Anthropic is advancing toward a Nasdaq IPO expected in late November 2026, with investor meetings underway following its October 14 pre-IPO event and targets centering on an approximately $2 trillion valuation—more than double its May 2026 Series H level. Rapid revenue expansion from Claude large language models, including recent releases like Opus 5.5 and Sonnet 5.5, supports trader focus on growth metrics versus heavy compute costs and net losses. Competitive positioning against OpenAI and others, alongside the company's safety emphasis and regulatory scrutiny, shapes sentiment around sustainable margins at scale. Key near-term catalysts include the formal roadshow starting around November 9 and any updates on third-quarter results or final pricing.