Anthropic’s IPO valuation market reflects strong trader consensus around a $2 trillion range, driven by the company’s confidential SEC filing in June 2026 and the September prospectus details showing explosive revenue growth. Annualized run-rate revenue surged past $65 billion by July and is projected to exceed $100 billion by year-end, fueled by demand for its Claude large language models amid competition with OpenAI. This trajectory, following the $65 billion Series H round at a $965 billion valuation in May, underpins the market-implied odds favoring $1.75–2.25 trillion outcomes despite reported $42 billion net losses in 2025 and $518 billion in long-term compute commitments. Recent delays shifting the expected listing to mid-November after U.S. midterms introduce limited timing uncertainty, while regulatory scrutiny and AI safety concerns remain secondary to the revenue momentum priced into current odds.