Anthropic’s valuation at end-November 2026 will hinge primarily on its anticipated IPO pricing and post-listing trading, with the company targeting above $2 trillion amid Q3 revenue of $16.8 billion (up 45% sequentially) and adjusted profitability. The May 2026 Series H round set a $965 billion post-money benchmark that secondary markets have since marked between roughly $900 billion and $1.4 trillion. Intense competition from OpenAI, including recent price cuts and share shifts in enterprise spend, alongside heavy infrastructure outlays, creates a wide range of outcomes around these levels. Traders are weighing sustained revenue run-rate growth near $65 billion against execution risks and comparable AI valuations ahead of the Nasdaq debut.