Anthropic’s push toward a November 2026 IPO at a targeted $2 trillion valuation, following its $965 billion May Series H round, centers trader attention on whether post-listing market cap clears lofty thresholds. The company reported $16.8 billion in Q3 revenue—up 45% quarter-over-quarter—with adjusted profitability, strong enterprise adoption of its Claude large language models, and 900% net revenue retention, bolstering bullish sentiment. Yet growth has decelerated from prior periods, independent analyses question sustainability at multi-trillion levels, and some investors have floated $1.5 trillion scenarios amid high compute costs and AI safety disclosures in filings. The upcoming roadshow and listing timing after U.S. midterms remain key near-term catalysts that could shift implied probabilities.