Anthropic is firming up its listing process as it prepares investor meetings ahead of an initial public offering within the year.

On July 15, CNBC reported that underwriters are arranging meetings between potential investors and Anthropic’s management. The meetings are seen as a step to gauge demand ahead of a formal roadshow and share sales.

Anthropic submitted a confidential IPO registration statement to the U.S. Securities and Exchange Commission last month, but it has not disclosed the timing of the listing. Bloomberg previously reported the listing could come as soon as October. An Anthropic spokesperson declined to comment.

As listing preparations gather pace, the chances are also rising that Anthropic could reach the stock market before OpenAI. OpenAI also submitted IPO documents confidentially to the U.S. Securities and Exchange Commission in June but has not disclosed a subsequent schedule. If Anthropic enters public markets first, analysis suggests it could be in a relatively advantageous position even if enthusiasm for AI investing later cools.

Anthropic’s listing is also being read as part of a trend following a major SpaceX IPO in June. Key AI companies have raised huge sums while remaining private, but moves to broaden access to public markets have recently emerged.

Anthropic was founded in 2021 after executives and researchers from OpenAI left over concerns about the company’s direction. It then expanded its business rapidly, mainly with corporate customers, and its coding assistant service, Claude Code, is reported to have driven its early growth.

The scale of fundraising is also growing. Anthropic completed a $65 billion funding round in May, and its valuation at the time was assessed at $965 billion. That exceeded OpenAI’s $852 billion valuation at the same point for the first time. With a high private-market valuation secured ahead of a listing, it is expected to be tested during the offering process as a leading AI stock.

Goldman Sachs, Morgan Stanley and JPMorgan Chase, among other major Wall Street investment banks, are taking part in the IPO preparations. As the AI investment boom stimulates demand for capital, it is also bolstering an earnings recovery at financial firms that provide related investments and hedging tools.

In this situation, Anthropic’s listing is likely to become a case that gauges AI companies’ return to public markets beyond simple fundraising. The focus points ahead are expected to be the actual listing timing, whether the offering succeeds, and OpenAI’s follow-on listing schedule.