Anthropic’s May 2026 Series H round at a $965 billion post-money valuation, combined with annualized revenue run rates surpassing $65 billion by July and projections exceeding $100 billion by year-end, underpins the 94.3% implied probability for a closing market cap above $600 billion. The company’s confidential IPO filing, strong Claude model adoption, and expected November listing after U.S. midterms have reinforced trader confidence in frontier AI demand driving outsized public multiples. Realistic challenges include disclosure of the $42 billion 2025 net loss and $518 billion in long-term compute commitments, potential delays from regulatory scrutiny or election timing, or slower-than-expected monetization amid intensifying competition from OpenAI.