Anthropic’s confidential S-1 filing in June 2026 and subsequent shift to a November listing window reflect the dominant driver behind current trader sentiment on an IPO by year-end. The company closed a $65 billion Series H in May at a $965 billion post-money valuation, with revenue run-rate exceeding $65 billion annualized by July and internal targets above $100 billion by December, supporting banker expectations of a $2 trillion-plus debut that could raise over $100 billion. Offsetting these figures are 2025 operating losses of $8.06 billion and a $42 billion net loss that included large non-cash charges, plus $518 billion in future compute and infrastructure commitments. Market participants are pricing in the near-term catalyst of third-quarter results and roadshow timing before Thanksgiving, while monitoring broader AI-sector multiples and regulatory review for any slippage.