Anthropic’s S-1 filing on October 26, 2026, has become the central catalyst for trader sentiment on its IPO closing market cap. The document revealed first-half revenue of $16.3 billion—more than 13 times the prior year—with Q2 marking the company’s first operating profit, though a large net loss stemmed mainly from non-cash valuation adjustments on convertible notes. Expectations center on a $1.5–2 trillion valuation and a potential $100 billion raise when shares list under ticker ANT the week of November 16, positioning the debut as a key test of AI-sector appetite ahead of Thanksgiving. Competitive pressure from OpenAI, highlighted AI safety risks, and broader market volatility around high valuations remain key variables that could influence final pricing and post-IPO trading.