
	As of
(in millions)	March 31, 2026		March 31, 2025
Equity method investments under fair value option	$	148	$	300
Equity investments in publicly listed companies	96		98
Equity method investments under equity method	13		16
Non-marketable equity securities	130		151
Total equity investments	$	387	$	565


	Fiscal Year Ended March 31,
(in millions)	2026		2025		2024
Equity investments in publicly listed companies	$	(6)	$	43	$	—
Equity method investments (1)	(5)		(274)		(17)
Non-marketable equity securities (includes NAV)	25		(6)		(3)
Total income (loss) from equity investments, net	$	14	$	(237)	$	(20)

(1)Includes equity method investments where the Company elected the fair value option, including those under the net asset value (“NAV”) practical expedient, along with investments accounted for under the equity method.


Name						Ownership Interest %
Arm IOT Fund LP (Taiwan)						25.8%
Accelerator Advisory Limited(1)						16.1%
HOPU-ARM Holding Company Limited(2)						10.0%
DeepTech Labs Fund 1 LP						37.0%
Socratic Partners I LP						3.2%

(1) The Company’s investment in Accelerator Advisory Limited entitles the Company representation on the board of directors by virtue of the right to appoint one of four members of the board of directors. Accordingly, the Company has the ability to exercise significant influence over the operating and financial policies of Accelerator Advisory Limited.

(2) The Company’s investment in HOPU-ARM Holding Company Limited entitles the Company to a 10% equity interest in HOPU-ARM Holding Company Limited and representation on the board of directors by virtue of the right to appoint one of three members of the board of directors. Accordingly, the Company has the ability to exercise significant influence over the operating and financial policies of HOPU-ARM Holding Company Limited.

Investments in a limited liability company that maintains a specific ownership or limited partnerships which the Company has more than virtually no influence (i.e., at least 3% to 5% ownership) over the investee are accounted for using the equity method.


Name						Ownership Interest %
Acetone Limited						10.0%
China Walden Ventures Investments II, L.P. —NAV						7.5%
China Walden Ventures Investments III, L.P. —NAV						8.1%
HOPU-ARM Innovation Fund, L.P. —NAV						5.1%
Catapult Ventures I, L.P. —NAV						18.1%

The Company elected the fair value option to account for certain equity method investments in Acetone Limited and Ampere. See discussion below, along with Note 13 - Fair Value, for further information.

For the fiscal years ended March 31, 2026, 2025 and 2024, income (loss) from equity method investments not accounted under the fair value option or the NAV practical expedient was immaterial.

The Company holds equity method investments in funds accounted for under the fair value option that apply the NAV practical expedient. The estimated fair values of the Company’s equity securities at fair value that qualify for the NAV practical expedient were provided by the funds based on the indicated market values of the underlying assets or investment portfolios. As of March 31, 2026 and 2025, the carrying value of equity method investments under the fair value option measured at NAV was $91.3 million and $100.3 million, respectively.

For the fiscal years ended March 31, 2026, 2025 and 2024, the Company recognized losses from changes in fair value of $6.7 million, $6.0 million, and $2.8 million, respectively, for equity method investments accounted for under the NAV practical expedient. Changes in fair value are recorded through income (loss) from equity investments, net in the Consolidated Income Statements.

As of March 31, 2026 and 2025, the carrying value of the Company’s equity method investment in Acetone Limited was $56.5 million. For the fiscal year ended March 31, 2026, the Company did not recognize fair value losses with respect to its investment in Acetone Limited. For the fiscal years ended March 31, 2025 and 2024, the Company recognized fair value losses with respect to its investment in Acetone Limited of $20.0 million and $15.9 million, respectively, in income (loss) from equity investments, net in the Consolidated Income Statements.

On March 19, 2025, SoftBank Group Corp. (“SoftBank Group”) announced that it entered into an agreement to acquire all of the outstanding equity interests of Ampere. The transaction closed in November 2025. In December 2025, the Company, as a minority shareholder of Ampere, received $143.4 million in gross proceeds for its equity interest in Ampere and $39.3 million from the settlement of the convertible promissory note with Ampere.

As of March 31, 2025, the carrying value of the Company’s equity method investment in Ampere was $143.4 million. As of March 31, 2026, the Company’s equity method investment in Ampere was no longer outstanding as a result of SoftBank Group’s acquisition of all of the outstanding equity interests of Ampere. For the fiscal years ended March 31, 2026 and 2024, the Company did not recognize any fair value gains or losses with respect to its equity method investment in Ampere in the Consolidated Income Statements. For the fiscal year ended March 31, 2025, the Company recognized fair value losses with respect to its investment in Ampere of $246.4 million in income (loss) from equity investments, net in the Consolidated Income Statements.

As of March 31, 2026, the Company had no outstanding balance related to the convertible promissory note with Ampere. As of March 31, 2025, the outstanding balance of the convertible promissory note with Ampere was $33.8 million, which is included in other non-current assets on the Consolidated Balance Sheets.

As of March 31, 2026 and March 31, 2025, the carrying value of the Company’s equity investments in publicly listed companies was $96.1 million and $97.9 million, respectively. For the fiscal years ended March 31, 2026 and 2025, the Company recognized fair value gains and (losses) with respect to its equity investments in publicly listed companies of $(5.6) million and $42.6 million, respectively, in income (loss) from equity investments, net in the Consolidated Income Statements.

Non-marketable securities are those for which the Company does not have significant influence or control. These represent either direct or indirect, through a capital fund, investments in unlisted early-stage development enterprises which are generating value for shareholders through research and development activities. The Company holds equity interests in certain funds which are accounted for under the NAV practical expedient. As of March 31, 2026 and 2025, the carrying value of assets measured at NAV was $27.2 million and $15.7 million, respectively. For the fiscal years ended March 31, 2026, 2025 and 2024, the Company recognized gains and (losses) of $5.1 million, $(2.2) million and $0.5 million, respectively, from changes in fair value for non-marketable securities accounted for under the NAV practical expedient.

Historically, the Company had an unrecognized trade receivable with a customer given the collectability of substantially all of the consideration was not probable. In the fiscal year ended March 31, 2024, the Company invested in non-marketable preferred stock from the customer in exchange for the conversion of the trade receivables for $4.6 million. Currently, the Company does not recognize any revenue and receivables due to not meeting the collectability criterion under ASC 606, Revenue from Contracts with Customers. The Company does not have significant influence or control over the customer and elected to apply the measurement alternative for this investment.

As of March 31, 2026 and March 31, 2025, the carrying value of the Company’s preference shares of Kigen (UK) Limited (“Kigen”), an entity indirectly partially owned by SoftBank Vision Fund L.P., was $16.4 million and $15.0 million, respectively. During the fiscal year ended March 31, 2026, the Company invested another $1.4 million in cash in exchange for preference shares of Kigen. The preference shares are convertible into common shares of Kigen and are entitled to full dividends, distribution and voting rights. The Company does not have significant influence or control over Kigen and elected to apply the measurement alternative for this investment.

The Company elected to apply the measurement alternative to all other non-marketable equity securities. Under the measurement alternative, these equity securities are recorded at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes in orderly transactions.

The components of gains and (losses), which primarily include unrealized gains and losses on non-marketable securities inclusive of those measured under the NAV practical expedient, are as follows:


	Fiscal Year Ended March 31,
(in millions)	2026		2025		2024
Observable price adjustments on non-marketable equity securities (includes NAV)	$	25	$	(2)	$	—
Impairment of non-marketable equity securities	—		(4)		(3)

Total income (loss) from equity investments in non-marketable securities, net	$	25	$	(6)	$	(3)

Arduino SA (“Arduino”) was an investment in which the Company had significant influence. The Company no longer has significant influence in Arduino in connection with its acquisition by a third party. Therefore, Arduino is no longer considered a related party. During the fiscal year ended March 31, 2026, the Company received $50.5 million in liquidation proceeds from Arduino.

All equity method investments held by the Company are considered long-term to enable ecosystem growth and are non-current assets. For the fiscal years ended March 31, 2026, 2025 and 2024, the Company recognized $6.1 million, $7.5 million and $5.2 million, respectively, in dividends from equity investments measured using the NAV practical expedient. The total amount of financial commitments to existing investees of the Company not provided for in the consolidated financial statements was $25.6 million and $28.1 million as of March 31, 2026 and 2025, respectively.