**Explosive revenue growth and banker expectations for a November 2026 IPO are anchoring trader consensus around a $2 trillion valuation.** Anthropic’s annualized revenue run rate surged from roughly $9 billion at the end of 2025 to $65 billion by July 2026 and is projected to exceed $100 billion by year-end, driven by demand for its Claude large language models amid intensifying competition with OpenAI. The May 2026 Series H round valued the company at $965 billion, but secondary markets and the leaked prospectus have lifted implied values toward $1.3–1.5 trillion, supporting public pricing near or above $2 trillion—more than double the prior round and ahead of SpaceX’s $1.77 trillion debut. Heavy compute spending and operating losses are offset in sentiment by the scale of growth and the company’s push for Nasdaq listing before year-end, with the $2.00–2.25 trillion bracket capturing the clearest alignment between reported targets and recent financial momentum.
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