Rapid revenue growth from Claude large language models and enterprise adoption, including a jump to over $100 billion annualized run rate by late 2026, underpins trader consensus around Anthropic's $1.75–2.25 trillion IPO valuation range. The company's confidential S-1 filing and November marketing plans reflect surging demand that outpaces 2025's $4.6 billion revenue, even as operating losses exceed $8 billion and long-term compute commitments reach $518 billion. Heavy reliance on hyperscalers for infrastructure and competition with OpenAI add volatility, while the low odds on no IPO by end-2027 signal broad expectations for a near-term listing at or above the prior $965 billion private valuation.