GlobalFoundries today officially filed with the Securities and Exchange Commission (SEC) for an initial public offering (IPO) on the Nasdaq under the ticker GFS.

While neither the number of ordinary shares nor the price range of the proposed offering has been made public, the IPO is expected to garner around $25 billion, according to an earlier Reuters report.

GlobalFoundries has enlisted the help of Morgan Stanley, Bank of America, JPMorgan Chase, Citigroup, Credit Suisse, along with a dozen other investment groups to support IPO preparations.

The announcement comes after months of rumors regarding the U.S.-based semiconductor manufacturer's fate. GlobalFoundries CEO Tom Caulfield teased the IPO back in July, but a Wall Street Journal report that same month cast doubt on those plans. The report suggested Intel was in talks to acquire the foundry operator for as much as $30 billion.

At the time, analysts speculated a GlobalFoundries acquisition would jumpstart the vendor’s new Intel Foundry Services business unit.

According to Glenn O’Donnell, VP and research director of infrastructure and operations at Forrester Research, those rumors may have been an attempt to fan the valuation flames.

The IPO comes as foundry operators across the industry experience unprecedented demand in the wake of the COVID-19 pandemic and supply chain shortages.

Intel, Taiwan Semiconductor Manufacturing Co. (TSMC), Samsung Electronics, and GlobalFoundries have all announced plans to expand foundry operations to meet growing customer demand.

Intel announced $20 billion for two chip fabs in Arizona in March, with additional investments in Europe and the U.S. expected before the end of the year.

Meanwhile, TSMC, the world’s largest semiconductor manufacturer, announced more than $100 billion in capex spending over the next three years. More recently, Samsung said it would spend nearly twice that to expand its foundry business.

While GlobalFoundries hasn’t announced anywhere near these levels of capex spending, the operator is spending $1 billion to boost capacity at its Malta, New York fab.