Anthropic’s IPO market cap odds cluster tightly around $1.75–2.5 trillion, reflecting robust revenue momentum offset by extreme losses and compute commitments. The company’s annualized run rate reached $65 billion by July 2026 after 12-fold growth in 2025 revenue to $4.6 billion, yet it posted an $8.06 billion operating loss and $42 billion net loss that year amid $518 billion in infrastructure obligations. Secondary trading implies roughly $1.39 trillion as of early October, while the May 2026 Series H valued the firm at $965 billion. Traders appear to price in a successful mid-November listing near or above SpaceX’s $1.77 trillion benchmark, tempered by analyst skepticism over margins and the need for sustained hyperscaler demand to justify multiples near 30 times current sales.