Anthropic’s planned IPO, now expected to begin marketing in mid-November after an October delay and list on Nasdaq before Thanksgiving, centers on a $1.8–2 trillion valuation target that would exceed SpaceX’s recent debut. The company’s annualized revenue run rate has surged past $65 billion amid rapid Claude adoption and enterprise demand, though its 2025 net loss reached $42 billion and the prospectus highlights massive future compute obligations plus existential AI risks. Competitive pressure from OpenAI and founder control provisions in the filing shape trader views on whether closing market cap clears key thresholds.