Anthropic’s upcoming IPO, with shares priced in the $70–$78 range per its November 10 S-1 amendment, sets an implied equity value of roughly $1.02 trillion at the high end on a non-diluted basis and up to $1.4 trillion fully diluted, including employee awards and options. This follows the $965 billion post-money valuation from its $65 billion Series H round in May 2026 and reflects run-rate revenue of $81 billion as of late October. Strong initial demand from the roadshow could push pricing above the range toward $1.5 trillion or higher, while the November 5 tech sell-off and elevated AI spending scrutiny have tempered earlier $2 trillion targets. Cornerstone commitments totaling $26 billion from investors including Google and Nvidia, alongside expected Nasdaq trading start around November 19, will directly shape post-IPO market capitalization through November 30.