Anthropic has moved its target initial public offering window from October to November 2026, with the listing now expected to occur in the weeks before the U.S. midterm elections. The probability of an offering before the end of October has fallen to roughly 6 percent. The company wants prospective investors to receive third-quarter financial results before its roadshow begins around mid-October. The offering could value Anthropic at roughly $2 trillion and raise about $100 billion, potentially making it one of the largest IPOs on record and surpassing SpaceX's June 2026 offering. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are set to lead the underwriting, although the exchange, ticker, share count, final valuation and listing date remain undisclosed. Anthropic's annualized revenue run rate exceeded $65 billion by July 2026, compared with approximately $9 billion at the end of 2025. Internal projections point to revenue between $100 billion and $110 billion by year-end, while earlier company projections put 2028 revenue at $190 billion to $200 billion. OpenAI's annualized revenue rate crossed $40 billion in July, adding to competitive pressure in the market for enterprise AI services. Anthropic confidentially filed a draft S-1 registration statement with the Securities and Exchange Commission on June 1, 2026, and raised $65 billion at a post-money valuation of $965 billion in May. The company is also finalizing a $15 billion revolving credit facility. Its commercial growth is being weighed against high computing costs, model-development spending, safety evaluations and competition from OpenAI, Meta Platforms and open-source systems. Dario Amodei has recently called for caution in AI development, but the revised IPO timeline was reportedly set before those comments.