Recent investor presentations on October 15 revealed Anthropic's third-quarter revenue at $16.8 billion, up 45% sequentially from $11.6 billion yet slower than prior periods, alongside adjusted profitability but persistent high compute costs and prior-year losses exceeding $40 billion. These disclosures have tempered expectations from earlier $2 trillion-plus targets toward roughly $1.5 trillion, aligning with the market's leading $1.75–2.0 trillion bin at 34.5% implied probability. The November 2026 IPO roadshow, set to begin the week of November 9 with Goldman Sachs and Morgan Stanley, will test demand against a $965 billion May 2026 private valuation and elevated infrastructure commitments, leaving room for the closing market cap to settle across multiple ranges depending on roadshow momentum and broader AI sector multiples.