Anthropic’s recent timeline adjustments and surging revenue have anchored trader expectations around a November 2026 listing. After earlier plans slipped from an October window, the company is now targeting formal marketing as soon as the week of November 9 to allow inclusion of third-quarter results, positioning shares to begin trading before Thanksgiving. Its annualized revenue run rate exceeded $65 billion by July and is projected to reach $100–110 billion by year-end, supporting discussions of a roughly $2 trillion valuation and one of the largest IPOs on record. These developments, alongside competitive pressure from other frontier AI labs and preparations for a major credit facility, have concentrated implied probability on November and December while leaving limited room for earlier or much later outcomes.