Anthropic's surging annualized revenue run rate, now exceeding $65 billion and projected toward $100-120 billion by year-end, underpins its 57.6% implied probability as the largest 2026 IPO by market cap, with investors targeting a potential $2 trillion valuation in a November listing. SpaceX's June debut at roughly $1.77-2 trillion, which raised $85.7 billion and established the record, accounts for its 40.5% odds but faces post-IPO volatility and lockup releases that have kept its trading range near $1.5-2 trillion. xAI's 25.5% reflects merger-related positioning with SpaceX, while OpenAI's delayed timeline into 2027 and sub-1% odds for ByteDance, Stripe, and others highlight limited near-term catalysts. Key upcoming events include Anthropic's roadshow and any final valuation adjustments amid heavy compute commitments.