Anthropic, the maker of the Claude AI assistant, submitted a confidential draft registration statement to the Securities and Exchange Commission, setting the stage for a public listing at a reported $965 billion valuation.

Anthropic on Monday said it filed plans for an initial public offering, setting it up for a share sale that could value the company in the trillion-dollar range as it races against rival OpenAI.

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 ...