Anthropic's leaked IPO prospectus and accelerating revenue trajectory anchor trader sentiment around the $1.75–2.25 trillion range, where the two leading outcomes sit nearly tied. The filing highlighted a jump to a $65 billion annualized run rate by July 2026, with projections exceeding $100 billion by year-end and 2028 targets near $200 billion, alongside a $518 billion compute commitment and a $42 billion net loss. These figures, set against SpaceX's recent $1.77 trillion debut, position the Claude maker's large language model capabilities and enterprise adoption as key differentiators from rivals like OpenAI. With the roadshow eyed for mid-October and a potential November listing before U.S. midterms, market-implied odds reflect uncertainty over final pricing multiples and execution amid intense AI competition.