Anthropic’s aggressive November 2026 IPO timeline, backed by Q3 revenue surging 45% to $16.8 billion and adjusted profitability, underpins trader consensus for a closing market cap well above $600 billion. The company’s latest investor presentations highlighted rapid enterprise adoption of its Claude large language models, custom chip initiatives, and a $965 billion private valuation from its May Series H round, with targets exceeding $2 trillion circulating ahead of the roadshow expected the week of November 9. Some prospective investors have floated figures around $1.5 trillion amid questions over compute costs and growth moderation, yet the overall momentum from AI sector enthusiasm and demonstrated scale keeps the higher brackets dominant. Potential challenges include slower quarterly growth, detailed S-1 disclosures on losses, or post-midterm market volatility compressing multiples.