Recent IPO prospectus disclosures and rapid revenue growth have positioned Anthropic's valuation expectations near $2 trillion, driving the market's leading $2.00–$2.25T outcome at 47.9% implied probability. The Claude developer reported a 12-fold revenue increase to $4.6 billion in 2025, with annualized run rates exceeding $65 billion by July 2026 and projections reaching $110–$120 billion by year-end, supported by strong demand for its large language models. This growth, alongside $518 billion in committed compute infrastructure, has justified analyst views of 18–30x sales multiples despite $8 billion operating losses, mirroring SpaceX's recent debut. The planned Nasdaq listing, now eyed for mid-November after U.S. midterms, adds near-term focus amid competition from OpenAI and regulatory scrutiny on AI development.