Anthropic's IPO timeline centers on November 2026 marketing and listing efforts following repeated delays from an earlier October target, driven by the need to incorporate full third-quarter results amid surging revenue and elevated infrastructure commitments. The company's annualized revenue run rate exceeded $65 billion by July 2026 with internal projections reaching $100–110 billion by year-end, supporting expectations for a $2 trillion-plus valuation and over $100 billion in proceeds—positioning the debut as one of the largest ever, comparable to SpaceX's June listing. However, the S-1 prospectus highlighted a $42 billion net loss in 2025 alongside $518 billion in future compute obligations, underscoring the tension between growth metrics and operating scale. Trader sentiment reflects these fundamentals alongside regulatory filings, potential Nasdaq listing, and the November U.S. midterms as key near-term variables.