Anthropic's IPO timeline has shifted to target a mid-November debut before Thanksgiving, following delays from an earlier October window to incorporate third-quarter results into the roadshow. The company confidentially filed in June and is preparing marketing as soon as the week of November 9, with expectations of raising up to $100 billion at a roughly $2 trillion valuation—eclipsing SpaceX's recent listing. Revenue momentum underpins the pricing, with the annualized run rate exceeding $65 billion by July and internal projections pointing toward $100–110 billion by year-end and $190–200 billion by 2028, despite a $42 billion net loss in 2025 driven largely by non-cash charges and heavy compute spending. Institutional demand from hyperscalers and potential anchor participation from Nvidia supports the valuation multiple, though the prospectus emphasizes execution risks and massive future infrastructure commitments. The November U.S. midterm elections add a near-term market backdrop for any final pricing decisions.