Anthropic’s recent IPO filing and November 10 price range of $70–$78 per share, implying a fully diluted valuation up to roughly $1.4 trillion, have anchored trader expectations near the $1.25–1.5 trillion and sub-$1.25 trillion bands. Explosive revenue growth to $16.3 billion in the first half of 2026, up more than 1,300 percent year-over-year, supports higher multiples, yet massive non-cancelable compute commitments exceeding $600 billion, continued operating losses, and cooling investor appetite for AI assets relative to earlier $2 trillion discussions have tempered optimism. Competitive pressure from OpenAI and other frontier labs, alongside broader tech-sector valuation compression, sustains the tight contest between the two leading outcomes.