Anthropic’s recent third-quarter results, showing revenue surging 45% sequentially to $16.8 billion with adjusted profitability, represent the key catalyst supporting elevated IPO valuation expectations ahead of a planned November listing. This trajectory—from roughly $4.6 billion in full-year 2025 revenue—underscores the company’s rapid scaling in the AI sector, though it occurs against $518 billion in multi-year compute commitments and intensifying competition from peers like OpenAI. Market-implied odds for closing market cap cluster tightly between $1.75 trillion and $2.25 trillion, reflecting trader assessments of growth priced into the debut versus execution risks around margins and infrastructure spending. The upcoming roadshow, targeted to begin the week of November 9 following midterms, will provide further data points likely to influence final pricing and post-IPO trading levels.