Anthropic’s rapid revenue expansion underpins the 85.5% market-implied probability of an IPO closing market cap above $1.8 trillion. The Claude developer’s annualized run rate surpassed $65 billion by late July 2026 and is projected to exceed $110 billion by year-end, supporting investor targets of roughly $2 trillion for a November listing on Nasdaq. Recent reports confirm the company has shifted marketing to the week of November 9 after earlier delays, with expectations of surpassing SpaceX’s prior record while disclosing substantial compute commitments and ongoing losses. Traders view the combination of demonstrated large language model adoption, competitive positioning against OpenAI, and a compressed IPO window as the dominant factors locking in the top bracket.