**Rapid revenue expansion underpins strong trader expectations for Anthropic’s IPO market cap.** The Claude developer’s annualized run rate reached roughly $65 billion by late July 2026, with projections exceeding $110 billion by year-end and $190–200 billion by 2028, driven by surging demand for its large language models. This trajectory supports consensus around a $2 trillion-plus valuation at listing—more than double the $965 billion May 2026 private round—positioning the Nasdaq debut as potentially the largest IPO ever, ahead of SpaceX. Offsetting factors include a $42 billion 2025 net loss, widening operating losses, and $518 billion in future compute and infrastructure commitments, plus warnings of catastrophic AI risks in the prospectus. The planned November listing window after U.S. midterms, with possible marketing as early as mid-November, remains the key near-term catalyst, alongside competitive positioning versus OpenAI and ongoing Big Tech partnerships.