Anthropic’s valuation trajectory centers on its planned IPO, with draft filings targeting over $2 trillion amid revenue run-rate acceleration to $65 billion by late July 2026 from $4.6 billion in full-year 2025. The May 2026 Series H round set the last confirmed private mark at $965 billion post-money after a $65 billion raise, while secondary trading implies levels near $910 billion as of early October. Massive infrastructure commitments exceeding $500 billion over the coming decade and enterprise adoption of Claude models support growth expectations, yet 2025 operating losses widened to $8.06 billion alongside heavy compute spending. The IPO marketing window opening around November 9, with potential listing before Thanksgiving, represents the dominant near-term catalyst that will likely establish the market-implied valuation heading into year-end resolution.