Investors may see a marketing push for Anthropic's public listing as early as the week of November 9, according to reports that the AI developer intends to enter the markets late next month. Traders on the Kalshi prediction market currently price a 71% probability that the company formally announces its initial public offering by Dec. 1. Internal targets for the firm's valuation range from $1.8T to $2T, although some investors have suggested a figure closer to $1.5T.

The listing timeline emerges after the leak of an IPO prospectus detailing $518B in total compute commitments over the next decade, 80% of which are non-cancelable. These liabilities include up to $84.5B owed to SpaceX for Nvidia-based capacity by 2029 and a $125.2B five-year TPU lease that is partially funded by a $42B credit line from Broadcom. Despite a $42B net loss, the company forecasts 2025 revenue of $4.6B.