Anthropic’s IPO price range of $70–$78 per share, filed November 10, implies a fully diluted market capitalization of roughly $1.3–$1.4 trillion at the top end, aligning with the 42.8% market-implied probability for the $1.25–$1.5 trillion bucket. Run-rate revenue reached $81 billion as of October 31, supporting the uplift from the $965 billion May private valuation, while a concurrent $26 billion private placement from Google, Nvidia and other strategic investors adds stability. Recent AI equity selloffs and elevated infrastructure commitments have tempered earlier $2 trillion expectations, keeping the next two buckets at 23.4% and 21.6%. Pricing is scheduled for November 18 with Nasdaq trading under “ANT” expected to begin November 19.