In a significant strategic move, AI research company Anthropic has announced plans to offer up to 552.9 billion yen—approximately $3.5 billion—worth of shares to investors in Japan as part of its broader U.S. public listing process. According to official filings released this Monday, the capital generated from this international offering is intended to bolster the company’s working capital, support ongoing operating expenses, and fund essential capital expenditures as it continues to scale its operations.

While the filing did not confirm the total valuation or the specific size of the upcoming IPO, market speculation has been intense, with some reports suggesting a potential valuation reaching as high as $1.5 trillion. Mizuho Securities has been tapped to oversee the share sale within the Japanese market, with a syndicate including Goldman Sachs and various Mitsubishi UFJ Morgan Stanley entities managing the subscription process. This effort follows a similar trend seen during the massive SpaceX IPO earlier this year, where Japanese investors demonstrated significant appetite by securing $2.2 billion of that offering.