Anthropic’s push for a mid-November IPO before Thanksgiving hinges on filing its public S-1 prospectus imminently to allow a roadshow starting around November 9, with the 15-day SEC requirement compressing the window as of late October. Q3 2026 revenue reached $16.8 billion with sequential growth and positive adjusted free cash flow, supporting investor-day updates, yet the company faces substantial infrastructure commitments exceeding $518 billion and large net losses driven partly by accounting charges. Trader sentiment reflects expectations for a $1.5–2 trillion valuation range amid AI sector demand following SpaceX’s listing, tempered by OpenAI’s delay, market volatility, and regulatory or liability risks that could shift the timeline into year-end or beyond.