Anthropic's IPO has been delayed again, this time to November. According to the Wall Street Journal, Anthropic is now planning to launch this massive IPO in November, which is later than the October timeline many investors had expected. The business rationale provided by advisors is: waiting a few more weeks allows them to include the Q3 financial report, which can demonstrate that even though OpenAI released its new model Astra in September, Anthropic's competitive position remains strong. Earlier in September, the news was: the public prospectus would be delayed until late September, the roadshow would start as early as mid-October, and the IPO would happen just days before the midterm elections, with the reason being the $15 billion credit line. Now, it seems the "IPO window" has shifted from "October sprint, completion around early November" to a plan for a November IPO, with some key points added: 1) The expectation of strong Q3 financial numbers + Astra comparison is the business rationale for the delay; 2) Safety debates are not the trigger for the delay; 3) Investor meetings will start in the coming days, with year-end ARR expected to exceed $110 billion; 4) The existing model is sufficient to support the deceleration narrative, but OpenAI's refinancing might disrupt demand. We’ve talked earlier about how the Q3 earnings season numbers were expected to be impressive, and now Anthropic has very high expectations for its own Q3 financial report. This seems to be a solid supporting argument.