Anthropic’s valuation trajectory reflects explosive revenue expansion, with annualized run-rate reaching $65 billion by mid-2026 from roughly $9 billion at year-end 2025, alongside a $65 billion Series H round that set post-money valuation at $965 billion in May. Secondary market marks have fluctuated between $910 billion and $1.35 trillion recently, while the confidential IPO prospectus filed in June signals a potential listing above $2 trillion before year-end, driven by enterprise adoption of Claude models, hyperscaler infrastructure deals exceeding $500 billion in commitments, and competitive positioning against OpenAI. Heavy operating losses exceeding $8 billion in 2025 and substantial non-cancelable compute spending introduce execution risks, yet trader sentiment in prediction markets prices in continued momentum from product launches and public-market debut catalysts through December.