Anthropic’s recent S-1 filing on October 26, 2026, has anchored trader sentiment around the $1.5–2 trillion range, with the $1.50–1.75T and $1.75–2.00T bands capturing over 90% of implied probability. Explosive revenue growth to $16.3 billion in the first half of 2026, alongside a $965 billion private valuation from its May Series H round, supports the consensus, while disclosed compute commitments exceeding $500 billion and substantial net losses have tempered earlier $2 trillion expectations. Analysts such as Aswath Damodaran have modeled equity value near $1.475 trillion after accounting for reinvestment needs and risks. The planned Nasdaq listing under ticker ANT, potentially in the week of November 16, now serves as the immediate catalyst, with governance structures and AI infrastructure costs remaining key variables for final pricing.