Anthropic, founded in 2021 by former OpenAI researchers and executives, confidentially filed its prospectus with the SEC in June and has begun early investor meetings led by CFO Krishna Rao. The company closed a $965 billion funding round in late May, while OpenAI reached an $852 billion valuation in late March. Unverified reports project a possible $2 trillion IPO valuation and revenue of $100-120 billion by end of 2026.