Anthropic’s aggressive push toward a November 2026 IPO, backed by a $65 billion Series H round at a $965 billion valuation and confidential SEC filings outlining over $500 billion in long-term compute commitments, drives the 97.2% market-implied probability against acquisition before 2027. Traders see the company’s scale, hyperscaler partnerships with Amazon, Google, and Microsoft, and founder voting control as barriers to a near-term deal. While an unexpected Big Tech intervention or IPO delay from regulatory scrutiny on AI safety could theoretically reopen acquisition talks, current momentum toward a public listing and sustained revenue growth exceeding $100 billion annualized make such outcomes remote in the remaining months of 2026.