Anthropic’s most recent confirmed valuation stands at $965 billion following its $65 billion Series H round in May 2026, with secondary-market marks recently ranging from roughly $894 billion to $968 billion as of early October. Revenue run-rate reached an annualized $65 billion by late July, supported by 12-fold growth to $4.6 billion in 2025, though the company reported an $8.06 billion operating loss amid $518 billion in long-term compute commitments. Trader sentiment for near-term valuation thresholds by October 31 centers on the absence of fresh funding rounds or secondary prints since May, tempered by confidential IPO preparations targeting as much as $2 trillion in November and ongoing secondary liquidity that has not yet pushed marks materially higher. Key near-term catalysts include any disclosed S-1 updates or large secondary transactions ahead of the expected Nasdaq listing.