Anthropic’s upcoming Nasdaq IPO, with shares marketed at $70–$78 and expected to begin trading around November 19 under ticker ANT, represents the dominant catalyst for valuation sentiment. The November 10 amended S-1 sets a fully diluted target up to $1.4 trillion at the top of the range—above the $965 billion post-money from its May 2026 Series H—while incorporating $26 billion in concurrent private placements from Nvidia, Google, and other strategic investors. Run-rate revenue reached $81 billion by late October on rapid Claude adoption, though tempered by $895 billion-plus compute commitments and the recent AI sector sell-off that pulled earlier $2 trillion expectations lower. Traders are monitoring post-IPO share-price stability and any greenshoe-driven upside through year-end as key swing factors.