Anthropic's IPO filing on November 10 sets a $70–$78 per share range for 825 million shares, implying a post-IPO market capitalization of roughly $917 billion to $1.02 trillion on shares outstanding or up to $1.4 trillion fully diluted—below the $2 trillion targets floated earlier amid an AI stock sell-off. This marks a step up from the $965 billion May 2026 private valuation while reflecting tempered investor appetite after broader tech pullbacks. Strong revenue momentum, with $33.2 billion over the first nine months and Q3 at $17 billion, supports the pricing, though heavy infrastructure commitments and net losses remain. The anticipated Nasdaq debut under ticker ANT in the coming days represents the dominant near-term catalyst for any valuation threshold by November 30.