Computer-generated children’s voices so realistic they fool their own parents. Masks created with photos from social media that can penetrate a system protected by face ID. They sound like the stuff of science fiction, but these techniques are already available to criminals preying on everyday consumers.

What’s set to be the biggest initial public offering of 2023 comes from a company unknown to most consumers, though they use its products. Arm Ltd. designs key parts of the chips powering almost every smartphone on the planet. That’s given the Cambridge, UK-based company enormous strategic importance in the technology industry. The IPO, expected to value the company at between $60 billion and $70 billion, is likely to draw in some of its biggest customersas anchor shareholders, and even some competitors, all keen to uphold the neutrality that’s vital to Arm’s success.

Hours before Arm Ltd.’s initial public offering filing is expected to land, investors are scrutinizing a handful of reported financial metrics for clues on whether the lofty valuation the company is said to be seeking for its shares makes sense.