Leaked prospectus details and banker targets around $1.8–2 trillion have anchored trader consensus at a 600B+ closing market cap for Anthropic’s IPO, reflecting twelvefold revenue growth to $4.59 billion in 2025, a $65 billion annualized run rate by July 2026, and Claude model adoption amid hyperscaler backing. The May 2026 Series H round at $965 billion, confidential S-1 filing in June, and planned November debut after midterms have reinforced expectations of a record-scale listing despite $8 billion operating losses and $518 billion in compute commitments. Key near-term catalysts include third-quarter results and final pricing; outcomes could shift on weaker margins, regulatory scrutiny of AI risks, or competitive pressure from OpenAI that alters investor appetite for frontier model valuations.