Anthropic’s IPO preparations, with formal marketing eyed for the week of November 9 and a potential listing before Thanksgiving, anchor trader expectations for a closing market cap above $1.8 trillion. Explosive revenue growth—reaching a $65 billion annualized run rate by July 2026 after nearly 12-fold expansion in 2025—combined with new Claude 5.5 model releases and $518 billion in largely noncancelable compute commitments, supports the market-implied odds of 84.5% on the top bracket. Private valuation stood at $965 billion after the May Series H round, with secondary trading and analyst projections pointing higher ahead of what could rival or exceed SpaceX’s recent IPO scale. Heavy infrastructure spending and operating losses introduce execution risks, yet the near-term timeline and AI sector momentum keep the consensus firmly in the highest bracket.