Anthropic’s S-1 filing on October 26 and subsequent amendments have set the stage for a Nasdaq listing under ticker ANT, with roadshow activity expected as early as November 10 and pricing targeted for the week of November 16 ahead of Thanksgiving. Traders are weighing the company’s rapid revenue ramp—$16.3 billion in the first half of 2026 and roughly $17 billion in Q3, driven by enterprise adoption of its Claude large language model—against decelerating sequential growth, massive non-cash losses from convertible notes, and over $500 billion in long-term compute commitments. Valuation discussions have cooled from earlier $2 trillion-plus targets to a $1.25–1.75 trillion range amid broader tech-market sell-offs and high AI infrastructure costs, creating uncertainty around the final closing market cap. Upcoming investor meetings and any last-minute revenue updates will likely determine whether the IPO clears higher thresholds.