Anthropic’s advanced preparations for a late-2026 IPO at a potential $2 trillion valuation, following its $65 billion Series H at a $965 billion post-money mark in May 2026, drive the 97.4% market-implied probability against acquisition before 2027. The company has secured over $125 billion in cumulative funding from major investors including Amazon, Google, and Nvidia while maintaining founder control through special voting structures and pursuing independent growth via strategic acqui-hires and technology licenses. Its record private valuations, massive compute commitments, and competitive positioning in frontier large language models further signal a clear path to public markets. Although regulatory scrutiny or unexpected shifts in AI policy could introduce delays, current verified developments make a full acquisition highly improbable in the remaining timeframe.