Anthropic’s confidential IPO filing and recent prospectus details have anchored trader expectations for a $1.75–2.25 trillion valuation range, with the $2–2.25 trillion bucket leading at 48.3 percent implied probability. Explosive revenue growth—annualized run rate surpassing $100 billion by September 2026 after a twelvefold jump to $4.6 billion in 2025—supports the premium pricing, even as the company reports $42 billion in net losses and $518 billion in long-term compute commitments. The planned November 2026 listing, delayed from October to incorporate third-quarter results ahead of U.S. midterms, would eclipse SpaceX’s record debut and reflect frontier large language model demand for Claude amid competition from OpenAI. Low odds on no IPO by 2027 underscore market confidence that Anthropic will reach public markets on schedule despite heavy infrastructure spending.