Anthropic’s latest confirmed private valuation stands at $965 billion following its May 2026 Series H round, with secondary trading implying roughly $910 billion as of early October. The dominant near-term catalyst is the company’s confidential IPO filing and targeted listing window in October or November 2026, which market participants expect could clear at or above $1 trillion and potentially approach $2 trillion given run-rate revenue that reached $65 billion by late July and 2025 revenue of $4.6 billion. Rapid enterprise adoption of Claude, hyperscaler commitments, and infrastructure spending underpin the growth trajectory, though the prospectus also highlights substantial operating losses and high compute costs. Traders are pricing the December 31 resolution primarily around whether the IPO sets a new public-market benchmark or if secondary liquidity and any pre-IPO financing keep the figure below the threshold amid volatile AI valuations.