Anthropic's planned IPO, targeting a roughly $2 trillion valuation on Nasdaq before Thanksgiving 2026, drives current trader focus on closing market cap thresholds. The company confidentially filed its S-1 in June and recently reported a $65 billion annualized revenue run rate as of July, with strong growth from Claude large language models, though it posted a $42 billion net loss in 2025 amid heavy compute and infrastructure spending exceeding $500 billion in commitments. Recent model launches, including cost-efficient Claude 5.5 variants, and the October 12 enterprise partnership with HCLTech highlight capability and adoption momentum, yet prospectus disclosures emphasize risks like Big Tech dependence, safety concerns, and potential regulatory hurdles. Upcoming catalysts include formal marketing in mid-November and any third-quarter results that could influence final pricing and post-IPO sentiment.