Anthropic’s push toward a late-2026 IPO at a targeted $2 trillion market cap reflects explosive revenue growth in its Claude large language models, with 2025 revenue reaching $4.6 billion and annualized run rates reported near $65 billion by mid-2026. The company’s May Series H round valued it at $965 billion, and a leaked prospectus highlights $518 billion in compute commitments alongside heavy operating losses and a $42 billion net loss driven largely by non-cash charges. Pre-IPO investor events scheduled for October 14 are testing demand in the $1.8–2 trillion range, ahead of potential marketing in November and a listing before Thanksgiving. Traders are weighing rapid AI adoption and hyperscaler partnerships against sustainability concerns, founder control structures, and analyst skepticism that questions whether current multiples can hold once public financial details emerge.