Anthropic's trajectory toward a multibillion-dollar IPO targeted for November 2026, supported by a $965 billion valuation from its May Series H round and deep long-term infrastructure commitments exceeding $500 billion with Amazon, Google, and others, drives the 97.2% market-implied odds against an acquisition before 2027. Recent revenue scaling to roughly $4.6 billion in 2025 alongside selective small acquisitions like Vercept underscore its focus on independent growth in large language models and AI infrastructure rather than a sale. Trader consensus backed by real capital views the company as too large and strategically positioned for a standalone public listing. Still, an unexpected regulatory delay in the IPO process or a transformative bid from a hyperscaler could theoretically shift outcomes, though no such signals have emerged.