Anthropic’s IPO market cap odds reflect strong trader consensus around a $2 trillion-plus debut, driven by the company’s explosive revenue trajectory and investor expectations for a November 2026 listing. Its annualized run rate reached $65 billion by late July 2026 after a 12-fold jump to $4.6 billion in 2025 revenue, with projections exceeding $100–120 billion by year-end and $190–200 billion by 2028. Recent Bloomberg reporting confirms marketing could begin the week of November 9, targeting a valuation of $1.8–2 trillion or higher—more than double the $965 billion May 2026 private mark—potentially eclipsing SpaceX’s record IPO. While the prospectus highlights substantial losses and compute commitments, the growth narrative and competitive positioning versus OpenAI sustain the elevated implied probabilities ahead of the roadshow.