Anthropic’s IPO filing and pricing terms released on November 10 represent the dominant driver of trader sentiment, with the company setting a $70–$78 per share range for 825 million Class A shares that could raise up to $64 billion at the high end and imply a $1.4 trillion fully diluted valuation. Run-rate revenue reached $81 billion as of October 31, reflecting explosive growth from earlier periods, while a concurrent $26 billion private placement from Google, Nvidia, Microsoft, AMD, and others at the IPO price bolsters demand. Shares are slated to begin trading on Nasdaq under ticker ANT around November 19, following roadshow marketing this week. The offering occurs amid elevated AI infrastructure spending, substantial net losses tied to valuation adjustments, and a broader market reassessment of high-growth tech multiples versus historical IPO precedents.