Anthropic’s IPO preparations, including a confidential S-1 filing and ongoing roadshow planning for a potential mid-November 2026 Nasdaq debut, underpin the overwhelming 85% market-implied odds of an $1.8 trillion-plus closing market cap. The company’s revenue run rate exceeded $65 billion annualized by July 2026, with internal projections exceeding $100–120 billion by year-end, driven by demand for its Claude large language models amid competition with OpenAI. Draft prospectus details highlight surging compute costs and a $42 billion 2025 net loss, yet investors appear to price in long-term AI scaling potential that could eclipse SpaceX’s recent $1.77 trillion benchmark. Key near-term catalysts include final marketing timelines before the U.S. midterms and any updates on gross margins or 2027–2028 revenue forecasts in the public filing.