AI giant Anthropic has taken a major step towards a public listing, announcing it has filed a draft S-1 form to the US Securities and Exchange Commission (SEC) after its latest funding round valued it nearly $1 trillion.

The draft registration statement has been filed confidentially, meaning potential investors will remain in the dark about Anthropic’s finances and forward-looking projections until the SEC completes reviewing the document.

This is common practice amongst US tech groups, according to the Financial Times, which added that it allows the companies to gauge the extent of investor demand, make revisions and in extreme circumstances scrap plans to go public without scrutiny from the general public.

It is not known how long this review will take, but SpaceX, a major competitor in the AI space, released its prospectus to the public around a month after submitting its confidential S-1.

In its statement, released Monday, Anthropic said the filing “gives us the option to go public after the SEC completes its review,” adding that “The proposed initial public offering will depend on market conditions and other factors.”

The company has not yet revealed the price it will target for its initial public offering (IPO), but its 28 May Series H funding round valued it at $965 billion post-money. The Financial Times reported that investors in the group expect it will be valued at significantly above $1 trillion.

The series H raise was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. Anthropic said in a release at the time that it intends to use the funding to “advance our safety and interpretability research, expand compute to meet growing demand for Claude, and scale the products and partnerships our customers rely on.”

Anthropic’s valuation has skyrocketed over the past year since a March 2025 funding round placed the company at around $60 billion, driven by a focus on enterprise AI that rapidly expanded its annualised revenues.

Last month, it estimated the figure at $47 billion, though actual numbers will not be publicly available until its prospectus is released.

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