GlobalFoundries prepping $30 billion IPO

Chip shortages have dominated the tech news cycle for months. The owners of GlobalFoundries seem keen on taking advantage of the current market situation to move forward with a public offering. Bloomberg reports the foundry has tapped Morgan Stanley to piece together an initial public offering. GlobalFoundries is reportedly looking for a $30 billion valuation.

Rumors about an IPO for GlobalFoundries have been circulating for quite some time. Bloomberg reports a final decision has yet to be made, and the company's plans could still change.

GlobalFoundries is backed by Abu Dhabi sovereign fund Mubadala Investment Co. Mubadala had started preparations for a U.S. IPO of the company and is in discussions with potential advisers, Bloomberg News reported in April.

A representative for GlobalFoundries declined to comment. Mubadala didn’t respond to a request to its general inquiry email outside regular business hours while a representative for Morgan Stanley didn’t immediately have a comment.

GlobalFoundries was founded in 2009, when Abu Dhabi state fund Mubadala bought the manufacturing facilities from AMD, and combined them with Chartered Semiconductor Manufacturing. Initially, it was a joint-venture but AMD's dire financial position left it with no other choice than to become a fabless chip designer.