Anthropic's confidential S-1 filing in June 2026 has positioned the company for a potential Nasdaq debut, with recent reports indicating a shift in marketing to mid-October and listing targeted for November to incorporate full third-quarter results. The firm projects an annualized revenue run rate exceeding $110 billion by year-end, supporting discussions of a $2 trillion valuation and up to $100 billion raise, though 2025 operating losses reached $8.06 billion amid $7.33 billion in compute spending. Lead underwriters Goldman Sachs, JPMorgan, and Morgan Stanley are advancing a $15 billion credit facility, with Nvidia reportedly exploring anchor participation. This timeline aligns with broader AI sector momentum following SpaceX's June listing, while highlighting the tension between rapid top-line growth and elevated infrastructure costs ahead of public-market scrutiny.