Anthropic's IPO timeline centers on preparations following its June 2026 confidential S-1 filing, with recent reports indicating a targeted mid-November 2026 listing before Thanksgiving. The company reported 2025 revenue surging twelvefold to $4.6 billion alongside an $8.06 billion operating loss and $42 billion net loss, reflecting heavy compute and infrastructure outlays that are projected to reach $518 billion over coming years. Its latest private valuation reached $965 billion after a $65 billion May 2026 round, with IPO discussions pointing to a potential $2 trillion-plus market cap and up to $100 billion in proceeds, testing public appetite for frontier AI firms amid competition from OpenAI and broader market volatility in tech shares. Delays from earlier October targets stem from desires for fuller quarterly results and regulatory sequencing, with Nasdaq selected as the exchange and potential anchor interest from Nvidia.