Anthropic’s recent IPO filing sets a $70–$78 per share range that implies a $1.3–$1.4 trillion fully diluted valuation at the high end, aligning with Polymarket’s leading $1.25–$1.75 trillion bins and their combined 62 percent implied probability. This marks a step up from the $965 billion May 2026 private round yet below earlier $2 trillion targets, reflecting softer AI equity sentiment after recent market pullbacks. Run-rate revenue reached $81 billion by late October alongside heavy compute commitments, while a concurrent $26 billion private placement from Google, Nvidia and others bolsters the capital raise. OpenAI’s concurrent $1.25 trillion private round introduces direct valuation benchmarks, leaving first-day trading volatility on the expected November 19 Nasdaq debut as the key swing factor for final closing market cap.