Anthropic’s confidential S-1 filing in June and subsequent investor meetings scheduled for October 14 underpin current market-implied odds for a near-term IPO, with bankers now targeting formal marketing the week of November 9 and trading before Thanksgiving. The company’s May Series H round at a $965 billion post-money valuation, followed by leaked prospectus data showing 2025 revenue near $4.6 billion alongside a $42 billion net loss and $518 billion in future compute commitments, frames the $1.8–2 trillion valuation range and potential $100 billion raise now circulating among prospective buyers. These figures reflect the tension between rapid revenue scaling and the capital intensity of frontier-model development, while Nasdaq selection and comparisons to SpaceX’s recent debut provide historical precedent for a large AI listing. Key near-term catalysts include any public S-1 release around late October and third-quarter results that could influence final pricing and timing.