Anthropic’s May 2026 Series H round set its last primary valuation at $965 billion, while secondary-market marks in early October 2026 ranged from roughly $910 billion to $1.36 trillion. Revenue has scaled rapidly, with the annualized run rate reaching $65 billion by late July after 2025 full-year sales of $4.6 billion. The company confidentially filed for an IPO in June and is reportedly targeting a pre-Thanksgiving listing at or above $2 trillion, supported by strong enterprise demand for its Claude models and partnerships with Amazon and Google. Sustained compute costs and large net losses, however, keep multiples elevated and introduce execution risk around any year-end valuation threshold.