Anthropic's IPO process centers on ambitious scale amid rapid revenue expansion and elevated costs. The company confidentially filed its S-1 in June 2026 and is targeting a listing at roughly $2 trillion valuation, potentially raising up to $100 billion, following its May 2026 Series H round at $965 billion. Q2 2026 revenue reached about $11.5 billion with an annualized run rate exceeding $65 billion by July, though 2025 operating losses widened to $8.06 billion alongside $518 billion in multi-year compute commitments and a $42 billion net loss. Plans have shifted from mid-October marketing toward a mid-November roadshow before Thanksgiving, after U.S. midterms, with underwriters including Morgan Stanley and Goldman Sachs preparing for a Nasdaq debut. Key near-term catalysts include public S-1 release and third-quarter results that could influence final pricing and timing.