Anthropic's confidential S-1 filing in June 2026 and subsequent prospectus details released in late September have centered trader attention on its November IPO timeline, with roadshow activity eyed for mid-October and trading targeted before Thanksgiving. Revenue has accelerated sharply, with annualized run rates now exceeding $100 billion by year-end after 12-fold growth to $4.6 billion in 2025 and Q2 2026 quarterly figures near $11.5 billion, supporting banker targets of over $100 billion raised at a $2 trillion valuation—more than double the $965 billion post-money from its May Series H round. Offsetting this momentum are widening losses, including an $8 billion operating deficit and $42 billion net loss in 2025 alongside $518 billion in non-cancelable compute commitments, which investors weigh against comparable listings like SpaceX amid broader market volatility and post-midterm sentiment.