Anthropic’s valuation trajectory reflects explosive revenue expansion alongside heavy infrastructure spending and IPO preparations. Annualized revenue run-rate reached $65 billion by July 2026 after crossing $47 billion in May, up sharply from roughly $9 billion at year-end 2025, driven by Claude API adoption. The May Series H round established a $965 billion post-money valuation following the earlier $380 billion Series G, with secondary markets implying roughly $913 billion as of early October. A late-September IPO prospectus highlighted 2025 revenue of $4.6 billion and substantial operating losses exceeding $8 billion, while signaling potential public-market pricing above $2 trillion. Key near-term catalysts include the expected October or November listing and ongoing compute financing arrangements, though sustained losses and competitive dynamics in frontier AI continue to influence trader assessments of resolution thresholds.