Anthropic’s end-November 2026 valuation hinges on its planned IPO, expected before Thanksgiving following a confidential S-1 filing, amid a revenue run rate exceeding $65 billion annualized by late July 2026 after 12-fold growth to $4.6 billion in 2025. Trader sentiment reflects tension between this hyper-growth trajectory—driven by Claude model adoption—and substantial barriers including an $8 billion operating loss in 2025, $518 billion in multi-year compute and infrastructure commitments against $20 billion in cash, and an IPO target above $2 trillion that implies elevated multiples relative to current scale. The $965 billion post-money valuation from the May 2026 Series H round provides a recent benchmark, yet secondary market indications near $910 billion and analyst scrutiny of free-cash-flow sustainability highlight execution risks in a competitive AI sector. Market-implied probabilities spread across valuation buckets underscore uncertainty around IPO pricing dynamics and post-listing trading levels.