Anthropic’s S-1 filing on October 26 and planned marketing launch the week of November 9 position the company for a Nasdaq listing under ticker ANT before Thanksgiving, potentially the largest IPO on record at up to $100 billion in proceeds. First-half 2026 revenue reached $16.3 billion versus $1.2 billion a year earlier, while the operating loss narrowed but net loss hit $80.7 billion largely from convertible-note accounting; third-quarter revenue hit $17 billion. Valuation expectations have moderated from $2 trillion targets to the $1.2–1.5 trillion range amid AI equity selloffs and elevated Treasury yields. Investors will focus on the roadshow outcome, lock-up terms, and whether macro conditions or competitive pressures from OpenAI allow pricing within the narrow pre-holiday window.