Anthropic’s pending November 2026 IPO filing and roadshow, now expected after the October 23 S-1 release, anchor trader sentiment for its closing market cap. Recent Q3 revenue of $16.8 billion, up 46% sequentially and supporting a $65–74 billion annualized run rate, supports bids in the $1.75–2.25 trillion range, yet $42 billion 2025 losses, wider H1 2026 shortfalls driven by non-cash charges, and $518 billion in multi-year compute commitments temper multiples relative to the $965 billion May private valuation and SpaceX’s $1.77 trillion debut. Close probabilities across the $1.5–2.25 trillion brackets reflect uncertainty over whether adjusted profitability and enterprise adoption can scale fast enough to justify premiums above current private-market marks near $1.44 trillion.