Anthropic's confidential S-1 filing in June 2026 and subsequent roadshow preparations position a mid-November 2026 Nasdaq debut as the central catalyst for trader sentiment on IPO timing. The company targets a $2 trillion-plus valuation—more than double its May 2026 private mark of $965 billion—while projecting annualized revenue above $110 billion by year-end and $190–200 billion by 2028, supported by Q2 revenue near $11.5 billion. Heavy infrastructure commitments totaling $518 billion and a $42 billion 2025 net loss highlight execution risks amid competition from OpenAI. Underwriters including Morgan Stanley and Goldman Sachs are finalizing a $15 billion credit facility ahead of formal marketing expected the week of November 9, with any slippage past Thanksgiving or into 2027 hinging on market conditions and SEC review completion.