Anthropic’s push toward a roughly $2 trillion IPO valuation, more than double its $965 billion May 2026 Series H mark, rests on explosive revenue growth for its Claude large language models, with annualized run-rate revenue reaching $65 billion by July amid surging enterprise adoption and new model releases like Opus 5.5. Heavy compute commitments exceeding $500 billion, partnerships with Amazon, Google, and Broadcom, and expectations of continued profitability on an adjusted basis support the ambitious target ahead of a planned Nasdaq listing targeted for mid-November. Traders will watch third-quarter results, the investor roadshow, and any shifts in competitive positioning versus OpenAI or regulatory scrutiny for signals on whether public-market demand can sustain the premium multiple.