Anthropic’s IPO timeline centers on a targeted mid-November 2026 listing, with formal marketing expected to begin the week of November 9 after confidential S-1 filing in June and prospectus details emerging in late September. The company seeks a valuation exceeding $2 trillion—more than double its $965 billion May 2026 post-money valuation following a $65 billion Series H round—potentially raising over $100 billion, surpassing SpaceX’s recent debut. Revenue reached $4.6 billion in 2025 with a $65 billion annualized run rate by July 2026, yet operating losses widened to $8.06 billion amid $518 billion in future compute and infrastructure commitments. Key catalysts include Q3 results for the roadshow and regulatory milestones, while high valuation multiples reflect strong AI sector demand tempered by execution risks and comparable precedents.