Anthropic’s valuation trajectory into year-end centers on its planned November 2026 IPO, with banker targets exceeding $2 trillion—more than double the $965 billion post-money valuation from its May 2026 Series H round. Secondary-market prices have traded in a $1.0–1.4 trillion range amid rapid revenue expansion, with annualized run rates climbing from roughly $47 billion in May to $65 billion by late summer on surging Claude adoption. Offsetting factors include 2025 operating losses above $8 billion, heavy long-term compute commitments exceeding $500 billion, and a net loss near $42 billion that included large non-cash charges. Traders are monitoring Q3 revenue prints, margin trends, and final IPO pricing as the key catalysts that could push the company past major thresholds before December 31.