Anthropic’s explosive revenue growth to a $65 billion run-rate by late July 2026, paired with its $965 billion Series H valuation and confidential S-1 filing, underpins the overwhelming market-implied odds for a closing market cap above $600 billion. Traders see the company’s Claude large language models driving sustained demand across enterprise and cloud partnerships, with bankers targeting an October 2026 Nasdaq debut near $2 trillion that would eclipse prior AI listings. Secondary trading already reflects values above $1.3 trillion. A realistic challenge could emerge from a sharp slowdown in ARR expansion, adverse market conditions delaying the roadshow, or regulatory scrutiny on AI infrastructure deals that compresses multiples at pricing.