Anthropic's upcoming IPO pricing on November 18, with shares expected to begin trading November 19 under ticker ANT at $70–$78, sets the stage for a fully diluted closing market cap in the $1.2–1.4 trillion range, supported by strong institutional demand and a concurrent $26 billion private placement from Google, Nvidia, and other hyperscalers. Explosive revenue growth, with run-rate reaching $81 billion as of late October and Q3 revenue at $17 billion, underscores Claude's dominance in enterprise API usage and professional tasks like coding, though competition from OpenAI's GPT models and Google's improving Gemini lineup adds pressure on margins amid heavy compute commitments. Traders are watching for any last-minute sentiment shifts ahead of the debut, as the lower price range versus earlier $1.5–2 trillion rumors reflects broader AI valuation caution.