Anthropic, the creator of Claude, has submitted a confidential draft S-1 registration to the SEC, taking the first formal step toward going public. The timing, share volume, and price range have not yet been set — the listing depends on market conditions.

The filing follows a $65 billion funding round that pushed the company’s valuation close to $1 trillion. Anthropic is legally structured as a Public Benefit Corporation, which requires it to balance shareholder returns with a commitment to public good.

Anthropic’s confidential draft S-1