**Rapid revenue growth and investor expectations for a landmark AI listing are anchoring trader sentiment around a roughly $2 trillion valuation for Anthropic’s IPO.** The company’s annualized revenue run rate reached $65 billion by late July 2026 and is projected to exceed $100–110 billion by year-end, supporting discussions of a $2 trillion (or higher) debut that would surpass SpaceX’s recent record. Its May 2026 Series H round valued it at $965 billion, and confidential IPO filings plus Nasdaq plans signal a target in the $1.8–2.2 trillion range, consistent with the market’s leading $1.75–2.25T bins. Recent prospectus details highlight both the upside and risks: strong Claude adoption and AI capability advances contrast with a $42 billion 2025 net loss and $518 billion in future compute commitments. The planned November 2026 listing (delayed from October to showcase Q3 results) and competition with OpenAI add timing and execution variables. Traders appear to price in continued scaling at elevated multiples while discounting scenarios below $1.75T or above $2.25T due to public-market scrutiny of AI profitability and costs.