Anthropic’s path to a potential $1.5–2 trillion IPO valuation by year-end centers on its October 26 S-1 filing and planned mid-November Nasdaq listing under ticker ANT. Revenue reached $16.3 billion in the first half of 2026, with run rates exceeding $65 billion by late July, yet the filing disclosed an $80.7 billion net loss including substantial non-cash items and heavy infrastructure commitments. Secondary market marks remain near the $965–968 billion level set by the May Series H round. Traders are monitoring Nasdaq performance, AI spending scrutiny, and pricing guidance, which reports indicate has softened toward the lower end of the $1.5–2 trillion range amid broader market volatility. The IPO outcome will establish the public market cap benchmark before December 31 resolution.