Anthropic’s trip to Wall Street may take a few weeks longer than investors expected.

The Claude maker is now expected to publicly file its IPO prospectus in late September rather than as early as this week, according to people familiar with the matter cited by Reuters. Marketing for the offering could begin in mid-October at the earliest, potentially putting a listing just days before the U.S. midterm elections in November.

The timetable remains fluid, but the stakes are unusually high. Some investors have discussed a valuation approaching $2 trillion, turning Anthropic’s IPO into a major test of how much public markets are willing to pay for…

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