Anthropic’s October 2026 S-1 filing and record revenue trajectory—reaching roughly $17 billion in Q3—have anchored trader consensus around a 600B+ closing market cap at 97% implied probability. The company’s May Series H round at a $965 billion valuation, combined with hyperscaler partnerships delivering multi-gigawatt compute commitments and successive Claude 5.5 model releases demonstrating frontier large language model capabilities, have driven expectations for an IPO priced well into the trillions. Recent Nasdaq volatility has tempered some bids toward $1.2–1.5 trillion, yet even conservative scenarios remain far above the 600 billion threshold. The primary near-term catalyst is the anticipated mid-November listing, with any material delay or post-election market dislocation representing the most plausible path to a lower outcome.