Anthropic’s rapid revenue expansion to $16.3 billion in the first half of 2026, up from $1.2 billion a year earlier, underpins current trader focus on its valuation trajectory ahead of the planned Nasdaq IPO under ticker ANT. The company’s May 2026 Series H round established a $965 billion post-money valuation after raising $65 billion, with the October S-1 filing highlighting annualized run-rate revenue near $65 billion alongside steep net losses of $80.7 billion in the same period, driven largely by non-cash fair-value charges and massive compute commitments exceeding $476 billion. Market-implied odds for reaching elevated thresholds by year-end reflect expectations around the mid-November pricing, where banker targets of $1.5 trillion to $2 trillion would mark a sharp step-up from the prior private mark, tempered by operating margins still in transition and broader AI sector volatility. Key near-term catalysts include final IPO terms and any pre-listing secondary trading updates.