Claude maker Anthropic confidentially filed paperwork with the Securities and Exchange Commission, taking the first step towards its highly anticipated initial public offering that could come as early as fall 2026. The AI behemoth just raised an eye-popping $65 billion funding round that valued it at $965 billion, topping OpenAI’s valuation and minting Anthropic as the most valuable AI startup in the world.

Anthropic announced that its annualized revenue crossed $47 billion in May, up from $30 billion earlier this year, thanks to growth from its marquee AI coding tool Claude Code and a powerful and only partially released AI cybersecurity model called Mythos Preview. In April, it launched Project Glasswing, an initiative that gave some 50 companies like Apple, Google and JP Morgan Chase access to Mythos Preview to find and patch security vulnerabilities in their systems. (The companies uncovered some 10,000 critical security flaws, Anthropic said.) The company announced on Tuesday that it is expanding access to the model to over 150 organizations across 15 countries to safeguard their software.

As businesses ramp up spending on AI tools like Claude, they’re facing so-called “AI sticker shock” — ballooning costs with little productivity gain to show for it. One company reportedly spent $500 million in a single month after failing to put limits on their employees’ Claude usage, Axios reported. Microsoft canceled Claude Code licenses for its employees, encouraging them to rely on homegrown applications instead. While strong enterprise adoption has been the basis for Anthropic’s revenue growth, companies cutting back on AI spending could slow its roll. Even rival OpenAI has highlighted........

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