwan Semiconductor Manufacturing Co.

--With assistance from Katie Roof.

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