Anthropic is moving toward public markets as the cost of developing frontier AI continues to climb.

Anthropic President Daniela Amodei said at Bloomberg Tech in San Francisco that training AI models is highly capital intensive, pointing to the financial pressure facing companies building and serving large scale AI systems.

The comments come days after Anthropic confidentially submitted a draft Form S-1 registration statement to the SEC for a proposed IPO. The company said the listing remains subject to SEC review, market conditions, and other factors.

Anthropic also raised $65 billion in Series H funding in late May, valuing the company at $965 billion post money. The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital.

The fundraise puts Anthropic among the world’s most valuable private companies and raises the stakes for a potential listing. Reuters reported that the new capital is intended to help expand computing capacity as demand grows for Claude and Anthropic’s broader AI products.

Founded in 2021 by Dario and Daniela Amodei and other former OpenAI researchers, Anthropic has built its business around the Claude family of AI models and a stated focus on AI safety.

A public listing would give investors one of the first direct opportunities to buy into a frontier AI lab. Until now, most public market exposure to the AI boom has come through chipmakers, cloud providers, or large tech companies with internal AI divisions.

The IPO would also test whether public investors are willing to support the extreme costs behind frontier model development. Anthropic’s valuation leaves little room for disappointment, and investors are likely to scrutinize revenue growth, compute spending, margins, and the company’s path to profitability.

The filing also comes as OpenAI and SpaceX are reportedly exploring public listings, setting up a potential wave of AI linked IPOs that could reshape the market for high growth technology companies.