Anthropic (ANTH.PVT) on Monday said that it filed confidential paperwork with the Securities and Exchange Commission to go public, beating rival OpenAI (OPAI.PVT) to the punch.

The company said the number of shares it will offer and the stock’s price haven’t been set yet.

“This gives us the option to go public after the SEC completes its review,” Anthropic said in a statement. “The proposed initial public offering will depend on market conditions and other factors.”

The announcement comes just days after Anthropic said it raised $65 billion in its latest funding round at a valuation of $965 billion, pushing it past OpenAI, which was last valued at $852 billion in March.

Anthropic’s rise is largely thanks to the success of its enterprise offerings, particularly its Claude Code coding software.

The company has rolled out a host of new products in the space this year, including, most recently, Claude for Small Business, and just last week unveiled its latest flagship model, Claude Opus 4.8.

The AI startup said its annual revenue run rate topped $47 billion at the beginning of May, up from $30 billion in April. Its run rate was $9 billion last year.

Anthropic is in a heated race with OpenAI to hit the public markets, setting up the year’s most anticipated market debuts outside of SpaceX (SPAX.PVT), which filed paperwork to go public last month.

CEO Dario Amodei has worked to set Anthropic apart from OpenAI by framing the company as a safety-first organization.

To that end, in April the company announced it was holding back its latest AI model, Claude Mythos Preview, over concerns that it was too good at hacking into software, despite not being designed to do so.

The company also established a cybersecurity partnership with companies including Amazon (AMZN), Apple (AAPL), and Microsoft (MSFT), providing the tech giants with access to Mythos so they could use it to find and fix any potential flaws hackers could exploit in their software.

But Amodei’s safety-focused stance has also proven controversial with the Trump administration.

President Trump previously threatened to ban the use of Anthropic’s software across government agencies after Amodei said he wouldn’t allow the Pentagon to use it for the mass surveillance of Americans or to operate fully autonomous weapons.

Secretary of Defense Pete Hegseth subsequently moved to designate the company a supply chain risk. Anthropic has sued to have the designation removed.

Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley.

Click here for the latest technology news that will impact the stock market

Read the latest financial and business news from Yahoo Finance