Recent prospectus details showing Anthropic's revenue run rate surging past $65 billion with projections toward $100-110 billion by year-end have anchored trader consensus around $1.75-2.25 trillion implied valuations for its planned IPO. Explosive growth in Claude large language models, combined with a $2 trillion target that more than doubles the May 2026 private valuation of $965 billion, supports the leading market-implied odds amid competition with OpenAI. Key factors include $518 billion in compute commitments, widening losses, and the timing advantage of listing ahead of rivals, though high infrastructure costs and AI risk disclosures introduce uncertainty. The roadshow and November 2026 listing remain key near-term catalysts.