Anthropic’s end-October 2026 valuation sits near $1.45 trillion on secondary-market marks, aligning with the $1.25–1.50 trillion bin that commands 99.5% implied probability. The October 26 S-1 filing disclosed Q3 revenue of roughly $16.8–16.95 billion—up sharply year-over-year yet with decelerating sequential growth—alongside substantial compute commitments exceeding $895 billion and continued net losses. Investor discussions ahead of the planned November IPO have converged on $1.4–1.5 trillion after earlier $2 trillion expectations were trimmed, while Nasdaq Private Market prints through late October reinforced the $1.45 trillion level. Strong trader consensus reflects these recent, capital-backed data points; shifts could arise if the IPO price range lands materially above or below this band or if further amendments reveal materially different run-rate trends.