The numbers that arrived with the Series H in May 2026 were, by any measure, extraordinary. A $65 billion round at a $965 billion post-money valuation, anchored to a $47 billion annualised revenue run-rate. From seven people in 2021 to forty-seven billion dollars of annualised revenue in five years. The arithmetic of that sentence is still settling.

The October 2026 window is real. Anthropic has confirmed the filing. It has not confirmed the date, the price, or the share count — which is standard practice — but the 90-day window from a confidential S-1 to a public filing is not accidental. The Nasdaq listing would, at $965 billion entry, make it the largest tech IPO since Aramco.

What could go wrong? Two things, and both are significant. First, the export control order in June 2026 that forced the Mythos-class models offline worldwide added downside variance to every forecast. A repeat of that — or an escalation — during the roadshow window would be catastrophic for pricing. Second, the 21x ARR multiple on $47 billion of revenue implies a public market cap above $1 trillion from day one. Facebook's first quarter as a public company was not a good one. Anthropic's CFO knows this.

The FreeMalta read: Anthropic lists first. The fundamentals — profitability trajectory, ARR growth, corporate structure — are cleaner than OpenAI's at time of filing. The risk is priced in, mostly. Watch October.