Anthropic’s push toward a late-2026 Nasdaq IPO at a roughly $2 trillion valuation drives trader sentiment on its closing market cap, fueled by revenue scaling from $386 million in 2024 to $4.6 billion in 2025 and a $65 billion annualized run rate by July. The May Series H round at $965 billion post-money, plus $518 billion in compute commitments and hyperscaler ties with Amazon and Google, underpin expectations of strong demand, though a $42 billion 2025 net loss—largely non-cash—highlights execution risks in the competitive Claude-versus-GPT landscape. A pre-IPO investor gathering on October 14 and potential public S-1 filing around late October, with marketing eyed for November 9 ahead of a pre-Thanksgiving debut, represent near-term catalysts that could shift implied probabilities if revenue beats or cost concerns intensify.