Anthropic’s explosive revenue growth, with annualized run rates surpassing $65 billion by late July 2026 and projections exceeding $110 billion by year-end, underpins the 94% market-implied odds for a closing market cap above $600 billion. The company’s confidential IPO filing and reports of a targeted $1.8–2 trillion valuation—potentially raising up to $100 billion on Nasdaq as early as mid-November—have driven trader consensus, positioning the Claude developer ahead of peers like OpenAI in scaling large language models amid strong demand. Recent delays from October to November allow inclusion of third-quarter results, while massive compute commitments and $42 billion net losses in 2025 highlight execution risks. Scenarios that could shift outcomes include disappointing earnings, regulatory scrutiny on AI safety, or broader market pullbacks tempering the high multiples implied by current sentiment.