Anthropic's preparations for a potential record IPO, now targeted for mid-November 2026 after repeated delays from earlier windows, center on surging revenue run rates exceeding $65 billion annualized by July alongside $518 billion in long-term infrastructure commitments and 2025 operating losses near $8 billion. The company confidentially filed in June and seeks a $1.8–2 trillion valuation with up to $100 billion in proceeds, exceeding SpaceX's recent debut, while finalizing a $15 billion credit facility and selecting Nasdaq. Trader sentiment reflects these execution risks around marketing starting the week of November 9, regulatory reviews, and public-market appetite for AI firms amid high fixed costs and competitive pressures from peers like OpenAI.