Anthropic’s upcoming IPO, with shares expected to begin trading November 19 at a $70–$78 range implying up to $1.4 trillion fully diluted, represents the dominant near-term driver of valuation sentiment. Run-rate revenue reached $81 billion as of late October, supporting an 18.5x multiple at the top of the range amid steep infrastructure costs and reported losses. Earlier $2 trillion expectations were scaled back following the post-election AI stock rout and concerns over capital intensity. A $26 billion private placement with Google, Nvidia, Microsoft and others provides additional support, while strong demand could push the valuation above $1.5 trillion. Traders are closely watching post-IPO share price action and any revisions to growth or spending guidance through year-end.