Anthropic’s valuation trajectory is driven primarily by its accelerating revenue growth and preparations for a November 2026 IPO. The company’s latest priced round in May 2026 established a $965 billion post-money valuation following a $65 billion Series H raise, while secondary markets have since marked shares implying values from roughly $900 billion to $1.4 trillion. Q3 2026 revenue reached $16.8 billion, a 45% sequential increase from $11.6 billion, with analysts projecting an annualized run rate nearing $110 billion by year-end and adjusted profitability achieved in the quarter. Market-implied odds for hitting elevated thresholds by December 31 reflect strong trader consensus on IPO pricing power, tempered by uncertainty around public multiples, infrastructure costs, and potential last-minute shifts in investor sentiment ahead of the listing.