Anthropic’s dominant 94% market-implied odds for a 600B+ IPO closing market cap reflect its confidential SEC filing, rapid revenue scaling, and investor expectations of a record $2 trillion debut. The company’s annualized run rate has surged past $65 billion and toward $100–120 billion by year-end, fueled by Claude model demand and major infrastructure partnerships, following a May 2026 round that valued it at $965 billion. Traders see these metrics and the planned November marketing window as supporting a valuation well above prior private benchmarks. Realistic challenges include execution risks around massive compute commitments, sustained losses exceeding $40 billion in 2025, or broader AI market sentiment shifts that could compress multiples before the listing resolves.