Anthropic’s active preparation for a November 2026 IPO at a targeted valuation near $2 trillion drives the 97.2% market-implied odds against an acquisition before 2027. The company closed a $65 billion Series H at a $965 billion valuation in May 2026, reported twelvefold revenue growth to roughly $4.6 billion in 2025, and maintains strategic capital and compute commitments from Amazon and Google that preserve operational independence. Recent investor meetings and confidential SEC filings further signal a clear path to public listing rather than a sale. While a sudden regulatory block on the IPO or an unforeseen strategic pivot remains possible, the scale of recent funding, revenue trajectory, and ongoing roadshow activity underpin the strong trader consensus favoring continued independence.