Anthropic's confidential S-1 filing with the SEC on June 1, 2026, following its $65 billion Series H round at a $965 billion post-money valuation, remains the central catalyst shaping trader views on a near-term IPO. Revenue momentum has accelerated sharply, with the annualized run rate climbing from roughly $47 billion in May to expectations exceeding $110 billion by year-end 2026, supported by enterprise adoption of Claude models and expanded compute capacity. Underwriters including Morgan Stanley, Goldman Sachs, JPMorgan, and Citi are preparing for marketing to begin in mid-October at the earliest, with a potential listing targeted for November ahead of U.S. midterm elections and at a discussed valuation near $2 trillion. This timeline reflects both strong institutional demand and the need for updated third-quarter results to inform pricing, though execution remains subject to market conditions and final regulatory steps.