Anthropic has taken a major step toward going public. The artificial intelligence company confirmed Monday that it submitted a confidential draft registration statement for an initial public offering with securities regulators.

The filing comes just days after Anthropic announced a massive $65 billion Series H funding round. That deal pushed the San Francisco company's post-money valuation to $965 billion, more than doubling its previous valuation and surpassing rival OpenAI on that metric.

A New Leader in AI Valuations

OpenAI closed a $110 billion funding round in February at an $840 billion valuation. Anthropic now leads its closest competitor in valuation terms, though both companies remain private.

Anthropic has raised approximately $125 billion from investors to date, according to Crunchbase data. The company did not disclose the planned size of its offering or where it intends to list shares.

The Path Forward

The confidential filing is only the first step. Anthropic must still receive regulatory approval before submitting a public filing. After that comes the pre-IPO roadshow and final preparations for what is expected to be one of the largest tech offerings in recent years.

SpaceX offers a potential timeline comparison. The aerospace company filed confidentially on April 1 and is expected to begin trading as soon as June 12. If Anthropic follows a similar pace, a market debut could come as early as August.

The public filing of Anthropic's IPO prospectus will provide the first detailed look at its revenue growth and capital expenditures. Investors have long awaited those numbers.

Why This Matters

Anthropic's IPO filing signals that the generative AI boom is entering a new phase. Public market investors will soon have direct access to one of the sector's most valuable players. The offering will test whether Wall Street shares Silicon Valley's enthusiasm for AI companies with high spending and rapid growth rates.

The outcome could set the tone for other AI startups considering public listings. A strong debut would likely encourage more companies to follow suit, while a weak reception could cool investor appetite for AI stocks more broadly.