Anthropic’s confidential IPO prospectus and targeted $2 trillion valuation have anchored trader sentiment, with the $2.00–$2.25T range holding the highest implied probability. Explosive revenue growth—nearly $4.6 billion in 2025 and a run rate recently exceeding $65 billion—combined with Claude model updates positions the company competitively against OpenAI, while massive compute commitments and operating losses underscore the capital-intensive path to scaling frontier large language models. The planned mid-November roadshow, following a delay from October, now serves as the key near-term catalyst, with final pricing likely reflecting public-market appetite for AI infrastructure spending and governance structures ahead of a potential year-end listing.