Anthropic’s October 26, 2026 S-1 filing with the SEC, targeting a Nasdaq listing under ticker ANT the week of November 16, is the dominant catalyst shaping trader views on an imminent IPO. First-half 2026 revenue reached $16.3 billion, up over 1,300% year-over-year, with adjusted operating income turning positive at $1.62 billion, though a reported $80.7 billion net loss stemmed largely from non-cash convertible note adjustments. The company’s May 2026 Series H round valued it at $965 billion, with IPO expectations centering on a $1.5–2 trillion range that could surpass SpaceX’s June record. Key variables include high fixed compute commitments exceeding $500 billion, disclosure of existential AI risks, and post-election timing before Thanksgiving. These factors underpin strong market-implied odds of completion this year while highlighting volatility around pricing and investor appetite for AI growth stocks.