Anthropic's planned IPO timing centers on mid-November 2026 marketing, following its June 2026 confidential S-1 filing and multiple timeline shifts from earlier October targets. The company seeks a roughly $2 trillion valuation—potentially exceeding SpaceX's $1.77 trillion debut—supported by rapid revenue scaling to a $65 billion annualized run rate and projections exceeding $100 billion by year-end, though 2025 net losses reached $42 billion amid $518 billion in multi-year compute commitments. Key drivers include strong enterprise demand for Claude models, heavy reliance on Amazon and Google for distribution and infrastructure, and post-Series H funding at a $965 billion valuation in May. Upcoming catalysts encompass third-quarter results ahead of the roadshow, U.S. midterm elections on November 3, and potential listing before Thanksgiving on November 26, with overall market risk appetite for mega-cap AI offerings remaining a swing factor.