Traders see Anthropic’s IPO valuation clustering tightly between $1.75 trillion and $2.25 trillion because its confidential June 2026 filing and September prospectus revealed explosive revenue growth—from roughly $4.6 billion in 2025 to a $65 billion-plus annualized run rate by July 2026—while highlighting $518 billion in compute commitments and a $42 billion net loss. This positions the Claude developer competitively against OpenAI ahead of a mid-November roadshow and potential year-end Nasdaq listing, yet leaves room for swings depending on whether gross margins improve, customer concentration risks materialize, and third-quarter results validate the $1.8–2 trillion target range. Recent model releases and partnerships with Amazon and Google further support the market-implied odds.