Anthropic’s valuation trajectory reflects explosive revenue growth to a $65 billion annualized run rate alongside its May 2026 Series H round at a $965 billion post-money valuation, with secondary-market marks now implying $1.0–1.4 trillion. The dominant near-term catalyst is the company’s confidential IPO filing targeting more than $2 trillion, potentially launching on Nasdaq in November after SpaceX’s debut, supported by hyperscaler commitments and infrastructure spending exceeding $500 billion. Recent product updates and enterprise adoption sustain momentum, though heavy operating losses and compute costs introduce execution risk ahead of year-end resolution. Traders monitor IPO timing, secondary pricing, and any new funding announcements as key variables shaping implied probabilities.