Anthropic’s push toward a mid-November IPO, with formal marketing eyed for the week of November 9, remains the central driver of trader sentiment around its listing timeline. The company publicly filed its S-1 prospectus on October 26, disclosing third-quarter revenue of $16.8 billion—up from $11.5 billion in the second quarter—alongside adjusted profitability and positive free cash flow, though first-half net losses exceeded $80 billion largely from accounting adjustments. Expectations for a $1.5–2 trillion valuation have moderated amid market volatility, rising Treasury yields, and broader questions about AI capital expenditures that could reach hundreds of billions. With other AI-related offerings delayed and OpenAI deferring its own plans, the narrow window before Thanksgiving and potential last-minute shifts in investor demand or regulatory feedback represent the key swing factors for near-term resolution.