Anthropic’s confidential IPO filing in June 2026 and subsequent push toward a November listing reflect rapid revenue scaling, with annualized run-rate surpassing $65 billion by July 2026 after 12-fold growth to $4.6 billion in 2025 and Q2 2026 revenue of $11.5 billion. This trajectory supports market-implied expectations for a potential $100 billion raise at roughly $2 trillion valuation, comparable to or exceeding SpaceX’s recent debut, even as the company reports a $42 billion 2025 net loss and $518 billion in long-term compute commitments. Trader sentiment incorporates these fundamentals alongside broader AI sector multiples, regulatory scrutiny on model training, and upcoming catalysts including formal marketing targeted for the week of November 9 and year-end resolution risks tied to market volatility.