Claude chatbot maker Anthropic is set to be valued at 1.3 trillion US dollars (£970 billion) when it is expected to make its stock market debut on Wall Street later this month.

The AI giant has set the price for its initial public offering (IPO), with plans to sell 825 million shares at between 70 and 80 dollars each (£52 and £59), raising more than 61 billion dollars (£45.3 billion).

It would see Anthropic’s IPO become one of the biggest ever, but would not overtake the record 86 billion dollars (£64 billion) raised by Elon Musk’s SpaceX when it floated in June.

Anthropic is also leading the race to go public with and ChatGPT maker OpenAI , which had also been looking to list this year, but whose founder recently extended the timeframe amid concerns over AI safety.

In its IPO prospectus late last month, Anthropic said it believes AI is “one of the most consequential technologies in human history”, with the potential to “improve the quality of human life” in a number of ways.

This includes accelerating…