Recent market turbulence after the U.S. midterms has pressured AI stock valuations, driving trader consensus toward the $1.50–$1.75 trillion range for Anthropic’s IPO with 45.5% implied probability. The company behind the Claude large language models filed its S-1 in late October, reporting explosive revenue growth to $17 billion in the third quarter amid heavy compute commitments and ongoing losses. Expectations have moderated from earlier $2 trillion targets as investors factor in broader sector concerns over spending and competition from OpenAI and others. Formal marketing is slated to begin shortly, with a potential listing before Thanksgiving providing the next key catalyst for sentiment.