Anthropic’s push toward a mid-November IPO before Thanksgiving hinges on its ability to publicly file the S-1 prospectus in the coming days to enable a roadshow starting around November 9, following confidential submission in June and recent delays from an earlier October target. Third-quarter revenue reached $16.8 billion, up 46% sequentially with adjusted profitability and positive free cash flow, yet GAAP net losses exceeded $80 billion in the first half amid heavy accounting charges and infrastructure commitments projected at hundreds of billions. Trader sentiment reflects a roughly 60% implied probability for a November listing amid post-midterm volatility, potential valuation compression toward $1.5 trillion from prior $2 trillion expectations, and competitive pressures from OpenAI, testing broader AI equity appetite ahead of potential year-end resolution.