Anthropic’s aggressive push toward a November IPO at a targeted $1.8–2 trillion valuation, following its May Series H round that raised $65 billion at a $965 billion post-money mark, anchors trader sentiment against near-term bankruptcy. Revenue surged twelvefold to $4.6 billion in 2025 and reached an annualized run rate above $65 billion by July 2026, with Q2 alone exceeding $11.5 billion and early signs of adjusted operating profitability. While 2025 net losses hit $42 billion—largely non-cash accounting charges tied to convertible notes—and the company carries $518 billion in long-term compute commitments with partners like Google, Amazon, and Broadcom, these reflect hyperscaler-backed infrastructure scaling for Claude large language models rather than distress. Recent safeguards against model distillation and enterprise adoption momentum further support the market-implied odds.