Recent investor discussions centering on a potential $1.5 trillion IPO valuation—$500 billion below earlier $2 trillion targets—have shaped sentiment for Anthropic’s end-October 2026 mark, following Q3 revenue of $16.8 billion that rose 46% sequentially yet reflected a slowdown from the prior doubling. The May 2026 $965 billion post-money valuation after the $65 billion Series H round, paired with secondary-market indications near $888 billion, anchors current pricing while the November IPO filing and roadshow introduce binary resolution risk. Traders weigh sustained enterprise adoption and adjusted profitability against elevated infrastructure commitments and compressed revenue multiples relative to peak AI enthusiasm, producing tightly clustered probabilities across the $1–1.75 trillion bands.