Anthropic’s recent S-1 filing and roadshow launch set for the week of November 9, with a targeted mid-November Nasdaq debut under ticker ANT, anchor trader expectations for a raise near the $65–75 billion range that matches SpaceX’s record IPO. Explosive revenue growth—reaching roughly $16–17 billion in recent quarters for the Claude large language model developer—supports strong demand, yet a first-half net loss exceeding $80 billion and nearly $900 billion in largely non-cancelable compute commitments have prompted valuation estimates to slide from $2 trillion targets toward $1.1–1.5 trillion amid the post-election AI stock selloff. This dynamic favors a more moderate primary raise while highlighting risks around sustained model scaling and market appetite for frontier AI economics.