Anthropic’s rapid revenue acceleration—from a $47 billion annualized run rate in May 2026 to $65 billion by July and projections exceeding $100 billion by year-end—underpins the market’s 84.5% implied probability on an IPO closing market cap above $1.8 trillion. The company’s confidential S-1 filing, new Claude Opus 5.5 and Sonnet 5.5 releases emphasizing safety benchmarks and efficiency gains, and $518 billion in long-term compute commitments with partners like Google, Amazon, and Broadcom signal sustained frontier large language model demand despite $42 billion in 2025 losses. Investor meetings and a targeted November 2026 listing before Thanksgiving, potentially raising over $100 billion at roughly $2 trillion, reinforce trader consensus on premium AI-lab valuations ahead of the debut.