Anthropic’s leaked IPO prospectus, detailing 2025 revenue surging twelvefold to $4.6 billion alongside $42 billion in net losses and $518 billion in future compute commitments, has anchored trader sentiment around a $1.8–2 trillion valuation range. Recent Claude 5.5 model releases—Opus, Sonnet, and Haiku variants—demonstrate continued gains in speed, cost efficiency, and safety benchmarks, strengthening competitive positioning against OpenAI while highlighting reliance on Amazon and Google cloud partnerships. A pre-IPO investor event scheduled for October 14 and formal marketing targeted for early November could clarify pricing before a potential year-end debut, though heavy infrastructure spending and AI risk disclosures introduce ongoing uncertainty in the final valuation outcome.