Anthropic is targeting a major initial public offering (IPO) before Thanksgiving, with its valuation at $965 billion after a Series H funding round. Market expectations point to a possible valuation above $1.25 trillion, while prediction-market pricing puts the odds of an IPO by December 31, 2026, at 83% YES. Investors are also watching Warburg Pincus’s interest in acquiring a stake in KNDS, which could affect activity in related sectors and defense markets. Attention is focused on any amendments to Anthropic’s S-1 filing, roadshow-date announcements, regulatory developments and economic conditions that could influence either transaction.