Anthropic’s recent S-1 filing and investor feedback during pre-IPO meetings have shifted trader consensus toward the $1.25–$1.75 trillion range. The Claude developer reported explosive large language model revenue growth—reaching roughly $16.8 billion annualized in Q3 2026—yet posted steep operating losses and hundreds of billions in long-term compute commitments, prompting analysts to question whether a prior $2 trillion target remains realistic. Broader AI sector volatility and a post-election Nasdaq pullback have further tempered demand, with some prospective buyers now citing fair values near $1.4–$1.5 trillion. The roadshow launching this week will test whether demonstrated AI capabilities and hyperscaler partnerships can sustain pricing above the company’s $965 billion May private valuation or force further markdowns before a potential mid-November debut.