Anthropic’s November 10 S-1 amendment setting an IPO price range of $70–$78 per share, implying up to $1.404 trillion fully diluted valuation, anchors current trader sentiment. This official range—well below earlier $2 trillion targets—reflects cooled AI investor appetite amid broader tech selloffs, yet is buttressed by an $81 billion revenue run-rate as of October 31 and $26 billion in cornerstone private placements from Google, Nvidia, and other chip and cloud partners. The filing’s proximity to the November 19 Nasdaq debut under ticker ANT concentrates probability on the $1.50–$1.75T and $1.25–$1.50T buckets, as traders price in the confirmed midpoint rather than prior hype. Large compute commitments and governance structures limiting public shareholder influence further temper upside scenarios.