Anthropic’s pursuit of a landmark IPO targeted for November 2026, with filings indicating a potential valuation exceeding $2 trillion, underpins the 97.2% market-implied odds against an acquisition before year-end. The company recently closed a $65 billion Series H round at a $965 billion valuation, secured massive non-cancelable infrastructure commitments with Amazon, Google, and Microsoft, and demonstrated rapid revenue growth to a multi-billion run rate while maintaining founder control through special voting shares. These developments reinforce its status as an independent AI leader focused on scaling Claude models and enterprise adoption rather than selling. A last-minute regulatory hurdle or sharp deterioration in IPO market conditions could theoretically reopen acquisition talks, though current momentum and scale make such shifts improbable in the remaining months.