Anthropic is preparing to launch an initial public offering as early as mid-November, with formal marketing potentially beginning the week of November 9. The AI company aims to commence trading before Thanksgiving on November 26 and expects to complete its listing by year-end at the latest. Potential investors estimate a valuation range between $1.8 trillion and $2 trillion, positioning the offering to match or exceed the size of SpaceX's anticipated IPO. The company reported 2025 revenue of approximately $4.6 billion, a significant increase from $386 million in 2024. Despite this growth, Anthropic posted a net loss nearing $42 billion, driven primarily by over $34 billion in fair value liability changes and an operating loss exceeding $8 billion. Final arrangements remain under discussion and the timeline may be subject to adjustment.