Anthropic’s push toward a November 2026 IPO, with formal marketing eyed for the week of November 9, centers trader attention on whether its closing market cap clears ambitious thresholds near $1.8–2 trillion. Recent momentum stems from rapid revenue scaling—run-rate figures reached roughly $65 billion by July 2026 with projections exceeding $100 billion annualized by year-end—alongside $518 billion in signed compute commitments and a $65 billion Series H round that valued the company at $965 billion in May. These gains occur amid heavy operating losses, ongoing AI safety scrutiny from CEO Dario Amodei, and competition from OpenAI, which has delayed its own listing. An October 14 investor day sharing Q3 results and a pending public S-1 will provide fresh data points that could shift implied probabilities ahead of the roadshow.