Anthropic’s valuation trajectory reflects explosive enterprise adoption of its Claude models and API, with run-rate revenue climbing from roughly $9 billion at the end of 2025 to $47 billion by May 2026. The company’s May 28 Series H round raised $65 billion at a $965 billion post-money valuation, surpassing OpenAI and setting the last priced benchmark. Secondary trading has since implied values between roughly $888 billion and $1.1 trillion, while the firm filed a confidential S-1 and targets an October–November IPO that could reset pricing in public markets. Strong demand from hyperscalers, sovereign funds, and crossover investors, alongside continued infrastructure commitments, underpins current trader sentiment ahead of year-end resolution.