Anthropic’s aggressive pursuit of a late-2026 IPO at a potential $2 trillion-plus valuation drives the 97.2% market-implied odds against acquisition before 2027. The company filed its prospectus after a $65 billion Series H round at a $965 billion valuation in May, reported annualized revenue exceeding $65 billion by July, and continues releasing advanced Claude models amid surging enterprise demand. Major backers including Amazon and Google have deepened infrastructure commitments rather than pursued ownership changes. While an acquisition remains theoretically possible through regulatory delays to the listing or an unexpected strategic shift, the scale of recent private funding, public-market momentum, and competitive positioning as an independent AI leader make a near-term deal highly improbable under current conditions.