Anthropic’s IPO preparations center on a confidential S-1 filing from June 2026 and a planned public debut targeted for late 2026, with marketing potentially beginning the week of November 9 and a listing possible before Thanksgiving. The company’s revenue run rate reached $65 billion annualized by late July 2026 after 12-fold growth in 2025, though operating losses widened to $8.06 billion that year amid $7.33 billion in compute spending. Discussions point to a $1.8–2 trillion valuation and up to $100 billion in proceeds, supported by a $15 billion revolving credit facility and anchor interest from investors including Nvidia. Key near-term catalysts include release of third-quarter results and finalization of the credit line ahead of roadshow meetings with lead banks Morgan Stanley, Goldman Sachs, JPMorgan, and Citi. Trader-implied odds reflect these execution milestones against a backdrop of elevated market volatility for large AI listings.