PBC reported third-quarter revenue of nearly $17 billion as of Sept. 30, a twelve-fold increase versus the same period a year ago that’s set to stoke anticipation for the artificial intelligence lab’s potentially record-breaking IPO.

The firm behind the Claude platform had a $23.3 billion net loss in the three months through end-September versus a $12.1 billion net loss in the same period last year, according to a filing on Monday with the US Securities and Exchange Commission. Its operating expenses jumped to $17.5 billion in the quarter, a 292% increase from a year prior.

The company has commitments of $895 billion, substantially which are related to compute and infrastructure, the filing shows. Roughly $448 billion of that is expected to be incurred before the end of 2030 though about $70 billion of the commitments are due in the year through Sept. 2027.

Anthropic filed on Oct. 26 for an initial public offering that’s set to take place before the US Thanksgiving holiday. Anthropic is seeking to meet or exceed the amount SpaceX raised in its $86.2 billion debut, people familiar with the matter have said.

Investors are telling bankers on the deal that their estimate of a fair valuation has shifted to around $1.4 trillion to $1.5 trillion, though a valuation of closer to $1.75 trillion is potentially achievable, Bloomberg News has reported.

The amount of money needed to fund the development of AI and its associated infrastructure has spurred companies to raise tens of billions of dollars at a time. Technology stocks have slumped in recent days, with jitters over earnings reigniting a rotation out of the theme.

On Oct. 26, the same day Anthropic filed publicly, Meta Platforms Inc. kicked off a plan to raise as much as $98 billion in equity, which would be one of the largest financing exercises of its kind in history. It followed Google parent Alphabet Inc.’s $85 billion equity fundraising plan earlier this year.

Oracle Corp. on Monday announced a $20 billion fundraising plan, including a $10 billion share sale that comes after raising money via debt and equity including a $20 billion at-the-market share offering program earlier this year.

Anthropic’s IPO, which will see it and some of its investors sell shares, marks the first listing by a company focused primarily on developing the most advanced AI models.

The company’s rival OpenAI has been working to raise tens of billions of dollars in another private round after pushing plans to go public to next year.

The two companies are seeking to raise record amounts from investors while facing mounting public scrutiny over AI safety after a string of high-profile hacking incidents by rogue agents, and as the debate rages over whether the technology poses what Anthropic called “existential risks to humanity” in its IPO filing.

Goldman Sachs Group Inc. and Morgan Stanley are leading Anthropic’s IPO, with participation from 20 other banks, the filing shows. The stock is expected to trade on the Nasdaq Global Select Market under the symbol ANT.