Anthropic’s rapid revenue expansion, with annualized run rates surpassing $65 billion by mid-2026 and projections exceeding $100 billion by year-end, underpins the market’s overwhelming 94% implied probability for a 600B+ IPO closing market cap. The company’s latest funding round valued it at $965 billion in May, while its draft prospectus highlights explosive growth in Claude large language model adoption alongside massive compute commitments exceeding $500 billion. Traders view the planned November 2026 listing—targeting $1.8–2 trillion—as the primary catalyst, outpacing historical tech IPO multiples. Potential challenges include sustained operating losses near $42 billion in 2025, customer concentration risks, or delays from regulatory scrutiny that could compress realized valuation below the $600 billion threshold.