The San Francisco-based AI company, valued at US$965 billion, said Monday that it’s filed confidentially for an initial public offering. Its Canadian backers, including Ontario Teachers’ Pension Plan, CPP Investments, Brookfield and Rogue Insight Capital, could collect big returns on their investments following its stock-market listing. (The Logic)

Talking point: The U.S. Securities and Exchange Commission will now review the proposed IPO. Anthropic—the company behind the chatbot Claude—said in a press release that going public depends on market conditions “and other factors.” The company announced last week that it had raised a US$65-billion Series H round, one of the biggest tech venture-capital deals in history. The investment put its valuation higher than that of its rival OpenAI, which is also reportedly planning an IPO. It’s shaping up to be a banner year for tech listings, after a prolonged drought. SpaceX began its IPO process last month, in what could be the largest-ever market debut. For Anthropic and OpenAI, the race to list may speak to growing pressure on private AI companies to tap public markets as their computing costs and other capital needs balloon.