The CNBC report that the "fully diluted valuation could reach as high as $1.405 trillion" is calculated by multiplying the maximum offering price of $78 by the total number of shares after full dilution. How was it calculated? Documents reveal that after the IPO plus the $26 billion private placement, the actual number of shares outstanding (primarily Class A and Class N) is approximately 13.087 billion. At $78, this corresponds to a market capitalization of approximately $1.02 trillion.