AI firm Anthropic has formally submitted its prospectus, aiming for a Nasdaq listing with a valuation target between USD 1.5 trillion and USD 2 trillion. The anticipated financing volume is set to surpass USD 100 billion, which could potentially make it the largest initial public offering (IPO) ever. In recent years, the company has witnessed swift revenue expansion, with the share of computing power costs in its revenue steadily decreasing, leading to interim profitability. Its net losses are mainly attributable to non-cash losses resulting from changes in the fair value of convertible debt. Anthropic's revenue is primarily derived from usage-based billing, featuring a variety of channels and a wide-ranging customer base that is becoming progressively less concentrated. Nevertheless, its current sequential revenue growth has decelerated, and it is saddled with long-term computing power procurement contracts worth over USD 800 billion, requiring sustained high growth to offset these costs. Despite these challenges, Anthropic still confronts numerous uncertainties, encompassing industry competition and cost pressures. While there are bubbles present in the AI sector, they are distinct from the early internet bubbles, which lacked substantive performance backing. Following its public listing, Anthropic will serve as a crucial vantage point for monitoring the advancement of AI commercialization.