Anthropic's confidential SEC filing in June 2026 and preparations for a November listing after the U.S. midterms remain the dominant factors shaping trader views on IPO timing. The company reported $16.8 billion in Q3 revenue, up 46% sequentially with adjusted profitability, though annualized run-rate growth has moderated toward $65-74 billion amid investor discussions of a $1.5 trillion valuation rather than the prior $2 trillion target. Marketing of shares is slated to begin the week of November 9, supported by lead banks Goldman Sachs and Morgan Stanley on Nasdaq, while heavy compute investments and enterprise demand for Claude models continue to underpin the $965 billion May valuation from the $65 billion Series H round. Key near-term catalysts include the post-election window and any revisions to the S-1 filing.