Anthropic’s push toward a mid-November IPO centers on its confidential S-1 filing, expected imminently, which would enable a roadshow starting around November 9 and pricing before Thanksgiving. Third-quarter revenue reached $16.8 billion with adjusted profitability and positive free cash flow, though first-half results showed a roughly $80 billion net loss driven largely by accounting charges tied to valuation increases. Traders are weighing surging compute commitments projected near $750 billion against decelerating sequential growth and broader AI-sector volatility. Market-implied odds reflect the narrow window between U.S. midterms and the holiday, with any delay risking a shift into 2027 amid softening IPO appetite and questions over long-term margins.