ARM IPO- big price for questionable growth

ARM made .54 eps in 2022 and .51 eps in 2023. at 51 cents eps, its 124 PE.
Revenue per share current is 2.60 revenue per share, giving a price to sales over 20 PS.

Its unclear if ARM is growing sales and earnings at a rate that justifies the current premium.

Possible multiples examples:
if pe goes to:
20pe x .51 = 10.20
30pe x .51 =15.30
40pe x .51= 20.40

so clearly there is some high growth rate implied at the current price.
Implied growth rate is in the 30% to 60 % annual growth range.

If its not a grower, is it priced as a tech hedge? in case other firms buy it?
From a value and growth investor perspective, the math doesnt add up.