Anthropic’s most recent Series H round in May 2026 established a $965 billion post-money valuation after raising $65 billion, with investors including Altimeter Capital and others citing surging demand for its Claude models. Traders are now focused on IPO preparations targeting a potential $2 trillion listing on Nasdaq as early as October or November, supported by internal 2028 revenue projections of $190–200 billion and expectations of $100–120 billion in near-term annual revenue run-rate. Key near-term catalysts include any final S-1 filing, roadshow updates, or regulatory milestones that could reprice the company ahead of the October 31 deadline. Broader AI sector multiples, Treasury yields, and comparable late-stage tech valuations remain secondary influences on implied probabilities.