Quick ReadAnthropic filed a confidential S-1 with the SEC on June 1 and targets an October IPO, with secondary-market trading implying a valuation near $1.2 trillion. If Anthropic and OpenAI both debut near current private valuations, their combined market cap could instantly approach $1.8 trillion. Nvidia (NASDAQ:NVDA) became the first major AI winner, reaching a market value of $5 trillion as demand for its chips exploded. For comparison, that puts Anthropic's private valuation near the market capitalization of some of the world's largest companies. Secondary-market transactions involving Anthropic shares have reportedly implied a valuation near $1.2 trillion, suggesting some investors already expect the company to enter public markets as a trillion-dollar business.