Anthropic’s valuation trajectory hinges on its accelerating revenue momentum and impending IPO, following a $965 billion post-money valuation in its May 2026 Series H round. The company’s annualized revenue run rate surged past $65 billion by late July 2026—up from roughly $4.6 billion for full-year 2025—driven by enterprise adoption of Claude models amid heavy compute investments that produced operating losses exceeding $8 billion. A September 2026 IPO prospectus signals a potential public valuation above $2 trillion, with marketing targeted for early November and trading possibly before Thanksgiving, aligning with broader AI sector multiples and comparisons to peers like OpenAI. Traders should monitor Q3 revenue updates, infrastructure cost trends, and IPO pricing dynamics as key near-term catalysts through year-end.