Anthropic reportedly delays IPO to November

Anthropic is reportedly pushing its IPO from October to November 2026 to show stronger Q3 results first. Investors are said to be expecting a roughly $2 trillion valuation, while rising infrastructure costs, including a reported $1.25 billion a month tied to its SpaceX compute deal, and unresolved security concerns complicate the listing.

Why it matters: A trillion-dollar-plus valuation for a company still burning over a billion dollars a month on compute underscores how much of frontier AI's economics now run through infrastructure deals rather than product revenue alone, and it follows OpenAI's own reported IPO delay, suggesting both labs want more runway before facing public-market scrutiny of their spending.