Anthropic's push toward a November 2026 IPO, with marketing eyed for the week of November 9 and potential trading before Thanksgiving, reflects strong trader focus on its rapid revenue trajectory amid heavy infrastructure spending. The company’s annualized run rate exceeded $65 billion by July 2026 and is projected to reach $100–110 billion by year-end, supporting expectations for a $1.8–2 trillion valuation and roughly $100 billion raise—potentially larger than SpaceX’s recent debut. Recent prospectus details highlight a $42 billion net loss in 2025 alongside $518 billion in future cloud and compute commitments, underscoring the tension between explosive AI adoption and elevated operating costs. Market-implied odds incorporate these fundamentals alongside broader risk appetite for frontier AI listings, with the timeline subject to final regulatory and market conditions through year-end.