Anthropic filed confidentially for its IPO Monday, beating OpenAI to the punch and locking in a $965 billion valuation that tripled in roughly three months while revenue went from $30 billion to $47 billion annualized—the multiple expanded faster than the fundamentals, and the confidential route means no one sees the actual loss figure until Anthropic's ready. Going first means Anthropic sets the comp the entire AI sector gets priced against, right as OpenAI is dealing with missed revenue targets and a Musk lawsuit. The DoD sanctions over Claude's refusal to run weapons targeting could cost billions in sales this year per Anthropic execs, and that risk is sitting inside an S-1 the public can't read yet.