**Anthropic’s IPO preparations center on explosive revenue growth and a targeted $2 trillion-plus valuation that would eclipse SpaceX’s record.** The company’s annualized run rate reached $65 billion by late July 2026 after surging from roughly $9 billion at the end of 2025, with Q2 revenue hitting $11.5 billion and expectations of $100–120 billion by year-end. Its May 2026 Series H round priced the firm at $965 billion, while secondary markets have marked it near $1.4 trillion. The confidential S-1 filing highlights massive compute commitments exceeding $500 billion, operating losses, and heavy reliance on Amazon and Google for distribution and infrastructure, alongside founder voting control. Marketing is now slated for mid-November after delays past the U.S. midterms, with traders watching Q3 results and any final valuation adjustments for signals on closing market cap.