Anthropic is seeking a valuation of up to $1.4tn (£1.05tn) in its imminent stock market flotation , short of the $2tn that had been expected before investors started to question the durability of the AI boom.

The developer of the Claude chatbot was widely reported to be targeting a $2tn initial public offering on Wall Street but its sights have been set lower, according to a US regulatory filing on Tuesday.

Anthropic is aiming to raise up to $64.4bn by selling 825m shares in the IPO priced up to $78 a share, giving the company a valuation of up to $1.4tn. The California-based company will also raise a further $26bn via a separate private placement deal ⁠with cornerstone investors including the Google parent, Alphabet, and the chipmaker Nvidia. Trading in Anthropic shares could start as soon as next week.

Investor jitters over the AI boom were crystallised last week when the US midterm elections produced victories for datacentre opponents.…