Anthropic’s valuation trajectory centers on its planned November 2026 IPO, where targets have slipped from $2 trillion to around $1.5 trillion amid investor scrutiny of slowing sequential revenue growth. The company reported $16.8 billion in Q3 2026 revenue—up 45% from $11.6 billion in Q2 and $4.7 billion in Q1—while achieving adjusted profitability and positive cash flow. Its most recent private round in May set a $965 billion post-money valuation at a roughly $65–74 billion annualized run rate. Key swing factors include IPO pricing multiples relative to forward revenue, AI infrastructure cost trends, and broader market appetite for high-growth tech names ahead of the December 31 resolution.