Anthropic’s path to a potential record-setting IPO centers on its confidential S-1 filing in June 2026 and targeted November listing window, with marketing eyed for the week of November 9 before Thanksgiving. The company’s annualized revenue run rate exceeded $65 billion by July 2026 after twelvefold growth to $4.6 billion in 2025, supported by $130 billion-plus in cumulative private funding including a $65 billion Series H at a $965 billion valuation. Offsetting this momentum are substantial 2025 net losses of $42 billion and $518 billion in multi-year compute and infrastructure commitments, alongside heavy reliance on Amazon and Google for distribution and capital. Nasdaq has been selected as the venue, with potential anchor interest from Nvidia and proceeds targeted near $100 billion at a roughly $2 trillion valuation. Key near-term catalysts include the public prospectus release and any final adjustments ahead of U.S. midterm elections.