Trader consensus around a $2.00–$2.25 trillion Anthropic IPO valuation reflects the company’s rapid revenue trajectory, with annualized run rates climbing from roughly $47 billion in May 2026 to projections exceeding $100 billion by year-end, fueled by Claude large language model adoption in enterprise coding and agentic tasks. The June confidential S-1 filing and leaked September prospectus, targeting more than $2 trillion—more than double the May private valuation of $965 billion after a $65 billion raise—have reinforced this positioning despite $42 billion in 2025 losses and $518 billion in compute commitments. Delays pushing the debut to November after U.S. midterms introduce modest uncertainty, yet strong demand signals and competitive AI benchmarks sustain the leading implied probabilities.