ToplineClaude maker Anthropic has confidentially filed initial paperwork with the Securities and Exchange Commission, taking a step toward a potential initial public offering that could reportedly come as early as late 2026. (Photo illustration by Cheng Xin/Getty Images)Getty ImagesKey FactsThe filing sets neither a share count nor a price. The move arrives just days after the company closed a $65 billion round that valued it at $965 billion—eclipsing rival OpenAI and cementing its status as the most valuable startup in artificial intelligence.Anthropic’s most recent round nearly tripled its valuation of $380 billion in roughly three months. Big NumberAnthropic's annualized revenue crossed $47 billion in May, up from a $30 billion earlier in the year and $10 billion in annual revenue last year. Key BackgroundAnthropic steps into the busiest IPO pipeline since 2021, with three of the most valuable private companies ever built converging on the public markets within the same window. The center of gravity is the duel between Anthropic and OpenAI, the two labs that have defined the generative AI era and now find themselves racing to ring the bell first. OpenAI, which launched the AI boom with ChatGPT, raised $122 billion at an $852 billion valuation in March but has drawn investor unease over missed revenue targets and a court fight with Elon Musk. Anthropic has surged on enterprise demand and its Claude Code franchise, overtaking OpenAI's valuation for the first time. SpaceX, which merged with xAI earlier this year, is furthest along, with a public filing and a roadshow reportedly beginning in early June, while targeting around a $1.8 trillion valuation and seeking to raise more than $75 billion. Beyond the AI giants, the queue includes Databricks, Canva, Stripe, Cohere and Strava, alongside Discord and Inspire Brands, the owner of Dunkin' and Buffalo Wild Wings. TangentPart of what has captivated Wall Street about Anthropic is a model the public can't even use. On April 7, Anthropic announced Claude Mythos, but declined to release it generally, citing cybersecurity concerns that the model could become too dangerous if put in the wrong hands. Rather than ship it, the company created Project Glasswing, a vetted partner program through which a coalition including Apple, Microsoft, Google, Amazon Web Services, CrowdStrike and Palo Alto Networks—plus roughly 40 additional organizations—gets monitored access to harden critical software before adversaries can. Surprising FactThe scramble for Anthropic shares has spawned a shadow economy in which some middlemen are selling secondary shares of the company—sometimes fraudulently. Because private companies including Anthropic restrict who may hold its stock, would-be buyers will funnel into special-purpose vehicles (SPVs), or funds that hold the shares or hold a stake in another fund that holds the shares. With so many layers, fees can add up quickly, with a $2 million stake routed through a three-layer SPV forfeiting nearly $5 million of a $10 million payout to intermediaries before taxes. Prosecutors are already circling: Three New York brokers pleaded guilty this year to fraud after raising $185 million from more than 1,000 investors.