Recent private-market trading data has anchored trader consensus around Anthropic’s end-September 2026 valuation in the $1.25–1.50 trillion range. As of September 29, Nasdaq Private Market marks implied valuation at $1.35 trillion, reflecting a 39 percent premium to the May Series H post-money price of $965 billion and continued secondary demand ahead of the anticipated IPO. This pricing incorporates rapid revenue growth—annualized run rate exceeding $65 billion by late July—offset by substantial operating losses and compute costs disclosed in the September IPO prospectus. The 99.5 percent market-implied probability captures this observable trading activity rather than forward IPO targets above $2 trillion. A material shift could occur only if new primary financing, regulatory filings, or audited metrics released after month-end materially revise the September 29 benchmark.