Anthropic's prospective IPO is now expected to move into marketing in mid-October at the earliest, with a public prospectus anticipated in late September rather than as early as the following week. Reuters reported that the company could complete its listing days before the U.S. midterm elections in November, although the timetable remains subject to change. Anthropic is finalizing a $15 billion revolving credit facility before analysts at participating banks meet with the company. Until a prospectus establishes an offering price, share count and other terms, crypto venues are offering synthetic exposure rather than equity ownership. Binance's ANTHROPICUSDT pre-IPO perpetual traded at $1,607.29 on Aug. 14, implying about $1.57 trillion using Binance's one-billion-share reference count. The USDT-settled contracts, which are also available in various forms on Bybit, Bitget, Crypto.com, Hyperliquid and Coinbase, do not confer Anthropic shares and can imply sharply different valuations across venues. Anthropic confidentially submitted a draft Form S-1 registration statement to the SEC on June 1 and said then that neither the number of shares nor the price had been determined. Some investors have estimated a potential valuation as high as $2 trillion, while Anthropic has not confirmed a valuation, offering size, share count or listing date. The company develops the Claude suite of AI models, has secured capital commitments from Google and Amazon, and remains relevant to crypto through cybersecurity tools in its Mythos model line and long-dated computing arrangements with former mining operators as miners shift capacity toward AI workloads.