Anthropic’s rapid ascent toward a November 2026 IPO at a potential $2 trillion valuation underpins the 97.2% market-implied odds against an acquisition before 2027. The company closed a $65 billion Series H at a $965 billion post-money valuation in May 2026, secured massive infrastructure commitments from Amazon and Google, and filed confidentially for a public listing that would dwarf prior AI debuts. This trajectory reflects strong trader consensus that Anthropic will remain independent, fueled by surging Claude revenue run rates exceeding $47 billion and continued large-scale funding from hyperscalers. While an unexpected post-IPO takeover or regulatory intervention could theoretically intervene, the company’s demonstrated scale, competitive positioning against OpenAI, and public-market momentum make such outcomes improbable within the timeframe.