Anthropic’s most recent private valuation stands at $965 billion following its $65 billion Series H round in May 2026, with the company filing its S-1 for a Nasdaq IPO on October 26. Recent AI-sector weakness and broader market sell-offs after the midterms have tempered earlier IPO targets of up to $2 trillion, shifting investor discussions toward a $1.1–1.5 trillion range as of early November. Rapid revenue expansion, evidenced by quarterly doubling in some periods and strong cash holdings exceeding $130 billion, supports continued growth expectations, while elevated losses and high compute commitments introduce valuation uncertainty. The pending IPO pricing and any final amendments before year-end represent the dominant near-term catalyst for whether the company’s implied valuation crosses key thresholds by December 31.