Method 01 · prediction market
Prediction-market IPO ladder — 2027
Polymarket · 2 source events · 11 outcomes
- Difference from Rai estimate
- -20.2%
- Share of combined estimate
- 25.0%
- Updated
- Aug 12, 2026, 10:16 AM EDT
IPO-cap current equivalent
$1.45TPublic market cap based on outstanding sharesConditional IPO valuation
$1.68TAssuming an IPO by the deadlineDiscounted IPO scenario
$1.47TIPO branch discounted 1.39 yearsProbability of IPO
94.4%By Dec 31, 2027Probability distribution
Normalized market probabilities
The chart shows the probability Rai uses for each possible outcome. Source values and adjustment details are in the audit table.
Open audit table
| Outcome | Raw | Normalized | Assigned value | Contribution |
|---|---|---|---|---|
| Below $100B | 0.3% | 0.3% | $75B | $207M |
| $100B–$200B | 0.2% | 0.2% | $150B | $331M |
| $200B–$300B | 0.1% | 0.2% | $250B | $413M |
| $300B–$400B | 0.3% | 0.3% | $350B | $964M |
| $400B–$600B | 0.9% | 1.0% | $500B | $5.2B |
| $600B–$900B | 2.9% | 3.1% | $750B | $24.4B |
| $900B–$1.2T | 7.6% | 7.9% | $1.05T | $87.9B |
| $1.2T–$1.5T | 15.4% | 16.0% | $1.35T | $229.1B |
| $1.5T–$1.8T | 25.0% | 26.0% | $1.65T | $454.5B |
| Above $1.8T | 38.0% | 39.5% | $2.1T | $879.3B |
| No IPO by deadline | 5.4% | 5.6% | N/A | — |
| Probability total | 96.1% | 100.0% | — | — |
Why Rai normalizes the raw total
These independently traded market prices add up to 96.1%, rather than 100%. Rai scales each probability proportionally so the outcomes form a complete distribution.
This gap is not a Polymarket fee. It can reflect bid–ask spreads, uneven liquidity, or prices recorded at different times. When the gap is relatively large, normalization can meaningfully affect the estimate.
Calculation details
IPO-ladder calculation
All monetary values are calculated internally in millions of US dollars.
- 01100.0%
Normalize the ladder
Each raw probability ÷ 96.1%
- 02$1.68T
Weight IPO outcomes
Σ conditional probability × assigned bracket value
- 03$1.47T
Discount the future IPO branch
IPO scenario ÷ (1 + 10.0%)^1.39
- 04$1.45T
Mix current-equivalent branches
IPO odds × discounted IPO cap + residual odds × current private scenario value of $965B
Assumptions
Configured valuation assumptions
Closed brackets use arithmetic midpoints. Open brackets and the no-IPO scenario use configured values. The no-IPO value is already a current private-company scenario, so it is not discounted again.
Assumptions as of Jul 24, 2026: source and rationale . Scenario inputs translate the source IPO capitalization ladder into current-equivalent dollars. They are not additional market observations.
- Annual discount rate
- 10.0%
- Expected valuation date
- Dec 31, 2027
- Lower open bracket
- $75B
- Upper open bracket
- $2.1T
- Current no-IPO scenario value
- $965B
- Probability method
- Bid–ask midpoint, then last trade
Sensitivity
One-variable sensitivity analysis
Each check varies one configured assumption from its base value.
5.0% discount rate
$1.54T20.0% discount rate
$1.29T$723.8B no-IPO scenario
$1.43T$1.21T no-IPO scenario
$1.46TSource markets
Polymarket source quotes
Below $100B
Will Anthropic’s market cap be less than $100B at market close on IPO day by December 31, 2027?
- Bid / ask
- 0.2% / 0.3%
- Volume
- $156,382
- Provider / fetched
- Aug 12, 2026, 10:10 AM EDT / Aug 12, 2026, 10:16 AM EDT
$100B–$200B
Will Anthropic’s market cap be between $100B and $200B at market close on IPO day by December 31, 2027?
- Bid / ask
- 0.1% / 0.3%
- Volume
- $72,886
- Provider / fetched
- Aug 12, 2026, 10:10 AM EDT / Aug 12, 2026, 10:16 AM EDT
$200B–$300B
Will Anthropic’s market cap be between $200B and $300B at market close on IPO day by December 31, 2027?
- Bid / ask
- 0.1% / 0.2%
- Volume
- $19,764
- Provider / fetched
- Aug 12, 2026, 10:10 AM EDT / Aug 12, 2026, 10:16 AM EDT
$300B–$400B
Will Anthropic’s market cap be between $300B and $400B at market close on IPO day by December 31, 2027?
- Bid / ask
- 0.2% / 0.3%
- Volume
- $69,792
- Provider / fetched
- Aug 12, 2026, 10:10 AM EDT / Aug 12, 2026, 10:16 AM EDT
$400B–$600B
Will Anthropic’s market cap be between $400B and $600B at market close on IPO day by December 31, 2027?
- Bid / ask
- 0.7% / 1.2%
- Volume
- $22,147
- Provider / fetched
- Aug 12, 2026, 10:10 AM EDT / Aug 12, 2026, 10:16 AM EDT
$600B–$900B
Will Anthropic’s market cap be between 0.6T and 0.9T at market close on IPO day by December 31 2027?
- Bid / ask
- 2.3% / 3.6%
- Volume
- $22,239
- Provider / fetched
- Aug 12, 2026, 10:13 AM EDT / Aug 12, 2026, 10:16 AM EDT
$900B–$1.2T
Will Anthropic’s market cap be between 0.9T and 1.2T at market close on IPO day by December 31 2027?
- Bid / ask
- 6.6% / 8.6%
- Volume
- $20,746
- Provider / fetched
- Aug 12, 2026, 10:13 AM EDT / Aug 12, 2026, 10:16 AM EDT
$1.2T–$1.5T
Will Anthropic’s market cap be between 1.2T and 1.5T at market close on IPO day by December 31 2027?
- Bid / ask
- 9.3% / 21.5%
*
The spread is 12.2%, above Rai’s 10 percentage-point warning threshold.
- Volume
- $21,970
- Provider / fetched
- Aug 12, 2026, 10:13 AM EDT / Aug 12, 2026, 10:16 AM EDT
$1.5T–$1.8T
Will Anthropic’s market cap be between 1.5T and 1.8T at market close on IPO day by December 31 2027?
- Bid / ask
- 21.3% / 28.7%
- Volume
- $23,757
- Provider / fetched
- Aug 12, 2026, 10:13 AM EDT / Aug 12, 2026, 10:16 AM EDT
Above $1.8T
Will Anthropic’s market cap be 1.8T or greater at market close on IPO day by December 31 2027?
- Bid / ask
- 37.0% / 39.0%
- Volume
- $121,514
- Provider / fetched
- Aug 12, 2026, 10:13 AM EDT / Aug 12, 2026, 10:16 AM EDT
No IPO by deadline
Will Anthropic not IPO by December 31 2027?
- Bid / ask
- 5.0% / 5.7%
- Volume
- $40,994
- Provider / fetched
- Aug 12, 2026, 10:13 AM EDT / Aug 12, 2026, 10:16 AM EDT
Important limitations
Scope and limitations
Prediction prices may be illiquid, stale, or distorted. Open-ended brackets require judgment. First-day IPO market capitalization is not intrinsic value, and this model does not account for future dilution, capital raised, or operating fundamentals.
This estimate is not an ownership interest in Anthropic, an offer to buy or sell securities, or investment advice.