Anthropic’s valuation trajectory centers on its May 2026 Series H round at a $965 billion post-money valuation and accelerating secondary-market marks that reached $1.39 trillion on Nasdaq Private Market data as of early October 2026. Revenue run-rate climbed to $65 billion by July, with projections exceeding $100 billion annualized for 2026 amid enterprise adoption of Claude models, though the company posted substantial operating losses. IPO registration, Nasdaq listing plans, and reported targeting above $2 trillion ahead of a potential November or year-end debut represent the dominant catalyst, with secondary trading, hyperscaler partnerships, and broader AI capital flows directly influencing implied probabilities. Key near-term events include further model releases and any pre-IPO investor updates that could shift trader consensus on whether the threshold is cleared by December 31.