Anthropic's reported plans for a November 2026 IPO at a $2 trillion valuation, following its confidential S-1 filing in June, represent the main catalyst behind the 85.5% market-implied probability on a closing market cap above $1.8 trillion. Explosive revenue growth, with annualized run rates climbing from $65 billion in July toward $110 billion or higher by year-end driven by Claude model adoption, underpins trader consensus on premium pricing despite $42 billion in 2025 net losses and heavy compute spending. Recent delays from an October target and competitive model releases like Opus 5.5 have not altered the bullish positioning, as public market multiples for high-growth AI labs remain elevated relative to historical benchmarks.