Anthropic’s confidential IPO filing and subsequent delays have centered trader focus on a targeted November listing, with formal marketing eyed for the week of November 9 and trading potentially before Thanksgiving. The company’s May 2026 Series H round valued it at $965 billion post-money after raising $65 billion, while its prospectus revealed 2025 revenue of $4.6 billion—up twelvefold—against an $8.06 billion operating loss and $42 billion net loss, much of it non-cash. Annualized revenue run-rate reached roughly $65 billion by July and is projected toward $100–110 billion by year-end, supporting banker discussions of a $2 trillion valuation and up to $100 billion in proceeds on Nasdaq. High forward compute obligations of $518 billion and competition from OpenAI remain key variables ahead of the roadshow.