Recent market volatility following the November 3 midterms has pressured Anthropic's IPO timeline, with a sharp selloff in tech shares prompting investors to reassess valuation targets downward to the $1.2–1.3 trillion range from prior $1.5–2 trillion expectations. The company's late-October S-1 filing revealed first-half 2026 revenue of $16.3 billion alongside an $80.7 billion net loss, largely non-cash, while highlighting substantial compute commitments and AI risk factors. Trader consensus reflected in the 41.5% implied probability on no IPO by November 30 captures uncertainty over whether the planned roadshow can launch the week of November 9 and price in mid-to-late November ahead of Thanksgiving. Broader risk-off sentiment and potential need for deeper discounts or further results could extend the process beyond year-end.