Anthropic’s IPO filing and leaked prospectus have anchored trader sentiment around the $1.75–2.25 trillion range by highlighting explosive revenue growth for its Claude large language model, with annualized run rate surging past $65 billion by mid-2026 and projections exceeding $110 billion by year-end. Heavy infrastructure commitments and operating losses exceeding $8 billion underscore the capital-intensive nature of frontier AI development, yet investor appetite remains strong following the company’s May 2026 funding round at a $965 billion valuation. The planned mid-November roadshow, positioning the debut near or above SpaceX’s recent $1.77 trillion listing, reinforces the market-implied odds while leaving room for adjustments based on final multiples and macroeconomic conditions.