Anthropic's IPO preparations center on a targeted mid-November 2026 listing on Nasdaq, following multiple delays from an earlier October window to incorporate third-quarter results and finalize a large revolving credit facility. The confidential S-1 filing reveals 2025 revenue of $4.6 billion—up twelvefold year-over-year—alongside an $8.06 billion operating loss and a $42 billion net loss driven largely by non-cash charges, with $518 billion in future compute and infrastructure commitments. Annualized revenue run rate reached approximately $65 billion by late July, supporting banker discussions of a potential $2 trillion valuation and up to $100 billion in proceeds that could exceed SpaceX's recent IPO scale. Key dependencies on hyperscalers Amazon and Google, plus potential anchor participation from Nvidia, shape the capital structure ahead of roadshow marketing expected the week of November 9.