Anthropic’s November 10 IPO filing, pricing shares at $70–$78 for a fully diluted valuation of up to $1.404 trillion, anchors current trader sentiment on the $1.25–$1.75 trillion range. Run-rate revenue reached $81 billion by late October, supported by a $26 billion private placement from Google, Nvidia, and other chipmakers, while the prior May private round set a $965 billion benchmark. Broader AI equity weakness and earlier $2 trillion ambitions that were scaled back have introduced uncertainty, keeping the two leading bins closely matched as markets weigh post-listing trading dynamics ahead of the expected November 19 Nasdaq debut under ticker ANT.