Anthropic’s aggressive push toward a landmark IPO in November 2026, targeting up to a $2 trillion valuation after its $65 billion Series H round at $965 billion, drives the 97.2% market-implied odds against acquisition before 2027. The company’s surging revenue run rate, major compute commitments, enterprise partnerships, and independent listing plans signal strong trader consensus that it will remain standalone through the period. While its massive scale, existing Big Tech stakes, and ongoing FTC scrutiny create a high barrier to deals, realistic tail risks such as regulatory blocks on the IPO, sudden funding shortfalls, or an unsolicited premium bid from a strategic acquirer could still shift outcomes before year-end 2026.