Anthropic's push toward a mid-November 2026 IPO, following repeated delays from October targets, reflects the need to present complete third-quarter results before marketing begins around November 9. The company reported revenue growth to nearly $4.6 billion in 2025 with an annualized run rate exceeding $65 billion by July 2026 and projections surpassing $100 billion by year-end, supporting expectations for a valuation above $2 trillion and proceeds near $100 billion. However, 2025 operating losses widened to $8.06 billion and net losses reached $42 billion, driven by $7.33 billion in compute spending and $518 billion in future infrastructure commitments. These dynamics test public-market appetite for high-growth AI firms amid competition from peers like OpenAI and after SpaceX's record listing.