Anthropic filed a confidential registration statement on Monday, signalling its intent to go public. The San Francisco‑based AI firm did not disclose the offering size or exchange, but the filing moves it ahead of rivals in the generative‑AI IPO race. Investors will now watch for regulator approval before the company can launch a roadshow.

The filing follows a $65 billion Series H round that lifted Anthropic’s post‑money valuation to $965 billion, overtaking OpenAI’s $840 billion benchmark set after its $110 billion raise. Crunchbase tracks roughly $125 billion of cumulative funding for the startup, underscoring the capital intensity of building large‑scale models and the market’s appetite for AI unicorns.

Regulatory clearance could take weeks, after which Anthropic must file a public prospectus and commence a pre‑IPO tour. Comparisons to SpaceX, which filed confidentially in early April and is expected to list by June, suggest a potential August debut if the process mirrors that timeline. The market will soon gauge the company’s revenue growth and capex profile once details emerge.

With the IPO looming, venture‑backed AI firms are poised to reshape equity markets, offering investors exposure to a sector historically dominated by private capital. Anthropic’s move could set pricing benchmarks and intensify scrutiny on AI spending, forcing competitors to justify valuations amid mounting regulatory attention.