Anthropic’s IPO preparations center on its rapid revenue expansion and positioning for a potential $1.8–2 trillion valuation, following confidential SEC filing in June 2026. Annualized revenue run rate exceeded $65 billion by July, up from $4.6 billion for full-year 2025, though operating losses widened to $8.06 billion amid surging compute costs and $518 billion in long-term infrastructure commitments. Recent timeline shifts—from mid-October marketing targets to formal roadshow activity around November 9—reflect efforts to incorporate Q3 results and navigate market conditions ahead of the November 26 Thanksgiving slowdown, with trading eyed before year-end. Investor meetings scheduled for October 14 and comparisons to SpaceX’s recent debut provide key benchmarks for sentiment on this large-scale AI listing.