Anthropic’s recent IPO pricing announcement, setting shares at $70–$78 for a fully diluted valuation up to $1.404 trillion, has anchored trader consensus around the 1.2–1.5T bracket. Explosive revenue growth, with run-rate revenue reaching $81 billion by late October and strong first-half gains for its Claude large language model, supports this range despite steep losses and over $900 billion in committed compute spend. Earlier expectations of a $2 trillion debut cooled amid AI sector volatility and infrastructure costs, while the $26 billion private placement with Nvidia, Google, and other chip leaders signals sustained demand. The Nasdaq debut under ticker ANT expected around November 19 could shift odds if post-listing performance deviates from the midpoint.