Anthropic’s planned November IPO, targeting up to a $2 trillion valuation on Nasdaq, faces scrutiny after its October 14 investor day highlighted Q3 revenue of $16.8 billion—up 45% sequentially but decelerating from prior quarters—alongside adjusted profitability. This follows a $965 billion private valuation from the May Series H round and positions the Claude developer ahead of OpenAI in enterprise focus, where roughly 80% of revenue originates. Traders weigh strong model momentum and infrastructure partnerships against heavy compute commitments exceeding $500 billion, slowing growth signals, and external calls for AI safety pauses. Formal marketing is expected after the U.S. midterms, with the final closing market cap hinging on demand for frontier AI large language models amid competitive benchmarks and regulatory uncertainty.