Despite riding the tide of artificial intelligence and being listed alongside other tech giants in New York, Arm Holdings Ltd.’s initial public offering of shares fell short of the lofty expectations that were placed on it.

According to calculations based on filings revealed Tuesday, the Cambridge-based company, which passed on the London Stock Exchange earlier this year, is aiming for a market value close to $55 billion. This is significantly less than the initial goal of up to $70 billion.

“Arm has a far harder time profiting from the present AI movement than a business like Nvidia. This is because the majority of Arm’s revenue comes from mobile devices, and the AI business is cloud-based, according to Third Bridge analyst Albi Amancona.

Depending on investor demand for its roadshow, the company may yet be able to raise more or less money. SoftBank will continue to have a 90% stake in Arm shares following the IPO.

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