Anthropic's IPO preparations center on its confidential June 2026 S-1 filing and a targeted $2 trillion-plus valuation that could raise over $100 billion, following the May $65 billion Series H round at a $965 billion post-money valuation. Revenue has scaled rapidly, with 2025 sales reaching $4.6 billion and Q2 2026 annualized run rates exceeding $65 billion, yet the company posted an $8.06 billion operating loss and $42 billion net loss that year amid $518 billion in multi-year compute and infrastructure commitments. Recent timeline shifts push formal marketing toward mid-November after the U.S. midterms to incorporate third-quarter results, with underwriters including Morgan Stanley and Goldman Sachs overseeing a potential $15 billion credit facility. Traders monitor secondary market pricing and hyperscaler commitments for signals on public appetite amid high execution risk from ongoing losses and regulatory scrutiny.