Anthropic’s upcoming IPO filing and price range of $70–$78 per share, implying a fully diluted valuation up to $1.4 trillion, anchor the tight market split between the $1.25–$1.50T and $1.50–$1.75T bands. Traders weigh the company’s rapid revenue scaling—reaching a $17 billion quarterly run rate—with its enterprise focus on Claude large language models and major cloud partnerships against OpenAI’s gains in consumer adoption and cost-efficient alternatives. Cooling AI stock sentiment and moderated targets from earlier $2 trillion speculation add uncertainty, while strategic investments from Nvidia, Google, and others support the mid-range consensus ahead of the planned late-November Nasdaq debut.