Anthropic’s accelerating path to a November 2026 IPO, with a targeted valuation exceeding $2 trillion, anchors trader consensus against any acquisition before 2027. Confidential filings reveal surging revenue—now running above $65 billion annualized—alongside massive non-cancelable compute commitments to Amazon, Google, and others, positioning the Claude developer as an independent public company rather than an acquisition target. Recent small tactical purchases like Stainless and Vercept underscore a focus on internal AI capabilities and agent tooling, not a sale. While a surprise regulatory block on the listing or an outsized strategic bid could theoretically intervene, the compressed timeline and entrenched public-market preparations leave little room for such shifts.