AI giant Anthropic said on Monday it has confidentially filed for a U.S. initial public offering, teeing up what could become the watershed moment for Wall Street’s AI frenzy.

The move sets up a high-stakes test of whether investor appetite for the AI revolution that has reshaped white-collar work around the world can match the sky-high expectations surrounding the booming sector.

Anthropic did not disclose the size or terms of the offering. It last raised $65 billion at a post-money valuation of $965 billion in late May, putting it ahead of rival OpenAI.

The crucial step toward a listing comes on the heels of SpaceX’s mega-IPO, which is on course to rewrite the record books as the Elon Musk-led company pursues a $75 billion offering at a $1.75 trillion valuation.

Rival OpenAI and Anthropic have become the face of the AI boom that has redrawn corporate strategies, sparked a global arms race for computing power and talent, and turned AI-linked companies into some of the market’s most richly valued firms.

Anthropic’s valuation has more ​than doubled from $380 billion in February, when it had raised $30 billion in a funding round.

OpenAI is also preparing to confidentially file for a U.S. IPO in the coming weeks, a source ​familiar with the matter told Reuters in late May, adding to a wave of blockbuster ‌listings anticipated in the year ahead.

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(Reporting by Manya Saini in Bengaluru; Editing by Shilpi Majumdar)