Anthropic is conducting financial analysis for a potential public registration statement later this month after confidentially filing with the U.S. Securities and Exchange Commission in June. The Claude developer has signaled a valuation of at least $2 trillion, while some investors project a post-listing market capitalization of $3 trillion. Its second-quarter revenue rose 14.6-fold from a year earlier to $11.5 billion, adjusted operating profit turned positive for the first time, and annualized revenue reached $65 billion by the end of July. About half of revenue comes from the Claude API, while usage-commitment contracts with JPMorgan, Netflix and Salesforce may provide a more stable base than OpenAI's individual-user-focused model. OpenAI's decision to forgo a listing this year and its widening second-quarter operating loss have further strengthened Anthropic's relative position. The company must nevertheless secure substantial external computing capacity because it does not operate its own data centers, and Bloomberg reported that it is seeking a revolving credit line of up to $10 billion. The potential offering could challenge SpaceX's IPO record, although accounts differ over whether SpaceX's June offering raised $75 billion at a $1.77 trillion valuation or $85.7 billion including the underwriter option.