Anthropic’s October 26 S-1 filing marks the primary catalyst for near-term IPO resolution, disclosing first-half 2026 revenue of $16.3 billion—up sharply year-over-year—with Q2 revenue surging 1,368% to roughly $11.6 billion while adjusted operating income turned positive at $1.62 billion. Net losses reached $80.7 billion, driven largely by mark-to-market adjustments on convertible notes tied to rising valuations that hit $965 billion in the May private round. The company targets a Nasdaq listing under ticker ANT as soon as mid-November, potentially before Thanksgiving, with reported IPO valuation expectations between $1.5 trillion and $2 trillion. Traders are pricing in high implied probability of completion this year given the completed regulatory step, roadshow timeline, and strong revenue trajectory, though execution risk remains from market volatility and the firm’s highlighted AI safety disclosures.