Rapid revenue growth from Claude large language models, including a $65 billion annualized run rate by July 2026 and projections exceeding $110 billion by year-end, underpins the 94.1% market-implied odds for an Anthropic IPO closing above $600 billion. The company's May 2026 Series H round at $965 billion post-money valuation, combined with major compute partnerships and a draft prospectus targeting $2 trillion, reflects strong trader consensus on frontier AI demand and competitive positioning against OpenAI. An imminent Nasdaq listing, potentially before Thanksgiving 2026, reinforces this outlook. Scenarios that could still shift odds include IPO delays from regulatory reviews, weaker-than-expected margins amid high compute costs, or broader AI market corrections post-listing.