Anthropic’s valuation trajectory centers on its September 2026 IPO prospectus and targeted public listing, which investors expect could price above $2 trillion—more than double the $965 billion post-money valuation from its May 2026 Series H round. The filing highlighted 2025 revenue of nearly $4.6 billion alongside a $65 billion annualized run rate by late July 2026, driven by Claude model adoption, though offset by steep operating losses exceeding $8 billion and heavy compute spending. Secondary market indications have since eased slightly to around $910 billion. Key near-term catalysts include the planned IPO marketing window as early as November 2026 and any Q3 revenue updates or new model releases that could influence pricing multiples ahead of year-end resolution. Trader sentiment reflects strong growth momentum tempered by execution risks and elevated AI valuation benchmarks set by peers like SpaceX.