Anthropic PBC is preparing for a potential large initial public offering (IPO) and expects it could match or exceed the size of SpaceX’s record-setting IPO, according to people familiar with the matter. The firm’s IPO preparations are reportedly advancing, with discussions focused on how large the deal could be.

Sources cited by Bloomberg and NDTV say details, including the final IPO size and timing, are not yet public and could change as preparations continue. Both outlets report that the information comes from people close to the process who requested anonymity.

A separate report says Anthropic is preparing to file publicly for the IPO as soon as the end of this month. While the outlets broadly align on the expectation of a very large IPO and the fact that specifics are still fluid, they differ in emphasis—some focus on the likelihood of matching or topping SpaceX’s record and the progress of preparations, while another highlights the potential filing window.