Anthropic’s November 10 IPO filing set a $70–$78 share price range that implies a fully diluted closing market cap of roughly $1.26–1.41 trillion, directly anchoring trader consensus around the 1.2–1.5T bracket. Strong run-rate revenue near $81 billion and $26 billion in concurrent private placements from chip and cloud partners including Nvidia, Google, and AMD support this level despite heavy compute commitments exceeding $900 billion. Earlier $2 trillion targets moderated amid broader AI stock volatility and disclosure of infrastructure costs, while the imminent November 18 pricing and 19 listing leave little room for the sub-$1.2T or post-2027 scenarios.