Anthropic has confidentially filed for an initial public offering in the United States, the company said on Monday.

The AI startup behind the Claude chatbot—widely used by software developers and enterprise customers, has experienced rapid growth this year.

The company did not disclose its target valuation or the specific terms of the offering.

However, it recently announced it had raised $65 billion in funding, implying a post-money valuation of $965 billion. That marks a sharp jump from its $380 billion valuation in February.

The IPO filing adds to what has been a landmark year for Anthropic and comes ahead of rival OpenAI’s expected IPO filing.

The new valuation also positions Anthropic ahead of OpenAI as the world’s most valuable startup.

The development highlights intensifying competition in the artificial intelligence sector, with major players such as Elon Musk’s SpaceX, OpenAI, and Anthropic all preparing for potential public listings. SpaceX has reportedly filed for a stock market float at a valuation of around $1.75 trillion as it seeks to raise $75 billion in fresh investment.