Strong quarterly revenue growth and IPO preparations anchor trader sentiment for Anthropic’s end-of-October 2026 valuation. The company reported $16.8 billion in Q3 revenue, up 45% sequentially from $11.6 billion, alongside adjusted profitability, with analysts projecting an annual run rate near $110 billion by year-end. These results follow the May 2026 Series H round at a $965 billion post-money valuation and precede a planned November IPO targeting above $2 trillion. Secondary market marks have traded between roughly $900 billion and $1.4 trillion in recent weeks, reflecting rapid revenue expansion offset by substantial infrastructure commitments exceeding $500 billion. With outcomes clustered tightly across the $1.25–2.25 trillion range, market-implied odds capture uncertainty over how secondary pricing and pre-IPO momentum will resolve in the final weeks.