Anthropic’s rapid trajectory toward a November 2026 IPO at up to a $2 trillion valuation, supported by Q3 revenue of $16.8 billion and a recent $65 billion private round at $965 billion, underpins the 97.4% market-implied probability against acquisition before 2027. The company’s independent scale, enterprise focus via recent confidential-AI technology deals, and positioning as a public-market test case for large language model developers make a near-term buyout improbable. While regulatory intervention on AI safety or an unexpected infrastructure-driven strategic bid could theoretically intervene, Anthropic’s momentum, hyperscaler partnerships, and public-market preparations create strong barriers to any deal in the remaining weeks of 2026.