Anthropic’s push toward a mid-November 2026 IPO remains the dominant driver of trader sentiment, with formal marketing slated to begin the week of November 9 and pricing targeted before Thanksgiving. The company recently hosted institutional investors on October 14, disclosing third-quarter revenue of $16.8 billion (up 45% sequentially from $11.6 billion in Q2) and adjusted profitability, though sequential growth slowed after earlier doubling. This tempered some valuation expectations to around $1.5 trillion from prior $2 trillion targets, even as the firm eyes a Nasdaq listing led by Goldman Sachs and Morgan Stanley. Ongoing regulatory review of its confidential S-1, AI infrastructure spending commitments exceeding $500 billion, and external calls for caution on safety risks introduce modest uncertainty ahead of the roadshow.