Anthropic's advanced IPO preparations, including a confidential S-1 filing and plans for a mid-November 2026 listing at over $2 trillion valuation, drive the 97.2% market-implied odds against acquisition before 2027. The AI lab's surging revenue, massive non-cancelable compute commitments with Google, Amazon, and others, and founder-controlled voting shares signal a deliberate push for independent public status rather than a sale. Recent due diligence walkaways from deals like the proposed Decart acquisition further underscore this focus on scaling Claude models and infrastructure internally. While a surprise regulatory block or unsolicited bid from a hyperscaler could theoretically intervene in the tight remaining window, trader consensus reflects the low likelihood given current momentum and historical AI company timelines.