Anthropic’s valuation trajectory reflects rapid revenue scaling offset by elevated costs and infrastructure commitments. The company’s annualized run rate reached $65 billion by late July 2026, up sharply from $4.6 billion in full-year 2025, supported by enterprise adoption of Claude models. Its May 2026 Series H round closed at a $965 billion post-money valuation, though secondary-market quotes have since implied levels near $910 billion. A confidential IPO filing targets potential pricing above $2 trillion, with marketing eyed for November ahead of a possible pre-Thanksgiving listing. Key variables include quarterly revenue acceleration, the trajectory of compute obligations exceeding $518 billion, margin expansion from the current operating losses, and broader AI sector multiples ahead of the public debut.