Anthropic’s confidential S-1 filing in June and subsequent shifts in timeline have positioned a potential November debut as the dominant driver of market sentiment, with formal marketing eyed for the week of November 9 and trading targeted before Thanksgiving. The company’s leaked prospectus revealed 2025 revenue near $4.6 billion—up roughly twelvefold—offset by a $42 billion net loss and $518 billion in future compute commitments, underscoring the capital-intensive path to scaling Claude amid competition from OpenAI. Recent investor meetings at an $1.8–2 trillion valuation ask, more than double the $965 billion Series H mark from May, reflect strong trader appetite for AI exposure despite disclosed existential risks and heavy infrastructure spending. Nasdaq listing plans and a potential record raise exceeding $100 billion add to the focus on execution risk before year-end.