Anthropic’s October 26 S-1 filing, disclosing first-half 2026 revenue of $16.3 billion with Q2 operating profit of $974 million yet an $80.7 billion net loss driven by non-cash note revaluations, has anchored trader expectations for the November IPO near $1.5 trillion. Recent Q3 revenue of $16.8 billion and a shift from earlier $2 trillion targets reflect tempered multiples amid high compute commitments exceeding $500 billion and broader market volatility pressuring AI valuations. The near-even split between the $1.25–1.5 trillion and $1.5–1.75 trillion brackets captures uncertainty over final pricing relative to the $965 billion May private round, with factors such as enterprise adoption momentum, founder voting control, and post-midterm sentiment serving as key swing variables ahead of the planned Nasdaq listing under ticker ANT.