Anthropic’s November 10 regulatory filing set a $70–$78 per share IPO range for 825 million Class A shares, implying $58–$64 billion in public proceeds at the top end, plus a simultaneous $26 billion private placement to chip and cloud partners at the same price. This structure, combined with a fully diluted valuation near $1.4 trillion and expectations of trading on November 19, has anchored trader consensus on the $65–$75 billion and sub-$65 billion buckets. Sentiment reflects tempered AI investor appetite after earlier $2 trillion targets were walked back, alongside strong run-rate revenue growth to $81 billion. Final greenshoe and allocation details remain the key near-term variables.