Chip maker Arm is targeting a valuation of at least $60 billion when it goes public later this year.

That's according to Bloomberg, which reports that the chip giant is aiming for a valuation of between $60 billion and $70 billion when it does its initial public offering. That is scheduled for September.

Arm is hoping to make as much as $10 billion from the IPO.

Arm has been in discussions with Nvidia to have it become an anchor investor in the IPO. The graphics giant – which was previously trying to buy Arm – was interested in a share price that would value the company at between $35 billion and $40 billion, far below what Arm wanted which was in fact closer to $80 billion.

TechAnalysis Research Bob O'Doennell said: “[Arm] had a hugely important but behind-the-scenes and not-very-well-understood role for a very long time. There’s this raised awareness now of what Arm does and the role that it plays.”