Anthropic’s latest $65 billion Series H round in May 2026 established a $965 billion post-money valuation, with annualized revenue run rate surpassing $65 billion by July amid strong Claude adoption. Traders weigh this against steep operating losses exceeding $8 billion in 2025, heavy compute spending, and a confidential IPO filing that targets a potential $2 trillion market cap upon listing expected in October or November. Secondary market quotes and forward revenue projections above $100 billion support elevated year-end expectations, while regulatory scrutiny, infrastructure costs, and competitive dynamics with OpenAI introduce volatility. Key catalysts include IPO pricing details and any additional funding or tender offers before December 31.