Anthropic’s confidential S-1 filing in June 2026 and subsequent reports of a targeted mid-November listing have shaped trader sentiment around the IPO timeline. The company is preparing investor meetings at its San Francisco headquarters on October 14 and formal marketing as early as the week of November 9, aiming for a trading debut before Thanksgiving amid expectations of a $1.8–2 trillion valuation—potentially exceeding SpaceX’s record. Leaked prospectus details show 2025 revenue surging twelvefold to roughly $4.6 billion while net losses reached $42 billion and long-term compute commitments hit $518 billion, underscoring heavy capital needs and Big Tech dependencies that support the push for public markets. Recent revenue run-rate estimates above $65 billion and analyst projections for continued expansion provide momentum, though execution risks from competition and regulatory scrutiny remain key variables priced into current odds.