Anthropic's IPO preparations center on a targeted November 2026 listing, with formal marketing potentially beginning the week of November 9 to enable trading before Thanksgiving, following multiple timeline shifts from earlier October expectations. The company confidentially filed its S-1 in June and released prospectus details showing 2025 revenue of nearly $4.6 billion—up twelvefold year-over-year—alongside an $8 billion operating loss and $42 billion net loss, driven partly by non-cash charges and heavy compute spending. Traders are weighing these figures against a targeted valuation exceeding $2 trillion, comparable to SpaceX's recent debut, amid strong run-rate revenue projections and partnerships with hyperscalers like Amazon and Google. Key near-term factors include finalization of a $15 billion credit facility and any Q3 results that could influence roadshow momentum ahead of the U.S. midterm elections.