Anthropic's aggressive push toward a November 2026 IPO, backed by a $65 billion Series H round at a $965 billion valuation and confidential S-1 filings projecting potential $2 trillion pricing, drives the 97.2% market-implied probability against acquisition before 2027. Trader consensus reflects the company's independence through founder-controlled voting structures, $518 billion in long-term compute commitments with hyperscalers, surging Claude adoption, and a pattern of small strategic buys rather than being a target. While an IPO delay amid volatile AI market conditions or an unexpected Big Tech bid could theoretically intervene, recent verified developments show no such catalysts and reinforce Anthropic's standalone trajectory through year-end.