Anthropic’s IPO valuation odds cluster tightly around $1.75–2.25 trillion because of its explosive enterprise revenue trajectory—2025 sales reached nearly $4.6 billion with Q2 2026 already at $11.5 billion and a $65 billion-plus annualized run rate—paired with Claude’s strong coding and agentic adoption that has edged it ahead of OpenAI in some corporate spending metrics. Heavy compute commitments totaling $518 billion and a $42 billion net loss in 2025 underscore the capital intensity and path-to-profitability risks that keep the $2 trillion target from commanding clearer consensus. Recent cost-optimized model releases like Opus 5.5 and the November IPO marketing window will likely serve as the next sentiment catalysts as traders weigh growth momentum against competitive pressure from GPT-6 Astra and broader AI infrastructure costs.