Anthropic filed public registration paperwork with the Securities and Exchange Commission on Monday, October 26, taking a major step toward a stock-market debut that could value the artificial intelligence company at as much as $2 trillion. The maker of the Claude chatbot is expected to list under the ticker symbol ANT. Published estimates put its potential valuation between $1.5 trillion and $2 trillion, but the filing did not specify how many shares Anthropic intends to sell or set a price range. The offering could come as soon as November. A valuation near the top of that range would put Anthropic alongside SpaceX, which was valued at about $1.8 trillion when it went public in June. The comparison comes as investors test whether enormous bets on artificial intelligence can deliver profits to match their headline-grabbing valuations. “Going public has a lot of advantages,” said Jim Angel, an associate professor and markets specialist at Georgetown University. A listing can provide capital for expansion, make it easier to raise additional funds and allow existing investors to sell some of their holdings, he said. Angel also warned that investors may be facing an AI bubble and that a fast-changing industry could bring substantial market swings. Still, he said Anthropic may be seeking to list while investor enthusiasm is high and secure the strongest valuation it can. Founded five years ago by former OpenAI researchers led by Dario Amodei, Anthropic has become a major competitor in the commercial AI market. The founders left OpenAI over concerns about the direction of its work on AI safety. Anthropic’s filing lays out risks to its business, including the possibility that its models could advance faster than the company can make them safe, or could be used to cause harm. It also warns of possible political backlash and increased scrutiny tied to the company’s positions on regulation and policy. Those concerns are more than theoretical for the company. Anthropic has clashed with the Pentagon over military uses of its technology, particularly autonomous weapons and mass surveillance of Americans. The Pentagon designated the company a supply-chain risk, and Anthropic has challenged that action in two federal courts. Anthropic’s planned debut would arrive amid volatility across AI-linked stocks. Investors have questioned the financing needs of companies building data centers and other infrastructure, while share prices at several major technology firms have also faced pressure. The IPO will offer a high-profile test of whether public-market investors are still willing to pay a premium for the promise of AI growth—and how much risk they will accept along with it.